Aim Variable Insurance Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-07452

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices)    (Zip code)

Sheri Morris     11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end:	12/31
Date of reporting period:	06/30/21

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b) Not Applicable.

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. American Franchise Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VK-VIAMFR-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	11.99	%
Series II Shares	11.86
S&P 500 Indexq (Broad Market Index)	15.25
Russell 1000 Growth Indexq (Style-Specific Index)	12.99
Lipper VUF Large-Cap Growth Funds Index∎ (Peer Group Index)	12.74
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper VUF Large-Cap Growth Funds Index is an unmanaged index considered representative of large-cap growth variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (7/3/95)	11.28	%
10 Years	15.95
5 Years	23.28
1 Year	42.86
Series II Shares
Inception (9/18/00)	5.17	%
10 Years	15.66
5 Years	22.97
1 Year	42.49

Effective June 1, 2010, Class I and Class II shares of the predecessor fund, Van Kampen Life Investment Trust Capital Growth Portfolio, advised by Van Kampen Asset Management were reorganized into Series I and Series II shares, respectively, of Invesco Van Kampen V.I. Capital Growth Fund (renamed Invesco V.I. American Franchise Fund on April 29, 2013). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class I shares and Class II shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. American Franchise Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees

assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. American Franchise Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. American Franchise Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.25%
Aerospace & Defense–1.82%
Teledyne Technologies, Inc.(b)		18,438	$	7,722,388
Textron, Inc.		121,739		8,371,991
				16,094,379
Agricultural Products–0.32%
Darling Ingredients, Inc.(b)		41,683		2,813,603
Application Software–4.27%
DocuSign, Inc.(b)		36,146		10,105,337
Paycom Software, Inc.(b)		6,857		2,492,314
RingCentral, Inc., Class A(b)(c)		60,307		17,524,008
Synopsys, Inc.(b)		23,287		6,422,322
Unity Software, Inc.(b)(c)		11,377		1,249,536
				37,793,517
Asset Management & Custody Banks–3.36%
Apollo Global Management, Inc.(c)		286,641		17,829,070
KKR & Co., Inc., Class A(c)		201,089		11,912,513
				29,741,583
Automobile Manufacturers–0.70%
General Motors Co.(b)		104,296		6,171,194
Automotive Retail–0.32%
CarMax, Inc.(b)		22,188		2,865,580
Biotechnology–0.72%
Alnylam Pharmaceuticals, Inc.(b)		6,669		1,130,529
BeiGene Ltd., ADR (China)(b)		6,153		2,111,648
C4 Therapeutics, Inc.(b)(c)		16,585		627,576
Kura Oncology, Inc.(b)(c)		55,311		1,153,235
uniQure N.V. (Netherlands)(b)		44,022		1,355,878
				6,378,866
Casinos & Gaming–1.59%
Caesars Entertainment, Inc.(b)		42,278		4,386,343
Penn National Gaming, Inc.(b)		126,935		9,709,258
				14,095,601
Construction Machinery & Heavy Trucks–0.53%
Oshkosh Corp.		37,783		4,709,273
Consumer Electronics–1.50%
Sony Group Corp. (Japan)		137,200		13,315,682
Consumer Finance–0.07%
American Express Co.		3,685		608,873
Copper–1.42%
Freeport-McMoRan, Inc.		338,786		12,572,348
Data Processing & Outsourced Services–8.80%
PayPal Holdings, Inc.(b)		102,385		29,843,180
Square, Inc., Class A(b)(c)		44,659		10,887,864
StoneCo Ltd., Class A (Brazil)(b)		211,344		14,172,729
Visa, Inc., Class A		98,580		23,049,975
				77,953,748

	Shares		Value
Diversified Support Services–0.35%
Cintas Corp.		8,204	$	3,133,928
Electrical Components & Equipment–0.45%
ABB Ltd., ADR (Switzerland)(c)		117,735		4,001,813
Environmental & Facilities Services–0.44%
GFL Environmental, Inc. (Canada)		121,494		3,878,088
Financial Exchanges & Data–0.29%
MarketAxess Holdings, Inc.		3,598		1,667,997
S&P Global, Inc.(c)		2,220		911,199
				2,579,196
Food Distributors–1.10%
US Foods Holding Corp.(b)		253,419		9,721,153
Health Care Equipment–2.49%
DexCom, Inc.(b)		7,432		3,173,464
Intuitive Surgical, Inc.(b)		9,166		8,429,420
Shockwave Medical, Inc.(b)(c)		11,557		2,192,709
Teleflex, Inc.		12,930		5,195,145
Zimmer Biomet Holdings, Inc.		19,279		3,100,449
				22,091,187
Health Care Services–0.15%
Amedisys, Inc.(b)(c)		5,351		1,310,620
Health Care Supplies–1.17%
Align Technology, Inc.(b)		8,596		5,252,156
Cooper Cos., Inc. (The)		12,850		5,092,070
				10,344,226
Home Improvement Retail–2.19%
Lowe’s Cos., Inc.		99,955		19,388,271
Hotels, Resorts & Cruise Lines–2.10%
Booking Holdings, Inc.(b)		7,587		16,601,039
Travel + Leisure Co.		33,807		2,009,826
				18,610,865
Industrial Conglomerates–0.41%
Roper Technologies, Inc.		7,771		3,653,924
Integrated Oil & Gas–1.37%
Occidental Petroleum Corp.		387,662		12,122,191
Interactive Home Entertainment–4.39%
Activision Blizzard, Inc.		204,606		19,527,597
Electronic Arts, Inc.		40,303		5,796,780
Nintendo Co. Ltd. (Japan)		21,000		12,218,640
Take-Two Interactive Software, Inc.(b)		7,544		1,335,439
				38,878,456
Interactive Media & Services–10.28%
Alphabet, Inc., Class A(b)		14,461		35,310,725
Facebook, Inc., Class A(b)		128,903		44,820,862
Kuaishou Technology (China)(b)(d)		124,100		2,957,890
Pinterest, Inc., Class A(b)		50,601		3,994,949

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Franchise Fund

	Shares		Value
Interactive Media & Services–(continued)
ZoomInfo Technologies, Inc., Class A(b)		76,847	$	4,009,108
				91,093,534
Internet & Direct Marketing Retail–13.11%
Alibaba Group Holding Ltd., ADR (China)(b)		57,582		13,058,446
Amazon.com, Inc.(b)		20,732		71,321,397
Farfetch Ltd., Class A (United Kingdom)(b)		300,927		15,154,683
HelloFresh SE (Germany)(b)		131,411		12,776,422
MercadoLibre, Inc. (Argentina)(b)		2,453		3,821,259
				116,132,207
Internet Services & Infrastructure–0.93%
Twilio, Inc., Class A(b)		20,923		8,247,010
Leisure Products–0.30%
Polaris, Inc.(c)		19,388		2,655,380
Life Sciences Tools & Services–3.12%
10X Genomics, Inc., Class A(b)		24,230		4,744,719
Avantor, Inc.(b)(c)		333,487		11,842,123
IQVIA Holdings, Inc.(b)		45,658		11,063,847
				27,650,689
Managed Health Care–0.18%
UnitedHealth Group, Inc.		3,989		1,597,355
Movies & Entertainment–0.46%
Netflix, Inc.(b)		7,692		4,062,991
Oil & Gas Equipment & Services–1.64%
Baker Hughes Co., Class A		485,195		11,096,410
TechnipFMC PLC (United Kingdom)(b)		382,165		3,458,593
				14,555,003
Oil & Gas Exploration & Production–0.22%
Devon Energy Corp.		67,940		1,983,169
Pharmaceuticals–1.79%
Reata Pharmaceuticals, Inc., Class A(b)(c)		112,360		15,902,311
Research & Consulting Services–0.43%
CoStar Group, Inc.(b)(c)		45,660		3,781,561
Semiconductor Equipment–5.29%
Applied Materials, Inc.		213,044		30,337,465
ASML Holding N.V., New York Shares (Netherlands)		15,264		10,544,982
Lam Research Corp.		9,238		6,011,167
				46,893,614
Semiconductors–5.81%
Monolithic Power Systems, Inc.		14,004		5,229,794
NVIDIA Corp.		28,307		22,648,430
QUALCOMM, Inc.		165,115		23,599,887
				51,478,111

	Shares		Value
Systems Software–8.22%
Microsoft Corp.		147,622	$	39,990,800
Palo Alto Networks, Inc.(b)		50,878		18,878,282
SentinelOne, Inc.		15,580		662,150
ServiceNow, Inc.(b)		24,120		13,255,146
				72,786,378
Technology Hardware, Storage & Peripherals–2.54%
Apple, Inc.		164,140		22,480,614
Tobacco–0.71%
Philip Morris International, Inc.		63,423		6,285,854
Trading Companies & Distributors–1.40%
Fastenal Co.(c)		94,473		4,912,596
United Rentals, Inc.(b)		23,408		7,467,386
				12,379,982
Trucking–1.50%
Knight-Swift Transportation Holdings, Inc.		85,972		3,908,287
Lyft, Inc., Class A(b)(c)		129,006		7,802,283
Uber Technologies, Inc.(b)		32,208		1,614,265
				13,324,835
Total Common Stocks & Other Equity Interests (Cost $422,598,835)				888,118,763
Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)		1,651		1,651
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		1,886		1,886
Total Money Market Funds (Cost $3,537)				3,537
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.25% (Cost $422,602,372)				888,122,300
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.66%
Invesco Private Government Fund, 0.02%(e)(f)(g)		23,007,626		23,007,625
Invesco Private Prime Fund, 0.12%(e)(f)(g)		53,662,994		53,684,460
Total Investments Purchased with Cash Collateral from Securities  on Loan (Cost $76,692,085)				76,692,085
TOTAL INVESTMENTS IN SECURITIES–108.91% (Cost $499,294,457)				964,814,385
OTHER ASSETS LESS LIABILITIES–(8.91)%				(78,929,127	)
NET ASSETS–100.00%			$	885,885,258

Investment Abbreviations:

ADR – American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Franchise 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 June 30, 2021.

^(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 value of this security at June 30, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)  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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$   339,535		$  23,041,738		$  (23,379,622)		$-		$    -		$         1,651		$     76
Invesco Liquid Assets Portfolio, Institutional Class		241,150		16,311,889		(16,553,063)		-		24		-		42
Invesco Treasury Portfolio, Institutional Class		388,040		26,333,415		(26,719,569)		-		-		1,886		30
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		2,232,586		47,862,847		(27,087,808)		-		-		23,007,625		199*
Invesco Private Prime Fund		3,348,878		85,433,562		(35,098,464)		-		484		53,684,460		2,718*
Total		$6,550,189		$198,983,451		$(128,838,526)		$-		$508		$76,695,622		$3,065

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

^(f)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(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 1I.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	35.86	%
Consumer Discretionary	21.81
Communication Services	15.13
Health Care	9.62
Industrials	7.33
Financials	3.72
Energy	3.23
Consumer Staples	2.13
Other Sectors, Each Less than 2% of Net Assets	1.41
Money Market Funds Plus Other Assets Less Liabilities	(0.24	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Franchise Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $422,598,835)*	$888,118,763
Investments in affiliated money market funds, at value (Cost $76,695,622)	76,695,622
Foreign currencies, at value (Cost $259,491)	258,765
Receivable for:
Investments sold	7,810,868
Fund shares sold	36,445
Dividends	118,343
Investment for trustee deferred compensation and retirement plans	327,340
Total assets	973,366,146
Liabilities:
Payable for:
Investments purchased	7,432,110
Fund shares reacquired	1,549,230
Amount due custodian	612,740
Collateral upon return of securities loaned	76,692,085
Accrued fees to affiliates	728,483
Accrued other operating expenses	120,021
Trustee deferred compensation and retirement plans	346,219
Total liabilities	87,480,888
Net assets applicable to shares outstanding	$885,885,258
Net assets consist of:
Shares of beneficial interest	$217,918,456
Distributable earnings	667,966,802
	$885,885,258
Net Assets:
Series I	$627,731,826
Series II	$258,153,432
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I	6,289,781
Series II	2,736,832
Series I:
Net asset value per share	$ 99.80
Series II:
Net asset value per share	$ 94.33

* At June 30, 2021, securities with an aggregate value of $70,455,649 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $37,728)	$	2,021,759
Dividends from affiliated money market funds (includes securities lending income of $26,336)		26,484
Total investment income		2,048,243
Expenses:
Advisory fees		2,821,729
Administrative services fees		691,152
Custodian fees		9,972
Distribution fees - Series II		293,092
Transfer agent fees		35,544
Trustees’ and officers’ fees and benefits		12,287
Reports to shareholders		79,842
Professional services fees		29,434
Other		6,568
Total expenses		3,979,620
Less: Fees waived		(344	)
Net expenses		3,979,276
Net investment income (loss)		(1,931,033	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		112,288,764
Affiliated investment securities		508
Foreign currencies		20,029
		112,309,301
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(13,804,104	)
Foreign currencies		(3,295	)
		(13,807,399	)
Net realized and unrealized gain		98,501,902
Net increase in net assets resulting from operations	$	96,570,869

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Franchise Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(1,931,033	)	$	(1,677,294	)
Net realized gain		112,309,301			99,300,770
Change in net unrealized appreciation (depreciation)		(13,807,399	)		152,266,846
Net increase in net assets resulting from operations		96,570,869			249,890,322
Distributions to shareholders from distributable earnings:
Series I		–			(38,450,337	)
Series II		–			(13,951,148	)
Total distributions from distributable earnings		–			(52,401,485	)
Share transactions–net:
Series I		(53,190,653	)		(26,428,995	)
Series II		12,363,137			6,495,285
Net increase (decrease) in net assets resulting from share transactions		(40,827,516	)		(19,933,710	)
Net increase in net assets		55,743,353			177,555,127
Net assets:
Beginning of period		830,141,905			652,586,778
End of period	$	885,885,258		$	830,141,905

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Franchise Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net			Ratio of net
						(losses)																						net assets			assets without			investment
	Net asset		Net			on securities						Dividends			Distributions													with fee waivers			fee waivers			income
	value,		investment			(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			(loss)
	beginning		income			realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		(loss)(a)			unrealized)			operations			income			gains			distributions			of period		return (b)			(000’s omitted)		absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21	$	89.10		$(0.18)			$10.88			$10.70		$	–		$	–		$	–		$	99.80		12.01	%	$	627,732		0.87	%(d)		0.87	%(d)		(0.39	)%(d)		31	%
Year ended 12/31/20		67.15		(0.13	)		28.00			27.87			(0.06	)		(5.86	)		(5.92	)		89.10		42.35			611,334		0.86			0.86			(0.18	)		54
Year ended 12/31/19		57.15		0.10			19.86			19.96			–			(9.96	)		(9.96	)		67.15		36.76			490,366		0.86			0.87			0.15			40
Year ended 12/31/18		62.97		(0.00	)		(1.50	)		(1.50	)		–			(4.32	)		(4.32	)		57.15		(3.62	)		405,192		0.88			0.88			(0.00	)		42
Year ended 12/31/17		53.58		(0.04	)		14.50			14.46			(0.05	)		(5.02	)		(5.07	)		62.97		27.34			491,271		0.89			0.89			(0.06	)		45
Year ended 12/31/16		57.30		0.07			1.33			1.40			–			(5.12	)		(5.12	)		53.58		2.27			420,824		0.93			0.93			0.12			59
Series II
Six months ended 06/30/21		84.31		(0.28	)		10.30			10.02			–			–			–			94.33		11.88			258,153		1.12	(d)		1.12	(d)		(0.64	)(d)		31
Year ended 12/31/20		63.90		(0.31	)		26.58			26.27			–			(5.86	)		(5.86	)		84.31		41.99			218,808		1.11			1.11			(0.43	)		54
Year ended 12/31/19		54.90		(0.07	)		19.03			18.96			–			(9.96	)		(9.96	)		63.90		36.43			162,221		1.11			1.12			(0.10	)		40
Year ended 12/31/18		60.79		(0.16	)		(1.41	)		(1.57	)		–			(4.32	)		(4.32	)		54.90		(3.88	)		133,216		1.13			1.13			(0.25	)		42
Year ended 12/31/17		51.95		(0.19	)		14.05			13.86			–			(5.02	)		(5.02	)		60.79		27.03			170,956		1.14			1.14			(0.31	)		45
Year ended 12/31/16		55.85		(0.06	)		1.28			1.22			–			(5.12	)		(5.12	)		51.95		2.00			151,599		1.18			1.18			(0.13	)		59

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $616,719 and $236,417 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Franchise Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco V.I. American Franchise Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. The Fund is classified as non-diversified. The Fund’s classification changed from diversified to non-diversified on April 30, 2021. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital growth.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. American Franchise Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. American Franchise Fund

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

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.695%
Next $250 million		0.670%
Next $500 million		0.645%
Next $550 million		0.620%
Next $3.45 billion		0.600%
Next $250 million		0.595%
Next $2.25 billion		0.570%
Next $2.5 billion		0.545%
Over $10 billion		0.520%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $344.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $56,982 for accounting and fund administrative services and was reimbursed $634,170 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Invesco V.I. American Franchise Fund

For the six months ended June 30, 2021, the Fund incurred $9,184 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

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 June 30, 2021. 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	$	846,850,129	$	41,268,634		$–	$	888,118,763
Money Market Funds		3,537		76,692,085		–		76,695,622
Total Investments	$	846,853,666	$	117,960,719		$–	$	964,814,385

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities purchases of $1,706,286.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

Invesco V.I. American Franchise Fund

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $265,365,038 and $305,642,659, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	466,044,412
Aggregate unrealized (depreciation) of investments		(4,845,137	)
Net unrealized appreciation of investments	$	461,199,275

Cost of investments for tax purposes is $503,615,110.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		104,077		$	9,741,094			358,250		$	27,495,024
Series II		298,693			26,280,503			382,659			27,974,194
Issued as reinvestment of dividends:
Series I		-			-			473,119			38,450,334
Series II		-			-			181,325			13,951,148
Reacquired:
Series I		(675,737	)		(62,931,747	)		(1,272,230	)		(92,374,353	)
Series II		(157,095	)		(13,917,366	)		(507,251	)		(35,430,057	)
Net increase (decrease) in share activity		(430,062	)	$	(40,827,516	)		(384,128	)	$	(19,933,710	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. American Franchise Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
	Beginning     Account Value     (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses     Paid During     Period2
Series I	$1,000.00	$1,119.90	$4.57	$1,020.48	$4.36	0.87%
Series II	1,000.00	1,118.60	5.88	1,019.24	5.61	1.12

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. American Franchise Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. American Franchise Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one year period, and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period, and below the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense

Invesco V.I. American Franchise Fund

group. The Board noted that the contractual management fee rate for Series I shares of the Fund was the same as the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the

Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. American Franchise Fund

Proxy Results

A Virtual Special Meeting (“Meeting”) of Shareholders of Invesco V.I. American Franchise Fund (the “Fund”) was held on January 22, 2021. The Meeting was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The results of the voting on the above matter were as follows:

Matters	Votes For		Votes Against		Votes Abstain
Approval of changing the Fund’s sub-classification from “diversified” to         “non-diversified” and approve the elimination of a related fundamental (1)   investment restriction		6,751,138.50		935,650.81		620,441.36

Invesco V.I. American Franchise Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. American Value Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are
811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VK-VIAMVA-SAR-1                                

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	19.43	%
Series II Shares	19.27
S&P 500 Indexq (Broad Market Index)	15.25
Russell Midcap Value Indexq (Style-Specific Index)	19.45
Lipper VUF Mid Cap Value Funds Index∎ (Peer Group Index)	19.38
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

The Russell Midcap^® Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

The Lipper VUF Mid Cap Value Funds Index is an unmanaged index considered representative of mid-cap value variable insurance underlying funds tracked by Lipper.

The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (1/2/97)	9.64	%
10 Years	9.48
5 Years	10.38
1 Year	50.92
Series II Shares
Inception (5/5/03)	10.07	%
10 Years	9.23
5 Years	10.10
1 Year	50.51

Effective June 1, 2010, Class I and Class II shares of the predecessor fund, The Universal Institutional Funds, Inc. U.S. Mid Cap Value Portfolio, advised by Morgan Stanley Investment Management Inc. were reorganized into Series I and Series II shares, respectively, of Invesco Van Kampen V.I. Mid Cap Value Fund (renamed Invesco V.I. American Value Fund on April 29, 2013). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class I shares and Class II shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. American Value Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. American Value Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. American Value Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.67%
Agricultural & Farm Machinery–2.12%
AGCO Corp.		60,348	$	7,868,172
Airlines–1.43%
Frontier Group Holdings, Inc.(b)		310,520		5,291,261
Apparel, Accessories & Luxury Goods–3.73%
Ralph Lauren Corp.		57,733		6,801,525
Tapestry, Inc.(b)		161,580		7,025,498
				13,827,023
Auto Parts & Equipment–2.00%
Lear Corp.		42,238		7,403,477
Broadcasting–2.61%
Discovery, Inc., Class A(b)		177,643		5,450,087
Nexstar Media Group, Inc., Class A		28,566		4,224,340
				9,674,427
Building Products–2.67%
Johnson Controls International PLC		144,265		9,900,907
Communications Equipment–2.37%
Ciena Corp.(b)		154,305		8,778,411
Construction Machinery & Heavy Trucks–2.43%
Oshkosh Corp.		72,139		8,991,405
Consumer Finance–3.00%
Ally Financial, Inc.		223,332		11,130,867
Copper–1.31%
Freeport-McMoRan, Inc.		130,344		4,837,066
Data Processing & Outsourced Services–1.84%
Sabre Corp.(b)(c)		547,056		6,827,259
Distributors–2.39%
LKQ Corp.(b)		180,094		8,864,227
Diversified Chemicals–2.15%
Eastman Chemical Co.		68,116		7,952,543
Electric Utilities–4.92%
Entergy Corp.		58,270		5,809,519
Evergy, Inc.		100,477		6,071,825
Exelon Corp.		143,005		6,336,552
				18,217,896
Electrical Components & Equipment–3.14%
Vertiv Holdings Co.		426,083		11,632,066
Electronic Equipment & Instruments–2.02%
Vontier Corp.		229,960		7,492,097
Food Distributors–2.12%
Performance Food Group Co.(b)		162,131		7,861,732
General Merchandise Stores–1.75%
Dollar Tree, Inc.(b)		65,277		6,495,062

	Shares		Value
Health Care Distributors–1.88%
Henry Schein, Inc.(b)		93,653	$	6,948,116
Health Care Facilities–1.88%
Encompass Health Corp.		89,461		6,980,642
Health Care Technology–2.45%
Cerner Corp.		50,394		3,938,795
Inovalon Holdings, Inc., Class A(b)		151,078		5,148,738
				9,087,533
Hotels, Resorts & Cruise Lines–2.26%
Wyndham Hotels & Resorts, Inc.		116,066		8,390,411
Industrial Machinery–1.93%
Kennametal, Inc.		199,142		7,153,181
Industrial REITs–2.12%
First Industrial Realty Trust, Inc.		150,250		7,847,557
Insurance Brokers–2.66%
Arthur J. Gallagher & Co.		70,237		9,838,799
Investment Banking & Brokerage–1.69%
Stifel Financial Corp.		96,608		6,265,995
Life & Health Insurance–3.73%
Athene Holding Ltd., Class A(b)		204,442		13,799,835
Managed Health Care–2.13%
Centene Corp.(b)		107,950		7,872,793
Marine–2.11%
Kirby Corp.(b)		128,891		7,815,950
Oil & Gas Exploration & Production–5.67%
Devon Energy Corp.		401,577		11,722,033
Pioneer Natural Resources Co.		57,085		9,277,454
				20,999,487
Other Diversified Financial Services–2.81%
Voya Financial, Inc.		169,138		10,401,987
Paper Packaging–2.29%
Westrock Co.		159,107		8,467,675
Regional Banks–8.67%
Huntington Bancshares, Inc.		612,640		8,742,373
KeyCorp		396,730		8,192,474
Wintrust Financial Corp.		97,350		7,362,581
Zions Bancorporation N.A.		147,754		7,810,276
				32,107,704
Residential REITs–4.08%
American Homes 4 Rent, Class A		174,106		6,764,018
UDR, Inc.		170,491		8,350,649
				15,114,667
Semiconductor Equipment–1.48%
MKS Instruments, Inc.		30,850		5,489,758

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Value Fund

	Shares		Value
Soft Drinks–2.07%
Coca-Cola Europacific Partners PLC (United Kingdom)		129,475	$	7,680,457
Trucking–1.76%
Knight-Swift Transportation Holdings, Inc.		143,753		6,535,011
Total Common Stocks & Other Equity Interests (Cost $275,902,925)				361,843,456
Money Market Funds–2.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		2,627,990		2,627,990
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		1,898,326		1,899,085
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		3,003,418		3,003,418
Total Money Market Funds (Cost $7,530,493)				7,530,493
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-99.70% (Cost $283,433,418)				369,373,949

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.66%
Invesco Private Government Fund, 0.02%(d)(e)(f)		1,845,000	$	1,845,000
Invesco Private Prime Fund, 0.12%(d)(e)(f)		4,303,279		4,305,000
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,150,000)				6,150,000
TOTAL INVESTMENTS IN SECURITIES–101.36% (Cost $289,583,418)				375,523,949
OTHER ASSETS LESS LIABILITIES–(1.36)%				(5,020,833	)
NET ASSETS–100.00%			$	370,503,116

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,623,654		$36,835,077		$(35,830,741)		$       -		$    -		$2,627,990		$414
Invesco Liquid Assets Portfolio, Institutional Class		1,390,691		26,311,391		(25,803,137)		(797)		937		1,899,085		200
Invesco Treasury Portfolio, Institutional Class		1,855,604		42,097,231		(40,949,417)		-		-		3,003,418		165
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		6,018,735		(4,173,735)		-		-		1,845,000		26*
Invesco Private Prime Fund		-		10,141,346		(5,836,346)		-		-		4,305,000		526*
Total		$4,869,949		$121,403,780		$(112,593,376)		$(797)		$937		$13,680,493		$1,331

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Value Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Financials	22.56%
Industrials	17.59
Consumer Discretionary	12.13
Health Care	8.34
Information Technology	7.71
Real Estate	6.20
Materials	5.75
Energy	5.67
Utilities	4.92
Consumer Staples	4.19
Communication Services	2.61
Money Market Funds Plus Other Assets Less Liabilities	2.33

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Value Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $275,902,925)*	$	361,843,456
Investments in affiliated money market funds, at value (Cost $13,680,493)		13,680,493
Cash		9,962
Receivable for:
Investments sold		2,475,148
Fund shares sold		94,284
Dividends		326,306
Investment for trustee deferred compensation and retirement plans		165,628
Other assets		441
Total assets		378,595,718
Liabilities:
Payable for:
Investments purchased		852,880
Fund shares reacquired		472,579
Amount due custodian – foreign currency, at value (Cost $881)		881
Collateral upon return of securities loaned		6,150,000
Accrued fees to affiliates		280,450
Accrued other operating expenses		154,658
Trustee deferred compensation and retirement plans		181,154
Total liabilities		8,092,602
Net assets applicable to shares outstanding	$	370,503,116
Net assets consist of:
Shares of beneficial interest	$	244,412,910
Distributable earnings		126,090,206
	$	370,503,116
Net Assets:
Series I	$	161,798,991
Series II	$	208,704,125
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,574,375
Series II		11,202,852
Series I:
Net asset value per share	$	18.87
Series II:
Net asset value per share	$	18.63

* At June 30, 2021, security with a value of $6,140,160 was on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends	$	2,212,175
Dividends from affiliated money market funds (includes securities lending income of $296)		1,075
Total investment income		2,213,250
Expenses:
Advisory fees		1,046,893
Administrative services fees		243,933
Custodian fees		4,521
Distribution fees - Series II		236,618
Transfer agent fees		11,350
Trustees’ and officers’ fees and benefits		10,106
Reports to shareholders		6,633
Professional services fees		18,852
Other		3,951
Total expenses		1,582,857
Less: Fees waived		(1,505	)
Net expenses		1,581,352
Net investment income		631,898
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		57,763,405
Affiliated investment securities		937
Foreign currencies		6
		57,764,348
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(14,270,820	)
Affiliated investment securities		(797	)
Foreign currencies		635
		(14,270,982	)
Net realized and unrealized gain		43,493,366
Net increase in net assets resulting from operations	$	44,125,264

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Value Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	631,898		$	1,389,408
Net realized gain (loss)		57,764,348			(9,455,815	)
Change in net unrealized appreciation (depreciation)		(14,270,982	)		3,359,843
Net increase (decrease) in net assets resulting from operations		44,125,264			(4,706,564	)
Distributions to shareholders from distributable earnings:
Series I		–			(1,301,570	)
Series II		–			(3,011,200	)
Total distributions from distributable earnings		–			(4,312,770	)
Share transactions–net:
Series I		75,806,305			(10,241,455	)
Series II		9,498,899			(58,356,016	)
Net increase (decrease) in net assets resulting from share transactions		85,305,204			(68,597,471	)
Net increase (decrease) in net assets		129,430,468			(77,616,805	)
Net assets:
Beginning of period		241,072,648			318,689,453
End of period	$	370,503,116		$	241,072,648

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Value Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$15.80		$0.05		$3.02			$3.07			$–			$–			$–			$18.87		19.43	%		$161,799		0.91	%(d)		0.91	%(d)		0.58	%(d)		66	%
Year ended 12/31/20		15.92		0.10		0.04			0.14			(0.13	)		(0.13	)		(0.26	)		15.80		1.12			73,098		0.93			0.93			0.74			59
Year ended 12/31/19		13.86		0.12		3.24			3.36			(0.11	)		(1.19	)		(1.30	)		15.92		25.03			84,799		0.92			0.92			0.78			68
Year ended 12/31/18		18.38		0.10		(1.87	)		(1.77	)		(0.09	)		(2.66	)		(2.75	)		13.86		(12.65	)		77,491		0.93			0.93			0.52			39
Year ended 12/31/17		17.06		0.08		1.59			1.67			(0.14	)		(0.21	)		(0.35	)		18.38		9.96			104,510		0.94			0.94			0.48			56
Year ended 12/31/16		15.69		0.13		2.23			2.36			(0.06	)		(0.93	)		(0.99	)		17.06		15.49			116,762		0.97			0.97			0.84			50
Series II
Six months ended 06/30/21		15.62		0.03		2.98			3.01			–			–			–			18.63		19.27			208,704		1.16	(d)		1.16	(d)		0.33	(d)		66
Year ended 12/31/20		15.74		0.07		0.03			0.10			(0.09	)		(0.13	)		(0.22	)		15.62		0.86			167,974		1.18			1.18			0.49			59
Year ended 12/31/19		13.71		0.08		3.21			3.29			(0.07	)		(1.19	)		(1.26	)		15.74		24.71			233,890		1.17			1.17			0.53			68
Year ended 12/31/18		18.19		0.05		(1.83	)		(1.78	)		(0.04	)		(2.66	)		(2.70	)		13.71		(12.82	)		169,036		1.18			1.18			0.27			39
Year ended 12/31/17		16.90		0.04		1.56			1.60			(0.10	)		(0.21	)		(0.31	)		18.19		9.62			294,598		1.19			1.19			0.23			56
Year ended 12/31/16		15.55		0.09		2.21			2.30			(0.02	)		(0.93	)		(0.95	)		16.90		15.22			284,043		1.22			1.22			0.59			50

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2021, the portfolio turnover calculation excludes the value of securities purchased of $61,601,599 in connection with the acquisition of Invesco V.I. Value Opportunities Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $108,334 and $190,863 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. American Value Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. American Value Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. American Value Fund

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.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

J. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Invesco V.I. American Value Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.695	%
Next $250 million		0.670	%
Next $500 million		0.645	%
Next $1.5 billion		0.620	%
Next $2.5 billion		0.595	%
Next $2.5 billion		0.570	%
Next $2.5 billion		0.545	%
Over $10 billion		0.520	%

Prior to April 30, 2021 , the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $1 billion		0.720	%
Over $1 billion		0.650	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.71% .

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $1,505.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $21,379 for accounting and fund administrative services and was reimbursed $222,554 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $14,280 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. American Value Fund

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 June 30, 2021. 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	$	361,843,456	$	–		$–	$	361,843,456
Money Market Funds		7,530,493		6,150,000		–		13,680,493
Total Investments	$	369,373,949	$	6,150,000		$–	$	375,523,949

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	2,377,175	$	7,100,414	$	9,477,589

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $186,682,615 and $200,426,604, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	79,285,741
Aggregate unrealized (depreciation) of investments		(3,212,286	)
Net unrealized appreciation of investments	$	76,073,455

Cost of investments for tax purposes is $299,450,494.

Invesco V.I. American Value Fund

NOTE 8–Share Information

		Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		3,096,564		$	59,215,904			1,298,052		$	17,013,794
Series II		1,196,336			22,353,686			3,049,679			38,448,474
Issued as reinvestment of dividends:
Series I		-			-			94,316			1,301,570
Series II		-			-			220,601			3,011,200
Issued in connection with acquisitions:(b)
Series I		1,376,056			26,200,106			-			-
Series II		1,031,975			19,411,453			-			-
Reacquired:
Series I		(524,689	)		(9,609,705	)		(2,091,708	)		(28,556,819	)
Series II		(1,778,773	)		(32,266,240	)		(7,374,909	)		(99,815,690	)
Net increase (decrease) in share activity		4,397,469		$	85,305,204			(4,803,969	)	$	(68,597,471	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 30, 2021, the Fund acquired all the net assets of Invesco V.I. Value Opportunities Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 3, 2020 and by the shareholders of the Target Fund on April 5, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 2,408,031 shares of the Fund for 6,722,660 shares outstanding of the Target Fund as of the close of business on April 30, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 30, 2021. The Target Fund’s net assets as of the close of business on April 30, 2021 of $45,611,559, including $33,927,458 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $336,467,391 and $382,078,950 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2021 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	636,207
Net realized/unrealized gains		66,168,452
Change in net assets resulting from operations	$	66,804,659

As the combined investment portfolio have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since May 1, 2020.

Invesco V.I. American Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning   Account Value     (01/01/21)			ACTUAL						HYPOTHETICAL (5% annual return before expenses)					Annualized     Expense Ratio
				Ending   Account Value     (06/30/21)1			Expenses     Paid During     Period2			Ending          Account Value     (06/30/21)		Expenses   Paid During     Period2
Series I		$	1,000.00		$	1,194.30		$	4.95		$1,020.28		$	4.56		0.91	%
Series II			1,000.00			1,192.70			6.31		1,019.04			5.81		1.16

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. American Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. American Value Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s overweight and underweight exposures to certain sectors, as well as stock selection in certain sectors, detracted from Fund performance and also discussed how the market environment for the Fund’s value investing style impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. American Value Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to

the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. American Value Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Balanced-Risk Allocation Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Invesco Distributors, Inc. VIIBRA-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	7.44	%
Series II Shares	7.29
MSCI World Indexq (Broad Market Index)	13.05
Custom Invesco V.I. Balanced-Risk Allocation Index∎ (Style-Specific Index)	7.03
Lipper VUF Absolute Return Funds Classification Average◆ (Peer Group)	0.53
Source(s): q RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.;◆ Lipper Inc.

The MSCI World Index ^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

  The Custom Invesco V.I. Balanced-Risk Allocation Index is composed of the MSCI World Index and Bloomberg Barclays U.S. Aggregate Bond Index. Prior to May 2, 2011, the index comprised the MSCI World Index, JP Morgan GBI Global Index and FTSE US 3-Month Treasury Bill Index. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment-grade, fixed-rate bond market. The FTSE US 3-Month Treasury Bill Index is considered representative of three-month US Treasury bills. The JP Morgan GBI Global Index tracks the performance of fixed-rate issuances from high-income developed market countries.

  The Lipper VUF Absolute Return Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Absolute Return Funds Classification.

  The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

  A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (1/23/09)	8.64	%
10 Years	6.87
5 Years	7.31
1 Year	23.52
Series II Shares
Inception (1/23/09)	8.37	%
10 Years	6.61
5 Years	7.06
1 Year	23.17

The returns shown above include the returns of Invesco Van Kampen V.I. Global Tactical Asset Allocation Fund (the first predecessor fund) for the period June 1, 2010, to May 2, 2011, the date the first predecessor fund was reorganized into the Fund, and the returns of Van Kampen Life Investment Trust Global Tactical Asset Allocation Portfolio (the second predecessor fund) for the period prior to June 1, 2010, the date the second predecessor fund was reorganized into the first predecessor fund. The second predecessor fund was advised by Van Kampen Asset Management. Returns shown above for Series I and Series II shares are blended returns of the predecessor funds and Invesco V.I. Balanced-Risk Allocation Fund. Share class returns will differ from the predecessor funds because of different expenses.

    The performance data quoted represent past performance and cannot guarantee

future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Balanced-Risk Allocation Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to

reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Balanced-Risk Allocation Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

June 30, 2021

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–11.29%(a)
U.S. Treasury Bills–11.29%
U.S. Treasury Bills		0.09%		07/08/2021	$	44,300	$	44,299,246
U.S. Treasury Bills		0.04%		07/15/2021		43,800		43,799,404
U.S. Treasury Bills		0.03%		12/02/2021		12,600		12,597,485
U.S. Treasury Bills		0.03%		12/09/2021		12,600		12,597,370
Total U.S. Treasury Securities (Cost $113,294,898)								113,293,505
			Expiration Date
Commodity-Linked Securities–3.13%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)(b)(c)				10/25/2021		7,800		13,718,367
Cargill, Inc., Commodity-Linked Notes, one mo. USD LIBOR minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)(b)(c)				05/31/2022		16,550		17,757,442
Total Commodity-Linked Securities (Cost $24,350,000)								31,475,809
					Shares
Money Market Funds–76.34%(d)
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)						241,476,704		241,476,704
Invesco Government Money Market Fund, Cash Reserve Shares, 0.01%(e)						43,378,530		43,378,530
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(e)						87,011,777		87,011,777
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.01%(e)						49,172,595		49,172,595
Invesco Treasury Obligations Portfolio, Institutional Class, 0.01%(e)						171,324,067		171,324,067
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)						157,343,457		157,343,457
Invesco V.I. Government Money Market Fund, Series I, 0.01%(e)						16,640,310		16,640,310
Total Money Market Funds (Cost $766,347,440)								766,347,440
Options Purchased–0.75%
(Cost $10,970,464)(f)								7,524,838
TOTAL INVESTMENTS IN SECURITIES–91.51% (Cost $914,962,802)								918,641,592
OTHER ASSETS LESS LIABILITIES–8.49%								85,203,427
NET ASSETS–100.00%							$	1,003,845,019

Investment Abbreviations:

EMTN	– European Medium-Term Notes
LIBOR	– London Interbank Offered Rate
USD	– U.S. Dollar

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

^(a) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $31,475,809, which represented 3.14% of the Fund’s Net Assets.

^(c) The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.

^(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(e) 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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$217,347,590		$191,356,521	$	(167,227,407	)		$-		$-		$241,476,704		$33,917
Invesco Government Money Market Fund, Cash Reserve Shares		66,946,656		24,608,365		(48,176,491	)		-		-		43,378,530		1,914
Invesco Premier U.S. Government Money Portfolio, Institutional Class		88,804,736		60,035,806		(61,828,765	)		-		-		87,011,777		5,040
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		59,779,663		155,773,578		(166,380,646	)		-		-		49,172,595		7,805
Invesco Treasury Obligations Portfolio, Institutional Class		171,324,067		-		-			-		-		171,324,067		8,682
Invesco Treasury Portfolio, Institutional Class		146,283,230		178,874,981		(167,814,754	)		-		-		157,343,457		7,777
Invesco V.I. Government Money Market Fund, Series I		16,640,310		-		-			-		-		16,640,310		646
Total		$767,126,252		$610,649,251	$	(611,428,063	)		$-		$-		$766,347,440		$65,781

^(f) The table below details options purchased.

Open Exchange-Traded Index Options Purchased
Description	Type of Contract		Expiration Date		Number of Contracts			Exercise Price			Notional Value(a)		Value
Equity Risk
EURO STOXX 50 Index		Put		09/17/2021		65	EUR		3,450.00	EUR		2,242,500	$	14,567
EURO STOXX 50 Index		Put		12/17/2021		65	EUR		3,400.00	EUR		2,210,000		37,612
EURO STOXX 50 Index		Put		03/18/2022		130	EUR		3,500.00	EUR		4,550,000		145,669
EURO STOXX 50 Index		Put		07/16/2021		65	EUR		3,550.00	EUR		2,307,500		2,235
EURO STOXX 50 Index		Put		06/17/2022		130	EUR		3,750.00	EUR		4,875,000		314,615
EURO STOXX 50 Index		Put		08/20/2021		65	EUR		3,850.00	EUR		2,502,500		28,671
EURO STOXX 50 Index		Put		06/17/2022		65	EUR		3,850.00	EUR		2,502,500		182,665
EURO STOXX 50 Index		Put		03/18/2022		65	EUR		3,900.00	EUR		2,535,000		143,280
EURO STOXX 50 Index		Put		10/15/2021		65	EUR		3,850.00	EUR		2,502,500		61,351
EURO STOXX 50 Index		Put		11/19/2021		65	EUR		3,950.00	EUR		2,567,500		100,119
FTSE 100 Index		Put		08/20/2021		42	GBP		6,975.00	GBP		2,929,500		78,724
FTSE 100 Index		Put		09/17/2021		42	GBP		6,950.00	GBP		2,919,000		100,801
FTSE 100 Index		Put		10/15/2021		42	GBP		6,925.00	GBP		2,908,500		118,231
FTSE 100 Index		Put		11/19/2021		42	GBP		6,900.00	GBP		2,898,000		137,113
FTSE 100 Index		Put		12/17/2021		42	GBP		6,875.00	GBP		2,887,500		152,218
FTSE 100 Index		Put		01/21/2022		42	GBP		6,875.00	GBP		2,887,500		173,424
FTSE 100 Index		Put		02/18/2022		42	GBP		6,850.00	GBP		2,877,000		183,301
FTSE 100 Index		Put		03/18/2022		42	GBP		6,800.00	GBP		2,856,000		193,904
FTSE 100 Index		Put		04/14/2022		42	GBP		6,800.00	GBP		2,856,000		208,864
FTSE 100 Index		Put		05/20/2022		42	GBP		6,775.00	GBP		2,845,500		223,680
FTSE 100 Index		Put		06/17/2022		42	GBP		6,700.00	GBP		2,814,000		224,115
FTSE 100 Index		Put		07/15/2022		42	GBP		6,400.00	GBP		2,688,000		179,234
MSCI Emerging Markets Index		Put		07/16/2021		30	USD		1,300.00	USD		3,900,000		6,000
MSCI Emerging Markets Index		Put		09/17/2021		30	USD		1,300.00	USD		3,900,000		63,000

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Open Exchange-Traded Index Options Purchased-(continued)
Description	Type of Contract	Expiration Date		Number of Contracts			Exercise Price			Notional Value(a)		Value
MSCI Emerging Markets Index	Put		12/17/2021		30	USD		1,280.00	USD		3,840,000	$	124,200
MSCI Emerging Markets Index	Put		04/14/2022		30	USD		1,280.00	USD		3,840,000		210,300
MSCI Emerging Markets Index	Put		08/20/2021		30	USD		1,300.00	USD		3,900,000		35,850
MSCI Emerging Markets Index	Put		10/15/2021		30	USD		1,350.00	USD		4,050,000		129,750
MSCI Emerging Markets Index	Put		11/19/2021		30	USD		1,340.00	USD		4,020,000		148,500
MSCI Emerging Markets Index	Put		06/17/2022		30	USD		1,330.00	USD		3,990,000		303,900
MSCI Emerging Markets Index	Put		01/21/2022		30	USD		1,290.00	USD		3,870,000		153,900
MSCI Emerging Markets Index	Put		02/18/2022		30	USD		1,290.00	USD		3,870,000		176,400
MSCI Emerging Markets Index	Put		05/20/2022		30	USD		1,280.00	USD		3,840,000		231,900
MSCI Emerging Markets Index	Put		03/18/2022		30	USD		1,330.00	USD		3,990,000		238,800
Nikkei 225 Index	Put		12/10/2021		27	JPY		27,250.00	JPY		735,750,000		207,795
Nikkei 225 Index	Put		10/08/2021		27	JPY		27,250.00	JPY		735,750,000		134,885
Nikkei 225 Index	Put		11/12/2021		27	JPY		27,250.00	JPY		735,750,000		177,416
Nikkei 225 Index	Put		01/14/2022		27	JPY		27,000.00	JPY		729,000,000		229,668
Nikkei 225 Index	Put		06/10/2022		27	JPY		27,750.00	JPY		749,250,000		425,312
Nikkei 225 Index	Put		03/11/2022		27	JPY		27,750.00	JPY		749,250,000		337,819
Nikkei 225 Index	Put		08/13/2021		27	JPY		28,500.00	JPY		769,500,000		113,011
Nikkei 225 Index	Put		02/10/2022		27	JPY		28,000.00	JPY		756,000,000		335,389
S&P 500 Index	Put		09/17/2021		6	USD		3,600.00	USD		2,160,000		10,680
S&P 500 Index	Put		12/17/2021		6	USD		3,625.00	USD		2,175,000		34,620
S&P 500 Index	Put		03/18/2022		6	USD		3,750.00	USD		2,250,000		69,480
S&P 500 Index	Put		07/16/2021		6	USD		3,790.00	USD		2,274,000		1,110
S&P 500 Index	Put		04/14/2022		6	USD		3,925.00	USD		2,355,000		97,830
S&P 500 Index	Put		08/20/2021		6	USD		3,975.00	USD		2,385,000		14,220
S&P 500 Index	Put		10/15/2021		6	USD		4,080.00	USD		2,448,000		48,900
S&P 500 Index	Put		11/19/2021		6	USD		4,075.00	USD		2,445,000		63,720
S&P 500 Index	Put		05/20/2022		6	USD		4,050.00	USD		2,430,000		127,740
S&P 500 Index	Put		06/17/2022		5	USD		4,050.00	USD		2,025,000		113,825
S&P 500 Index	Put		01/21/2022		5	USD		4,075.00	USD		2,037,500		72,625
S&P 500 Index	Put		02/18/2022		5	USD		4,075.00	USD		2,037,500		81,900
Total Index Options Purchased					1,929							$	7,524,838

^(a) Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		248		August-2021	$	18,299,920	$	3,184,345	$	3,184,345
Gasoline Reformulated Blendstock Oxygenate Blending		197		July-2021		18,548,653		713,948		713,948
New York Harbor Ultra-Low Sulfur Diesel		112		November-2021		10,011,994		125,279		125,279
Silver		224		September-2021		29,337,280		152,199		152,199
WTI Crude		201		September-2021		14,423,760		2,718,313		2,718,313
Subtotal								6,894,084		6,894,084

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Open Futures Contracts^(a) –(continued)

Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini Russell 2000 Index		580	September-2021	$	66,926,200	$	(124,442	)	$	(124,442	)
E-Mini S&P 500 Index		125	September-2021		26,803,750		495,882			495,882
EURO STOXX 50 Index		670	September-2021		32,219,024		(617,158	)		(617,158	)
FTSE 100 Index		307	September-2021		29,644,305		(489,150	)		(489,150	)
MSCI Emerging Markets Index		390	September-2021		26,613,600		(187,768	)		(187,768	)
Nikkei 225 Index		184	September-2021		47,666,592		(323,720	)		(323,720	)
Subtotal							(1,246,356	)		(1,246,356	)
Interest Rate Risk
Australia 10 Year Bonds		1,512	September-2021		160,097,668		521,628			521,628
Canada 10 Year Bonds		1,279	September-2021		150,145,273		726,247			726,247
Japan 10 Year Bonds		19	September-2021		25,942,752		47,815			47,815
Long Gilt		822	September-2021		145,658,997		1,216,234			1,216,234
U.S. Treasury Long Bonds		547	September-2021		87,930,250		2,259,680			2,259,680
Subtotal							4,771,604			4,771,604
Total Futures Contracts						$	10,419,332		$	10,419,332

^(a) Futures contracts collateralized by $51,295,000 cash held with Goldman Sachs & Co., the futures commission merchant.

Open Over-The-Counter Total Return Swap Agreements^(a)(b)

Counterparty	Pay/ Receive		Reference Entity(c)	Fixed Rate		Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Macquarie Bank Ltd.		Receive	Macquarie Aluminium Dynamic Selection Index		0.30%		Monthly		115,000		February-2022	$	6,522,501	$—	$	66,619		$	66,619
Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14		Monthly		80,000		February-2022		16,439,600	—		0			0
Merrill Lynch International		Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25		Monthly		121,000		February-2022		7,046,362	—		0			0
Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30		Monthly		129,000		July-2021		13,966,121	—		73,865			73,865
Subtotal - Appreciation														—		140,484			140,484
Commodity Risk
Barclays Bank PLC		Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26		Monthly		12,400		November-2021		9,427,830	—		(205,313	)		(205,313	)
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30		Monthly		160,500		February-2022		19,533,155	—		(1,287,740	)		(1,287,740	)
Cargill, Inc.		Receive	Monthly Rebalance Commodity Excess Return Index		0.47		Monthly		27,000		February-2022		26,257,881	—		(591,589	)		(591,589	)
Cargill, Inc.		Receive	Single Commodity IndexExcess Return		0.12		Monthly		18,300		December-2021		22,058,253	—		(1,477,689	)		(1,477,689	)
Goldman Sachs International		Receive	Goldman Sachs Commodity i-Select Strategy 1121		0.40		Monthly		207,000		December-2021		20,507,987	—		(418,678	)		(418,678	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b) –(continued)
Counterparty	Pay/ Receive		Reference Entity(c)	Fixed Rate		Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25%		Monthly		56,200		March–2022	$	10,638,559	$–	$	(57,695)		$ (57,695)
J.P. Morgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09		Monthly		100,200		March–2022		13,181,400	–		(43,016	)	(43,016)
Subtotal – Depreciation														–		(4,081,720	)	(4,081,720)
Total – Total Return Swap Agreements														$–	$	(3,941,236	)	$(3,941,236)

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,270,000.

^(b)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(c)  The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.

Open Over-The-Counter Total Return Swap Agreements(a)(b)

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

MSCI USA Momentum Index

1 Month USD LIBOR + 0.010%

Monthly

3,620

September–2021

$

14,738,692

$            –

$

46,550

$     46,550

Goldman Sachs International

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 1.000

%

Monthly

984

September–2021

14,151,160

–

339,530

339,530

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

1 Month JPY LIBOR + 0.030

%

Monthly

997,500

August–2021

22,652,889

–

563,779

563,779

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

1 Month JPY LIBOR + 0.080

%

Monthly

997,500

August–2021

22,652,889

–

563,779

563,779

Goldman Sachs International

Receive

MSCI Japan Quality Index

1 Month JPY LIBOR

Monthly

905,000

August–2021

23,397,462

(522,270)

249,501

771,771

Goldman Sachs International

Receive

MSCI Japan Quality Index

1 Month JPY LIBOR + 0.050

%

Monthly

855,000

August–2021

22,104,784

–

705,734

705,734

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 0.980

%

Monthly

866

September–2021

12,202,460

–

550,526

550,526

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 1.320

%

Monthly

1,000

August–2021

14,381,260

–

345,051

345,051

J.P. Morgan Chase Bank, N.A.

Receive

MSCI United Kingdom Index

SONIA + 0.300

%

Monthly

2,750

September–2021

13,320,805

–

22,376

22,376

Merrill Lynch International

Receive

MSCI EMU Minimum Volatility Index

1 Month EURIBOR - 0.070

%

Monthly

5,550

September–2021

21,085,707

–

0

0

Merrill Lynch International

Receive

MSCI EMU Quality Index

1 Month EURIBOR - 0.020%

Monthly

4,250

September–2021

21,202,176

–

0

0

Subtotal – Appreciation

(522,270)

3,386,826

3,909,096

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b) –(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Equity Risk
BNP Paribas S.A.		Receive	MSCI EMU Momentum Index		1 Month EURIBOR - 0.100%			Monthly		3,270		September–2021	$	20,864,321		$             –	$	(296,689)		$ (296,689)
BNP Paribas S.A.		Receive	MSCI USA Minimum Volatility Index		1 Month USD LIBOR - 0.170	%		Monthly		2,970		September–2021		14,719,795		–		(10,484	)	(10,484)
Goldman Sachs International		Receive	MSCI Emerging Markets Minimum Volatility Index		1 Month USD LIBOR + 1.200	%		Monthly		6,400		August–2021		13,584,512		–		(154,752	)	(154,752)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index		1 Month USD LIBOR + 0.990	%		Monthly		6,400		September–2021		13,493,248		–		(63,488	)	(63,488)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI United Kingdom Index		SONIA + 0.300	%		Monthly		2,750		September–2021		13,359,493		–		(16,311	)	(16,311)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI United Kingdom Index		SONIA + 0.300	%		Monthly		1,525		September–2021		13,296,953		–		(215,104	)	(215,104)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI United Kingdom Index		SONIA + 0.300	%		Monthly		725		September–2021		13,180,524		–		(324,222	)	(324,222)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI United Kingdom Index		SONIA + 0.300	%		Monthly		1,525		September–2021		13,255,817		–		(173,968	)	(173,968)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI United Kingdom Index		SONIA + 0.300	%		Monthly		725		September–2021		13,196,230		–		(339,927	)	(339,927)
Merrill Lynch International		Receive	MSCI Emerging Markets Minimum Volatility Index		1 Month USD LIBOR + 0.950%			Monthly		6,400		September–2021		13,584,512		–		(154,752	)	(154,752)
Subtotal – Depreciation																–		(1,749,697	)	(1,749,697)
Total – Total Return Swap Agreements																$(522,270)	$	1,637,129		$ 2,159,399

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,270,000.

^(b)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

Reference Entity Components
Reference Entity	Underlying Components	Percentage

Canadian Imperial Bank of Commerce Custom 7 Agriculture

Commodity Index

Long Futures Contracts
Coffee ‘C’	5.58	%
Corn	6.08
Cotton No. 2	22.83
Lean Hogs	0.60
Live Cattle	0.50
Soybean Meal	23.14
Soybean Oil	6.08
Soybeans	22.03
Sugar No. 11	5.98
Wheat	7.18
Total	100.00	%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Reference Entity Components—(continued)
Reference Entity	Underlying Components	Percentage
Monthly Rebalance Commodity Excess Return Index

Long Futures Contracts
Coffee ’C’	5.58	%
Corn	6.08
Cotton No. 2	22.83
Lean Hogs	0.60
Live Cattle	0.50
Soybean Meal	23.14
Soybean Oil	6.08
Soybeans	22.03
Sugar No. 11	5.98
Wheat	7.18
Total	100.00	%

Macquarie Aluminium Dynamic Selection Index

Long Futures Contracts
Aluminum	100.00	%

Merrill Lynch Gold Excess Return Index

Long Futures Contracts
Gold	100.00	%

MLCX Dynamic Enhanced Copper Excess Return Index

Long Futures Contracts
Copper	100.00	%

S&P GSCI Aluminum Dynamic Roll Index Excess Return

Long Futures Contracts
Aluminum	100.00	%

Barclays Commodity Strategy 1452 Excess Return Index

Long Futures Contracts
Copper	100.00	%

Canadian Imperial Bank of Commerce Dynamic Roll LME Copper
Excess Return Index 2

Long Futures Contracts
Copper	100.00	%

Single Commodity Index Excess Return

Long Futures Contracts
Gold	100.00	%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Reference Entity Components—(continued)
Reference Entity	Underlying Components	Percentage
Goldman Sachs Commodity i-Select Strategy 1121

Long Futures Contracts
Coffee ’C’	5.58	%
Corn	6.08
Cotton No. 2	22.83
Lean Hogs	0.60
Live Cattle	0.50
Soybean Meal	23.14
Soybean Oil	6.08
Soybeans	22.03
Sugar No. 11	5.98
Wheat	7.18
Total	100.00	%

J.P. Morgan Contag Beta Gas Oil Excess Return Index

Long Futures Contracts
Gas Oil	100.00	%

S&P GSCI Gold Index Excess Return

Long Futures Contracts
Gold	100.00	%

Abbreviations:

EMU	—European Economic and Monetary Union
EUR	—Euro
EURIBOR	—Euro Interbank Offered Rate
GBP	—British Pound Sterling
JPY	—Japanese Yen
LIBOR	—London Interbank Offered Rate
SONIA	—Sterling Overnight Index Average
USD	—U.S. Dollar

Target Risk Contribution and Notional Asset Weights as of June 30, 2021

By asset class

Asset Class	Target Risk Allocation*	Notional Asset Weights**
Equities	49.97%	55.20%
Fixed Income	17.36	81.42
Commodities	32.67	31.30
Total	100.00%	167.92%

* Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns.

** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $148,615,362)	$	152,294,152
Investments in affiliated money market funds, at value (Cost $766,347,440)		766,347,440
Other investments:
Variation margin receivable – futures contracts		906,708
Swaps receivable – OTC		2,022,880
Unrealized appreciation on swap agreements – OTC		4,049,580
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		51,295,000
Cash collateral – OTC Derivatives		6,270,000
Cash		13,797,923
Foreign currencies, at value (Cost $18,109,786)		18,071,496
Receivable for:
Fund shares sold		40,894
Dividends		9,473
Investment for trustee deferred compensation and retirement plans		114,324
Total assets		1,015,219,870
Liabilities:
Other investments:
Premiums received on swap agreements - OTC		522,270
Swaps payable - OTC		1,316,959
Unrealized depreciation on swap agreements - OTC		5,831,417
Payable for:
Fund shares reacquired		746,055
Accrued fees to affiliates		1,131,784
Accrued other operating expenses		1,698,173
Trustee deferred compensation and retirement plans		128,193
Total liabilities		11,374,851
Net assets applicable to shares outstanding	$	1,003,845,019
Net assets consist of:
Shares of beneficial interest	$	856,342,779
Distributable earnings		147,502,240
	$	1,003,845,019
Net Assets:
Series I	$	49,769,511
Series II	$	954,075,508
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,420,834
Series II		86,423,176
Series I:
Net asset value per share	$	11.26
Series II:
Net asset value per share	$	11.04

Consolidated Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends from affiliated money market funds	$	65,781
Interest		11,266
Total investment income		77,047
Expenses:
Advisory fees		4,497,742
Administrative services fees		805,702
Custodian fees		14,074
Distribution fees – Series II		1,164,186
Transfer agent fees		12,029
Trustees’ and officers’ fees and benefits		13,299
Reports to shareholders		7,107
Professional services fees		38,167
Other		27,978
Total expenses		6,580,284
Less: Fees waived		(1,953,601	)
Net expenses		4,626,683
Net investment income (loss)		(4,549,636	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		6,878,349
Foreign currencies		(252,686	)
Futures contracts		41,989,626
Swap agreements		46,689,298
		95,304,587
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(8,754,971	)
Foreign currencies		53,990
Futures contracts		(5,141,688	)
Swap agreements		(7,076,483	)
		(20,919,152	)
Net realized and unrealized gain		74,385,435
Net increase in net assets resulting from operations	$	69,835,799

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(4,549,636)		$	(4,606,803)
Net realized gain		95,304,587			54,569,544
Change in net unrealized appreciation (depreciation)		(20,919,152	)		35,805,378
Net increase in net assets resulting from operations		69,835,799			85,768,119
Distributions to shareholders from distributable earnings:
Series I		–			(5,885,904	)
Series II		–			(113,684,097	)
Total distributions from distributable earnings		–			(119,570,001	)
Share transactions–net:
Series I		(537,758	)		2,911,262
Series II		(46,076,669	)		(10,389,997	)
Net increase (decrease) in net assets resulting from share transactions		(46,614,427	)		(7,478,735	)
Net increase (decrease) in net assets		23,221,372			(41,280,617	)
Net assets:
Beginning of period		980,623,647			1,021,904,264
End of period	$	1,003,845,019		$	980,623,647

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																																									Ratio of			Ratio of
																																									expenses			expenses
								Net gains																																	to average			to average net			Ratio of net
								(losses)																																	net assets			assets without			investment
	Net asset			Net				on securities								Dividends				Distributions																					with fee waivers			fee waivers			income
	value,			investment				(both				Total from				from net				from net												Net asset						Net assets,			and/or			and/or			(loss)
	beginning			income				realized and				investment				investment				realized				Return of				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			(loss)(a)				unrealized)				operations				income				gains				capital				distributions				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21		$	10.48		$	(0.04	)		$	0.82			$	0.78			$	–			$	–			$	–			$	–			$	11.26		7.44	%		$	49,770		0.71	%(d)(e)		1.11	%(d)		(0.69	)%(d)		62	%
Year ended 12/31/20			10.91			(0.03	)			1.03				1.00				(0.87	)			(0.56	)			–				(1.43	)			10.48		10.22				46,853		0.66	(e)		1.10			(0.25	)		82
Year ended 12/31/19			9.47			0.14				1.30				1.44				–				–				–				–				10.91		15.21				45,427		0.64	(e)		1.10			1.38			94
Year ended 12/31/18			11.31			0.11				(0.79	)			(0.68	)			(0.14	)			(0.99	)			(0.03	)			(1.16	)			9.47		(6.46	)			37,450		0.65	(e)		1.10			1.03			199
Year ended 12/31/17			11.35			0.01				1.08				1.09				(0.48	)			(0.65	)			–				(1.13	)			11.31		10.06				39,340		0.68	(e)		1.11			0.10			52
Year ended 12/31/16			10.20			(0.04	)			1.24				1.20				(0.05	)			–				–				(0.05	)			11.35		11.74				34,714		0.67	(e)		1.12			(0.33	)		120
Series II
Six months ended 06/30/21			10.29			(0.05	)			0.80				0.75				–				–				–				–				11.04		7.29				954,076		0.96	(d)(e)		1.36	(d)		(0.94	)(d)		62
Year ended 12/31/20			10.73			(0.05	)			1.01				0.96				(0.84	)			(0.56	)			–				(1.40	)			10.29		9.99				933,770		0.91	(e)		1.35			(0.50	)		82
Year ended 12/31/19			9.34			0.12				1.27				1.39				–				–				–				–				10.73		14.88				976,477		0.89	(e)		1.35			1.13			94
Year ended 12/31/18			11.17			0.08				(0.78	)			(0.70	)			(0.11	)			(0.99	)			(0.03	)			(1.13	)			9.34		(6.71	)			968,329		0.90	(e)		1.35			0.78			199
Year ended 12/31/17			11.22			(0.02	)			1.07				1.05				(0.45	)			(0.65	)			–				(1.10	)			11.17		9.83				1,158,077		0.93	(e)		1.36			(0.15	)		52
Year ended 12/31/16			10.08			(0.06	)			1.22				1.16				(0.02	)			–				–				(0.02	)			11.22		11.51				1,113,539		0.92	(e)		1.37			(0.58	)		120

^(a)  Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $47,881 and $939,067 for Series I and Series II shares, respectively.

^(e)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.15%, 0.15%, 0.15%, 0.16%, 0.15% and 0.12% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Balanced-Risk Allocation Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund IV Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is total return with a low to moderate correlation to traditional financial market indices.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

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

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.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from

Invesco V.I. Balanced-Risk Allocation Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

    The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

    The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

    The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

    In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

M. Put Options Purchased – The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on put options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

    Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

    An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

    A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

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

Invesco V.I. Balanced-Risk Allocation Fund

agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

O. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

P. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Q. Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

    The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

    In addition to risks associated with the underlying commodities, investments in commodity-linked notes may be subject to additional risks, such as non-payment of interest and loss of principal, counterparty risk, lack of a secondary market and risk of greater volatility than traditional equity and debt securities. The value of the commodity-linked notes the Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves volatile. Additionally, certain commodity-linked notes employ “economic” leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. Such economic leverage will increase the volatility of the value of these commodity-linked notes and the Fund to the extent it invests in such notes.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser less the amount paid by the Subsidiary to the Adviser based on the annual rate    of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million	0.950%
Next $250 million	0.925%
Next $500 million	0.900%
Next $1.5 billion	0.875%
Next $2.5 billion	0.850%
Next $2.5 billion	0.825%
Next $2.5 billion	0.800%
Over $10 billion	0.775%

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.92%.

    The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.15% and excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the

Invesco V.I. Balanced-Risk Allocation Fund

expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $1,953,601.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $72,064 for accounting and fund administrative services and was reimbursed $733,638 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Consolidated Statement of Operations as Distribution fees.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements    may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities		$                  –			$113,293,505			$–		$113,293,505
Commodity-Linked Securities		–			31,475,809			–		31,475,809
Money Market Funds		766,347,440			–			–		766,347,440
Options Purchased		7,524,838			–			–		7,524,838
Total Investments in Securities		773,872,278			144,769,314			–		918,641,592
Other Investments - Assets*
Futures Contracts		12,161,570			–			–		12,161,570
Swap Agreements		–			4,049,580			–		4,049,580
		12,161,570			4,049,580			–		16,211,150
Other Investments - Liabilities*
Futures Contracts		(1,742,238	)		–			–		(1,742,238	)
Swap Agreements		–			(5,831,417	)		–		(5,831,417	)
		(1,742,238	)		(5,831,417	)		–		(7,573,655	)
Total Other Investments		10,419,332			(1,781,837	)		–		8,637,495
Total Investments		$784,291,610			$142,987,477			$–		$927,279,087

* Unrealized appreciation (depreciation).

Invesco V.I. Balanced-Risk Allocation Fund

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The    table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts - Exchange-Traded(a)	$	6,894,084		$	495,882		$	4,771,604		$	12,161,570
Unrealized appreciation on swap agreements — OTC		140,484			3,909,096			-			4,049,580
Options purchased, at value - Exchange-Traded(b)		-			7,524,838			-			7,524,838
Total Derivative Assets		7,034,568			11,929,816			4,771,604			23,735,988
Derivatives not subject to master netting agreements		(6,894,084	)		(8,020,720	)		(4,771,604	)		(19,686,408	)
Total Derivative Assets subject to master netting agreements	$	140,484		$	3,909,096		$	-		$	4,049,580
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts - Exchange-Traded(a)	$	-		$	(1,742,238	)	$	-		$	(1,742,238	)
Unrealized depreciation on swap agreements - OTC		(4,081,720	)		(1,749,697	)		-			(5,831,417	)
Total Derivative Liabilities		(4,081,720	)		(3,491,935	)		-			(7,573,655	)
Derivatives not subject to master netting agreements		-			1,742,238			-			1,742,238
Total Derivative Liabilities subject to master netting agreements	$	(4,081,720	)	$	(1,749,697	)	$	-		$	(5,831,417	)

^(a)  The daily variation margin receivable at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b) Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2021.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount
Fund
Bank of America, N.A.	$	744,102	$	(307,220	)	$	436,882		$	-	$	-		$	436,882
Goldman Sachs International		3,241,848		(166,915	)		3,074,933			-		(2,400,000	)		674,933
JPMorgan Chase Bank, N.A.		920,043		(1,169,409	)		(249,366	)		-		-			(249,366	)
Merrill Lynch International		-		(155,959	)		(155,959	)		-		155,959			-
Subtotal - Fund		4,905,993		(1,799,503	)		3,106,490			-		(2,244,041	)		862,449
Subsidiary
Barclays Bank PLC		-		(206,402	)		(206,402	)		-		206,402			-
Canadian Imperial Bank of Commerce		-		(1,290,990	)		(1,290,990	)		-		1,290,990			-
Cargill, Inc.		-		(2,079,271	)		(2,079,271	)		-		2,079,271			-
Goldman Sachs International		-		(424,147	)		(424,147	)		-		424,147			-
J.P. Morgan Chase Bank, N.A.		-		(101,672	)		(101,672	)		-		-			(101,672	)
Macquarie Bank Ltd.		66,619		(324	)		66,295			-		(66,295	)		-
Merrill Lynch International		1,025,983		(1,244,321	)		(218,338	)		-		200,000			(18,338	)
Morgan Stanley Capital Services LLC		73,865		(1,746	)		72,119			-		-			72,119
Subtotal - Subsidiary		1,166,467		(5,348,873	)		(4,182,406	)		-		4,134,515			(47,891	)
Total	$	6,072,460	$	(7,148,376	)	$	(1,075,916	)	$	-	$	1,890,474		$	814,558

Invesco V.I. Balanced-Risk Allocation Fund

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts	$	25,129,519		$	41,215,115		$	(24,355,008	)	$	41,989,626
Options purchased(a)		-			(4,034,401	)		-			(4,034,401	)
Swap agreements		28,115,273			18,574,025			-			46,689,298
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(536,896	)		(7,700,061	)		3,095,269			(5,141,688	)
Options purchased(a)		-			(3,445,626	)		-			(3,445,626	)
Swap agreements		(8,645,158	)		1,568,675			-			(7,076,483	)
Total	$	44,062,738		$	46,177,727		$	(21,259,739	)	$	68,980,726

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts		Index Options Purchased		Swap Agreements
Average notional value	$	923,167,205	$	2,102,586,333	$	387,101,891
Average Contracts		-		1,346		-

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $20,929,957 and $22,841,507, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	8,312,001
Aggregate unrealized (depreciation) of investments		(11,177,159	)
Net unrealized appreciation (depreciation) of investments	$	(2,865,158	)

Cost of investments for tax purposes is $929,621,975.

Invesco V.I. Balanced-Risk Allocation Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		171,220		$	1,866,444			379,236		$	3,960,734
Series II		2,438,564			25,942,524			3,857,886			39,526,525
Issued as reinvestment of dividends:
Series I		-			-			609,307			5,885,904
Series II		-			-			11,979,357			113,684,097
Reacquired:
Series I		(222,109	)		(2,404,202	)		(682,143	)		(6,935,376	)
Series II		(6,785,458	)		(72,019,193	)		(16,076,040	)		(163,600,619	)
Net increase (decrease) in share activity		(4,397,783	)	$	(46,614,427	)		67,603		$	(7,478,735	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 80% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/21)		Ending     Account Value     (06/30/21)1		Expenses     Paid During     Period2		Ending     Account Value     (06/30/21)		Expenses     Paid During     Period2		Annualized     Expense     Ratio
Series I	$	1,000.00	$	1,074.40	$	3.65	$	1,021.27	$	3.56		0.71	%
Series II		1,000.00		1,072.90		4.93		1,020.03		4.81		0.96

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Balanced-Risk Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub- advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub- Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub- advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco V.I. Balanced-Risk Allocation Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was above the median contractual management fee

Invesco V.I. Balanced-Risk Allocation Fund

rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees were in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party

service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers.

Invesco Advisers noted that the Fund does not engage in securities lending arrangements to any significant degree.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub- Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Balanced-Risk Allocation Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Capital Appreciation Fund
	Effective April 30, 2021, Invesco Oppenheimer V.I. Capital Appreciation Fund was renamed Invesco V.I. Capital Appreciation Fund.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VICAPA-SAR-1

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	12.97	%
Series II Shares	12.84
S&P 500 Indexq	15.25
Russell 1000 Growth Indexq	12.99
Source(s): qRIMES Technologies Corp.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (4/3/85)	11.20	%
10 Years	15.08
5 Years	21.26
1 Year	41.36
Series II Shares
Inception (9/18/01)	8.90	%
10 Years	14.80
5 Years	20.96
1 Year	41.01

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Capital Appreciation Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Capital Appreciation Fund (renamed Invesco V.I. Capital Appreciation Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Capital Appreciation Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Capital Appreciation Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Capital Appreciation Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.28%
Aerospace & Defense–0.95%
TransDigm Group, Inc.(b)		13,114	$	8,488,561
Agricultural & Farm Machinery–1.13%
Deere & Co.		28,601		10,087,859
Application Software–5.36%
Adobe, Inc.(b)		23,400		13,703,976
Coupa Software, Inc.(b)		19,588		5,134,211
DocuSign, Inc.(b)		32,146		8,987,057
HubSpot, Inc.(b)		22,871		13,327,389
Synopsys, Inc.(b)		24,832		6,848,417
				48,001,050
Asset Management & Custody Banks–2.53%
BlackRock, Inc.		11,638		10,182,901
KKR & Co., Inc., Class A		210,631		12,477,780
				22,660,681
Auto Parts & Equipment–1.10%
Aptiv PLC(b)		62,518		9,835,957
Automobile Manufacturers–1.18%
General Motors Co.(b)		178,612		10,568,472
Biotechnology–0.53%
Alnylam Pharmaceuticals, Inc.(b)		27,896		4,728,930
Casinos & Gaming–1.17%
Caesars Entertainment, Inc.(b)		100,868		10,465,055
Construction Machinery & Heavy Trucks–0.92%
Caterpillar, Inc.		38,002		8,270,375
Copper–0.76%
Freeport-McMoRan, Inc.		184,402		6,843,158
Data Processing & Outsourced Services–7.10%
Mastercard, Inc., Class A		71,504		26,105,395
PayPal Holdings, Inc.(b)		128,539		37,466,548
				63,571,943
Diversified Chemicals–0.64%
Eastman Chemical Co.		48,922		5,711,644
Diversified Metals & Mining–0.50%
Rio Tinto PLC, ADR (Australia)		53,789		4,512,359
Electrical Components & Equipment–1.69%
Generac Holdings, Inc.(b)		36,472		15,141,351
Fertilizers & Agricultural Chemicals–0.71%
Corteva, Inc.		142,622		6,325,286
Financial Exchanges & Data–0.72%
Coinbase Global, Inc., Class A(b)		2,475		626,918
MSCI, Inc.		10,877		5,798,311
				6,425,229

	Shares		Value
Footwear–0.76%
NIKE, Inc., Class B		44,025	$	6,801,422
General Merchandise Stores–0.77%
Target Corp.		28,372		6,858,647
Health Care Equipment–4.57%
Abbott Laboratories		44,468		5,155,175
Danaher Corp.		53,879		14,458,968
IDEXX Laboratories, Inc.(b)		12,881		8,134,996
Intuitive Surgical, Inc.(b)		8,640		7,945,690
Zimmer Biomet Holdings, Inc.		32,636		5,248,521
				40,943,350
Health Care Facilities–0.47%
HCA Healthcare, Inc.		20,416		4,220,804
Health Care Supplies–1.42%
Align Technology, Inc.(b)		9,721		5,939,531
West Pharmaceutical Services, Inc.		18,807		6,753,594
				12,693,125
Homefurnishing Retail–0.66%
RH(b)		8,764		5,950,756
Hotels, Resorts & Cruise Lines–0.68%
Travel + Leisure Co.		101,956		6,061,284
Industrial Machinery–0.26%
Chart Industries, Inc.(b)		16,096		2,355,167
Interactive Home Entertainment–1.02%
Activision Blizzard, Inc.		95,987		9,160,999
Interactive Media & Services–11.53%
Alphabet, Inc., Class C(b)		21,659		54,284,385
Facebook, Inc., Class A(b)		122,844		42,714,087
Snap, Inc., Class A(b)		91,498		6,234,674
				103,233,146
Internet & Direct Marketing Retail–9.45%
Amazon.com, Inc.(b)		23,439		80,633,910
Chewy, Inc., Class A(b)		50,472		4,023,123
				84,657,033
Internet Services & Infrastructure–1.66%
Shopify, Inc., Class A (Canada)(b)		5,055		7,385,254
Twilio, Inc., Class A(b)		18,917		7,456,325
				14,841,579
Investment Banking & Brokerage–0.65%
Goldman Sachs Group, Inc. (The)		15,319		5,814,020
Life Sciences Tools & Services–1.89%
10X Genomics, Inc., Class A(b)		20,693		4,052,103
Agilent Technologies, Inc.		87,144		12,880,755
				16,932,858
Managed Health Care–2.05%
UnitedHealth Group, Inc.		45,832		18,352,966

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Capital Appreciation Fund

	Shares		Value
Movies & Entertainment–1.42%
Netflix, Inc.(b)		8,628	$	4,557,396
Walt Disney Co. (The)(b)		46,176		8,116,355
				12,673,751
Oil & Gas Exploration & Production–0.72%
APA Corp.		298,861		6,464,363
Personal Products–1.02%
Estee Lauder Cos., Inc. (The), Class A		28,668		9,118,717
Pharmaceuticals–1.07%
Catalent, Inc.(b)		46,331		5,009,308
Eli Lilly and Co.		19,952		4,579,383
				9,588,691
Regional Banks–0.70%
SVB Financial Group(b)		11,348		6,314,368
Restaurants–0.84%
Chipotle Mexican Grill, Inc.(b)		4,858		7,531,552
Semiconductor Equipment–4.62%
Applied Materials, Inc.		130,974		18,650,698
ASML Holding N.V., New York Shares (Netherlands)		20,742		14,329,403
Lam Research Corp.		12,863		8,369,954
				41,350,055
Semiconductors–7.40%
Advanced Micro Devices, Inc.(b)		120,987		11,364,309
Marvell Technology, Inc.		121,661		7,096,486
Monolithic Power Systems, Inc.		33,491		12,507,214
NVIDIA Corp.		27,149		21,721,915
NXP Semiconductors N.V. (China)		43,880		9,026,993
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		37,850		4,548,056
				66,264,973

	Shares		Value
Systems Software–10.17%
Cloudflare, Inc., Class A(b)		90,938	$	9,624,878
Crowdstrike Holdings, Inc., Class A(b)		35,268		8,863,201
Microsoft Corp.		227,025		61,501,073
ServiceNow, Inc.(b)		20,151		11,073,982
				91,063,134
Technology Hardware, Storage & Peripherals–5.05%
Apple, Inc.		330,204		45,224,740
Trading Companies & Distributors–1.07%
United Rentals, Inc.(b)		30,052		9,586,889
Trucking–1.37%
Old Dominion Freight Line, Inc.		16,965		4,305,717
Uber Technologies, Inc.(b)		159,336		7,985,920
				12,291,637
Total Common Stocks & Other Equity Interests (Cost $532,098,192)				897,987,936
Money Market Funds–0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		263,837		263,837
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		37,308		37,323
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		301,527		301,527
Total Money Market Funds (Cost $602,687)				602,687
TOTAL INVESTMENTS IN SECURITIES–100.35% (Cost $532,700,879)				898,590,623
OTHER ASSETS LESS LIABILITIES–(0.35)%				(3,111,182	)
NET ASSETS–100.00%			$	895,479,441

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,929,702		$	27,329,150		$	(29,995,015	)		$	-		$	-		$	263,837		$	252
Invesco Liquid Assets Portfolio, Institutional Class			2,092,396			19,369,774			(21,425,057	)			166			44			37,323			143
Invesco Treasury Portfolio, Institutional Class			3,348,230			31,233,314			(34,280,017	)			-			-			301,527			105
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			2,082,321			(2,082,321	)			-			-			-			1	*
Invesco Private Prime Fund			-			3,327,529			(3,327,529	)			-			-			-			21	*
Total		$	8,370,328		$	83,342,088		$	(91,109,939	)		$	166		$	44		$	602,687		$	522

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

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Capital Appreciation Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	41.36	%
Consumer Discretionary	16.61
Communication Services	13.97
Health Care	12.00
Industrials	7.39
Financials	4.60
Materials	2.61
Other Sectors, Each Less than 2% of Net Assets	1.74
Money Market Funds Plus Other Assets Less Liabilities	(0.28	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Capital Appreciation Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $532,098,192)	$	897,987,936
Investments in affiliated money market funds, at value (Cost $602,687)		602,687
Cash		2,000,000
Foreign currencies, at value (Cost $173)		164
Receivable for:
Investments sold		5,984,740
Fund shares sold		46,204
Dividends		408,310
Investment for trustee deferred compensation and retirement plans		120,096
Total assets		907,150,137
Liabilities:
Payable for:
Investments purchased		4,577,265
Fund shares reacquired		6,044,347
Accrued fees to affiliates		680,918
Accrued other operating expenses		248,070
Trustee deferred compensation and retirement plans		120,096
Total liabilities		11,670,696
Net assets applicable to shares outstanding	$	895,479,441
Net assets consist of:
Shares of beneficial interest	$	337,467,024
Distributable earnings		558,012,417
	$	895,479,441
Net Assets:
Series I	$	667,778,295
Series II	$	227,701,146
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,403,706
Series II		2,939,955
Series I:
Net asset value per share	$	79.46
Series II:
Net asset value per share	$	77.45

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $39,548)	$	2,058,448
Dividends from affiliates (includes securities lending income of $227)		727
Total investment income		2,059,175
Expenses:
Advisory fees		2,899,667
Administrative services fees		638,753
Custodian fees		3,995
Distribution fees - Series II		270,242
Transfer agent fees		27,860
Trustees’ and officers’ fees and benefits		12,233
Reports to shareholders		115,846
Professional services fees		33,587
Taxes		100
Other		6,085
Total expenses		4,008,368
Less: Fees waived		(347,944	)
Net expenses		3,660,424
Net investment income (loss)		(1,601,249	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $552,919)		154,327,834
Affiliated investment securities		44
Foreign currencies		31,741
		154,359,619
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(47,412,821	)
Affiliated investment securities		166
Foreign currencies		(11,070	)
		(47,423,725	)
Net realized and unrealized gain		106,935,894
Net increase in net assets resulting from operations	$	105,334,645

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Capital Appreciation Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(1,601,249	)	$	(1,344,835	)
Net realized gain		154,359,619			44,098,047
Change in net unrealized appreciation (depreciation)		(47,423,725	)		187,508,885
Net increase in net assets resulting from operations		105,334,645			230,262,097
Distributions to shareholders from distributable earnings:
Series I		-			(81,814,036	)
Series II		-			(28,225,418	)
Total distributions from distributable earnings		-			(110,039,454	)
Share transactions–net:
Series I		(37,222,577	)		(6,360,539	)
Series II		(14,546,706	)		(10,935,911	)
Net increase (decrease) in net assets resulting from share transactions		(51,769,283	)		(17,296,450	)
Net increase in net assets		53,565,362			102,926,193
Net assets:
Beginning of period		841,914,079			738,987,886
End of period	$	895,479,441		$	841,914,079

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Capital Appreciation Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)				Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Series I
Six months ended 06/30/21		$	70.34		$	(0.11	)		$	9.23			$	9.12			$	-			$	-			$	-			$	79.46		12.97	%		$	667,778		0.80	%(e)		0.88	%(e)			(0.31	)%(e)		58	%
Year ended 12/31/20			59.77			(0.08	)			21.00				20.92				-				(10.35	)			(10.35	)			70.34		36.59				626,304		0.80			0.88				(0.12	)		37
Year ended 12/31/19			48.50			0.06				16.80				16.86				(0.04	)			(5.55	)			(5.59	)			59.77		36.20				538,247		0.80			0.88				0.10			73
Year ended 12/31/18			55.70			0.09				(2.71	)			(2.62	)			(0.19	)			(4.39	)			(4.58	)			48.50		(5.73	)			460,708		0.80			0.85				0.16			27
Year ended 12/31/17			48.36			0.15				12.33				12.48				(0.13	)			(5.01	)			(5.14	)			55.70		26.83				556,227		0.80			0.82		��		0.29			26
Year ended 12/31/16			55.49			0.12				(1.57	)			(1.45	)			(0.22	)			(5.46	)			(5.68	)			48.36		(2.20	)			501,756		0.80			0.83				0.25			114
Series II
Six months ended 06/30/21			68.64			(0.20	)			9.01				8.81				-				-				-				77.45		12.84				227,701		1.05	(e)		1.13	(e)			(0.56	)(e)		58
Year ended 12/31/20			58.67			(0.23	)			20.55				20.32				-				(10.35	)			(10.35	)			68.64		36.24				215,610		1.05			1.13				(0.37	)		37
Year ended 12/31/19			47.78			(0.08	)			16.52				16.44				-				(5.55	)			(5.55	)			58.67		35.84				200,741		1.05			1.13				(0.15	)		73
Year ended 12/31/18			54.89			(0.05	)			(2.67	)			(2.72	)			-				(4.39	)			(4.39	)			47.78		(5.96	)			141,790		1.05			1.10				(0.09	)		27
Year ended 12/31/17			47.73			0.02				12.16				12.18				(0.01	)			(5.01	)			(5.02	)			54.89		26.50				316,864		1.05			1.07				0.04			26
Year ended 12/31/16			54.80			0.00				(1.55	)			(1.55	)			(0.06	)			(5.46	)			(5.52	)			47.73		(2.43	)			295,226		1.05			1.08				0.00			114

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018, 2017, and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $636,869 and $217,986 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Capital Appreciation Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Capital Appreciation Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. The Fund is classified as non-diversified. The Fund’s classification changed from diversified to non-diversified on April 30, 2021. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is to seek capital appreciation.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Capital Appreciation Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

    MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Federal Income Taxes – The Fund does not intend to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code. The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes and generally is subject to U.S. federal income tax on its taxable income at the rate applicable to corporations. In addition, as a regular corporation, the Fund may be subject to state and local taxes in jurisdictions in which the MLPs operate. The estimate state tax rate is based on a periodic analysis of the Fund’s holdings. Taxes include current and deferred taxes. Current taxes reflect the estimated tax liability of the Fund as of a measurement date based on taxable income. Deferred taxes reflect estimates of (i) taxes on net unrealized gains (losses), which are attributable to the difference between fair market value and tax basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, and (iii) the net tax benefit of accumulated net operating losses, capital loss carryforwards and other tax attributes.

    The Fund’s deferred tax asset (“DTA”) and/or liability balances are estimated using estimates of effective tax rates expected to apply to taxable income in the years such balances are realized. A DTA will be recognized for temporary book/tax differences, net of unrealized losses, and carryforwards (net operating losses, capital loss carryforward, or tax credits). To the extent the Fund has a DTA, the Fund will assess whether a valuation allowance is required to offset the value of a portion, or all, of the DTA. Prior year capital gains (carrybacks), unrealized net gains, future reversals of existing taxable timing differences, forecast of future profitability (based on historical evidence), potential tax planning strategies, unsettled circumstances, and other evidence will be used in determining the valuation allowance. The valuation allowance is reviewed periodically and the Fund may modify its estimates or assumptions regarding the net deferred tax asset or liability balances and any applicable valuation allowance. The Fund recognizes interest and penalties associated with underpayment of federal and state income taxes, if any, in tax expense. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

    The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Return of Capital – Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

K. 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

Invesco V.I. Capital Appreciation Fund

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 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.

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

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

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

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

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

N. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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

Invesco V.I. Capital Appreciation Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Upto $200 million		0.750	%
Next $ 200 million		0.720	%
Next $ 200 million		0.690	%
Next $ 200 million		0.660	%
Next $ 200 million		0.600	%
Over $1 billion		0.580	%

* The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.68%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

    The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $347,944.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $60,367 for accounting and fund administrative services and was reimbursed $578,386 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    For the six months ended June 30, 2021, the Fund incurred $6,423 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Capital Appreciation Fund

    As of June 30, 2021, 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.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities purchases of $6,685,140 and securities sales of $2,732,308, which resulted in net realized gains of $552,919.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $490,100,943 and $530,290,157, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	365,963,342
Aggregate unrealized (depreciation) of investments		(3,720,132	)
Net unrealized appreciation of investments	$	362,243,210

Cost of investments for tax purposes is $536,347,413.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)				Year ended December 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Series I		129,735	$	9,409,258		286,935	$	18,471,044
Series II		56,097		3,957,334		706,142		41,437,974
Issued as reinvestment of dividends:
Series I		-		-		1,269,813		81,814,036
Series II		-		-		448,663		28,225,406

Invesco V.I. Capital Appreciation Fund

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(629,902	)	$	(46,631,835	)		(1,658,108	)	$	(106,645,619	)
Series II		(257,104	)		(18,504,040	)		(1,435,287	)		(80,599,291	)
Net increase (decrease) in share activity		(701,174	)	$	(51,769,283	)		(381,842	)	$	(17,296,450	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Capital Appreciation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning   Account Value   (01/01/21)	Ending   Account Value   (06/30/21)1	Expenses   Paid During   Period2	Ending   Account Value   (06/30/21)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Series I	$1,000.00	$1,129.70	$4.22	$1,020.83	$4.01	0.80%
Series II	1,000.00	1,128.40	5.54	1,019.59	5.26	1.05

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Capital Appreciation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Capital Appreciation Fund’s (formerly, Invesco Oppenheimer V.I. Capital Appreciation Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds. The Board noted that

Invesco V.I. Capital Appreciation Fund

overweight and underweight exposures to, and stock selection in, certain sectors, as well as exposures to small and mid capitalization stocks, detracted from Fund performance. The Board noted that the Fund underwent a portfolio management team change in June 2019, and that performance results prior to such date were those of the prior portfolio management team. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was the same as the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party

service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with

Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Capital Appreciation Fund

Proxy Results

A Virtual Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer V.I. Capital Appreciation Fund (the “Fund”) was held on January 22, 2021. The Meeting was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The results of the voting on the above matter were as follows:

Matter	Votes For		Votes Against		Votes Abstain
Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental
(1).  investment restriction		10,010,838.42		1,061,635.76		756,120.45

Invesco V.I. Capital Appreciation Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Comstock Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VK-VICOM-SAR-1                                              

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	23.93	%
Series II Shares	23.77
S&P 500 Indexq (Broad Market Index)	15.25
Russell 1000 Value Indexq (Style-Specific Index)	17.05
Lipper VUF Large-Cap Value Funds Index∎ (Peer Group Index)	17.35
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper VUF Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value variable insurance underlying funds tracked by Lipper.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (4/30/99)	7.73	%
10 Years	11.21
5 Years	13.36
1 Year	54.70
Series II Shares
Inception (9/18/00)	7.75	%
10 Years	10.94
5 Years	13.08
1 Year	54.29

Effective June 1, 2010, Class I and Class II shares of the predecessor fund, Van Kampen Life Investment Trust Comstock Portfolio, advised by Van Kampen Asset Management were reorganized into Series I and Series II shares, respectively, of Invesco Van Kampen V.I. Comstock Fund (renamed Invesco V.I. Comstock Fund on April 29, 2013). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class I shares and Class II shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Comstock Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Comstock Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Comstock Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.38%
Aerospace & Defense–1.65%
Textron, Inc.		363,972	$	25,030,354
Air Freight & Logistics–1.56%
FedEx Corp.		79,223		23,634,598
Application Software–1.09%
CDK Global, Inc.		334,120		16,602,423
Asset Management & Custody Banks–2.40%
Bank of New York Mellon Corp. (The)		490,288		25,117,454
State Street Corp.		136,975		11,270,303
				36,387,757
Automobile Manufacturers–2.14%
General Motors Co.(b)		549,654		32,523,027
Building Products–2.64%
Johnson Controls International PLC		439,214		30,143,257
Trane Technologies PLC		53,543		9,859,408
				40,002,665
Cable & Satellite–1.64%
Comcast Corp., Class A		435,300		24,820,806
Casinos & Gaming–0.86%
Las Vegas Sands Corp.(b)		247,788		13,055,950
Communications Equipment–2.10%
Cisco Systems, Inc.		600,128		31,806,784
Construction Machinery & Heavy Trucks–1.85%
Caterpillar, Inc.		128,807		28,032,267
Consumer Finance–0.46%
Capital One Financial Corp.		44,617		6,901,804
Diversified Banks–10.88%
Bank of America Corp.		1,294,623		53,377,306
Citigroup, Inc.		766,112		54,202,424
JPMorgan Chase & Co.		128,645		20,009,443
Wells Fargo & Co.		826,809		37,446,180
				165,035,353
Electric Utilities–1.44%
Exelon Corp.		491,726		21,788,379
Electrical Components & Equipment–3.91%
Eaton Corp. PLC		206,070		30,535,453
Emerson Electric Co.		298,139		28,692,897
				59,228,350
Fertilizers & Agricultural Chemicals–2.56%
CF Industries Holdings, Inc.		429,463		22,095,871
Corteva, Inc.		378,314		16,778,226
				38,874,097
Health Care Distributors–2.24%
Henry Schein, Inc.(b)		206,512		15,321,125

	Shares		Value
Health Care Distributors–(continued)
McKesson Corp.		97,332	$	18,613,772
				33,934,897
Health Care Equipment–0.50%
Baxter International, Inc.		93,464		7,523,852
Health Care Facilities–3.30%
HCA Healthcare, Inc.		161,058		33,297,131
Universal Health Services, Inc., Class B		114,768		16,805,478
				50,102,609
Health Care Services–1.34%
CVS Health Corp.		242,818		20,260,734
Health Care Supplies–0.76%
DENTSPLY SIRONA, Inc.		183,375		11,600,303
Hotel & Resort REITs–0.84%
Host Hotels & Resorts, Inc.(b)		749,030		12,800,923
Hotels, Resorts & Cruise Lines–0.88%
Booking Holdings, Inc.(b)		6,134		13,421,744
Industrial Conglomerates–1.44%
General Electric Co.		1,620,405		21,810,651
Integrated Oil & Gas–3.19%
Chevron Corp.		265,261		27,783,437
Suncor Energy, Inc. (Canada)(c)		858,253		20,572,325
				48,355,762
Integrated Telecommunication Services–0.78%
AT&T, Inc.		412,025		11,858,080
Internet & Direct Marketing Retail–0.69%
eBay, Inc.		149,396		10,489,093
Investment Banking & Brokerage–3.81%
Goldman Sachs Group, Inc. (The)		71,466		27,123,491
Morgan Stanley		334,621		30,681,399
				57,804,890
IT Consulting & Other Services–2.25%
Cognizant Technology Solutions Corp., Class A		375,325		25,995,010
DXC Technology Co.(b)		209,680		8,164,939
				34,159,949
Life & Health Insurance–0.93%
MetLife, Inc.		236,116		14,131,543
Managed Health Care–2.61%
Anthem, Inc.		86,657		33,085,643
UnitedHealth Group, Inc.		16,093		6,444,281
				39,529,924
Multi-line Insurance–2.40%
American International Group, Inc.		765,880		36,455,888

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Comstock Fund

	Shares		Value
Oil & Gas Exploration & Production–7.96%
Canadian Natural Resources Ltd. (Canada)		488,911	$	17,748,463
ConocoPhillips		195,883		11,929,275
Devon Energy Corp.		756,074		22,069,800
Hess Corp.		239,864		20,944,924
Marathon Oil Corp.		1,773,848		24,159,810
Pioneer Natural Resources Co.		146,581		23,822,344
				120,674,616
Packaged Foods & Meats–1.43%
Kraft Heinz Co. (The)		281,334		11,472,800
Tyson Foods, Inc., Class A		139,180		10,265,917
				21,738,717
Paper Packaging–1.69%
International Paper Co.		417,226		25,580,126
Pharmaceuticals–4.31%
Bristol Myers Squibb Co.		235,889		15,762,103
Johnson & Johnson		158,790		26,159,064
Sanofi, ADR (France)		443,760		23,368,402
				65,289,569
Property & Casualty Insurance–1.21%
Allstate Corp. (The)		140,145		18,280,514
Real Estate Services–0.53%
Jones Lang LaSalle, Inc.(b)		41,024		8,018,551
Regional Banks–2.99%
Citizens Financial Group, Inc.		466,614		21,403,584
Fifth Third Bancorp		502,610		19,214,780
Huntington Bancshares, Inc.		327,081		4,667,446
				45,285,810
Semiconductors–4.63%
Intel Corp.		384,821		21,603,851
NXP Semiconductors N.V. (China)		131,707		27,094,764
QUALCOMM, Inc.		150,566		21,520,398
				70,219,013
Soft Drinks–1.71%
Coca Cola Co. (The)		480,567		26,003,480

	Shares		Value
Specialty Chemicals–0.64%
DuPont de Nemours, Inc.		124,891	$	9,667,812
Systems Software–1.63%
Microsoft Corp.		91,288		24,729,919
Tobacco–4.51%
Altria Group, Inc.		462,466		22,050,379
Philip Morris International, Inc.		468,052		46,388,634
				68,439,013
Total Common Stocks & Other Equity Interests (Cost $930,701,582)				1,491,892,596
Money Market Funds–1.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		8,656,745		8,656,745
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		6,365,296		6,367,842
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		9,893,422		9,893,422
Total Money Market Funds (Cost $24,917,488)				24,918,009
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $955,619,070)				1,516,810,605
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.05%
Invesco Private Government Fund, 0.02%(d)(e)(f)		207,339		207,339
Invesco Private Prime Fund, 0.12%(d)(e)(f)		483,598		483,792
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $691,131)				691,131
TOTAL INVESTMENTS IN SECURITIES-100.07% (Cost $956,310,201)				1,517,501,736
OTHER ASSETS LESS LIABILITIES-(0.07)%				(1,077,285	)
NET ASSETS-100.00%			$	1,516,424,451

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	11,190,529	$	56,634,911	$	(59,168,695	)	$	-		$	-	$	8,656,745	$	1,563
Invesco Liquid Assets Portfolio, Institutional Class		8,570,721		40,203,510		(42,407,246	)		(2,816	)		3,673		6,367,842		903
Invesco Treasury Portfolio, Institutional Class		12,789,175		64,725,612		(67,621,365	)		-			-		9,893,422		629

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Comstock Fund

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value June 30, 2021		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	-	$	24,001,975	$	(23,794,636	)	$	-		$	-	$	207,339	$	49	*
Invesco Private Prime Fund		-		43,805,727		(43,321,935	)		-			-		483,792		634	*
Total	$	32,550,425	$	229,371,735	$	(236,313,877	)	$	(2,816	)	$	3,673	$	25,609,140	$	3,778

  * Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1I.

Open Forward Foreign Currency Contracts

Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
07/30/2021	Canadian Imperial Bank of Commerce	CAD	24,126,222	USD	19,626,291	$	163,670
07/30/2021	Canadian Imperial Bank of Commerce	EUR	9,720,546	USD	11,635,139		102,319
Subtotal–Appreciation							265,989
Currency Risk
07/30/2021	Royal Bank of Canada	USD	561,501	CAD	695,822		(182	)
Total Forward Foreign Currency Contracts						$	265,807

Abbreviations:

CAD – Canadian Dollar

EUR – Euro

USD – U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Financials	25.08	%
Health Care	15.06
Industrials	13.05
Information Technology	11.70
Energy	11.15
Consumer Staples	7.65
Materials	4.89
Consumer Discretionary	4.57
Communication Services	2.42
Other Sectors, Each Less than 2% of Net Assets	2.81
Money Market Funds Plus Other Assets Less Liabilities	1.62

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Comstock Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $930,701,582)*	$	1,491,892,596
Investments in affiliated money market funds, at value (Cost $25,608,619)		25,609,140
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		265,989
Cash		163,845
Foreign currencies, at value (Cost $547)		544
Receivable for:
Investments sold		4,935,970
Fund shares sold		72,020
Dividends		2,072,782
Investment for trustee deferred compensation and retirement plans		221,366
Total assets		1,525,234,252
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		182
Payable for:
Investments purchased		2,112,261
Fund shares reacquired		4,225,249
Collateral upon return of securities loaned		691,131
Accrued fees to affiliates		1,447,309
Accrued other operating expenses		89,833
Trustee deferred compensation and retirement plans		243,836
Total liabilities		8,809,801
Net assets applicable to shares outstanding	$	1,516,424,451
Net assets consist of:
Shares of beneficial interest	$	977,172,319
Distributable earnings		539,252,132
	$	1,516,424,451
Net Assets:
Series I	$	210,331,669
Series II	$	1,306,092,782
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		10,519,798
Series II		65,657,962
Series I:
Net asset value per share	$	19.99
Series II:
Net asset value per share	$	19.89

* At June 30, 2021, security with a value of $683,145 was on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $249,466)	$	14,980,798
Dividends from affiliated money market funds (includes securities lending income of $73,074)		76,169
Total investment income		15,056,967
Expenses:
Advisory fees		4,118,425
Administrative services fees		1,190,055
Custodian fees		22,940
Distribution fees - Series II		1,564,070
Transfer agent fees		17,930
Trustees’ and officers’ fees and benefits		13,154
Reports to shareholders		9,354
Professional services fees		25,190
Other		13,472
Total expenses		6,974,590
Less: Fees waived		(8,281	)
Net expenses		6,966,309
Net investment income		8,090,658
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		35,953,467
Affiliated investment securities		3,673
Foreign currencies		11,024
Forward foreign currency contracts		(754,736	)
		35,213,428
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		260,867,358
Affiliated investment securities		(2,816	)
Foreign currencies		(11,109	)
Forward foreign currency contracts		813,193
		261,666,626
Net realized and unrealized gain		296,880,054
Net increase in net assets resulting from operations	$	304,970,712

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Comstock Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	8,090,658		$	24,065,133
Net realized gain (loss)		35,213,428			(86,067,987	)
Change in net unrealized appreciation		261,666,626			49,751,316
Net increase (decrease) in net assets resulting from operations		304,970,712			(12,251,538	)
Distributions to shareholders from distributable earnings:
Series I		–			(8,343,228	)
Series II		–			(50,127,365	)
Total distributions from distributable earnings		–			(58,470,593	)
Share transactions–net:
Series I		(13,485,124	)		(6,729,781	)
Series II		(101,567,529	)		(35,671,961	)
Net increase (decrease) in net assets resulting from share transactions		(115,052,653	)		(42,401,742	)
Net increase (decrease) in net assets		189,918,059			(113,123,873	)
Net assets:
Beginning of period		1,326,506,392			1,439,630,265
End of period	$	1,516,424,451		$	1,326,506,392

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Comstock Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																																				Ratio of			Ratio of
																																				expenses			expenses
							Net gains																													to average			to average net
							(losses)																													net assets			assets without			Ratio of net
	Net asset						on securities								Dividends				Distributions																	with fee waivers			fee waivers			investment
	value,			Net			(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			income
	beginning			investment			realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income(a)			unrealized)				operations				income				gains				distributions				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21		$	16.13		$	0.12		$	3.74			$	3.86			$	–			$	–			$	–			$	19.99		23.93	%		$	210,332		0.74	%(d)		0.74	%(d)		1.33	%(d)		7	%
Year ended 12/31/20			17.16			0.32			(0.59	)			(0.27	)			(0.36	)			(0.40	)			(0.76	)			16.13		(0.85	)			181,594		0.75			0.75			2.24			38
Year ended 12/31/19			16.12			0.37			3.45				3.82				(0.37	)			(2.41	)			(2.78	)			17.16		25.30				199,521		0.74			0.74			2.09			21
Year ended 12/31/18			20.62			0.33			(2.41	)			(2.08	)			(0.36	)			(2.06	)			(2.42	)			16.12		(12.16	)			214,084		0.75			0.75			1.63			19
Year ended 12/31/17			18.69			0.28			2.94				3.22				(0.44	)			(0.85	)			(1.29	)			20.62		17.85				270,651		0.75			0.75			1.47			13
Year ended 12/31/16			17.57			0.38			2.47				2.85				(0.29	)			(1.44	)			(1.73	)			18.69		17.30				256,080		0.77			0.78			2.20			21
Series II
Six months ended 06/30/21			16.07			0.10			3.72				3.82				–				–				–				19.89		23.77				1,306,093		0.99	(d)		0.99	(d)		1.08	(d)		7
Year ended 12/31/20			17.09			0.28			(0.58	)			(0.30	)			(0.32	)			(0.40	)			(0.72	)			16.07		(1.09	)			1,144,913		1.00			1.00			1.99			38
Year ended 12/31/19			16.06			0.32			3.44				3.76				(0.32	)			(2.41	)			(2.73	)			17.09		24.94				1,240,109		0.99			0.99			1.84			21
Year ended 12/31/18			20.54			0.28			(2.40	)			(2.12	)			(0.30	)			(2.06	)			(2.36	)			16.06		(12.37	)			1,098,666		1.00			1.00			1.38			19
Year ended 12/31/17			18.62			0.23			2.93				3.16				(0.39	)			(0.85	)			(1.24	)			20.54		17.58				1,643,281		1.00			1.00			1.22			13
Year ended 12/31/16			17.51			0.34			2.45				2.79				(0.24	)			(1.44	)			(1.68	)			18.62		16.99				1,679,769		1.02			1.03			1.95			21

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $202,940 and $1,261,626 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Comstock Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Comstock Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital growth and income through investments in equity securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Comstock Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. Comstock Fund

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

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0.600%
Next $500 million		0.550%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.57%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective May 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.78% and Series II shares to 1.03% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $8,281.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $101,363 for accounting and fund administrative services and was reimbursed $1,088,692 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $2,244 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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

Invesco V.I. Comstock Fund

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 June 30, 2021. 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	$	1,491,892,596	$	–			$–	$	1,491,892,596
Money Market Funds		24,918,009		691,131			–		25,609,140
Total Investments in Securities		1,516,810,605		691,131			–		1,517,501,736
Other Investments - Assets*
Forward Foreign Currency Contracts		–		265,989			–		265,989
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(182	)		–		(182	)
Total Other Investments		–		265,807			–		265,807
Total Investments	$	1,516,810,605	$	956,938			$–	$	1,517,767,543

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	265,989
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	265,989
	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(182)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(182)

Invesco V.I. Comstock Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2021.

	Financial			Financial
	Derivative			Derivative								Collateral
	Assets			Liabilities								(Received)/Pledged
	Forward Foreign			Forward Foreign				Net Value of										Net
Counterparty	Currency Contracts			Currency Contracts				Derivatives				Non-Cash			Cash			Amount
Canadian Imperial Bank of Commerce		$	265,989		$	-			$	265,989			$	-		$	-		$	265,989
Royal Bank of Canada			-			(182	)			(182	)			-			-			(182	)
Total		$	265,989		$	(182	)		$	265,807			$	-		$	-		$	265,807

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk
Realized Gain (Loss):
Forward foreign currency contracts		$	(754,736	)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts			813,193
Total		$	58,457

The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency
	Contracts
Average notional value		$	40,534,468

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2020, as follows:

	Capital Loss Carryforward*
Expiration			Short-Term		Long-Term		Total
Not subject to expiration		$	298,664	$	68,160,516	$	68,459,180

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

Invesco V.I. Comstock Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $102,762,068 and $223,176,305, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	545,000,342
Aggregate unrealized (depreciation) of investments		(4,645,719	)
Net unrealized appreciation of investments	$	540,354,623

Cost of investments for tax purposes is $977,412,920.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		675,928		$	12,977,654			1,063,167		$	14,212,924
Series II		2,423,121			46,619,862			9,025,347			114,751,533
Issued as reinvestment of dividends:
Series I		-			-			599,370			8,343,228
Series II		-			-			3,614,085			50,127,365
Reacquired:
Series I		(1,413,063	)		(26,462,778	)		(2,029,930	)		(29,285,933	)
Series II		(8,010,529	)		(148,187,391	)		(13,940,262	)		(200,550,859	)
Net increase (decrease) in share activity		(6,324,543	)	$	(115,052,653	)		(1,668,223	)	$	(42,401,742	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Comstock Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
	Beginning     Account Value     (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses     Paid During     Period2
Series I	$1,000.00	$1,239.30	$4.11	$1,021.12	$3.71	0.74%
Series II	1,000.00	1,237.70	5.49	1,019.89	4.96	0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Comstock Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Comstock Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s stock selection in and overweight exposure to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense

Invesco V.I. Comstock Fund

group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability

to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending

cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Comstock Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Conservative Balanced Fund
	Effective April 30, 2021, Invesco Oppenheimer V.I. Conservative Balanced Fund was renamed Invesco V.I. Conservative Balanced Fund.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VICBAL-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	7.19%
Series II Shares	7.07
Russell 3000 Indexq	15.11
Bloomberg Barclays U.S. Aggregate Bond Indexq	-1.60
Custom Invesco V.I. Conservative Balanced Index∎	4.07
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
The Russell 3000® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Custom Invesco V.I. Conservative Balanced Index is composed of 65% Bloomberg Barclays U.S. Aggregate Bond Index and 35% Russell 3000® Index.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (2/9/87)	7.31	%
10 Years	7.75
5 Years	8.62
1 Year	18.19
Series II Shares
Inception (5/1/02)	4.77	%
10 Years	7.48
5 Years	8.35
1 Year	17.92

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Conservative Balanced Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Conservative Balanced Fund (renamed Invesco V.I. Conservative Balanced Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Conservative Balanced Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Conservative Balanced Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Conservative Balanced Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–48.26%
Aerospace & Defense–1.18%
Boeing Co. (The)(b)		3,550	$	850,438
Lockheed Martin Corp.		1,818		687,840
Raytheon Technologies Corp.		10,182		868,627
				2,406,905
Air Freight & Logistics–0.70%
United Parcel Service, Inc., Class B		6,833		1,421,059
Alternative Carriers–0.00%
ORBCOMM, Inc.(b)		375		4,215
Apparel Retail–0.58%
Ross Stores, Inc.		9,465		1,173,660
Apparel, Accessories & Luxury Goods–0.37%
Tapestry, Inc.(b)		17,117		744,247
Application Software–1.08%
Olo, Inc., Class A(b)		2,547		95,232
Q2 Holdings, Inc.(b)		4,970		509,823
Workday, Inc., Class A(b)		6,627		1,582,130
				2,187,185
Automobile Manufacturers–0.63%
General Motors Co.(b)		21,468		1,270,262
Automotive Retail–0.55%
CarMax, Inc.(b)		8,619		1,113,144
Biotechnology–0.26%
Seagen, Inc.(b)		3,321		524,319
Cable & Satellite–0.39%
Charter Communications, Inc., Class A(b)		1,093		788,545
Commodity Chemicals–0.22%
Valvoline, Inc.		13,634		442,560
Construction Machinery & Heavy Trucks–0.39%
Caterpillar, Inc.		3,622		788,256
Construction Materials–0.38%
Vulcan Materials Co.		4,405		766,778
Consumer Finance–0.59%
Capital One Financial Corp.		7,695		1,190,340
Data Processing & Outsourced Services–1.45%
Fiserv, Inc.(b)		8,897		951,000
Mastercard, Inc., Class A		5,440		1,986,090
				2,937,090
Distillers & Vintners–0.60%
Constellation Brands, Inc., Class A		5,201		1,216,462
Diversified Banks–1.32%
JPMorgan Chase & Co.		17,302		2,691,153

	Shares		Value
Diversified Metals & Mining–0.28%
Compass Minerals International, Inc.		9,440	$	559,414
Electric Utilities–0.66%
Avangrid, Inc.		26,143		1,344,534
Electrical Components & Equipment–0.25%
Rockwell Automation, Inc.		1,765		504,825
Financial Exchanges & Data–0.75%
Intercontinental Exchange, Inc.		12,900		1,531,230
Food Distributors–0.50%
Sysco Corp.		13,198		1,026,144
Footwear–0.32%
NIKE, Inc., Class B		4,147		640,670
Gas Utilities–1.05%
National Fuel Gas Co.		10,207		533,316
ONE Gas, Inc.		16,995		1,259,669
Suburban Propane Partners L.P.		22,085		338,784
				2,131,769
Health Care Equipment–1.21%
Boston Scientific Corp.(b)		18,211		778,702
CryoPort, Inc.(b)		6,532		412,170
DexCom, Inc.(b)		1,212		517,524
Zimmer Biomet Holdings, Inc.		4,627		744,114
				2,452,510
Health Care Facilities–0.39%
HCA Healthcare, Inc.		3,859		797,810
Health Care Services–0.55%
Guardant Health, Inc.(b)		2,269		281,787
LHC Group, Inc.(b)		4,189		838,889
				1,120,676
Health Care Supplies–0.20%
Cooper Cos., Inc. (The)		1,006		398,648
Home Improvement Retail–0.53%
Home Depot, Inc. (The)		3,379		1,077,529
Homebuilding–0.43%
D.R. Horton, Inc.		9,703		876,860
Hotels, Resorts & Cruise Lines–0.24%
Airbnb, Inc., Class A(b)		3,184		487,598
Human Resource & Employment Services–0.46%
Korn Ferry		12,820		930,091
Industrial Conglomerates–0.44%
Honeywell International, Inc.		4,117		903,064
Industrial Machinery–0.40%
Stanley Black & Decker, Inc.		4,005		820,985

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Shares		Value
Industrial REITs–0.85%
Prologis, Inc.		14,481	$	1,730,914
Insurance Brokers–0.48%
Arthur J. Gallagher & Co.		6,942		972,435
Integrated Telecommunication Services–0.85%
Verizon Communications, Inc.		30,775		1,724,323
Interactive Home Entertainment–0.81%
Zynga, Inc., Class A(b)		154,290		1,640,103
Interactive Media & Services–5.29%
Alphabet, Inc., Class A(b)		2,266		5,533,096
Bumble, Inc., Class A(b)		3,829		220,550
Facebook, Inc., Class A(b)		9,638		3,351,229
Snap, Inc., Class A(b)		24,137		1,644,696
				10,749,571
Internet & Direct Marketing Retail–2.10%
Amazon.com, Inc.(b)		1,238		4,258,918
Internet Services & Infrastructure–0.06%
Snowflake, Inc., Class A(b)		480		116,064
Investment Banking & Brokerage–0.34%
Raymond James Financial, Inc.		5,329		692,237
Leisure Facilities–0.12%
Cedar Fair L.P.(b)		5,485		245,893
Life Sciences Tools & Services–0.27%
Avantor, Inc.(b)		15,586		553,459
Managed Health Care–0.98%
UnitedHealth Group, Inc.		4,953		1,983,379
Metal & Glass Containers–0.22%
Silgan Holdings, Inc.		10,567		438,530
Office REITs–0.21%
Alexandria Real Estate Equities, Inc.		2,308		419,918
Office Services & Supplies–0.21%
ACCO Brands Corp.		48,950		422,439
Oil & Gas Exploration & Production–0.48%
Cabot Oil & Gas Corp.		56,108		979,646
Oil & Gas Storage & Transportation–0.29%
Shell Midstream Partners L.P.		39,743		587,004
Pharmaceuticals–2.37%
AstraZeneca PLC, ADR (United Kingdom)(c)		21,183		1,268,862
Bayer AG (Germany)		12,769		775,611
Catalent, Inc.(b)		8,464		915,128
Eli Lilly and Co.		6,039		1,386,071
Organon & Co.(b)		15,521		469,665
				4,815,337
Property & Casualty Insurance–0.66%
Allstate Corp. (The)		10,213		1,332,184
Regional Banks–1.15%
East West Bancorp, Inc.		8,757		627,789
First Citizens BancShares, Inc., Class A		1,020		849,395

	Shares		Value
Regional Banks–(continued)
Signature Bank		3,464	$	850,932
				2,328,116
Restaurants–0.66%
Starbucks Corp.		12,053		1,347,646
Semiconductor Equipment–0.97%
Applied Materials, Inc.		13,893		1,978,363
Semiconductors–2.53%
NVIDIA Corp.		2,983		2,386,698
QUALCOMM, Inc.		12,670		1,810,923
Texas Instruments, Inc.		4,853		933,232
				5,130,853
Soft Drinks–0.70%
Coca-Cola Co. (The)		26,456		1,431,534
Specialty Chemicals–0.53%
Diversey Holdings Ltd.(b)		32,753		586,606
NewMarket Corp.		1,554		500,357
				1,086,963
Specialty Stores–0.42%
Tractor Supply Co.		4,583		852,713
Systems Software–3.48%
Microsoft Corp.		22,649		6,135,614
VMware, Inc., Class A(b)		5,861		937,584
				7,073,198
Technology Hardware, Storage & Peripherals–1.60%
Apple, Inc.		23,800		3,259,648
Trading Companies & Distributors–0.28%
Fastenal Co.		10,875		565,500
Total Common Stocks & Other Equity Interests (Cost $61,890,144)				97,987,425
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–18.62%
Advertising–0.14%
Interpublic Group of Cos., Inc. (The),
3.75%, 10/01/2021	$	154,000		155,357
4.20%, 04/15/2024		37,000		40,277
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		72,000		78,361
				273,995
Aerospace & Defense–0.15%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(d)		56,000		61,889
Boeing Co. (The), 2.20%, 02/04/2026		160,000		161,554
L3Harris Technologies, Inc., 3.85%, 06/15/2023		75,000		79,752
				303,195
Agricultural & Farm Machinery–0.16%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		326,000		329,822

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal
	Amount		Value
Airlines–0.31%
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(d)	$	142,391	$	153,083
4.75%, 10/20/2028(d)		241,350		268,518
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		194,137		215,816
				637,417
Apparel Retail–0.04%
Ross Stores, Inc., 3.38%, 09/15/2024		85,000		90,182
Application Software–0.21%
salesforce.com, inc.,
2.90%, 07/15/2051		260,000		263,837
3.05%, 07/15/2061		158,000		161,013
				424,850
Asset Management & Custody Banks–0.14%
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		67,000		73,350
CI Financial Corp. (Canada), 3.20%, 12/17/2030		120,000		123,284
Owl Rock Capital Corp., 2.63%, 01/15/2027		95,000		95,327
				291,961
Automobile Manufacturers–0.51%
American Honda Finance Corp., 1.80%, 01/13/2031		92,000		90,974
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022(d)		149,000		152,543
General Motors Financial Co., Inc.,
4.20%, 11/06/2021		152,000		153,999
4.15%, 06/19/2023		71,000		75,434
Hyundai Capital America,
5.75%, 04/06/2023(d)		91,000		98,931
4.13%, 06/08/2023(d)		75,000		79,767
2.00%, 06/15/2028(d)		181,000		179,756
Nissan Motor Acceptance Corp., 3.65%, 09/21/2021(d)		207,000		208,393
				1,039,797
Automotive Retail–0.13%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		256,000		254,341
Biotechnology–0.08%
AbbVie, Inc., 3.85%, 06/15/2024		145,000		157,340
Brewers–0.04%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		43,000		71,629
Building Products–0.04%
Masco Corp., 1.50%, 02/15/2028		90,000		87,941

	Principal
	Amount		Value
Cable & Satellite–0.61%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
1.83% (3 mo. USD LIBOR + 1.65%), 02/01/2024(e)	$	148,000	$	152,199
3.50%, 06/01/2041		111,000		111,934
3.90%, 06/01/2052		154,000		157,255
3.85%, 04/01/2061		142,000		139,718
4.40%, 12/01/2061		74,000		79,667
Comcast Corp.,
2.45%, 08/15/2052		74,000		66,994
2.65%, 08/15/2062		91,000		83,347
Cox Communications, Inc.,
2.60%, 06/15/2031(d)		120,000		121,933
3.60%, 06/15/2051(d)		305,000		321,765
				1,234,812
Communications Equipment–0.03%
Motorola Solutions, Inc., 4.60%, 02/23/2028		58,000		67,679
Computer & Electronics Retail–0.10%
Dell International LLC/EMC Corp., 5.30%, 10/01/2029		87,000		105,062
Leidos, Inc., 2.30%, 02/15/2031		104,000		101,733
				206,795
Consumer Finance–0.10%
Discover Bank, 4.65%, 09/13/2028		122,000		143,299
Synchrony Financial, 4.25%, 08/15/2024		56,000		61,223
				204,522
Distillers & Vintners–0.07%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022(d)		134,000		139,152
Diversified Banks–3.47%
Bank of America Corp.,
3.37%, 01/23/2026(f)		65,000		70,107
3.82%, 01/20/2028(f)		42,000		46,651
4.27%, 07/23/2029(f)		36,000		41,389
2.59%, 04/29/2031(f)		58,000		59,836
2.69%, 04/22/2032(f)		264,000		271,779
7.75%, 05/14/2038		115,000		181,816
BBVA USA, 2.50%, 08/27/2024		252,000		265,381
BPCE S.A. (France), 4.50%, 03/15/2025(d)		184,000		202,970
Citigroup, Inc.,
3.11%, 04/08/2026(f)		78,000		83,518
4.08%, 04/23/2029(f)		60,000		68,116
4.41%, 03/31/2031(f)		65,000		75,973
2.56%, 05/01/2032(f)		169,000		172,153
3.88%(c)(f)(g)		309,000		316,339
Series V, 4.70%(f)(g)		160,000		165,396
Commonwealth Bank of Australia (Australia),
2.69%, 03/11/2031(d)		200,000		200,150
3.31%, 03/11/2041(d)		200,000		203,944
Credit Agricole S.A. (France),
4.38%, 03/17/2025(d)		304,000		334,930
7.88%(d)(f)(g)		200,000		226,501

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

		Principal
		Amount		Value
Diversified Banks–(continued)
HSBC Holdings PLC (United Kingdom),
3.95%, 05/18/2024(f)		$	109,000	$	115,812
4.04%, 03/13/2028(f)			135,000		149,809
4.58%, 06/19/2029(f)			183,000		211,646
4.60%(f)(g)			225,000		234,000
6.25%(f)(g)			203,000		215,180
ING Groep N.V. (Netherlands),
1.06% (SOFR + 1.01%), 04/01/2027(e)			308,000		311,336
6.88%(d)(f)(g)			200,000		208,313
JPMorgan Chase & Co.,
3.80%, 07/23/2024(f)			92,000		98,049
2.08%, 04/22/2026(f)			103,000		106,549
3.78%, 02/01/2028(f)			75,000		83,335
3.54%, 05/01/2028(f)			57,000		62,705
2.58%, 04/22/2032(f)			165,000		169,459
3.11%, 04/22/2041(f)			64,000		66,518
Mizuho Financial Group, Inc. (Japan), 2.17%, 05/22/2032(f)			242,000		240,572
National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034(d)(f)			154,000		167,032
Royal Bank of Canada (Canada), 3.70%, 10/05/2023			65,000		69,758
Standard Chartered PLC (United Kingdom), 2.68%, 06/29/2032(d)(f)			200,000		201,115
Sumitomo Mitsui Financial Group, Inc. (Japan),
1.47%, 07/08/2025			200,000		202,114
2.14%, 09/23/2030			160,000		156,309
Truist Bank, 2.64%, 09/17/2029(f)			376,000		394,176
U.S. Bancorp,
Series W, 3.10%, 04/27/2026			56,000		60,962
1.38%, 07/22/2030			59,000		56,937
United Overseas Bank Ltd. (Singapore), 2.00%, 10/14/2031(d)(f)	��		200,000		200,324
Wells Fargo & Co.,
3.58%, 05/22/2028(f)			56,000		61,734
4.75%, 12/07/2046			43,000		54,526
Series BB, 3.90%(f)(g)			154,000		159,533
					7,044,752
Diversified Capital Markets–0.62%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024			197,000		214,118
Credit Suisse Group AG (Switzerland),
4.55%, 04/17/2026			154,000		174,517
4.19%, 04/01/2031(d)(f)			250,000		281,207
5.10%(d)(f)(g)			201,000		207,784
UBS Group AG (Switzerland),
4.13%, 04/15/2026(d)			160,000		179,527
4.38%(d)(f)(g)			200,000		204,840
					1,261,993
Diversified Chemicals–0.07%
Dow Chemical Co. (The), 3.63%, 05/15/2026			50,000		55,361
Eastman Chemical Co., 3.50%, 12/01/2021			90,000		91,187
					146,548

	Principal
	Amount			Value
Diversified REITs–0.05%
Brixmor Operating Partnership L.P.,
4.13%, 05/15/2029	$	37,000		$	41,497
4.05%, 07/01/2030		58,000			64,996
					106,493
Drug Retail–0.14%
CK Hutchison International 21 Ltd. (United Kingdom), 1.50%, 04/15/2026(d)		280,000			281,785
Electric Utilities–0.56%
AEP Texas, Inc., 3.95%, 06/01/2028(d)		172,000			193,992
Consolidated Edison Co. of New York, Inc., 3.60%, 06/15/2061		148,000			153,443
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024(d)		231,000			248,442
Enel Finance International N.V. (Italy), 2.88%, 05/25/2022(d)		313,000			319,918
NextEra Energy Capital Holdings, Inc., 0.57% (SOFR + 0.54%), 03/01/2023(e)		121,000			121,682
Southern Co. (The), Series 21-A, 3.75%, 09/15/2051(f)		96,000			96,734
					1,134,211
Electronic Equipment & Instruments–0.11%
Vontier Corp.,
2.40%, 04/01/2028(d)		120,000			119,351
2.95%, 04/01/2031(d)		103,000			103,601
					222,952
Electronic Manufacturing Services–0.04%
Jabil, Inc., 3.00%, 01/15/2031		81,000			83,450
Financial Exchanges & Data–0.03%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		60,000			58,177
Food Retail–0.20%
Alimentation Couche-Tard, Inc. (Canada),
3.44%, 05/13/2041(d)		205,000			211,942
3.63%, 05/13/2051(d)		175,000			183,313
					395,255
Health Care REITs–0.14%
Healthcare Trust of America Holdings L.P.,
3.50%, 08/01/2026		57,000			62,692
2.00%, 03/15/2031		58,000	��		56,109
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		163,000			162,848
					281,649
Health Care Services–0.19%
Cigna Corp., 4.13%, 11/15/2025		56,000			62,792
CVS Health Corp., 1.30%, 08/21/2027		82,000			80,487
Fresenius Medical Care US Finance II, Inc. (Germany), 5.88%, 01/31/2022(d)		85,000			87,612
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(d)		150,000			150,141
					381,032

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal
	Amount		Value
Home Improvement Retail–0.12%
Lowe’s Cos., Inc.,
2.63%, 04/01/2031	$	130,000	$	134,474
3.50%, 04/01/2051		104,000		111,730
				246,204
Homebuilding–0.03%
D.R. Horton, Inc., 4.75%, 02/15/2023		65,000		68,741
Hotels, Resorts & Cruise Lines–0.17%
Expedia Group, Inc.,
4.63%, 08/01/2027		56,000		63,370
2.95%, 03/15/2031		275,000		279,234
				342,604
Independent Power Producers & Energy Traders–0.14%
AES Corp. (The),
1.38%, 01/15/2026(d)		57,000		56,468
2.45%, 01/15/2031(d)		64,000		63,427
Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028(d)		146,000		169,888
				289,783
Industrial Conglomerates–0.09%
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		160,000		174,659
Industrial Machinery–0.08%
IDEX Corp., 2.63%, 06/15/2031		152,000		154,684
Insurance Brokers–0.08%
Arthur J. Gallagher & Co.,
2.50%, 05/20/2031		66,000		66,720
3.50%, 05/20/2051		98,000		102,813
				169,533
Integrated Oil & Gas–0.26%
BP Capital Markets America, Inc.,
3.06%, 06/17/2041		214,000		216,091
2.94%, 06/04/2051		104,000		99,822
3.38%, 02/08/2061		143,000		144,099
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(d)		71,000		72,992
				533,004
Integrated Telecommunication Services–0.88%
AT&T, Inc.,
0.69% (SOFR + 0.64%), 03/25/2024(e)		150,000		150,362
4.30%, 02/15/2030		75,000		86,755
2.55%, 12/01/2033(d)		328,000		325,283
3.10%, 02/01/2043		88,000		86,402
3.50%, 09/15/2053(d)		143,000		143,885
3.80%, 12/01/2057(d)		43,000		44,882
3.50%, 02/01/2061		56,000		55,390
NBN Co. Ltd. (Australia), 2.63%, 05/05/2031(d)		231,000		236,921

	Principal
	Amount		Value
Integrated Telecommunication Services–(continued)
Verizon Communications, Inc.,
0.85%, 11/20/2025	$	92,000	$	91,042
1.75%, 01/20/2031		54,000		51,789
2.55%, 03/21/2031		71,000		72,625
2.65%, 11/20/2040		50,000		48,206
3.40%, 03/22/2041		76,000		80,494
4.52%, 09/15/2048		40,000		49,575
2.88%, 11/20/2050		52,000		49,521
3.55%, 03/22/2051		38,000		40,654
3.00%, 11/20/2060		72,000		67,404
3.70%, 03/22/2061		96,000		102,982
				1,784,172
Interactive Home Entertainment–0.11%
Activision Blizzard, Inc., 2.50%, 09/15/2050		103,000		92,692
Electronic Arts, Inc., 1.85%, 02/15/2031		143,000		138,337
				231,029
Internet & Direct Marketing Retail–0.54%
Amazon.com, Inc.,
1.00%, 05/12/2026		88,000		88,059
1.65%, 05/12/2028		82,000		82,752
2.10%, 05/12/2031		246,000		250,298
2.88%, 05/12/2041		289,000		298,541
3.10%, 05/12/2051		232,000		244,019
3.25%, 05/12/2061		131,000		138,289
				1,101,958
Internet Services & Infrastructure–0.05%
VeriSign, Inc., 2.70%, 06/15/2031		101,000		102,735
Investment Banking & Brokerage–1.03%
Goldman Sachs Group, Inc. (The),
0.61% (SOFR + 0.58%), 03/08/2024(e)		276,000		276,841
3.50%, 04/01/2025		71,000		77,064
3.50%, 11/16/2026		37,000		40,266
0.83% (SOFR + 0.79%), 12/09/2026(e)		545,000		544,099
1.09%, 12/09/2026(f)		90,000		88,645
0.85% (SOFR + 0.81%), 03/09/2027(e)		496,000		495,891
1.99%, 01/27/2032(f)		99,000		96,236
2.62%, 04/22/2032(f)		65,000		66,448
3.21%, 04/22/2042(f)		69,000		72,280
Morgan Stanley,
5.00%, 11/24/2025		72,000		83,072
2.19%, 04/28/2026(f)		52,000		54,016
4.43%, 01/23/2030(f)		54,000		63,276
3.62%, 04/01/2031(f)		66,000		73,741
2.80%, 01/25/2052(f)		59,000		57,969
				2,089,844
Life & Health Insurance–0.68%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		94,000		106,429

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal
	Amount		Value
Life & Health Insurance–(continued)
Athene Global Funding,
1.20%, 10/13/2023(d)	$	133,000	$	134,549
1.45%, 01/08/2026(d)		64,000		64,102
2.95%, 11/12/2026(d)		111,000		118,342
Athene Holding Ltd.,
6.15%, 04/03/2030		72,000		91,133
3.95%, 05/25/2051		30,000		32,239
MAG Mutual Holding Co., 4.75%, 04/30/2041		509,000		509,000
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(f)		54,000		59,666
Pacific LifeCorp, 3.35%, 09/15/2050(d)		75,000		79,569
Prudential Financial, Inc., 5.20%, 03/15/2044(f)		102,000		109,577
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(d)		76,000		80,201
				1,384,807
Life Sciences Tools & Services–0.04%
Illumina, Inc., 2.55%, 03/23/2031		88,000		89,417
Managed Health Care–0.14%
Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041		135,000		138,001
3.00%, 06/01/2051		140,000		144,915
				282,916
Multi-Utilities–0.10%
Ameren Corp., 2.50%, 09/15/2024		45,000		47,374
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		56,000		61,039
WEC Energy Group, Inc.,
1.38%, 10/15/2027		56,000		54,757
1.80%, 10/15/2030		50,000		48,019
				211,189
Office REITs–0.08%
Office Properties Income Trust,
4.50%, 02/01/2025		118,000		128,212
2.65%, 06/15/2026		33,000		33,515
				161,727
Oil & Gas Exploration & Production–0.05%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		102,000		104,883
Oil & Gas Storage & Transportation–0.30%
Energy Transfer L.P.,
4.25%, 03/15/2023		59,000		61,932
4.00%, 10/01/2027		47,000		51,740
Kinder Morgan, Inc., 7.75%, 01/15/2032		116,000		166,562
MPLX L.P.,
1.75%, 03/01/2026		74,000		74,840
4.25%, 12/01/2027		42,000		47,637
ONEOK, Inc., 6.35%, 01/15/2031		99,000		128,145
Williams Cos., Inc. (The), 3.70%, 01/15/2023		75,000		78,127
				608,983

	Principal
	Amount		Value
Other Diversified Financial Services–0.64%
Avolon Holdings Funding Ltd. (Ireland),
2.13%, 02/21/2026(d)	$	81,000	$	80,733
2.75%, 02/21/2028(d)		97,000		96,035
Blackstone Holdings Finance Co. LLC,
1.60%, 03/30/2031(d)		104,000		99,020
2.80%, 09/30/2050(d)		48,000		48,037
Blackstone Secured Lending Fund, 2.75%, 09/16/2026(d)		277,000		280,904
Blue Owl Finance LLC, 3.13%, 06/10/2031(d)		159,000		158,135
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		119,000		122,631
LSEGA Financing PLC (United Kingdom),
1.38%, 04/06/2026(d)		200,000		200,468
2.00%, 04/06/2028(d)		203,000		205,434
				1,291,397
Packaged Foods & Meats–0.24%
Conagra Brands, Inc., 4.60%, 11/01/2025		72,000		82,116
Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021(d)		339,000		340,442
Tyson Foods, Inc., 3.90%, 09/28/2023		62,000		66,620
				489,178
Paper Packaging–0.12%
Berry Global, Inc., 1.65%, 01/15/2027(d)		168,000		166,755
Packaging Corp. of America, 3.65%, 09/15/2024		62,000		67,036
				233,791
Pharmaceuticals–0.37%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(d)		335,000		358,917
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		114,000		123,307
Mylan, Inc., 3.13%, 01/15/2023(d)		71,000		73,597
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		160,000		192,797
				748,618
Precious Metals & Minerals–0.05%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(d)		86,000		92,770
Property & Casualty Insurance–0.15%
CNA Financial Corp., 3.45%, 08/15/2027		52,000		57,066
Fidelity National Financial, Inc.,
3.40%, 06/15/2030		50,000		53,937
2.45%, 03/15/2031		77,000		76,863
W.R. Berkley Corp., 3.55%, 03/30/2052		110,000		117,429
				305,295
Railroads–0.06%
Union Pacific Corp.,
2.15%, 02/05/2027		49,000		50,948
2.40%, 02/05/2030		60,000		62,070
				113,018

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal
	Amount		Value
Real Estate Development–0.05%
Essential Properties L.P., 2.95%, 07/15/2031	$	103,000	$	103,133
Regional Banks–0.86%
Citizens Financial Group, Inc.,
3.25%, 04/30/2030		33,000		35,789
2.64%, 09/30/2032		406,000		406,992
Fifth Third Bank N.A., 3.85%, 03/15/2026		160,000		177,589
Huntington Bancshares, Inc., 4.00%, 05/15/2025		75,000		83,234
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		57,000		62,360
Santander Holdings USA, Inc., 3.50%, 06/07/2024		56,000		59,937
SVB Financial Group,
2.10%, 05/15/2028		93,000		94,421
1.80%, 02/02/2031		125,000		119,759
4.10%(f)(g)		144,000		146,159
Series C, 4.00%(f)(g)		294,000		299,968
Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000		262,430
				1,748,638
Reinsurance–0.08%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		72,000		72,020
Global Atlantic Fin Co., 3.13%, 06/15/2031(d)		88,000		88,712
				160,732
Residential REITs–0.10%
American Homes 4 Rent L.P.,
2.38%, 07/15/2031		35,000		34,480
3.38%, 07/15/2051		34,000		33,307
Spirit Realty L.P., 3.20%, 01/15/2027		45,000		47,948
VEREIT Operating Partnership L.P.,
2.20%, 06/15/2028		42,000		42,685
2.85%, 12/15/2032		38,000		39,754
				198,174
Retail REITs–0.44%
Agree L.P.,
2.00%, 06/15/2028		72,000		71,486
2.60%, 06/15/2033		93,000		92,765
Kimco Realty Corp.,
1.90%, 03/01/2028		91,000		91,059
2.70%, 10/01/2030		43,000		44,244
Kite Realty Group L.P., 4.00%, 10/01/2026		142,000		153,343
National Retail Properties, Inc., 3.50%, 04/15/2051		110,000		115,573
Realty Income Corp., 3.25%, 01/15/2031		60,000		65,468
Regency Centers L.P., 2.95%, 09/15/2029		54,000		56,926
Retail Properties of America, Inc., 4.75%, 09/15/2030		53,000		58,842
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080(d)(f)		133,000		142,144
				891,850

	Principal
	Amount		Value
Semiconductors–0.62%
Broadcom, Inc.,
4.15%, 11/15/2030	$	81,000	$	90,924
2.45%, 02/15/2031(d)		62,000		60,975
3.42%, 04/15/2033(d)		194,000		203,955
3.47%, 04/15/2034(d)		332,000		351,515
Marvell Technology, Inc., 2.95%, 04/15/2031(d)		211,000		218,882
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.88%, 06/18/2026(d)		47,000		52,104
QUALCOMM, Inc.,
2.15%, 05/20/2030		88,000		90,077
3.25%, 05/20/2050		86,000		93,075
Skyworks Solutions, Inc.,
1.80%, 06/01/2026		30,000		30,397
3.00%, 06/01/2031		62,000		63,437
				1,255,341
Specialized REITs–0.34%
American Tower Corp.,
3.00%, 06/15/2023		62,000		64,995
4.00%, 06/01/2025		39,000		42,997
2.70%, 04/15/2031		205,000		211,689
CBRE Services, Inc., 2.50%, 04/01/2031		171,000		173,353
Crown Castle International Corp., 2.50%, 07/15/2031		195,000		196,643
				689,677
Systems Software–0.02%
VMware, Inc., 3.90%, 08/21/2027		39,000		43,374
Technology Hardware, Storage & Peripherals–0.29%
Apple, Inc.,
4.38%, 05/13/2045		42,000		53,740
2.55%, 08/20/2060		264,000		247,011
2.80%, 02/08/2061		287,000		280,352
				581,103
Thrifts & Mortgage Finance–0.08%
Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030(d)(f)		150,000		168,527
Tobacco–0.38%
Altria Group, Inc.,
2.45%, 02/04/2032		115,000		111,342
3.70%, 02/04/2051		136,000		129,230
4.00%, 02/04/2061		137,000		131,718
Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022(d)		328,000		336,610
Philip Morris International, Inc., 0.88%, 05/01/2026		69,000		68,162
				777,062
Trucking–0.28%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.00%, 07/15/2025(d)		58,000		63,940
3.40%, 11/15/2026(d)		66,000		71,590

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Trucking–(continued)
Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026(d)	$	207,000	$	208,287
3.15%, 06/15/2031(d)		216,000		217,449
				561,266
Total U.S. Dollar Denominated Bonds & Notes (Cost $36,059,424)				37,799,543
Asset-Backed Securities–12.63%
Alternative Loan Trust, Series 2005-29CB, Class A4, 5.00%, 07/25/2035		98,634		77,256
American Credit Acceptance Receivables Trust,
Series 2017-4, Class D, 3.57%, 01/10/2024(d)		91,018		91,498
Series 2018-3, Class D, 4.14%, 10/15/2024(d)		20,413		20,658
Series 2018-4, Class C, 3.97%, 01/13/2025(d)		28,612		28,691
Series 2019-3, Class C, 2.76%, 09/12/2025(d)		148,384		149,890
AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class D, 3.42%, 04/18/2023		320,000		324,669
Series 2017-4, Class D, 3.08%, 12/18/2023		205,000		209,416
Series 2018-3, Class C, 3.74%, 10/18/2024		260,000		269,581
Series 2019-2, Class C, 2.74%, 04/18/2025		100,000		103,571
Series 2019-2, Class D, 2.99%, 06/18/2025		270,000		281,593
Series 2019-3, Class D, 2.58%, 09/18/2025		130,000		135,172
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059(d)(h)		85,330		85,990
Series 2020-3, Class A1, 1.69%, 04/25/2065(d)(h)		273,709		276,664
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2017-2A, Class AR, 1.43% (3 mo. USD LIBOR + 1.25%), 07/25/2030(d)(e)		423,812		424,072
Series 2017-2A, Class AR2, 1.00% (3 mo. USD LIBOR + 1.18%), 07/25/2034(d)(e)		424,000		424,345
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		24,727		24,298
Series 2007-C, Class 1A4, 3.05%, 05/20/2036(h)		8,292		8,354
Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 2.76%, 06/25/2034(h)		22,084		22,579
Bank, Series 2019-BNK16, Class XA, IO, 1.12%, 02/15/2052(i)		1,558,916		92,128

	Principal Amount		Value
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(e)	$	146,662	$	149,710
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(e)		50,326		51,160
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051(i)		2,167,829		58,993
Capital Auto Receivables Asset Trust,
Series 2017-1, Class D, 3.15%, 02/20/2025(d)		40,000		40,057
Series 2018-2, Class C, 3.69%, 12/20/2023(d)		65,124		65,246
CarMax Auto Owner Trust, Series 2017-4, Class D, 3.30%, 05/15/2024		110,000		111,155
CCG Receivables Trust,
Series 2018-1, Class B, 3.09%, 06/16/2025(d)		56,628		56,687
Series 2018-2, Class C, 3.87%, 12/15/2025(d)		60,000		61,131
Series 2019-2, Class B, 2.55%, 03/15/2027(d)		105,000		107,966
Series 2019-2, Class C, 2.89%, 03/15/2027(d)		100,000		102,505
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050(i)		835,656		31,846
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(d)(h)		16,114		16,531
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.10%, 01/25/2036(h)		54,487		52,519
CHL Mortgage Pass-Through Trust,
Series 2005-26, Class 1A8, 5.50%, 11/25/2035		34,423		28,679
Series 2006-6, Class A3, 6.00%, 04/25/2036		21,944		16,530
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 1.17%, 11/10/2046(i)		399,616		7,996
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		59,454		61,960
Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(i)		2,237,536		108,233
Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(e)		128,646		134,351
CNH Equipment Trust,
Series 2017-C, Class B, 2.54%, 05/15/2025		70,000		70,702
Series 2019-A, Class A4, 3.22%, 01/15/2026		120,000		125,144
COLT Mortgage Loan Trust,
Series 2020-1, Class A1, 2.49%, 02/25/2050(d)(h)		151,920		153,020
Series 2020-2, Class A1, 1.85%, 03/25/2065(d)(h)		117,801		118,547

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045(i)	$	292,368	$	5,119
Series 2013-CR6, Class AM, 3.15%, 03/10/2046(d)		255,000		261,863
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		47,279		49,272
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		865,000		935,407
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		140,000		150,908
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		495,000		533,978
Credit Suisse Mortgage Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(d)(h)		82,918		82,794
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(d)(h)		93,017		93,130
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		571,000		593,993
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		96,203		74,520
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024(d)		330,000		334,130
Series 2019-2, Class D, 2.48%, 04/22/2025(d)		110,000		111,321
Drive Auto Receivables Trust,
Series 2017-1, Class D, 3.84%, 03/15/2023		42,712		42,912
Series 2018-1, Class D, 3.81%, 05/15/2024		63,551		64,303
Series 2018-2, Class D, 4.14%, 08/15/2024		149,908		152,992
Series 2018-3, Class D, 4.30%, 09/16/2024		176,393		180,707
Series 2018-5, Class C, 3.99%, 01/15/2025		124,911		126,500
Series 2019-1, Class C, 3.78%, 04/15/2025		193,660		195,452
DT Auto Owner Trust,
Series 2017-3A, Class E, 5.60%, 08/15/2024(d)		173,192		175,949
Series 2018-3A, Class C, 3.79%, 07/15/2024(d)		34,692		34,831
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065(d)(h)		56,989		57,750
Series 2021-1, Class A1, 0.80%, 02/25/2066(d)(h)		85,923		85,762
Exeter Automobile Receivables Trust,
Series 2019-2A, Class C, 3.30%, 03/15/2024(d)		276,288		279,290
Series 2019-4A, Class D, 2.58%, 09/15/2025(d)		230,000		236,318
Extended Stay America Trust, Series 2021-ESH, Class B, 1.46% (1 mo. USD LIBOR + 1.38%), 07/15/2038(d)(e)		105,000		105,492
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 0.74% (1 mo. USD LIBOR + 0.65%), 11/25/2035(e)		47,343		21,281

	Principal Amount		Value
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 0.67% (1 mo. USD LIBOR + 0.60%), 09/15/2024(e)	$	550,000	$	553,748
FREMF Mortgage Trust,
Series 2013-K25, Class C, 3.74%, 11/25/2045(d)(h)		60,000		62,030
Series 2013-K26, Class C, 3.72%, 12/25/2045(d)(h)		40,000		41,460
Series 2013-K27, Class C, 3.62%, 01/25/2046(d)(h)		110,000		114,126
Series 2013-K28, Class C, 3.61%, 06/25/2046(d)(h)		450,000		468,874
GS Mortgage Securities Trust,
Series 2012-GC6, Class A3, 3.48%, 01/10/2045		30,494		30,553
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		65,000		69,950
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		11,720		11,886
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		46,674		48,276
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		225,000		232,719
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.08%, 07/25/2035(h)		5,776		5,996
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027(d)		113,000		112,939
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025(d)		104,000		103,995
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.71% (1 mo. USD LIBOR + 0.62%), 07/25/2035(e)		1,633		1,637
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C10, Class AS, 3.37%, 12/15/2047		325,000		337,130
Series 2013-C16, Class AS, 4.52%, 12/15/2046		330,000		355,349
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		78,000		80,868
Series 2014-C20, Class AS, 4.04%, 07/15/2047		245,000		262,992
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		121,837		122,158
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.58%, 07/25/2035(h)		35,298		36,119
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C24, Class B, 4.12%, 11/15/2047(h)		270,000		282,981
Series 2014-C25, Class AS, 4.07%, 11/15/2047		105,000		113,499
Series 2015-C27, Class XA, IO, 1.29%, 02/15/2048(i)		2,038,712		71,701

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Life Mortgage Trust,
Series 2021-BMR, Class A, 0.77% (1 mo. USD LIBOR + 0.70%), 03/15/2038(d)(e)	$	130,000	$	130,348
Series 2021-BMR, Class B, 0.95% (1 mo. USD LIBOR + 0.88%), 03/15/2038(d)(e)		215,000		215,604
Series 2021-BMR, Class C, 1.17% (1 mo. USD LIBOR + 1.10%), 03/15/2038(d)(e)		105,000		105,372
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 1.29% (3 mo. USD LIBOR + 1.15%), 04/19/2033(d)(e)		618,000		618,122
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 2.70%, 04/21/2034(h)		12,898		13,128
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		240,000		249,348
Series 2014-C19, Class AS, 3.83%, 12/15/2047		720,000		775,140
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050(i)		762,134		31,407
Morgan Stanley ReRemic Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(d)(h)		153,016		147,991
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		71,006		71,689
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.21% (3 mo. USD LIBOR + 1.02%), 04/19/2030(d)(e)		276,000		276,212
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 1.25% (3 mo. USD LIBOR + 1.06%), 04/16/2033(d)(e)		250,000		250,787
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1A, 1.44% (3 mo. USD LIBOR + 1.26%), 07/15/2030(d)(e)		250,000		250,148
Series 2020-8RA, Class A1, 1.44% (3 mo. USD LIBOR + 1.22%), 01/17/2032(d)(e)		366,000		366,216
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class AR, 1.24% (3 mo. USD LIBOR + 1.05%), 07/20/2030(d)(e)		250,000		250,296
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.43% (3 mo. USD LIBOR + 1.22%), 01/15/2033(d)(e)		339,000		339,388
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.45% (3 mo. USD LIBOR + 1.26%), 01/20/2033(d)(e)		272,907		273,667
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(d)		115,000		117,001
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(d)		360,000		365,700

	Principal Amount		Value
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 2.24%, 07/26/2045(d)(h)	$	1,234	$	1,240
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		5,020		4,772
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 02/25/2024(d)(h)		86,049		87,393
Santander Drive Auto Receivables Trust,
Series 2017-3, Class D, 3.20%, 11/15/2023		192,400		194,347
Series 2018-1, Class D, 3.32%, 03/15/2024		97,120		98,414
Series 2018-2, Class D, 3.88%, 02/15/2024		170,000		172,960
Series 2018-5, Class C, 3.81%, 12/16/2024		35,147		35,251
Series 2019-2, Class D, 3.22%, 07/15/2025		195,000		201,523
Series 2019-3, Class D, 2.68%, 10/15/2025		165,000		169,162
Santander Retail Auto Lease Trust,
Series 2019-A, Class C, 3.30%, 05/22/2023(d)		320,000		325,278
Series 2019-B, Class C, 2.77%, 08/21/2023(d)		115,000		117,420
Series 2019-C, Class C, 2.39%, 11/20/2023(d)		205,000		209,280
Star Trust,
Series 2021-1, Class A1, 1.22%, 05/25/2065(d)(h)		258,443		259,443
Series 2021-SFR1, Class A, 0.68% (1 mo. USD LIBOR + 0.60%), 04/17/2038(d)(e)		652,884		652,659
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050(d)(h)		109,844		111,220
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.48% (3 mo. USD LIBOR + 1.29%), 04/18/2033(d)(e)		250,000		251,193
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(d)		286,134		290,532
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.47% (3 mo. USD LIBOR + 1.28%), 04/20/2033(d)(e)		256,000		256,963
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(d)		279,725		276,578
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.14%, 11/15/2050(i)		1,486,430		65,401
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060(d)(j)		217,635		220,760
Series 2020-1, Class A2, 2.64%, 01/25/2060(d)(j)		99,729		101,205
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(d)(h)		68,398		69,355
Series 2021-1, Class A1B, 1.32%, 01/25/2066(d)(h)		107,606		107,951
Series 2021-R1, Class A1, 0.82%, 10/25/2063(d)(h)		223,633		223,720

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(d)		$  141,580		$  142,055
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.55%, 10/25/2033(h)		35,024		35,417
Series 2005-AR14, Class 1A4, 2.89%, 12/25/2035(h)		39,308		39,822
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035(h)		37,915		38,638
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		245,836		253,213
Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050(i)		1,060,793		50,634
Westlake Automobile Receivables Trust,
Series 2018-1A, Class D, 3.41%, 05/15/2023(d)		15,562		15,581
Series 2019-3A, Class C, 2.49%, 10/15/2024(d)		265,000		269,516
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		155,000		161,330
Series 2014-C20, Class AS, 4.18%, 05/15/2047		150,000		160,602
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(h)		165,000		177,172
World Financial Network Credit Card Master Trust,
Series 2018-B, Class A, 3.46%, 07/15/2025		245,000		246,596
Series 2018-C, Class A, 3.55%, 08/15/2025		490,000		494,738
Series 2019-A, Class A, 3.14%, 12/15/2025		75,000		76,376
Series 2019-B, Class A, 2.49%, 04/15/2026		260,000		265,615
Series 2019-C, Class A, 2.21%, 07/15/2026		225,000		230,299
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(d)		350,000		356,488
Total Asset-Backed Securities (Cost $25,441,399)				25,653,729
U.S. Government Sponsored Agency Mortgage-Backed Securities–10.77%
Collateralized Mortgage Obligations–0.80%
Fannie Mae Interest STRIPS,
IO, 7.00%, 06/25/2023 to 04/25/2032(k)		23,667		1,917
7.50%, 08/25/2023 to 11/25/2023(k)		28,984		1,501
6.50%, 02/25/2032 to 02/25/2033(k)		103,420		18,999
6.50%, 02/25/2033(i)		28,556		5,041
6.00%, 06/25/2033 to 08/25/2035(k)		78,045		13,858
5.50%, 09/25/2033 to 06/25/2035(k)		216,370		36,610
6.00%, 09/25/2035(i)		31,870		5,515

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Fannie Mae REMICs,
IO, 5.50%, 06/25/2023 to 07/25/2046(k)	$	353,935	$	287,052
6.61% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035(e)(k)		91,604		16,388
3.00%, 11/25/2027(k)		106,533		6,111
7.01% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030(e)(k)		31,932		5,429
7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(e)(k)		46,933		9,039
7.86% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(e)(k)		10,860		2,078
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032(e)(k)		12,601		2,688
7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032(e)(k)		150,330		31,033
8.02% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(e)(k)		14,975		2,620
8.16% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(e)(k)		70,467		16,385
7.46% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(e)(k)		9,056		1,977
5.96% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038(e)(k)		28,674		4,295
6.66% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(e)(k)		4,852		806
6.51% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(e)(k)		250,294		38,427
3.50%, 08/25/2035(k)		297,393		36,769
6.01% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035(e)(k)		23,071		4,166
6.45% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(e)(k)		44,199		8,115
6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(e)(k)		60,894		11,813
6.06% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(e)(k)		196,497		40,596
PO, 0.00%, 09/25/2023(l)		7,725		7,632
4.00%, 08/25/2026 to 08/25/2047(k)		212,086		27,887
6.00%, 11/25/2028		19,717		22,242
0.34% (1 mo. USD LIBOR + 0.25%), 08/25/2035(e)		21,286		21,346
24.23% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(e)		30,105		49,050
23.86% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(e)		3,308		5,258
23.86% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(e)		18,008		29,066
1.03% (1 mo. USD LIBOR + 0.94%), 06/25/2037(e)		14,881		14,994
1.50%, 01/25/2040		25,395		25,460
5.00%, 04/25/2040 to 09/25/2047(e)(k)		574,870		130,830

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024(i)	$	4,835,370	$	43,737
Series KC03, Class X1, IO, 0.63%, 11/25/2024(i)		2,711,847		38,894
Series K734, Class X1, IO, 0.79%, 02/25/2026(i)		2,058,913		53,236
Series K735, Class X1, IO, 1.10%, 05/25/2026(i)		2,032,211		85,497
Series K093, Class X1, IO, 1.09%, 05/25/2029(i)		1,648,911		109,687
Freddie Mac REMICs,
1.50%, 07/15/2023		82,087		82,688
6.50%, 03/15/2032 to 06/15/2032		58,272		68,329
3.50%, 05/15/2032		15,331		16,415
24.48% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(e)		6,489		10,717
0.47% (1 mo. USD LIBOR + 0.40%), 09/15/2035(e)		38,910		39,293
4.00%, 04/15/2040 to 03/15/2045(k)		90,557		11,073
IO, 7.58% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029(e)(k)		47,501		5,601
3.00%, 06/15/2027 to 05/15/2040(k)		350,381		21,734
2.50%, 05/15/2028(k)		66,285		3,590
6.63% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(e)(k)		188,040		30,180
6.68% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(e)(k)		11,527		1,787
6.65% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(e)(k)		83,593		12,315
6.93% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(e)(k)		11,914		2,344
5.93% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038(e)(k)		5,069		801
6.00% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(e)(k)		39,295		6,903
6.18% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(e)(k)		18,707		3,184
6.03% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(e)(k)		77,051		11,205
Freddie Mac STRIPS,
IO, 7.00%, 04/01/2027(k)		23,908		3,004
3.00%, 12/15/2027(k)		136,506		8,452
3.27%, 12/15/2027(i)		34,939		1,880
6.50%, 02/01/2028(k)		6,287		849
6.00%, 12/15/2032(k)		19,727		3,030
PO, 0.00%, 06/01/2026(l)		6,162		5,978
				1,625,396

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–0.09%
9.00%, 08/01/2022 to 05/01/2025	$	322	$	348
6.50%, 07/01/2028 to 04/01/2034		10,985		12,427
7.00%, 10/01/2031 to 10/01/2037		32,449		37,329
5.00%, 12/01/2034		1,365		1,533
5.50%, 09/01/2039		109,314		126,217
				177,854
Federal National Mortgage Association (FNMA)–1.40%
8.50%, 07/01/2032		687		690
7.50%, 01/01/2033		25,875		29,764
6.00%, 03/01/2037		61,011		72,456
TBA, 2.00%, 07/01/2036(m)		2,660,000		2,743,800
				2,846,710
Government National Mortgage Association (GNMA)–2.34%
7.50%, 01/15/2023 to 06/15/2024		4,737		4,768
8.00%, 04/15/2023		761		764
7.00%, 01/15/2024		4,007		4,023
IO, 7.43% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032(e)(k)		24,751		95
6.48% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(e)(k)		162,286		30,574
6.58% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(e)(k)		77,167		12,039
4.50%, 09/16/2047(k)		206,052		30,622
6.13% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(e)(k)		181,407		33,469
TBA, 2.50%, 07/01/2051(m)		4,465,000		4,620,926
				4,737,280
Uniform Mortgage-Backed Securities–6.14%
TBA, 2.00%, 07/01/2051(m)		12,352,000		12,472,625
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $22,130,918)				21,859,865
U.S. Treasury Securities–8.77%
U.S. Treasury Bonds–0.98%
2.25%, 05/15/2041		571,700		595,015
1.88%, 02/15/2051		1,457,600		1,391,552
				1,986,567
U.S. Treasury Notes–7.79%
0.13%, 06/30/2023		1,932,000		1,927,434
0.25%, 06/15/2024		1,958,200		1,946,344
0.88%, 06/30/2026		7,493,800		7,490,580
1.25%, 06/30/2028		593,200		594,173
1.63%, 05/15/2031		3,800,600		3,859,391
				15,817,922
Total U.S. Treasury Securities (Cost $17,642,982)				17,804,489

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

	Shares		Value
Preferred Stocks–0.43%
Asset Management & Custody Banks–0.05%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(f)		96,000	$	105,000
Diversified Banks–0.24%
Citigroup, Inc., 5.00%, Series U, Pfd.(f)		240,000		251,784
JPMorgan Chase & Co., 3.66%, Series I, Pfd.(e)		238,000		238,892
				490,676
Investment Banking & Brokerage–0.08%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(f)		166,000		170,026
Other Diversified Financial Services–0.06%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(f)		105,000		114,450
Total Preferred Stocks (Cost $844,155)				880,152
	Principal Amount
Agency Credit Risk Transfer Notes–0.40%
Fannie Mae Connecticut Avenue Securities,
Series 2014-C04, Class 2M2, 5.09% (1 mo. USD LIBOR + 5.00%), 11/25/2024(e)	$	109,426		112,405
Series 2016-C02, Class 1M2, 6.09% (1 mo. USD LIBOR + 6.00%), 09/25/2028(e)		140,510		148,429
Freddie Mac,
Series 2014-DN3, Class M3, STACR® , 4.09% (1 mo. USD LIBOR + 4.00%), 08/25/2024(e)		68,326		69,762
Series 2014-HQ2, Class M3, STACR® , 3.84% (1 mo. USD LIBOR + 3.75%), 09/25/2024(e)		235,971		241,513
Series 2018-HQA1, Class M2, STACR® , 2.39% (1 mo. USD LIBOR + 2.30%), 09/25/2030(e)		85,411		86,737
Series 2018-DNA2, Class M1, STACR® , 0.89% (1 mo. USD LIBOR + 0.80%), 12/25/2030(d)(e)		49,435		49,443
Series 2018-DNA3, Class M1, STACR® , 0.84% (1 mo. USD LIBOR + 0.75%), 09/25/2048(d)(e)		177		177
Series 2018-HQA2, Class M1, STACR® , 0.84% (1 mo. USD LIBOR + 0.75%), 10/25/2048(d)(e)		28,180		28,183
Series 2019-HRP1, Class M2, STACR® , 1.49% (1 mo. USD LIBOR + 1.40%), 02/25/2049(d)(e)		59,848		60,283
Series 2020-DNA5, Class M1, STACR® , 1.32% (30 Day Average SOFR + 1.30%), 10/25/2050(d)(e)		17,240		17,242
Total Agency Credit Risk Transfer Notes (Cost $831,018)				814,174

	Principal Amount		Value
Municipal Obligations–0.13%
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 (Cost $265,000)		$    265,000		$       267,709
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $165,105,040)				203,067,086
	Shares
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.79%
Invesco Private Government Fund, 0.02%(n)(o)(p)		482,990		482,990
Invesco Private Prime Fund, 0.12%(n)(o)(p)		1,126,526		1,126,976
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,609,966)				1,609,966
TOTAL INVESTMENTS IN SECURITIES–100.80% (Cost $166,715,006)				204,677,052
OTHER ASSETS LESS LIABILITIES–(0.80)%				(1,631,700	)
NET ASSETS–100.00%			$	203,045,352

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

Investment Abbreviations:
ADR	– American Depositary Receipt
CLO	– Collateralized Loan Obligation
Ctfs.	– Certificates
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
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
USD	– U.S. Dollar

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 June 30, 2021.

^(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 June 30, 2021 was $25,674,472, which represented 12.64% of the Fund’s Net Assets.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

^(f)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)  Perpetual bond with no specified maturity date.

^(h)  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 June 30, 2021.

⁽ⁱ⁾  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 June 30, 2021.

^(j)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(k)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(l)  Zero coupon bond issued at a discount.

^(m)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1M.

⁽ⁿ⁾  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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$-		$	4,493,807		$	(4,010,817	)		$-		$-		$   482,990		$	10	*
Invesco Private Prime Fund		-			7,723,954			(6,596,978	)		-		-		1,126,976			170	*
Total		$-		$	12,217,761		$	(10,607,795	)		$-		$-		$1,609,966		$	180

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

^(o) The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(p) 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 1I.

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		120	September-2021		$	26,438,437		$	(41,487	)		$  (41,487	)
U.S. Treasury 5 Year Notes		108	September-2021			13,330,406			(31,296	)		(31,296	)
U.S. Treasury Ultra Bonds		11	September-2021			2,119,563			82,218			82,218
Subtotal–Long Futures Contracts									9,435			9,435

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

Open Futures Contracts(a)–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		21		September-2021		$	(2,782,500	)		$	(11,857	)		$	(11,857	)
U.S. Treasury 10 Year Ultra Notes		54		September-2021			(7,948,969	)			(116,491	)			(116,491	)
U.S. Treasury Long Bonds		6		September-2021			(964,500	)			(22,560	)			(22,560	)
Subtotal–Short Futures Contracts											(150,908	)			(150,908	)
Total Futures Contracts										$	(141,473	)			$(141,473	)

^(a)  Futures contracts collateralized by $131,459 cash held with Merrill Lynch International, the futures commission merchant.

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2021

Common Stocks & Other Equity Interests	48.26	%
U.S. Dollar Denominated Bonds & Notes	18.62
Asset-Backed Securities	12.63
U.S. Government Sponsored Agency Mortgage-Backed Securities	10.77
U.S. Treasury Securities	8.77
Security Types Each Less Than 1% of Portfolio	0.96
Money Market Funds Plus Other Assets Less Liabilities	(0.01	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 165,105,040)*	$	203,067,086
Investments in affiliated money market funds, at value (Cost $ 1,609,966)		1,609,966
Other investments: Variation margin receivable – futures contracts		6,029
Deposits with brokers: Cash collateral – exchange-traded futures contracts		131,459
Cash		19,285,446
Receivable for:
Investments sold		3,544,447
Fund shares sold		14,823
Dividends		54,611
Interest		393,882
Principal paydowns		484
Investment for trustee deferred compensation and retirement plans		64,601
Total assets		228,172,834
Liabilities:
Payable for:
Investments purchased		22,927,541
Fund shares reacquired		179,254
Collateral upon return of securities loaned		1,609,966
Accrued fees to affiliates		156,116
Accrued other operating expenses		190,004
Trustee deferred compensation and retirement plans		64,601
Total liabilities		25,127,482
Net assets applicable to shares outstanding	$	203,045,352
Net assets consist of:
Shares of beneficial interest	$	143,803,047
Distributable earnings		59,242,305
	$	203,045,352
Net Assets:
Series I	$	153,857,621
Series II	$	49,187,731
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,003,198
Series II		2,598,152
Series I: Net asset value per share	$	19.22
Series II: Net asset value per share	$	18.93
*   At June 30, 2021, securities with an aggregate value of $1,567,648 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $39)	$	1,213,869
Dividends (net of foreign withholding taxes of $4,434)		674,376
Dividends from affiliated money market funds (includes securities lending income of $804)		804
Total investment income		1,889,049
Expenses:
Advisory fees		734,391
Administrative services fees		150,971
Custodian fees		23,356
Distribution fees – Series II		60,386
Transfer agent fees		11,660
Trustees’ and officers’ fees and benefits		10,038
Reports to shareholders		26,931
Professional services fees		24,834
Taxes		3,772
Other		3,059
Total expenses		1,049,398
Less: Fees waived		(316,328	)
Net expenses		733,070
Net investment income		1,155,979
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		7,329,585
Foreign currencies		(66	)
Futures contracts		86,811
		7,416,330
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		5,495,321
Foreign currencies		(146	)
Futures contracts		(107,539	)
		5,387,636
Net realized and unrealized gain		12,803,966
Net increase in net assets resulting from operations	$	13,959,945

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	1,155,979		$	2,932,017
Net realized gain		7,416,330			9,808,548
Change in net unrealized appreciation		5,387,636			13,778,816
Net increase in net assets resulting from operations		13,959,945			26,519,381
Distributions to shareholders from distributable earnings:
Series I		–			(6,277,496	)
Series II		–			(1,887,499	)
Total distributions from distributable earnings		–			(8,164,995	)
Share transactions–net:
Series I		(7,754,586	)		(7,271,309	)
Series II		(2,219,608	)		(2,260,271	)
Net increase (decrease) in net assets resulting from share transactions		(9,974,194	)		(9,531,580	)
Net increase in net assets		3,985,751			8,822,806
Net assets:
Beginning of period		199,059,601			190,236,795
End of period	$	203,045,352		$	199,059,601

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)(e)
Series I
Six months ended 06/30/21		$	17.93		$	0.11		$	1.18			$	1.29			$	–			$	–			$	–			$	19.22		7.19	%		$	153,858		0.67	%(f)		0.99	%(f)		1.22	%(f)		138	%
Year ended 12/31/20			16.31			0.27			2.11				2.38				(0.36	)			(0.40	)			(0.76	)			17.93		14.86				150,983		0.67			0.99			1.60			311
Year ended 12/31/19			14.43			0.33			2.16				2.49				(0.36	)			(0.25	)			(0.61	)			16.31		17.51				144,384		0.67			1.00			2.11			68
Year ended 12/31/18			15.92			0.32			(1.13	)			(0.81	)			(0.31	)			(0.37	)			(0.68	)			14.43		(5.32	)			140,290		0.67			0.98			2.05			60
Year ended 12/31/17			14.86			0.27			1.09				1.36				(0.30	)			–				(0.30	)			15.92		9.25				166,015		0.67			0.94			1.74			76
Year ended 12/31/16			14.46			0.26			0.49				0.75				(0.35	)			–				(0.35	)			14.86		5.26				172,573		0.67			0.94			1.78			68
Series II
Six months ended 06/30/21			17.68			0.09			1.16				1.25				–				–				–				18.93		7.07				49,188		0.92	(f)		1.24	(f)		0.97	(f)		138
Year ended 12/31/20			16.09			0.23			2.08				2.31				(0.32	)			(0.40	)			(0.72	)			17.68		14.59				48,077		0.92			1.24			1.35			311
Year ended 12/31/19			14.24			0.29			2.13				2.42				(0.32	)			(0.25	)			(0.57	)			16.09		17.22				45,853		0.92			1.25			1.86			68
Year ended 12/31/18			15.71			0.27			(1.10	)			(0.83	)			(0.27	)			(0.37	)			(0.64	)			14.24		(5.53	)			43,029		0.92			1.23			1.80			60
Year ended 12/31/17			14.67			0.23			1.07				1.30				(0.26	)			–				(0.26	)			15.71		8.95				51,633		0.92			1.19			1.49			76
Year ended 12/31/16			14.28			0.22			0.48				0.70				(0.31	)			–				(0.31	)			14.67		4.96				51,743		0.92			1.19			1.53			68

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)  The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $489,567,330 and $509,769,207, $685,887,902 and $703,549,464, $729,295,309 and $711,803,922 and $737,550,642 and $742,753,245 for the years ended December 31, 2019, 2018, 2017 and 2016, respectively

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $152,621 and $48,709 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Conservative Balanced Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Conservative Balanced Fund , formerly Invesco Oppenheimer V.I. Conservative Balanced Fund, (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek total return.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses

Invesco V.I. Conservative Balanced Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

Invesco V.I. Conservative Balanced Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

L. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the 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.

M. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on borrowings.

N. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

O. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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

Invesco V.I. Conservative Balanced Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $ 200 million		0.750	%
Next $ 200 million		0.720	%
Next $ 200 million		0.690	%
Next $ 200 million		0.660	%
Over $ 800 million		0.600	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.74%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.67% and Series II shares to 0.92% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $316,328.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $14,193 for accounting and fund administrative services and was reimbursed $136,778 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $1,257 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Conservative Balanced Fund

The following is a summary of the tiered valuation input levels, as of June 30, 2021. 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	$	97,211,814		$	775,611		$–	$	97,987,425
U.S. Dollar Denominated Bonds & Notes		–			37,799,543		–		37,799,543
Asset-Backed Securities		–			25,653,729		–		25,653,729
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			21,859,865		–		21,859,865
U.S. Treasury Securities		–			17,804,489		–		17,804,489
Preferred Stocks		–			880,152		–		880,152
Agency Credit Risk Transfer Notes		–			814,174		–		814,174
Municipal Obligations		–			267,709		–		267,709
Money Market Funds		–			1,609,966		–		1,609,966
Total Investments in Securities		97,211,814			107,465,238		–		204,677,052
Other Investments - Assets*
Futures Contracts		82,218			–		–		82,218
Other Investments - Liabilities*
Futures Contracts		(223,691	)		–		–		(223,691	)
Total Other Investments		(141,473	)		–		–		(141,473	)
Total Investments	$	97,070,341		$	107,465,238		$–	$	204,535,579

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	82,218
Derivatives not subject to master netting agreements		(82,218	)
Total Derivative Assets subject to master netting agreements	$	-
	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(223,691	)
Derivatives not subject to master netting agreements		223,691
Total Derivative Liabilities subject to master netting agreements	$	-

^(a)  The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Interest
	Rate Risk
Realized Gain:
Futures contracts		$	86,811
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			(107,539	)
Total		$	(20,728	)

Invesco V.I. Conservative Balanced Fund

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	56,362,072

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $56,411,057 and $68,560,363, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	40,934,275
Aggregate unrealized (depreciation) of investments		(2,502,260	)
Net unrealized appreciation of investments	$	38,432,015

Cost of investments for tax purposes is $166,103,564.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		104,933		$	1,951,005			293,180		$	4,958,390
Series II		91,664			1,670,752			407,137			6,648,678
Issued as reinvestment of dividends:
Series I		-			-			366,462			6,277,496
Series II		-			-			111,753			1,887,499
Reacquired:
Series I		(521,379	)		(9,705,591	)		(1,093,831	)		(18,507,195	)
Series II		(212,639	)		(3,890,360	)		(649,731	)		(10,796,448	)
Net increase (decrease) in share activity		(537,421	)	$	(9,974,194	)		(565,030	)	$	(9,531,580	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Conservative Balanced Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/21)		Ending     Account Value     (06/30/21)1		Expenses     Paid During     Period2		Ending     Account Value     (06/30/21)		Expenses     Paid During     Period2		Annualized     Expense Ratio
Series I		$1,000.00		$1,071.90		$3.44		$1,021.47		$3.36		0.67%
Series II		1,000.00		1,070.70		4.72		1,020.23		4.61		0.92

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Conservative Balanced Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Conservative Balanced Fund’s (formerly, Invesco Oppenheimer V.I. Conservative Balanced Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco V.I. Conservative Balanced Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. Conservative Balanced Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees were in the fourth quintile of its expense group and discussed with management reasons for such relative contractual management fees.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and

noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board

also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Conservative Balanced Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Core Bond Fund
	Effective April 30, 2021, Invesco Oppenheimer V.I. Total Return Bond Fund was
	renamed Invesco V.I. Core Bond Fund.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

    This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VITRB-SAR-1                                

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-1.19%
Series II Shares	-1.32
Bloomberg Barclays U.S. Credit Indexq	-1.28
Bloomberg Barclays U.S. Aggregate Bond Indexq	-1.60
FTSE Broad Investment Grade Bond Indexq	-1.60
Source(s): qRIMES Technologies Corp.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

    The Bloomberg Barclays U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes.

    The FTSE Broad Investment Grade Bond Index is a multi-asset, multi-currency benchmark that provides a broad-based measure of the global fixed-income markets.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (4/3/85)	5.42%
10 Years	4.67
�� 5 Years	3.86
1 Year	1.38
Series II Shares
Inception (5/1/02)	2.48%
10 Years	4.41
5 Years	3.62
1 Year	1.13

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Total Return Bond Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Total Return Bond Fund (renamed Invesco V.I. Core Bond Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Core Bond Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Core Bond Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Core Bond Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Principal       Amount		Value
U.S. Dollar Denominated Bonds & Notes–41.06%
Advertising–0.30%
Interpublic Group of Cos., Inc. (The),
3.75%, 10/01/2021	$	164,000	$   165,445
4.20%, 04/15/2024		52,000	56,605
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		107,000	116,453
			338,503
Aerospace & Defense–0.36%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(b)		82,000	90,623
Boeing Co. (The), 2.20%, 02/04/2026		205,000	206,992
L3Harris Technologies, Inc., 3.85%, 06/15/2023		106,000	112,716
			410,331
Agricultural & Farm Machinery–0.35%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		389,000	393,561
Airlines–0.65%
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		161,488	173,615
4.75%, 10/20/2028(b)		278,388	309,725
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		230,299	256,017
			739,357
Apparel Retail–0.11%
Ross Stores, Inc., 3.38%, 09/15/2024		118,000	125,194
Application Software–0.45%
salesforce.com, inc.,
2.90%, 07/15/2051		309,000	313,561
3.05%, 07/15/2061		188,000	191,584
			505,145
Asset Management & Custody Banks–0.34%
Brookfield Asset Management, Inc.
(Canada), 4.00%, 01/15/2025		99,000	108,382
CI Financial Corp. (Canada), 3.20%, 12/17/2030		161,000	165,406
Owl Rock Capital Corp., 2.63%, 01/15/2027		115,000	115,396
			389,184
Automobile Manufacturers–1.26%
American Honda Finance Corp., 1.80%, 01/13/2031		133,000	131,517
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022(b)		319,000	326,585
General Motors Financial Co., Inc.,
4.20%, 11/06/2021		163,000	165,143
4.15%, 06/19/2023		104,000	110,496

	Principal       Amount		Value
Automobile Manufacturers–(continued)
Hyundai Capital America,
5.75%, 04/06/2023(b)	$	130,000	$   141,330
4.13%, 06/08/2023(b)		105,000	111,674
2.00%, 06/15/2028(b)		216,000	214,516
Nissan Motor Acceptance Corp., 3.65%, 09/21/2021(b)		220,000	221,480
			1,422,741
Automotive Retail–0.27%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		305,000	303,024
Biotechnology–0.15%
AbbVie, Inc., 3.85%, 06/15/2024		160,000	173,617
Brewers–0.09%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		63,000	104,945
Building Products–0.10%
Masco Corp., 1.50%, 02/15/2028		112,000	109,438
Cable & Satellite–1.34%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 1.83% (3 mo. USD LIBOR + 1.65%), 02/01/2024(c)		180,000	185,107
3.50%, 06/01/2041		140,000	141,178
3.90%, 06/01/2052		183,000	186,868
3.85%, 04/01/2061		180,000	177,107
4.40%, 12/01/2061		88,000	94,739
Comcast Corp.,
2.45%, 08/15/2052		99,000	89,628
2.65%, 08/15/2062		123,000	112,656
Cox Communications, Inc.,
2.60%, 06/15/2031(b)		143,000	145,303
3.60%, 06/15/2051(b)		367,000	387,173
			1,519,759
Computer & Electronics Retail–0.26%
Dell International LLC/EMC Corp., 5.30%, 10/01/2029		127,000	153,367
Leidos, Inc., 2.30%, 02/15/2031		146,000	142,817
			296,184
Consumer Finance–0.20%
Discover Bank, 4.65%, 09/13/2028		116,000	136,252
Synchrony Financial, 4.25%, 08/15/2024		85,000	92,928
			229,180
Distillers & Vintners–0.28%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022(b)		307,000	318,804

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal       Amount			Value
Diversified Banks–6.90%
Bank of America Corp., 3.82%, 01/20/2028(d)	$	62,000		$     68,866
4.27%, 07/23/2029(d)		85,000		97,725
2.59%, 04/29/2031(d)		82,000		84,596
2.69%, 04/22/2032(d)		320,000		329,430
7.75%, 05/14/2038		232,000		366,793
BBVA USA, 2.50%, 08/27/2024		255,000	��	268,540
BPCE S.A. (France), 4.50%, 03/15/2025(b)		185,000		204,073
Citigroup, Inc., 3.11%, 04/08/2026(d)		109,000		116,711
4.08%, 04/23/2029(d)		86,000		97,633
4.41%, 03/31/2031(d)		93,000		108,700
2.56%, 05/01/2032(d)		205,000		208,825
3.88%(d)(e)		376,000		384,930
Series V, 4.70%(d)(e)		165,000		170,565
Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031(b)		200,000		200,150
Credit Agricole S.A. (France), 4.38%, 03/17/2025(b)		310,000		341,541
7.88%(b)(d)(e)		200,000		226,501
HSBC Holdings PLC (United Kingdom), 3.95%, 05/18/2024(d)		103,000		109,437
2.80%, 05/24/2032(d)		206,000		211,563
4.60%(d)(e)		225,000		234,000
6.25%(d)(e)		243,000		257,580
ING Groep N.V. (Netherlands), 1.06% (SOFR + 1.01%), 04/01/2027(c)		368,000		371,985
6.88%(b)(d)(e)		200,000		208,313
JPMorgan Chase & Co., 3.80%, 07/23/2024(d)		126,000		134,285
2.08%, 04/22/2026(d)		145,000		149,996
3.78%, 02/01/2028(d)		112,000		124,446
3.54%, 05/01/2028(d)		87,000		95,708
2.58%, 04/22/2032(d)		200,000		205,405
3.11%, 04/22/2041(d)		90,000		93,541
Mizuho Financial Group, Inc. (Japan), 2.17%, 05/22/2032(d)		296,000		294,254
National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034(b)(d)		153,000		165,947
Royal Bank of Canada (Canada), 3.70%, 10/05/2023		91,000		97,661
Standard Chartered PLC (United Kingdom), 2.68%, 06/29/2032(b)(d)		200,000		201,115
Sumitomo Mitsui Financial Group, Inc. (Japan), 1.47%, 07/08/2025		200,000		202,114
2.14%, 09/23/2030		220,000		214,925
Truist Bank, 2.64%, 09/17/2029(d)		390,000		408,852
U.S. Bancorp, Series W, 3.10%, 04/27/2026		81,000		88,178
1.38%, 07/22/2030		78,000		75,272
United Overseas Bank Ltd. (Singapore), 2.00%, 10/14/2031(b)(d)		200,000		200,324
Wells Fargo & Co., 3.58%, 05/22/2028(d)		86,000		94,805
4.75%, 12/07/2046		64,000		81,155
Series BB, 3.90%(d)(e)		197,000		204,077
				7,800,517

	Principal       Amount		Value
Diversified Capital Markets–1.09%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024	$	189,000	$   205,423
Credit Suisse Group AG (Switzerland), 4.55%, 04/17/2026		147,000	166,584
4.19%, 04/01/2031(b)(d)		250,000	281,207
5.10%(b)(d)(e)		201,000	207,784
UBS Group AG (Switzerland), 4.13%, 04/15/2026(b)		153,000	171,673
4.38%(b)(d)(e)		200,000	204,840
			1,237,511
Diversified Chemicals–0.16%
Dow Chemical Co. (The), 3.63%, 05/15/2026		74,000	81,934
Eastman Chemical Co., 3.50%, 12/01/2021		93,000	94,227
			176,161
Diversified REITs–0.13%
Brixmor Operating Partnership L.P., 4.13%, 05/15/2029		54,000	60,563
4.05%, 07/01/2030		82,000	91,891
			152,454
Drug Retail–0.30%
CK Hutchison International 21 Ltd. (United Kingdom), 1.50%, 04/15/2026(b)		339,000	341,161
Electric Utilities–1.04%
AEP Texas, Inc., 3.95%, 06/01/2028(b)		162,000	182,714
Consolidated Edison Co. of New York, Inc., 3.60%, 06/15/2061		177,000	183,509
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024(b)		219,000	235,536
Enel Finance International N.V. (Italy), 2.88%, 05/25/2022(b)		309,000	315,829
NextEra Energy Capital Holdings, Inc., 0.57%(SOFR + 0.54%), 03/01/2023(c)		147,000	147,829
Southern Co. (The), Series 21-A, 3.75%, 09/15/2051(d)		115,000	115,880
			1,181,297
Electronic Equipment & Instruments–0.25%
Vontier Corp., 2.40%, 04/01/2028(b)		151,000	150,183
2.95%, 04/01/2031(b)		127,000	127,741
			277,924
Electronic Manufacturing Services–0.10%
Jabil, Inc., 3.00%, 01/15/2031		107,000	110,236
Financial Exchanges & Data–0.07%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		81,000	78,539
Food Retail–0.42%
Alimentation Couche-Tard, Inc. (Canada), 3.44%, 05/13/2041(b)		245,000	253,296
3.63%, 05/13/2051(b)		209,000	218,928
			472,224

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal       Amount		Value
Health Care REITs–0.33%
Healthcare Trust of America Holdings L.P., 3.50%, 08/01/2026	$	83,000	$     91,288
2.00%, 03/15/2031		81,000	78,360
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		202,000	201,811
			371,459
Health Care Services–0.42%
Cigna Corp., 4.13%, 11/15/2025		82,000	91,944
CVS Health Corp., 1.30%, 08/21/2027		109,000	106,989
Fresenius Medical Care US Finance II, Inc. (Germany), 5.88%, 01/31/2022(b)		125,000	128,842
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(b)		150,000	150,141
			477,916
Home Improvement Retail–0.27%
Lowe’s Cos., Inc., 2.63%, 04/01/2031		159,000	164,473
3.50%, 04/01/2051		127,000	136,439
			300,912
Homebuilding–0.09%
D.R. Horton, Inc., 4.75%, 02/15/2023		96,000	101,525
Hotels, Resorts & Cruise Lines–0.38%
Expedia Group, Inc., 4.63%, 08/01/2027		74,000	83,739
2.95%, 03/15/2031		339,000	344,219
			427,958
Independent Power Producers & Energy Traders–0.30%
AES Corp. (The), 1.38%, 01/15/2026(b)		80,000	79,254
2.45%, 01/15/2031(b)		89,000	88,203
Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028(b)		149,000	173,379
			340,836
Industrial Conglomerates–0.16%
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		163,000	177,934
Industrial Machinery–0.16%
IDEX Corp., 2.63%, 06/15/2031		182,000	185,214
Insurance Brokers–0.18%
Arthur J. Gallagher & Co., 2.50%, 05/20/2031		79,000	79,862
3.50%, 05/20/2051		117,000	122,747
			202,609
Integrated Oil & Gas–0.50%
BP Capital Markets America, Inc., 3.06%, 06/17/2041		257,000	259,512
2.94%, 06/04/2051		34,000	32,634
3.38%, 02/08/2061		171,000	172,314

	Principal       Amount		Value
Integrated Oil & Gas–(continued)
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)	$	95,000	$     97,666
			562,126
Integrated Telecommunication Services–2.07%
AT&T, Inc., 0.69%(SOFR + 0.64%), 03/25/2024(c)		180,000	180,434
4.30%, 02/15/2030		80,000	92,539
2.55%, 12/01/2033(b)		433,000	429,413
3.10%, 02/01/2043		116,000	113,893
3.50%, 09/15/2053(b)		198,000	199,225
3.80%, 12/01/2057(b)		67,000	69,933
3.50%, 02/01/2061		74,000	73,194
NBN Co. Ltd. (Australia), 2.63%, 05/05/2031(b)		275,000	282,048
Verizon Communications, Inc., 0.85%, 11/20/2025		129,000	127,657
1.75%, 01/20/2031		81,000	77,683
2.55%, 03/21/2031		88,000	90,014
2.65%, 11/20/2040		74,000	71,345
3.40%, 03/22/2041		94,000	99,559
4.52%, 09/15/2048		61,000	75,601
2.88%, 11/20/2050		88,000	83,805
3.55%, 03/22/2051		50,000	53,493
3.00%, 11/20/2060		101,000	94,553
3.70%, 03/22/2061		123,000	131,946
			2,346,335
Interactive Home Entertainment–0.27%
Activision Blizzard, Inc., 2.50%, 09/15/2050		138,000	124,190
Electronic Arts, Inc., 1.85%, 02/15/2031		186,000	179,934
			304,124
Internet & Direct Marketing Retail–1.16%
Amazon.com, Inc., 1.00%, 05/12/2026		105,000	105,070
1.65%, 05/12/2028		98,000	98,899
2.10%, 05/12/2031		292,000	297,102
2.88%, 05/12/2041		343,000	354,324
3.10%, 05/12/2051		275,000	289,246
3.25%, 05/12/2061		154,000	162,568
			1,307,209
Internet Services & Infrastructure–0.11%
VeriSign, Inc., 2.70%, 06/15/2031		121,000	123,079

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal       Amount		Value
Investment Banking & Brokerage–2.33%
Goldman Sachs Group, Inc. (The), 0.61%(SOFR + 0.58%), 03/08/2024(c)	$	337,000	$   338,026
3.50%, 04/01/2025		99,000	107,455
3.50%, 11/16/2026		57,000	62,032
0.83%(SOFR + 0.79%), 12/09/2026(c)		644,000	642,936
1.09%, 12/09/2026(d)		119,000	117,208
0.85%(SOFR + 0.81%), 03/09/2027(c)		603,000	602,867
1.99%, 01/27/2032(d)		127,000	123,454
2.62%, 04/22/2032(d)		79,000	80,760
3.21%, 04/22/2042(d)		83,000	86,945
Morgan Stanley, 5.00%, 11/24/2025		106,000	122,301
2.19%, 04/28/2026(d)		73,000	75,830
4.43%, 01/23/2030(d)		80,000	93,743
3.62%, 04/01/2031(d)		93,000	103,908
2.80%, 01/25/2052(d)		77,000	75,654
			2,633,119
Life & Health Insurance–1.60%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		122,000	138,132
Athene Global Funding, 1.20%, 10/13/2023(b)		174,000	176,027
1.45%, 01/08/2026(b)		89,000	89,142
2.95%, 11/12/2026(b)		169,000	180,177
Athene Holding Ltd., 6.15%, 04/03/2030		102,000	129,104
3.95%, 05/25/2051		36,000	38,687
MAG Mutual Holding Co., 4.75%, 04/30/2041		612,000	612,000
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(d)		77,000	85,079
Pacific LifeCorp, 3.35%, 09/15/2050(b)		103,000	109,275
Prudential Financial, Inc., 5.20%, 03/15/2044(d)		124,000	133,211
Reliance Standard Life Global Funding
II, 2.75%, 01/21/2027(b)		116,000	122,412
			1,813,246
Life Sciences Tools & Services–0.10%
Illumina, Inc., 2.55%, 03/23/2031		107,000	108,723
Managed Health Care–0.30%
Kaiser Foundation Hospitals, Series 2021, 2.81%, 06/01/2041		160,000	163,557
3.00%, 06/01/2051		170,000	175,968
			339,525
Multi-Utilities–0.27%
Ameren Corp., 2.50%, 09/15/2024		69,000	72,640
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		79,000	86,109
WEC Energy Group, Inc., 1.38%, 10/15/2027		77,000	75,290
1.80%, 10/15/2030		71,000	68,187
			302,226

	Principal       Amount		Value
Office REITs–0.19%
Office Properties Income Trust, 4.50%, 02/01/2025	$	159,000	$   172,760
2.65%, 06/15/2026		40,000	40,624
			213,384
Oil & Gas Exploration & Production–0.52%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		145,000	149,098
Lundin Energy Finance B.V. (Netherlands), 2.00%, 07/15/2026(b)		216,000	216,600
3.10%, 07/15/2031(b)		216,000	218,648
			584,346
Oil & Gas Storage & Transportation–0.74%
Energy Transfer L.P., 4.25%, 03/15/2023		81,000	85,025
4.00%, 10/01/2027		64,000	70,455
Kinder Morgan, Inc., 7.75%, 01/15/2032		151,000	216,817
MPLX L.P., 1.75%, 03/01/2026		99,000	100,123
4.25%, 12/01/2027		65,000	73,725
ONEOK, Inc., 6.35%, 01/15/2031		140,000	181,215
Williams Cos., Inc. (The), 3.70%, 01/15/2023		106,000	110,420
			837,780
Other Diversified Financial Services–1.77%
Avolon Holdings Funding Ltd. (Ireland), 2.13%, 02/21/2026(b)		115,000	114,622
2.75%, 02/21/2028(b)		132,000	130,686
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(b)		145,000	138,056
2.80%, 09/30/2050(b)		67,000	67,052
Blackstone Secured Lending Fund, 2.75%, 09/16/2026(b)		338,000	342,764
Blue Owl Finance LLC, 3.13%, 06/10/2031(b)		189,000	187,972
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		143,000	147,363
Depository Trust & Clearing Corp. (The), Series D, 3.38%(b)(d)(e)		250,000	254,531
LSEGA Financing PLC (United Kingdom), 1.38%, 04/06/2026(b)		200,000	200,468
2.00%, 04/06/2028(b)		203,000	205,434
3.20%, 04/06/2041(b)		200,000	209,986
			1,998,934
Packaged Foods & Meats–0.47%
Conagra Brands, Inc., 4.60%, 11/01/2025		101,000	115,191
Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021(b)		319,000	320,357
Tyson Foods, Inc., 3.90%, 09/28/2023		85,000	91,334
			526,882
Paper Packaging–0.26%
Berry Global, Inc., 1.65%, 01/15/2027(b)		199,000	197,525

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal       Amount		Value
Paper Packaging–(continued)
Packaging Corp. of America, 3.65%, 09/15/2024	$	92,000	$   99,473
			296,998
Pharmaceuticals–0.52%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(b)		313,000	335,346
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		136,000	147,103
Mylan, Inc., 3.13%, 01/15/2023(b)		103,000	106,768
			589,217
Precious Metals & Minerals–0.08%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(b)		83,000	89,534
Property & Casualty Insurance–0.37%
CNA Financial Corp., 3.45%, 08/15/2027		80,000	87,794
Fidelity National Financial, Inc., 3.40%, 06/15/2030		72,000	77,669
2.45%, 03/15/2031		107,000	106,809
W.R. Berkley Corp., 3.55%, 03/30/2052		138,000	147,320
			419,592
Railroads–0.16%
Union Pacific Corp., 2.15%, 02/05/2027		77,000	80,061
2.40%, 02/05/2030		95,000	98,277
			178,338
Real Estate Development–0.11%
Essential Properties L.P., 2.95%, 07/15/2031		123,000	123,159
Regional Banks–2.01%
Citizens Financial Group, Inc., 2.50%, 02/06/2030		74,000	75,971
3.25%, 04/30/2030		45,000	48,803
2.64%, 09/30/2032		496,000	497,211
Fifth Third Bank N.A., 3.85%, 03/15/2026		168,000	186,468
Huntington Bancshares, Inc., 4.00%, 05/15/2025		106,000	117,638
KeyCorp, 2.25%, 04/06/2027		106,000	109,893
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		79,000	86,428
Santander Holdings USA, Inc., 3.50%, 06/07/2024		86,000	92,047
SVB Financial Group, 2.10%, 05/15/2028		111,000	112,697
1.80%, 02/02/2031		160,000	153,292
4.10%(d)(e)		172,000	174,579
Series C, 4.00%(d)(e)		348,000	355,064
Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000	262,429
			2,272,520
Reinsurance–0.18%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		100,000	100,027

	Principal       Amount		Value
Reinsurance–(continued)
Global Atlantic Fin Co., 3.13%, 06/15/2031(b)	$	106,000	$   106,858
			206,885
Residential REITs–0.24%
American Homes 4 Rent L.P., 2.38%, 07/15/2031		42,000	41,375
3.38%, 07/15/2051		41,000	40,164
Spirit Realty L.P., 3.20%, 01/15/2027		69,000	73,520
VEREIT Operating Partnership L.P., 2.20%, 06/15/2028		58,000	58,947
2.85%, 12/15/2032		53,000	55,447
			269,453
Retail REITs–1.03%
Agree L.P., 2.00%, 06/15/2028		85,000	84,393
2.60%, 06/15/2033		110,000	109,722
Kimco Realty Corp., 1.90%, 03/01/2028		124,000	124,080
2.70%, 10/01/2030		60,000	61,736
Kite Realty Group L.P., 4.00%, 10/01/2026		188,000	203,017
National Retail Properties, Inc., 3.50%, 04/15/2051		138,000	144,992
Realty Income Corp., 3.25%, 01/15/2031		82,000	89,472
Regency Centers L.P., 2.95%, 09/15/2029		81,000	85,390
Retail Properties of America, Inc., 4.75%, 09/15/2030		71,000	78,826
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080(b)(d)		166,000	177,413
			1,159,041
Semiconductors–1.43%
Broadcom, Inc., 4.15%, 11/15/2030		110,000	123,478
2.45%, 02/15/2031(b)		86,000	84,578
3.42%, 04/15/2033(b)		249,000	261,777
3.47%, 04/15/2034(b)		410,000	434,100
Marvell Technology, Inc., 2.95%, 04/15/2031(b)		257,000	266,601
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.88%, 06/18/2026(b)		73,000	80,927
QUALCOMM, Inc., 2.15%, 05/20/2030		124,000	126,926
3.25%, 05/20/2050		121,000	130,954
Skyworks Solutions, Inc., 1.80%, 06/01/2026		36,000	36,476
3.00%, 06/01/2031		74,000	75,716
			1,621,533
Specialized REITs–0.77%
American Tower Corp., 3.00%, 06/15/2023		88,000	92,250
4.00%, 06/01/2025		57,000	62,842
2.70%, 04/15/2031		254,000	262,288
CBRE Services, Inc., 2.50%, 04/01/2031		212,000	214,917

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal       Amount		Value
Specialized REITs–(continued)
Crown Castle International Corp., 2.50%, 07/15/2031	$	234,000	$   235,972
			868,269
Technology Hardware, Storage & Peripherals–0.68%
Apple, Inc., 4.38%, 05/13/2045		62,000	79,331
2.55%, 08/20/2060		358,000	334,962
2.80%, 02/08/2061		366,000	357,522
			771,815
Thrifts & Mortgage Finance–0.15%
Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030(b)(d)		150,000	168,527
Tobacco–0.78%
Altria Group, Inc., 2.45%, 02/04/2032		147,000	142,325
3.70%, 02/04/2051		174,000	165,338
4.00%, 02/04/2061		174,000	167,291
Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022(b)		308,000	316,085
Philip Morris International, Inc., 0.88%, 05/01/2026		95,000	93,846
			884,885
Trucking–0.63%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.00%, 07/15/2025(b)		83,000	91,501
3.40%, 11/15/2026(b)		100,000	108,469
Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026(b)		256,000	257,592
3.15%, 06/15/2031(b)		256,000	257,717
			715,279
Total U.S. Dollar Denominated Bonds & Notes (Cost $44,678,933)			46,429,437
Asset-Backed Securities–23.38%
American Credit Acceptance Receivables Trust, Series 2017-4, Class D, 3.57%, 01/10/2024(b)		83,988	84,431
Series 2018-3, Class D, 4.14%, 10/15/2024(b)		20,413	20,658
Series 2018-4, Class C, 3.97%, 01/13/2025(b)		28,612	28,691
Series 2019-3, Class C, 2.76%, 09/12/2025(b)		153,170	154,725
AmeriCredit Automobile Receivables Trust, Series 2017-2, Class D, 3.42%, 04/18/2023		300,000	304,377
Series 2017-4, Class D, 3.08%, 12/18/2023		190,000	194,092
Series 2018-3, Class C, 3.74%, 10/18/2024		260,000	269,581
Series 2019-2, Class C, 2.74%, 04/18/2025		100,000	103,571
Series 2019-2, Class D, 2.99%, 06/18/2025		280,000	292,022
Series 2019-3, Class D, 2.58%, 09/18/2025		135,000	140,371

	Principal       Amount		Value
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(f)	$	90,663	$     91,365
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(f)		279,860	282,881
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR, 1.43% (3 mo. USD LIBOR + 1.25%), 07/25/2030(b)(c)		480,786	481,082
Series 2017-2A, Class AR2, 1.00% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(c)		481,000	481,392
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037		46,157	45,356
Series 2007-C, Class 1A4, 3.05%, 05/20/2036(f)		16,066	16,187
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		32,111	32,586
Bank, Series 2019-BNK16, Class XA, IO, 1.12%, 02/15/2052(g)		1,563,849	92,419
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(c)		39,540	40,362
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(c)		45,585	46,341
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051(g)		1,763,641	47,994
Capital Auto Receivables Asset Trust, Series 2017-1, Class D, 3.15%, 02/20/2025(b)		40,000	40,057
Series 2018-2, Class C, 3.69%, 12/20/2023(b)		62,411	62,528
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024(b)(g)		37,663	270
CarMax Auto Owner Trust, Series 2017-4, Class D, 3.30%, 05/15/2024		100,000	101,050
CCG Receivables Trust, Series 2018-1, Class B, 3.09%, 06/16/2025(b)		53,482	53,537
Series 2018-2, Class C, 3.87%, 12/15/2025(b)		60,000	61,131
Series 2019-2, Class B, 2.55%, 03/15/2027(b)		105,000	107,966
Series 2019-2, Class C, 2.89%, 03/15/2027(b)		100,000	102,505
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050(g)		708,899	27,015
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(f)		16,113	16,531
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.10%, 01/25/2036(f)		42,869	41,321
CHL Mortgage Pass-Through Trust, Series 2005-26, Class 1A8, 5.50%, 11/25/2035		40,764	33,962

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal       Amount		Value
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 1.17%, 11/10/2046(g)	$	372,370	$       7,451
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		53,791	56,059
Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(g)		1,963,745	94,989
Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(c)		115,331	120,446
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		65,000	65,652
Series 2019-A, Class A4, 3.22%, 01/15/2026		125,000	130,358
COLT Mortgage Loan Trust, Series 2020-1, Class A1, 2.49%, 02/25/2050(b)(f)		159,916	161,073
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(f)		129,822	130,643
COMM Mortgage Trust, Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045(g)		1,845,169	32,310
Series 2013-CR6, Class AM, 3.15%, 03/10/2046(b)		245,000	251,594
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		43,902	45,752
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		715,000	773,198
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		170,000	183,246
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		475,000	512,403
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2005-17, Class 1A8, 5.50%, 09/25/2035		3,972	3,993
Series 2005-JA, Class A7, 5.50%, 11/25/2035		4,333	4,295
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(f)		102,661	102,507
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(f)		110,735	110,869
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		637,000	662,651
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		112,982	87,517
Dell Equipment Finance Trust, Series 2019-1, Class C, 3.14%, 03/22/2024(b)		325,000	329,067
Series 2019-2, Class D, 2.48%, 04/22/2025(b)		115,000	116,381

	Principal       Amount		Value
Drive Auto Receivables Trust, Series 2017-1, Class D, 3.84%, 03/15/2023	$	42,712	$     42,912
Series 2018-1, Class D, 3.81%, 05/15/2024		71,495	72,341
Series 2018-2, Class D, 4.14%, 08/15/2024		140,132	143,015
Series 2018-3, Class D, 4.30%, 09/16/2024		164,087	168,099
Series 2018-5, Class C, 3.99%, 01/15/2025		124,911	126,500
Series 2019-1, Class C, 3.78%, 04/15/2025		196,508	198,326
DT Auto Owner Trust, Series 2017-3A, Class E, 5.60%, 08/15/2024(b)		173,192	175,949
Series 2018-3A, Class C, 3.79%, 07/15/2024(b)		33,040	33,172
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(f)		62,417	63,250
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(f)		85,923	85,762
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 03/15/2024(b)		271,998	274,954
Series 2019-4A, Class D, 2.58%, 09/15/2025(b)		240,000	246,593
Extended Stay America Trust, Series 2021-ESH, Class B, 1.46% (1 mo. USD LIBOR + 1.38%), 07/15/2038(b)(c)		115,000	115,539
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 0.74% (1 mo. USD LIBOR + 0.65%), 11/25/2035(c)		71,732	32,244
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 0.67% (1 mo. USD LIBOR + 0.60%), 09/15/2024(c)		560,000	563,817
FREMF Mortgage Trust, Series 2013-K25, Class C, 3.74%, 11/25/2045(b)(f)		90,000	93,045
Series 2013-K26, Class C, 3.72%, 12/25/2045(b)(f)		60,000	62,190
Series 2013-K27, Class C, 3.62%, 01/25/2046(b)(f)		95,000	98,564
Series 2013-K28, Class C, 3.61%, 06/25/2046(b)(f)		285,000	296,953
GS Mortgage Securities Trust, Series 2012-GC6, Class A3, 3.48%, 01/10/2045		33,266	33,330
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		45,000	48,427
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		11,720	11,886
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		44,081	45,594
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		245,000	253,405
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.08%, 07/25/2035(f)		16,321	16,942

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal       Amount		Value
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027(b)	$	113,000	$    112,939
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		103,000	103,103
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025(b)		104,000	103,995
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.71% (1 mo. USD LIBOR + 0.62%), 07/25/2035(c)		1,722	1,726
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.37%, 12/15/2047		315,000	326,756
Series 2013-C16, Class AS, 4.52%, 12/15/2046		300,000	323,044
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		40,000	41,471
Series 2014-C20, Class AS, 4.04%, 07/15/2047		220,000	236,156
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		116,540	116,847
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.58%, 07/25/2035(f)		25,017	25,599
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C24, Class B, 4.12%, 11/15/2047(f)		245,000	256,779
Series 2014-C25, Class AS, 4.07%, 11/15/2047		200,000	216,189
Series 2015-C27, Class XA, IO, 1.29%, 02/15/2048(g)		1,979,332	69,612
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 1.10%, 02/18/2030(g)		32,663	1
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(f)		14,311	6,926
Life Mortgage Trust, Series 2021-BMR, Class A, 0.77% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(c)		155,000	155,415
Series 2021-BMR, Class B, 0.95% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(c)		240,000	240,674
Series 2021-BMR, Class C, 1.17% (1 mo. USD LIBOR + 1.10%), 03/15/2038(b)(c)		110,000	110,390
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 1.29% (3 mo. USD LIBOR + 1.15%), 04/19/2033(b)(c)		742,000	742,147
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.19% (1 mo. USD LIBOR + 0.10%), 08/25/2036(c)		39,913	18,481
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		225,000	233,763
Series 2014-C19, Class AS, 3.83%, 12/15/2047		595,000	640,567

	Principal
	Amount		Value
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050(g)	$	673,628	$    27,759
Morgan Stanley ReRemic Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(b)(f)		276,502	267,422
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		133,450	134,733
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.21% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(c)		293,000	293,225
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 1.25% (3 mo. USD LIBOR + 1.06%), 04/16/2033(b)(c)		250,000	250,787
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 1.44% (3 mo. USD LIBOR + 1.26%), 07/15/2030(b)(c)		250,000	250,148
Series 2020-8RA, Class A1, 1.44% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(c)		433,000	433,255
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class AR, 1.24% (3 mo. USD LIBOR + 1.05%), 07/20/2030(b)(c)		500,000	500,591
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.43% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(c)		400,000	400,458
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.45% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(c)		287,936	288,738
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(b)		115,000	117,001
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		395,000	401,254
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 2.24%, 07/26/2045(b)(f)		974	979
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		397	378
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		4,635	4,466
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 02/25/2024(b)(f)		91,983	93,420

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal
	Amount		Value
Santander Drive Auto Receivables Trust, Series 2017-2, Class D, 3.49%, 07/17/2023	$	22,946	$    23,024
Series 2017-3, Class D, 3.20%, 11/15/2023		182,616	184,465
Series 2018-1, Class D, 3.32%, 03/15/2024		88,291	89,467
Series 2018-2, Class D, 3.88%, 02/15/2024		165,000	167,873
Series 2018-5, Class C, 3.81%, 12/16/2024		33,585	33,684
Series 2019-2, Class D, 3.22%, 07/15/2025		195,000	201,523
Series 2019-3, Class D, 2.68%, 10/15/2025		165,000	169,162
Santander Retail Auto Lease Trust, Series 2019-A, Class C, 3.30%, 05/22/2023(b)		315,000	320,196
Series 2019-B, Class C, 2.77%, 08/21/2023(b)		115,000	117,420
Series 2019-C, Class C, 2.39%, 11/20/2023(b)		210,000	214,385
Star Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(f)		310,131	311,331
Series 2021-SFR1, Class A, 0.68% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(c)		792,432	792,159
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(f)		117,508	118,979
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.48% (3 mo. USD LIBOR + 1.29%), 04/18/2033(b)(c)		250,000	251,193
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		335,467	340,624
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.47% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(c)		271,000	272,019
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		309,696	306,211
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.14%, 11/15/2050(g)		1,224,119	53,859
Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(h)		232,144	235,477
Series 2020-1, Class A2, 2.64%, 01/25/2060(b)(h)		99,729	101,205
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(f)		68,398	69,355
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(f)		129,128	129,542
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(f)		270,714	270,819
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		161,244	161,785

	Principal
	Amount		Value
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 2.55%, 10/25/2033(f)	$	30,919	$    31,267
Series 2005-AR14, Class 1A4, 2.89%, 12/25/2035(f)		67,839	68,726
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035(f)		31,134	31,727
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		211,211	217,549
Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050(g)		883,994	42,195
Westlake Automobile Receivables Trust, Series 2018-1A, Class D, 3.41%, 05/15/2023(b)		7,905	7,914
Series 2019-3A, Class C, 2.49%, 10/15/2024(b)		260,000	264,431
WFRBS Commercial Mortgage Trust, Series 2013-C14, Class AS, 3.49%, 06/15/2046		150,000	156,126
Series 2014-C20, Class AS, 4.18%, 05/15/2047		130,000	139,189
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(f)		145,000	155,697
World Financial Network Credit Card Master Trust, Series 2018-B, Class A, 3.46%, 07/15/2025		230,000	231,498
Series 2018-C, Class A, 3.55%, 08/15/2025		470,000	474,545
Series 2019-A, Class A, 3.14%, 12/15/2025		75,000	76,376
Series 2019-B, Class A, 2.49%, 04/15/2026		270,000	275,831
Series 2019-C, Class A, 2.21%, 07/15/2026		235,000	240,535
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		355,000	361,581
Total Asset-Backed Securities (Cost $26,733,560)			26,441,758
U.S. Government Sponsored Agency Mortgage-Backed Securities–20.70%
Collateralized Mortgage Obligations–1.67%
Fannie Mae Interest STRIPS, IO, 7.50%, 05/25/2023 to 11/25/2029(i)		52,005	5,719
7.00%, 06/25/2023 to 04/25/2032(i)		120,943	19,701
6.50%, 04/25/2029 to 02/25/2033(i)		249,764	43,995
6.00%, 02/25/2033 to 03/25/2036(i)		184,668	33,615
6.50%, 02/25/2033(g)		40,766	7,196
5.50%, 09/25/2033 to 06/25/2035(i)		334,558	56,586
5.50%, 05/25/2034(g)		16,325	2,665
6.00%, 09/25/2035(g)		53,944	9,335

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal
	Amount		Value
Collateralized Mortgage Obligations–(continued)
Fannie Mae REMICs, IO, 5.50%, 04/25/2023 to 07/25/2046(i)	$	133,666	$    71,931
6.61% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035(c)(i)		116,943	20,905
3.00%, 11/25/2027(i)		86,102	4,939
7.01% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030(c)(i)		46,964	7,984
7.82% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031 to 12/18/2031(c)(i)		3,193	620
7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(c)(i)		63,101	12,159
7.16% (7.25% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(c)(i)		3,405	672
7.86% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(c)(i)		16,473	3,152
7.92% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032 to 12/18/2032(c)(i)		6,173	1,287
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032(c)(i)		4,980	1,055
6.91% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 09/25/2032(c)(i)		15,347	2,655
7.71% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(c)(i)		540	109
7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032(c)(i)		242,600	50,184
8.02% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(c)(i)		24,432	4,365
8.16% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(c)(i)		93,187	21,644
7.00%, 04/25/2033(i)		2,711	521
5.96% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038(c)(i)		44,815	7,121
6.66% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 05/25/2035(c)(i)		17,504	2,728
6.51% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(c)(i)		32,490	4,988
3.50%, 08/25/2035(i)		271,270	33,539
6.01% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035(c)(i)		94,901	17,137
6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(c)(i)		30,761	5,967
6.06% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(c)(i)		70,367	14,538
5.00% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047(c)(i)		494,768	88,131
6.50%, 06/25/2023 to 10/25/2031		107,712	120,154
4.00%, 08/25/2026 to 08/25/2047(i)		141,757	12,414
6.00%, 11/25/2028 to 12/25/2031		80,350	91,752
0.34% (1 mo. USD LIBOR + 0.25%), 08/25/2035(c)		874	877

	Principal
	Amount		Value
Collateralized Mortgage Obligations–(continued)
24.23% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(c)	$	40,235	$    65,555
23.86% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(c)		28,798	45,777
23.86% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(c)		24,090	38,883
1.03% (1 mo. USD LIBOR + 0.94%), 06/25/2037(c)		15,750	15,869
1.50%, 01/25/2040		25,395	25,460
PO, 0.00%, 09/25/2023(j)		11,070	10,936
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, IO, 1.91%, 03/25/2024(g)		4,543,340	41,095
Series KC03, Class X1, IO, 0.63%, 11/25/2024(g)		2,751,801	39,467
Series K734, Class X1, IO, 0.79%, 02/25/2026(g)		2,039,020	52,721
Series K735, Class X1, IO, 1.10%, 05/25/2026(g)		2,046,422	86,095
Series K093, Class X1, IO, 1.09%, 05/25/2029(g)		1,688,764	112,338
Freddie Mac REMICs, 1.50%, 07/15/2023		12,385	12,476
6.75%, 02/15/2024		2,300	2,427
6.50%, 02/15/2028 to 06/15/2032		326,429	370,167
8.00%, 03/15/2030		588	701
1.07% (1 mo. USD LIBOR + 1.00%), 02/15/2032(c)		656	672
3.50%, 05/15/2032		12,154	13,014
24.48% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(c)		6,489	10,717
0.47% (1 mo. USD LIBOR + 0.40%), 09/15/2035(c)		1,122	1,133
4.00%, 04/15/2040 to 03/15/2045(i)		69,402	5,022
IO, 7.58% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029(c)(i)		77,824	9,113
3.00%, 06/15/2027 to 05/15/2040(i)		294,800	18,307
2.50%, 05/15/2028(i)		56,816	3,077
8.62% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028(c)(i)		720	59
8.03% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029(c)(i)		1,071	181
6.63% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(c)(i)		238,727	38,315
6.68% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(c)(i)		29,384	4,555
6.65% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(c)(i)		31,119	4,584
6.08% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035(c)(i)		9,511	1,190
6.93% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(c)(i)		5,546	1,091
5.93% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038(c)(i)		4,549	719
6.00% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(c)(i)		171,556	30,136

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal
	Amount		Value
Collateralized Mortgage Obligations–(continued)
6.18% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(c)(i)	$	40,531	$      6,898
6.03% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(c)(i)		70,180	10,206
Freddie Mac STRIPS, PO, 0.00%, 06/01/2026(j)		10,271	9,963
IO, 3.00%, 12/15/2027(i)		124,706	7,710
3.27%, 12/15/2027(g)		32,121	1,729
7.00%, 09/01/2029(i)		2,363	400
7.50%, 12/15/2029(i)		43,420	7,876
6.00%, 12/15/2032(i)		26,726	4,105
			1,893,079
Federal Home Loan Mortgage Corp. (FHLMC)–0.31%
9.00%, 08/01/2022 to 05/01/2025		1,426	1,536
6.00%, 10/01/2022 to 10/01/2029		95,504	107,993
6.50%, 07/01/2028 to 04/01/2034		57,405	64,893
7.00%, 10/01/2031 to 10/01/2037		48,496	55,381
5.00%, 12/01/2034		2,320	2,605
5.50%, 09/01/2039		106,539	123,014
			355,422
Federal National Mortgage Association (FNMA)–2.56%
5.00%, 02/01/2022 to 07/01/2022		94	98
7.00%, 01/01/2030 to 12/01/2032		7,979	9,207
8.50%, 07/01/2032		1,620	1,626
7.50%, 01/01/2033		1,654	1,902
6.50%, 01/01/2034		3,506	3,969
5.50%, 02/01/2035 to 05/01/2036		58,840	68,193
TBA, 2.00%, 07/01/2036(k)		2,720,000	2,805,691
			2,890,686
Government National Mortgage Association (GNMA)–3.99%
7.00%, 12/15/2023 to 03/15/2026		1,390	1,474
IO, 7.43% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032(c)(i)		38,044	146
6.48% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(c)(i)		33,967	6,399
6.58% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(c)(i)		219,835	34,297
4.50%, 09/16/2047(i)		166,427	24,733
6.13% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(c)(i)		165,556	30,545
TBA, 2.50%, 07/01/2051(k)		4,265,000	4,413,942
			4,511,536

	Principal
	Amount		Value
Uniform Mortgage-Backed Securities–12.17%
TBA, 2.00%, 07/01/2051(k)	$	13,630,000	$  13,763,106
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $24,275,792)			23,413,829
U.S. Treasury Securities–16.85%
U.S. Treasury Bonds–3.50%
2.25%, 05/15/2041		1,662,900	1,730,715
1.88%, 02/15/2051		2,336,600	2,230,723
			3,961,438
U.S. Treasury Notes–13.35%
0.13%, 06/30/2023		1,493,900	1,490,370
0.25%, 06/15/2024		1,948,000	1,936,205
0.88%, 06/30/2026		7,273,000	7,269,875
1.25%, 06/30/2028		692,400	693,536
1.63%, 05/15/2031		3,652,100	3,708,593
			15,098,579
Total U.S. Treasury Securities (Cost $18,806,094)			19,060,017
	Shares
Preferred Stocks–0.94%
Asset Management & Custody Banks–0.13%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(d)		132,000	144,375
Diversified Banks–0.50%
Citigroup, Inc., 5.00%, Series U, Pfd.(d)		249,000	261,226
JPMorgan Chase & Co., 3.66%, Series I, Pfd.(c)		305,000	306,144
			567,370
Investment Banking & Brokerage–0.20%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(d)		221,000	226,359
Other Diversified Financial Services–0.11%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(d)		113,000	123,170
Total Preferred Stocks (Cost $1,018,930)			1,061,274
	Principal
	Amount
Agency Credit Risk Transfer Notes–0.71%
Fannie Mae Connecticut Avenue Securities, Series 2014-C04, Class 2M2, 5.09% (1 mo. USD LIBOR + 5.00%), 11/25/2024(c)	$	95,397	97,994
Series 2016-C02, Class 1M2, 6.09% (1 mo. USD LIBOR + 6.00%), 09/25/2028(c)		142,776	150,823

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

	Principal
	Amount		Value
Freddie Mac, Series 2014-DN3, Class M3, STACR® , 4.09% (1 mo. USD LIBOR + 4.00%), 08/25/2024(c)	$	69,720	$           71,186
Series 2014-HQ2, Class M3, STACR® , 3.84% (1 mo. USD LIBOR + 3.75%), 09/25/2024(c)		235,971	241,513
Series 2018-HQA1, Class M2, STACR® , 2.39% (1 mo. USD LIBOR + 2.30%), 09/25/2030(c)		85,411	86,737
Series 2018-DNA2, Class M1, STACR® , 0.89% (1 mo. USD LIBOR + 0.80%), 12/25/2030(b)(c)		42,215	42,221
Series 2018-DNA3, Class M1, STACR® , 0.84% (1 mo. USD LIBOR + 0.75%), 09/25/2048(b)(c)		165	165
Series 2018-HQA2, Class M1, STACR® , 0.84% (1 mo. USD LIBOR + 0.75%), 10/25/2048(b)(c)		27,110	27,113
Series 2019-HRP1, Class M2, STACR® , 1.49% (1 mo. USD LIBOR + 1.40%), 02/25/2049(b)(c)		59,848	60,283
Series 2020-DNA5, Class M1, STACR® , 1.32% (30 Day Average SOFR + 1.30%), 10/25/2050(b)(c)		19,055	19,057
Total Agency Credit Risk Transfer Notes (Cost $813,442)			797,092

Investment Abbreviations:
CLO	– Collateralized Loan Obligation
Ctfs.	– Certificates
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
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
USD	– U.S. Dollar

	Principal
	Amount		Value
Municipal Obligations–0.25%
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 (Cost $280,000)	$	280,000	$         282,863
	Shares
Money Market Funds–23.60%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m)		9,326,636	9,326,636
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(l)(m)		6,698,520	6,701,200
Invesco Treasury Portfolio, Institutional Class, 0.01%(l)(m)		10,659,012	10,659,012
Total Money Market Funds (Cost $26,686,831)			26,686,848
TOTAL INVESTMENTS IN SECURITIES-127.49% (Cost $143,293,582)			144,173,118
OTHER ASSETS LESS LIABILITIES–(27.49)%			(31,089,346)
NET ASSETS–100.00%			$113,083,772

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $29,689,502, which represented 26.25% of the Fund’s Net Assets.

^(c) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

^(d) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)  Perpetual bond with no specified maturity date.

^(f) 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 June 30, 2021.

^(g) 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 June 30, 2021.

^(h)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

⁽ⁱ⁾  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(j)  Zero coupon bond issued at a discount.

^(k)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1N.

^(l) 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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	13,781,057		$	5,369,434		$	(9,823,855	)		$	-		$	-			$	9,326,636		$	1,543
Invesco Liquid Assets Portfolio, Institutional Class			9,839,218			3,835,310			(6,974,312	)			2,176			(1,192	)			6,701,200			937
Invesco Treasury Portfolio, Institutional Class			15,749,779			6,136,496			(11,227,263	)			-			-				10,659,012			614
Total		$	39,370,054		$	15,341,240		$	(28,025,430	)		$	2,176		$	(1,192	)		$	26,686,848		$	3,094

^(m)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

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		99		September-2021	$	21,811,711		$	(34,226	)	$	(34,226	)
U.S. Treasury 5 Year Notes		135		September-2021		16,663,008			(39,574	)		(39,574	)
U.S. Treasury 10 Year Notes		8		September-2021		1,060,000			623			623
U.S. Treasury Ultra Bonds		25		September-2021		4,817,188			186,858			186,858
Subtotal–Long Futures Contracts									113,681			113,681
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes		54		September-2021		(7,948,969	)		(116,491	)		(116,491	)
U.S. Treasury Long Bonds		37		September-2021		(5,947,750	)		(139,119	)		(139,119	)
Subtotal–Short Futures Contracts									(255,610	)		(255,610	)
Total Futures Contracts								$	(141,929	)	$	(141,929	)

^(a)  Futures contracts collateralized by $153,259 cash held with Merrill Lynch International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Asset-Backed Securities	23.38	%
Collateralized Mortgage Obligations	21.41
Financials	18.13
U.S. Treasury Securities	16.85
Communication Services	3.98
Consumer Discretionary	3.80
Information Technology	3.02
Real Estate	2.80
Industrials	2.57
Consumer Staples	2.34
Other Sectors, Each Less than 2% of Net Assets	5.61
Money Market Funds Plus Other Assets Less Liabilities	(3.89	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $116,606,751)	$	117,486,270
Investments in affiliated money market funds, at value (Cost $26,686,831)		26,686,848
Other investments:
Variation margin receivable - futures contracts		145,409
Deposits with brokers:
Cash collateral - exchange-traded futures contracts		153,259
Cash		504,926
Foreign currencies, at value (Cost $352,574)		353,753
Receivable for:
Investments sold		964,799
Fund shares sold		223,330
Dividends		340
Interest		452,760
Investment for trustee deferred compensation and retirement plans		55,062
Total assets		147,026,756
Liabilities:
Payable for:
Investments purchased		22,553,950
Fund shares reacquired		11,090,170
Accrued fees to affiliates		94,615
Accrued other operating expenses		149,187
Trustee deferred compensation and retirement plans		55,062
Total liabilities		33,942,984
Net assets applicable to shares outstanding	$	113,083,772
Net assets consist of:
Shares of beneficial interest	$	104,811,151
Distributable earnings		8,272,621
	$	113,083,772
Net Assets:
Series I	$	72,927,890
Series II	$	40,155,882
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,751,998
Series II		4,896,251
Series I:
Net asset value per share	$	8.33
Series II:
Net asset value per share	$	8.20

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $39)	$	1,358,953
Dividends from affiliated money market funds		3,094
Total investment income		1,362,047
Expenses:
Advisory fees		372,912
Administrative services fees		103,514
Custodian fees		14,177
Distribution fees - Series II		53,010
Transfer agent fees		10,586
Trustees’ and officers’ fees and benefits		9,721
Reports to shareholders		19,019
Professional services fees		26,849
Taxes		3,772
Other		359
Total expenses		613,919
Less: Fees waived		(89,200	)
Net expenses		524,719
Net investment income		837,328
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(38,451	)
Affiliated investment securities		(1,192	)
Foreign currencies		(1,340	)
Futures contracts		(285,599	)
		(326,582	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,118,400	)
Affiliated investment securities		2,176
Foreign currencies		(10,755	)
Futures contracts		(96,066	)
		(2,223,045	)
Net realized and unrealized gain (loss)		(2,549,627	)
Net increase (decrease) in net assets resulting from operations	$	(1,712,299	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30,			December 31,
	2021			2020
Operations:
Net investment income	$	837,328		$	2,232,742
Net realized gain (loss)		(326,582	)		7,582,017
Change in net unrealized appreciation (depreciation)		(2,223,045	)		1,409,324
Net increase (decrease) in net assets resulting from operations		(1,712,299	)		11,224,083
Distributions to shareholders from distributable earnings:
Series I		–			(2,429,653	)
Series II		–			(1,301,736	)
Total distributions from distributable earnings		–			(3,731,389	)
Share transactions–net:
Series I		(13,090,962	)		9,260,558
Series II		(5,871,136	)		(3,393,814	)
Net increase (decrease) in net assets resulting from share transactions		(18,962,098	)		5,866,744
Net increase (decrease) in net assets		(20,674,397	)		13,359,438
Net assets:
Beginning of period		133,758,169			120,398,731
End of period	$	113,083,772		$	133,758,169

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																				Ratio of			Ratio of
																				expenses			expenses
					Net gains															to average			to average net
					(losses)															net assets			assets without			Ratio of net
	Net asset				on securities						Dividends									with fee waivers			fee waivers			investment
	value,		Net		(both			Total from			from net			Net assets				Net assets,		and/or			and/or			income
	beginning		investment		realized and			investment			investment			value, end		Total		end of period		expenses			expenses			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			of period		return (b)		(000’s omitted)		absorbed			absorbed(c)			net assets			turnover (d)(e)
Series I
Six months ended 06/30/21	$	8.43	$	0.06	$	(0.16	)	$	(0.10	)	$	-		$	8.33		(1.19)%	$	72,928		0.75	%(f)		0.88	%(f)		1.39	%(f)		231	%
Year ended 12/31/20		7.93		0.16		0.61			0.77			(0.27	)		8.43		9.71		87,077		0.73			0.90			1.90			480
Year ended 12/31/19		7.49		0.23		0.48			0.71			(0.27	)		7.93		9.53		73,160		0.75			0.89			2.99			93
Year ended 12/31/18		7.83		0.25		(0.33	)		(0.08	)		(0.26	)		7.49		(1.02)		74,929		0.75			0.87			3.35			64
Year ended 12/31/17		7.67		0.19		0.16			0.35			(0.19	)		7.83		4.59		81,481		0.75			0.85			2.38			86
Year ended 12/31/16		7.71		0.23		0.02			0.25			(0.29	)		7.67		3.27		83,405		0.75			0.84			2.96			79
Series II
Six months ended 06/30/21		8.31		0.05		(0.16	)		(0.11	)		-			8.20		(1.32)		40,156		1.00	(f)		1.13	(f)		1.14	(f)		231
Year ended 12/31/20		7.82		0.14		0.59			0.73			(0.24	)		8.31		9.43		46,681		0.98			1.15			1.65			480
Year ended 12/31/19		7.39		0.21		0.47			0.68			(0.25	)		7.82		9.25		47,239		1.00			1.14			2.75			93
Year ended 12/31/18		7.73		0.23		(0.33	)		(0.10	)		(0.24	)		7.39		(1.31)		46,391		1.00			1.12			3.10			64
Year ended 12/31/17		7.57		0.16		0.17			0.33			(0.17	)		7.73		4.38		51,030		1.00			1.10			2.13			86
Year ended 12/31/16		7.61		0.21		0.02			0.23			(0.27	)		7.57		3.05		53,350		1.00			1.09			2.70			79

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.01%, 0.00%, 0.00% and 0.01% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)  The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $488,722,598 and $507,909,671, $641,318,699 and $653,537,737, $679,964,368 and $662,714,451 and $672,031,328 and $673,808,454 for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $85,615 and $42,759 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Bond Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Core Bond Fund, formerly Invesco Oppenheimer V.I. Total Return Bond Fund, (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is to seek total return.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

    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.

    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.

    Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

    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.

    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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses

Invesco V.I. Core Bond Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

    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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

    The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

    The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. Lower-Rated Securities – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

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

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

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

    The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. Core Bond Fund

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

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

M. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the 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.

N. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

    The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

    Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

O. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

P. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Q. Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

    Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $1 billion	0.600%
Over $1 billion	0.500%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.59%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the

Invesco V.I. Core Bond Fund

Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

    The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.75% and Series II shares to 1.00% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $89,200.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $9,044 for accounting and fund administrative services and was reimbursed $94,470 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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
U.S. Dollar Denominated Bonds & Notes	$	–	$	46,429,437	$–	$   46,429,437
Asset-Backed Securities		–		26,441,758	–	26,441,758
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		23,413,829	–	23,413,829
U.S. Treasury Securities		–		19,060,017	–	19,060,017
Preferred Stocks		–		1,061,274	–	1,061,274
Agency Credit Risk Transfer Notes		–		797,092	–	797,092
Municipal Obligations		–		282,863	–	282,863
Money Market Funds		26,686,848		–	–	26,686,848
Total Investments in Securities		26,686,848		117,486,270	–	144,173,118
Other Investments - Assets*
Futures Contracts		187,481		–	–	187,481

Invesco V.I. Core Bond Fund

	Level 1			Level 2		Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(329,410	)	$	–	$	–	$	(329,410	)
Total Other Investments		(141,929	)		–		–		(141,929	)
Total Investments	$	26,544,919		$	117,486,270	$	–	$	144,031,189

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
	Interest
Derivative Assets	Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	187,481
Derivatives not subject to master netting agreements		(187,481	)
Total Derivative Assets subject to master netting agreements	$	-
	Value
	Interest
Derivative Liabilities	Rate Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(329,410	)
Derivatives not subject to master netting agreements		329,410
Total Derivative Liabilities subject to master netting agreements	$	-

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on
	Statement of Operations
	Interest
	Rate Risk
Realized Gain (Loss):
Futures contracts		$(285,599)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(96,066)
Total		$(381,665)

    The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$	66,399,156

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown

Invesco V.I. Core Bond Fund

in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $47,062,232 and $50,500,294, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,407,799
Aggregate unrealized (depreciation) of investments		(2,654,084	)
Net unrealized appreciation of investments	$	753,715

Cost of investments for tax purposes is $143,277,474.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		530,237		$	4,418,421			2,207,694		$	18,501,766
Series II		374,792			3,061,284			2,667,997			21,953,889
Issued as reinvestment of dividends:
Series I		-			-			293,082			2,429,653
Series II		-			-			159,136			1,301,736
Reacquired:
Series I		(2,105,624	)		(17,509,383	)		(1,401,177	)		(11,670,861	)
Series II		(1,096,238	)		(8,932,420	)		(3,253,104	)		(26,649,439	)
Net increase (decrease) in share activity		(2,296,833	)	$	(18,962,098	)		673,628		$	5,866,744

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Core Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning     Account Value     (01/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses     Paid During     Period2	Annualized     Expense     Ratio
Series I	$1,000.00	$988.10	$3.70	$1,021.08	$3.76	0.75%
Series II	1,000.00	986.80	4.93	1,019.84	5.01	1.00

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Core Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Core Bond Fund’s (formerly, Invesco Oppenheimer V.I. Total Return Bond Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. Core Bond Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fee was in the fourth quintile of its expense group and discussed with management reasons for such relative contractual management fees.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and

noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Core Bond Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Core Equity Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |  NO BANK GUARANTEE

Invesco Distributors, Inc. VICEQ-SAR-1

Fund Performance

Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	16.20	%
Series II Shares	16.02
S&P 500 Indexq (Broad Market Index)	15.25
Russell 1000 Indexq (Style-Specific Index)	14.95
Lipper VUF Large-Cap Core Funds Index∎ (Peer Group Index)	14.87
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Russell 1000® Index is an unmanaged index considered representative of large-cap stocks. The Russell 1000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Lipper VUF Large-Cap Core Funds Index is an unmanaged index considered representative of large-cap core variable insurance underlying funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/2/94)	8.79%
10 Years	10.41
5 Years	13.05
1 Year	40.28
Series II Shares
Inception (10/24/01)	7.80%
10 Years	10.13
5 Years	12.77
1 Year	39.88

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Core Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

^∎  The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

^∎  The Fund’s investment strategy remained appropriate for an open-end fund;

^∎  The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

^∎  The Fund did not breach the 15% limit on Illiquid Investments; and

^∎  The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Core Equity Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.86%
Aerospace & Defense–1.78%
Raytheon Technologies Corp.		174,309	$    14,870,301
Air Freight & Logistics–2.76%
United Parcel Service, Inc., Class B		110,437	22,967,583
Application Software–1.37%
Manhattan Associates, Inc.(b)		5,738	831,093
Workday, Inc., Class A(b)		44,491	10,621,781
			11,452,874
Automobile Manufacturers–1.23%
General Motors Co.(b)		172,525	10,208,304
Automotive Retail–1.92%
CarMax, Inc.(b)		64,723	8,358,975
O’Reilly Automotive, Inc.(b)		13,508	7,648,365
			16,007,340
Biotechnology–0.59%
Neurocrine Biosciences, Inc.(b)		19,752	1,922,264
Seagen, Inc.(b)		18,793	2,967,039
			4,889,303
Cable & Satellite–1.72%
Comcast Corp., Class A		250,650	14,292,063
Commodity Chemicals–0.51%
Valvoline, Inc.		131,524	4,269,269
Communications Equipment–1.46%
Motorola Solutions, Inc.		55,922	12,126,686
Construction Machinery & Heavy Trucks–0.94%
Caterpillar, Inc.		36,024	7,839,903
Construction Materials–1.15%
Vulcan Materials Co.		55,092	9,589,864
Consumer Finance–2.19%
Capital One Financial Corp.		117,913	18,239,962
Data Processing & Outsourced Services–2.88%
Fiserv, Inc.(b)		106,204	11,352,145
Mastercard, Inc., Class A		34,532	12,607,288
			23,959,433
Distillers & Vintners–1.50%
Constellation Brands, Inc., Class A		53,605	12,537,673
Diversified Banks–3.11%
JPMorgan Chase & Co.		166,605	25,913,742
Electric Utilities–1.45%
FirstEnergy Corp.		325,517	12,112,488
Electrical Components & Equipment–1.29%
Hubbell, Inc.		22,309	4,168,214
Rockwell Automation, Inc.		23,106	6,608,778
			10,776,992

	Shares		Value
Environmental & Facilities Services–0.72%
Waste Connections, Inc.		50,384	$    6,017,361
Financial Exchanges & Data–1.69%
Intercontinental Exchange, Inc.		118,614	14,079,482
Food Distributors–0.96%
Sysco Corp.		102,679	7,983,292
General Merchandise Stores–1.34%
Target Corp.		46,271	11,185,552
Health Care Facilities–2.45%
HCA Healthcare, Inc.		98,740	20,413,508
Health Care Services–1.87%
CVS Health Corp.		187,009	15,604,031
Health Care Supplies–0.77%
Alcon, Inc. (Switzerland)(c)		23,027	1,617,877
Cooper Cos., Inc. (The)		12,151	4,815,077
			6,432,954
Home Improvement Retail–2.01%
Home Depot, Inc. (The)		52,546	16,756,394
Homebuilding–0.94%
D.R. Horton, Inc.		86,392	7,807,245
Hotels, Resorts & Cruise Lines–1.06%
Airbnb, Inc., Class A(b)(c)		34,503	5,283,789
Booking Holdings, Inc.(b)		1,606	3,514,073
			8,797,862
Household Products–2.31%
Procter & Gamble Co. (The)		121,892	16,446,888
Reckitt Benckiser Group PLC (United Kingdom)		31,196	2,760,883
			19,207,771
Industrial Machinery–1.69%
Otis Worldwide Corp.		172,044	14,068,038
Industrial REITs–2.54%
Prologis, Inc.		177,308	21,193,625
Integrated Telecommunication Services–1.76%
Verizon Communications, Inc.		262,309	14,697,173
Interactive Home Entertainment–0.95%
Zynga, Inc., Class A(b)		744,961	7,918,935
Interactive Media & Services–4.29%
Facebook, Inc., Class A(b)		91,867	31,943,075
Snap, Inc., Class A(b)		56,157	3,826,538
			35,769,613
Internet & Direct Marketing Retail–5.96%
Amazon.com, Inc.(b)		14,443	49,686,231
Internet Services & Infrastructure–0.34%
Snowflake, Inc., Class A(b)		11,740	2,838,732

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Equity Fund

	Shares		Value
IT Consulting & Other Services–2.14%
Accenture PLC, Class A		43,353	$    12,780,031
Amdocs Ltd.		65,358	5,056,095
			17,836,126
Life Sciences Tools & Services–0.97%
Avantor, Inc.(b)		158,245	5,619,280
Thermo Fisher Scientific, Inc.		4,914	2,478,965
			8,098,245
Managed Health Care–2.94%
UnitedHealth Group, Inc.		61,149	24,486,506
Movies & Entertainment–1.60%
Netflix, Inc.(b)		20,998	11,091,353
Warner Music Group Corp., Class A		62,996	2,270,376
			13,361,729
Oil & Gas Exploration & Production–0.61%
Cabot Oil & Gas Corp.		292,751	5,111,432
Oil & Gas Refining & Marketing–0.57%
Valero Energy Corp.		60,789	4,746,405
Oil & Gas Storage & Transportation–0.66%
Magellan Midstream Partners L.P.		113,297	5,541,356
Other Diversified Financial Services–1.95%
Equitable Holdings, Inc.		532,953	16,228,419
Packaged Foods & Meats–1.27%
a2 Milk Co. Ltd. (The) (New Zealand)(b)		199,207	896,247
Mondelez International, Inc., Class A		154,562	9,650,851
			10,547,098
Pharmaceuticals–4.39%
AstraZeneca PLC, ADR (United Kingdom)(c)		304,461	18,237,214
Bayer AG (Germany)		31,747	1,928,367
Eli Lilly and Co.		71,487	16,407,696
			36,573,277
Property & Casualty Insurance–1.75%
Allstate Corp. (The)		52,372	6,831,404
Progressive Corp. (The)		78,692	7,728,341
			14,559,745
Railroads–1.14%
Union Pacific Corp.		43,114	9,482,062
Regional Banks–0.58%
CIT Group, Inc.		93,896	4,844,095

	Shares		Value
Semiconductor Equipment–2.25%
Applied Materials, Inc.		131,430	$	18,715,632
Semiconductors–4.32%
QUALCOMM, Inc.		145,921		20,856,489
Texas Instruments, Inc.		78,765		15,146,509
				36,002,998
Systems Software–8.54%
Microsoft Corp.		231,738		62,777,824
VMware, Inc., Class A(b)		52,290		8,364,831
				71,142,655
Technology Hardware, Storage & Peripherals–1.72%
Apple, Inc.		104,689		14,338,205
Thrifts & Mortgage Finance–0.52%
Rocket Cos., Inc., Class A		224,033		4,335,039
Water Utilities–0.44%
American Water Works Co., Inc.		23,812		3,670,144
Total Common Stocks & Other Equity Interests (Cost $543,866,343)				832,132,747
Money Market Funds–0.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		853,380		853,380
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		578,499		578,730
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		975,292		975,292
Total Money Market Funds (Cost $2,407,402)				2,407,402
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.15% (Cost $546,273,745)				834,540,149
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.94%
Invesco Private Government Fund, 0.02%(d)(e)(f)		7,335,942		7,335,942
Invesco Private Prime Fund, 0.12%(d)(e)(f)		17,110,353		17,117,197
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,453,139)				24,453,139
TOTAL INVESTMENTS IN SECURITIES–103.09% (Cost $570,726,884)				858,993,288
OTHER ASSETS LESS LIABILITIES–(3.09)%				(25,731,277	)
NET ASSETS–100.00%			$	833,262,011

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Equity 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 June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,101,539		$	18,231,326		$	(18,479,485	)		$	-		$	-		$	853,380		$	158
Invesco Liquid Assets Portfolio, Institutional Class			786,738			12,991,565			(13,199,652	)			24			55			578,730			75
Invesco Treasury Portfolio, Institutional Class			1,258,901			20,835,801			(21,119,410	)			-			-			975,292			63
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			29,387,465			(22,051,523	)			-			-			7,335,942			210	*
Invesco Private Prime Fund			-			48,503,355			(31,386,275	)			-			117			17,117,197			2,796	*
Total		$	3,147,178		$	129,949,512		$	(106,236,345	)		$	24		$	172		$	26,860,541		$	3,302

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1I.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	25.02	%
Consumer Discretionary	14.46
Health Care	13.98
Financials	11.79
Industrials	10.32
Communication Services	10.32
Consumer Staples	6.04
Real Estate	2.54
Other Sectors, Each Less than 2% of Net Assets	5.39
Money Market Funds Plus Other Assets Less Liabilities	0.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Equity Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $543,866,343)*	$	832,132,747
Investments in affiliated money market funds, at value (Cost $26,860,541)		26,860,541
Foreign currencies, at value (Cost $46,263)		45,417
Receivable for:
Investments sold		872,624
Fund shares sold		28,083
Dividends		287,243
Investment for trustee deferred compensation and retirement plans		435,743
Total assets		860,662,398
Liabilities:
Payable for:
Investments purchased		1,137,339
Fund shares reacquired		656,037
Collateral upon return of securities loaned		24,453,139
Accrued fees to affiliates		640,223
Accrued other operating expenses		49,479
Trustee deferred compensation and retirement plans		464,170
Total liabilities		27,400,387
Net assets applicable to shares outstanding	$	833,262,011
Net assets consist of:
Shares of beneficial interest	$	464,187,968
Distributable earnings		369,074,043
	$833,262,011
Net Assets:
Series I	$	809,398,553
Series II	$	23,863,458
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		22,893,254
Series II		679,243
Series I:
Net asset value per share	$	35.36
Series II:
Net asset value per share	$	35.13

* At June 30, 2021, securities with an aggregate value of $24,047,755 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4,277)	$	6,591,504
Dividends from affiliated money market funds (includes securities lending income of $11,202)		11,498
Total investment income		6,603,002
Expenses:
Advisory fees		2,448,549
Administrative services fees		650,857
Custodian fees		8,703
Distribution fees - Series II		28,375
Transfer agent fees		28,046
Trustees’ and officers’ fees and benefits		10,826
Reports to shareholders		7,607
Professional services fees		22,418
Other		9,042
Total expenses		3,214,423
Less: Fees waived		(612	)
Net expenses		3,213,811
Net investment income		3,389,191
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		51,906,836
Affiliated investment securities		172
Foreign currencies		(1,028	)
		51,905,980
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		64,688,396
Affiliated investment securities		24
Foreign currencies		(4,522	)
		64,683,898
Net realized and unrealized gain		116,589,878
Net increase in net assets resulting from operations	$	119,979,069

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30,			December 31,
	2021			2020
Operations:
Net investment income		$    3,389,191			$    6,765,499
Net realized gain		51,905,980			22,526,558
Change in net unrealized appreciation		64,683,898			62,311,367
Net increase in net assets resulting from operations		119,979,069			91,603,424
Distributions to shareholders from distributable earnings:
Series I		-			(165,580,119	)
Series II		-			(4,892,160	)
Total distributions from distributable earnings		-			(170,472,279	)
Share transactions–net:
Series I		(47,524,185	)		(38,886,728	)
Series II		(1,546,834	)		1,713,650
Net increase (decrease) in net assets resulting from share transactions		(49,071,019	)		(37,173,078	)
Net increase (decrease) in net assets		70,908,050			(116,041,933	)
Net assets:
Beginning of period		762,353,961			878,395,894
End of period		$833,262,011			$  762,353,961

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Equity Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$30.43		$0.14		$ 4.79			$ 4.93			$     -			$      -			$      -			$35.36		16.20	%		$ 809,399		0.80	%(d)		0.80	%(d)		0.86	%(d)		17	%
Year ended 12/31/20		34.95		0.29		3.89			4.18			(0.48	)		(8.22	)		(8.70	)		30.43		13.85			740,345		0.81			0.81			0.89			50
Year ended 12/31/19		30.94		0.38		8.22			8.60			(0.35	)		(4.24	)		(4.59	)		34.95		28.97			855,744		0.78			0.78			1.08			82
Year ended 12/31/18		36.72		0.25		(3.29	)		(3.04	)		(0.34	)		(2.40	)		(2.74	)		30.94		(9.40	)		858,828		0.79			0.80			0.70			46
Year ended 12/31/17		34.58		0.27		4.21			4.48			(0.39	)		(1.95	)		(2.34	)		36.72		13.17			1,054,802		0.79			0.80			0.74			30
Year ended 12/31/16		33.84		0.39		3.07			3.46			(0.28	)		(2.44	)		(2.72	)		34.58		10.26			1,033,700		0.84			0.85			1.11			38
Series II
Six months ended 06/30/21		30.27		0.10		4.76			4.86			-			-			-			35.13		16.06			23,863		1.05	(d)		1.05	(d)		0.61	(d)		17
Year ended 12/31/20		34.81		0.21		3.85			4.06			(0.38	)		(8.22	)		(8.60	)		30.27		13.53			22,009		1.06			1.06			0.64			50
Year ended 12/31/19		30.66		0.29		8.16			8.45			(0.06	)		(4.24	)		(4.30	)		34.81		28.66			22,652		1.03			1.03			0.83			82
Year ended 12/31/18		36.18		0.16		(3.28	)		(3.12	)		-			(2.40	)		(2.40	)		30.66		(9.61	)		20,203		1.04			1.05			0.45			46
Year ended 12/31/17		34.11		0.18		4.14			4.32			(0.30	)		(1.95	)		(2.25	)		36.18		12.87			189,982		1.04			1.05			0.49			30
Year ended 12/31/16		33.40		0.30		3.03			3.33			(0.18	)		(2.44	)		(2.62	)		34.11		10.02			179,596		1.09			1.10			0.86			38

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $779,226 and $22,888 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Equity Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Core Equity Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Core Equity Fund

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. Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

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

Invesco V.I. Core Equity Fund

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

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.650	%
Over $250 million		0.600	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $612.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $57,398 for accounting and fund administrative services and was reimbursed $593,459 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $716 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Core Equity Fund

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 June 30, 2021. 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	$	826,547,250	$	5,585,497		$-	$	832,132,747
Money Market Funds		2,407,402		24,453,139		-		26,860,541
Total Investments	$	828,954,652	$	30,038,636		$-	$	858,993,288

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities purchases of $1,483,179.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $137,300,665 and $182,826,044, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	291,838,948
Aggregate unrealized (depreciation) of investments		(2,886,134	)
Net unrealized appreciation of investments	$	288,952,814

Cost of investments for tax purposes is $570,040,474.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	June 30, 2021(a)				December 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Series I		239,133	$	7,796,055		698,021	$	20,672,935
Series II		14,736		483,357		44,947		1,413,543

Invesco V.I. Core Equity Fund

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Series I		-		$	-			5,857,096		$	165,580,119
Series II		-			-			173,851			4,892,160
Reacquired:
Series I		(1,676,266	)		(55,320,240	)		(6,708,456	)		(225,139,782	)
Series II		(62,491	)		(2,030,191	)		(142,565	)		(4,592,053	)
Net increase (decrease) in share activity		(1,484,888	)	$	(49,071,019	)		(77,106	)	$	(37,173,078	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Series I	$1,000.00	$1,162.00	$4.29	$1,020.83	$4.01	0.80%
Series II	1,000.00	1,160.20	5.62	1,019.59	5.26	1.05

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Core Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Core Equity Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

    A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s stock selection in certain sectors detracted from Fund performance. The Board further noted that the Fund underwent a portfolio management team change in June 2019, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the

Invesco V.I. Core Equity Fund

Russell 1000^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s stock selection in certain sectors detracted from Fund performance. The Board further noted that the Fund underwent a portfolio management team change in June 2019, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board requested and received additional

information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Core Equity Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Core Plus Bond Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Invesco Distributors, Inc. VICPB-SAR-1                                

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-0.43%
Series II Shares	-0.58
Bloomberg Barclays U.S. Aggregate Bond Indexq (Broad Market/Style-Specific Index)	-1.60
Lipper VUF Core Plus Bond Funds Index∎ (Peer Group Index)	-1.40
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index   considered representative of the US investment-grade, fixed-rate bond market. The Lipper VUF Core Plus Bond Funds Index is an unmanaged index considered representative of core plus bond variable insurance underlying funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Core Plus Bond Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/5/93)	4.52	%
10 Years	5.18
5 Years	4.80
1 Year	3.34
Series II Shares
Inception (3/14/02)	4.16	%
10 Years	4.91
5 Years	4.54
1 Year	3.10

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Core Plus Bond Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Core Plus Bond Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–49.88%
Advertising–0.16%
Lamar Media Corp., 3.75%, 02/15/2028	$	44,000	$	44,835
3.63%, 01/15/2031(b)		16,000		15,672
				60,507
Aerospace & Defense–0.22%
Boeing Co. (The), 2.75%, 02/01/2026		26,000		27,177
2.20%, 02/04/2026		44,000		44,428
Teledyne Technologies, Inc., 2.75%, 04/01/2031		15,000		15,420
				87,025
Agricultural & Farm Machinery–0.25%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		96,000		97,126	��
Airlines–0.68%
British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class A, 3.35%, 06/15/2029(b)		16,122		16,177
Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		4,000		4,110
Delta Air Lines, Inc., 7.38%, 01/15/2026		7,000		8,219
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		34,329		36,907
4.75%, 10/20/2028(b)		61,432		68,347
United Airlines Pass-Through Trust, Series 2014-2, Class B, 4.63%, 09/03/2022		24,495		25,060
Series 2020-1, Class A, 5.88%, 10/15/2027		53,292		59,244
Series 2018-1, Class AA, 3.50%, 03/01/2030		20,319		21,321
United Airlines, Inc., 4.38%, 04/15/2026(b)		9,000		9,328
4.63%, 04/15/2029(b)		16,000		16,580
				265,293
Application Software–0.54%
salesforce.com, inc., 2.90%, 07/15/2051		95,000		96,402
3.05%, 07/15/2061		58,000		59,106
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)		57,000		56,728
				212,236
Asset Management & Custody Banks–0.23%
Ameriprise Financial, Inc., 3.00%, 04/02/2025		21,000		22,529
CI Financial Corp. (Canada), 3.20%, 12/17/2030		38,000		39,040
Owl Rock Capital Corp., 2.63%, 01/15/2027		27,000		27,093
				88,662

	Principal Amount		Value
Auto Parts & Equipment–0.30%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)	$	82,000	$	84,144
5.38%, 03/01/2029(b)		31,000		32,323
				116,467
Automobile Manufacturers–1.50%
Allison Transmission, Inc., 3.75%, 01/30/2031(b)		28,000		27,555
American Honda Finance Corp., 1.80%, 01/13/2031		29,000		28,677
Ford Motor Credit Co. LLC, 3.09%, 01/09/2023		200,000		204,250
3.38%, 11/13/2025		205,000		212,831
Hyundai Capital America, 5.75%, 04/06/2023(b)		29,000		31,527
4.30%, 02/01/2024(b)		4,000		4,335
5.88%, 04/07/2025(b)		13,000		15,028
2.00%, 06/15/2028(b)		61,000		60,581
				584,784
Biotechnology–0.32%
AbbVie, Inc., 2.30%, 11/21/2022		56,000		57,491
2.60%, 11/21/2024		63,000		66,456
				123,947
Building Products–0.27%
Masco Corp., 1.50%, 02/15/2028		25,000		24,428
2.00%, 02/15/2031		15,000		14,662
3.13%, 02/15/2051		15,000		14,947
Standard Industries, Inc., 3.38%, 01/15/2031(b)		52,000		49,845
				103,882
Cable & Satellite–0.99%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/2031(b)		19,000		19,380
4.50%, 06/01/2033(b)		29,000		29,711
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 3.50%, 06/01/2041		31,000		31,261
3.90%, 06/01/2052		50,000		51,057
3.85%, 04/01/2061		42,000		41,325
4.40%, 12/01/2061		20,000		21,532
Comcast Corp., 4.60%, 10/15/2038		10,000		12,415
3.25%, 11/01/2039		5,000		5,327
4.95%, 10/15/2058		11,000		15,262
Cox Communications, Inc., 2.60%, 06/15/2031(b)		39,000		39,628
2.95%, 10/01/2050(b)		12,000		11,394
3.60%, 06/15/2051(b)		101,000		106,552
				384,844

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Casinos & Gaming–0.02%
Boyne USA, Inc., 4.75%, 05/15/2029(b)	$	7,000	$	7,242
Computer & Electronics Retail–0.27%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		26,000		31,228
8.35%, 07/15/2046		21,000		34,401
Leidos, Inc., 2.30%, 02/15/2031		31,000		30,324
Rent-A-Center, Inc., 6.38%, 02/15/2029(b)		8,000		8,606
				104,559
Consumer Finance–0.17%
Ally Financial, Inc., Series C, 4.70%(c)(d)		66,000		67,010
Copper–0.28%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		57,000		60,370
4.38%, 08/01/2028		21,000		22,208
Southern Copper Corp. (Peru), 5.88%, 04/23/2045		18,000		25,222
				107,800
Data Processing & Outsourced Services–0.32%
Fidelity National Information Services, Inc., 3.10%, 03/01/2041		14,000		14,372
PayPal Holdings, Inc.,
2.65%, 10/01/2026		17,000		18,275
2.85%, 10/01/2029		9,000		9,718
Square, Inc.,
2.75%, 06/01/2026(b)		27,000		27,506
3.50%, 06/01/2031(b)		54,000		54,540
				124,411
Department Stores–0.04%
Macy’s Retail Holdings LLC, 5.88%, 04/01/2029(b)		16,000		17,227
Distributors–0.04%
Genuine Parts Co., 1.88%, 11/01/2030		17,000		16,445
Diversified Banks–8.27%
Australia & New Zealand Banking Group Ltd. (Australia), 2.57%, 11/25/2035(b)(c)		81,000		78,783
Bank of America Corp., 2.69%, 04/22/2032(c)		76,000		78,239
BBVA Bancomer S.A. (Mexico), 6.75%, 09/30/2022(b)		150,000		159,573
Citigroup, Inc., 2.88%, 07/24/2023(c)		9,000		9,233
3.11%, 04/08/2026(c)		23,000		24,627
4.41%, 03/31/2031(c)		19,000		22,208
2.57%, 06/03/2031(c)		38,000		39,103
2.56%, 05/01/2032(c)		50,000		50,933
3.88%(c)(d)		97,000		99,304
Series A, 5.95%(c)(d)		16,000		16,832
Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031(b)		200,000		200,150
3.31%, 03/11/2041(b)		200,000		203,944
Corp. Andina de Fomento (Supranational), 4.38%, 06/15/2022		50,000		51,923

	Principal Amount		Value
Diversified Banks–(continued)
HSBC Holdings PLC (United Kingdom), 6.00%(c)(d)	$	200,000	$	222,500
ING Groep N.V. (Netherlands), 6.88%(b)(c)(d)		200,000		208,313
JPMorgan Chase & Co., 1.06%(3 mo. USD LIBOR + 0.89%), 07/23/2024(e)		48,000		48,680
2.08%, 04/22/2026(c)		29,000		29,999
3.63%, 12/01/2027		13,000		14,294
2.58%, 04/22/2032(c)		47,000		48,270
3.11%, 04/22/2041(c)		18,000		18,708
Series W, 1.16%(3 mo. USD LIBOR + 1.00%), 05/15/2047(e)		35,000		30,152
Mizuho Financial Group, Inc. (Japan), 2.17%, 05/22/2032(c)		200,000		198,820
National Australia Bank Ltd. (Australia), 2.99%, 05/21/2031(b)		250,000		254,027
Standard Chartered PLC (United Kingdom), 2.68%, 06/29/2032(b)(c)		200,000		201,115
3.27%, 02/18/2036(b)(c)		200,000		200,828
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.14%, 09/23/2030		48,000		46,893
U.S. Bancorp, 1.38%, 07/22/2030		21,000		20,266
UniCredit S.p.A. (Italy), 1.98%, 06/03/2027(b)(c)		200,000		199,485
3.13%, 06/03/2032(b)(c)		200,000		200,866
United Overseas Bank Ltd. (Singapore), 2.00%, 10/14/2031(b)(c)		200,000		200,324
Wells Fargo & Co., 3.07%, 04/30/2041(c)		15,000		15,415
Series BB, 3.90%(c)(d)		26,000		26,934
				3,220,741
Diversified Capital Markets–1.78%
Credit Suisse Group AG (Switzerland), 4.19%, 04/01/2031(b)(c)		250,000		281,207
7.13%(b)(c)(d)		200,000		208,848
UBS Group AG (Switzerland), 3.88%(b)(c)(d)		201,000		201,878
				691,933
Diversified Metals & Mining–0.14%
FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031(b)		51,000		54,629
Diversified REITs–1.20%
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		18,000		20,171
Trust Fibra Uno (Mexico), 5.25%, 01/30/2026(b)		200,000		225,500
4.87%, 01/15/2030(b)		200,000		220,746
				466,417
Drug Retail–0.88%
CK Hutchison International 21 Ltd. (United Kingdom), 1.50%, 04/15/2026(b)		200,000		201,275
CVS Pass-Through Trust, 5.77%, 01/10/2033(b)		118,412		140,424
				341,699

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Electric Utilities–0.40%
Consolidated Edison Co. of New York, Inc., Series C, 3.00%, 12/01/2060	$	18,000	$	16,682
3.60%, 06/15/2061		49,000		50,802
Duke Energy Progress LLC, 2.50%, 08/15/2050		38,000		35,186
Southern Co. (The), Series 21-A, 3.75%, 09/15/2051(c)		29,000		29,222
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b)		24,000		24,150
				156,042
Electrical Components & Equipment–0.53%
AES Andres B.V. (Dominican Republic), 5.70%, 05/04/2028(b)		200,000		207,500
Electronic Components–0.42%
Corning, Inc., 5.45%, 11/15/2079		116,000		162,768
Electronic Equipment & Instruments–0.20%
Vontier Corp., 1.80%, 04/01/2026(b)		16,000		15,932
2.40%, 04/01/2028(b)		34,000		33,816
2.95%, 04/01/2031(b)		29,000		29,169
				78,917
Electronic Manufacturing Services–0.07%
Jabil, Inc., 3.00%, 01/15/2031		27,000		27,817
Environmental & Facilities Services–0.14%
GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028(b)		56,000		55,939
Financial Exchanges & Data–0.27%
Moody’s Corp., 5.25%, 07/15/2044		13,000		17,463
MSCI, Inc., 3.88%, 02/15/2031(b)		36,000		37,407
3.63%, 11/01/2031(b)		35,000		35,946
S&P Global, Inc., 1.25%, 08/15/2030		14,000		13,273
				104,089
Food Distributors–0.18%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b)		69,000		68,763
Food Retail–0.33%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(b)		8,000		8,236
Alimentation Couche-Tard, Inc. (Canada), 3.44%, 05/13/2041(b)		61,000		63,065
3.63%, 05/13/2051(b)		53,000		55,518
				126,819
Forest Products–0.08%
Suzano Austria GmbH (Brazil), 3.13%, 01/15/2032		32,000		31,732
Health Care Distributors–0.06%
Owens & Minor, Inc., 4.50%, 03/31/2029(b)		24,000		24,691
Health Care REITs–0.29%
Diversified Healthcare Trust, 4.38%, 03/01/2031		29,000		27,825

	Principal Amount		Value
Health Care REITs–(continued)
Healthcare Trust of America Holdings L.P., 2.00%, 03/15/2031	$	17,000	$	16,446
Healthpeak Properties, Inc., 2.88%, 01/15/2031		9,000		9,434
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		45,000		44,958
Physicians Realty L.P., 4.30%, 03/15/2027		4,000		4,516
Welltower, Inc., 3.10%, 01/15/2030		11,000		11,736
				114,915
Health Care Services–0.46%
CVS Health Corp., 1.30%, 08/21/2027		24,000		23,557
2.70%, 08/21/2040		6,000		5,827
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(b)		150,000		150,141
				179,525
Home Improvement Retail–0.18%
Lowe’s Cos., Inc., 2.63%, 04/01/2031		37,000		38,274
3.50%, 04/01/2051		29,000		31,155
				69,429
Homebuilding–0.10%
M.D.C. Holdings, Inc., 3.85%, 01/15/2030		35,000		37,538
Hotels, Resorts & Cruise Lines–0.17%
Expedia Group, Inc., 4.63%, 08/01/2027		18,000		20,369
2.95%, 03/15/2031		14,000		14,215
Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032(b)		32,000		31,643
				66,227
Independent Power Producers & Energy Traders–0.74%
AES Corp. (The), 1.38%, 01/15/2026(b)		7,000		6,934
2.45%, 01/15/2031(b)		19,000		18,830
Calpine Corp., 3.75%, 03/01/2031(b)		68,000		64,850
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030(b)		200,000		199,300
				289,914
Industrial Machinery–0.13%
IDEX Corp., 2.63%, 06/15/2031		49,000		49,865
Insurance Brokers–0.12%
Arthur J. Gallagher & Co., 2.50%, 05/20/2031		18,000		18,197
3.50%, 05/20/2051		29,000		30,424
				48,621
Integrated Oil & Gas–2.71%
BP Capital Markets America, Inc., 3.06%, 06/17/2041		72,000		72,704
2.94%, 06/04/2051		36,000		34,554
3.38%, 02/08/2061		54,000		54,415

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Integrated Oil & Gas–(continued)
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)	$	21,000	$	21,589
Petrobras Global Finance B.V. (Brazil), 5.50%, 06/10/2051		57,000		57,091
Petroleos Mexicanos (Mexico), 6.63%, 06/15/2035		23,000		22,241
Petronas Capital Ltd. (Malaysia), 2.48%, 01/28/2032(b)		200,000		201,539
Qatar Petroleum (Qatar), 2.25%, 07/12/2031(b)		200,000		197,874
3.30%, 07/12/2051(b)		200,000		200,000
Saudi Arabian Oil Co. (Saudi Arabia), 3.50%, 11/24/2070(b)		200,000		194,742
				1,056,749
Integrated Telecommunication Services–0.79%
AT&T, Inc., 3.10%, 02/01/2043		29,000		28,473
3.50%, 09/15/2053(b)		44,000		44,272
3.55%, 09/15/2055(b)		56,000		56,269
3.50%, 02/01/2061		18,000		17,804
Verizon Communications, Inc., 0.85%, 11/20/2025		29,000		28,698
2.55%, 03/21/2031		19,000		19,435
4.81%, 03/15/2039		7,000		8,880
2.65%, 11/20/2040		14,000		13,498
3.40%, 03/22/2041		22,000		23,301
2.88%, 11/20/2050		20,000		19,047
3.55%, 03/22/2051		4,000		4,279
3.00%, 11/20/2060		21,000		19,659
3.70%, 03/22/2061		24,000		25,746
				309,361
Interactive Home Entertainment–0.40%
Activision Blizzard, Inc., 2.50%, 09/15/2050		29,000		26,098
Electronic Arts, Inc., 1.85%, 02/15/2031		41,000		39,663
2.95%, 02/15/2051		40,000		39,203
WMG Acquisition Corp., 3.00%, 02/15/2031(b)		52,000		49,399
				154,363
Interactive Media & Services–0.24%
Alphabet, Inc., 2.25%, 08/15/2060		27,000		23,896
Match Group Holdings II LLC, 5.63%, 02/15/2029(b)		33,000		35,776
Twitter, Inc., 3.88%, 12/15/2027(b)		31,000		32,977
				92,649
Internet & Direct Marketing Retail–0.96%
Amazon.com, Inc., 1.00%, 05/12/2026		29,000		29,019
1.65%, 05/12/2028		28,000		28,257
2.10%, 05/12/2031		81,000		82,415
2.88%, 05/12/2041		99,000		102,269
3.10%, 05/12/2051		80,000		84,144
3.25%, 05/12/2061		45,000		47,504
				373,608

	Principal Amount		Value
Internet Services & Infrastructure–0.33%
Twilio, Inc., 3.63%, 03/15/2029	$	48,000	$	49,020
3.88%, 03/15/2031		48,000		49,320
VeriSign, Inc., 2.70%, 06/15/2031		31,000		31,533
				129,873
Investment Banking & Brokerage–1.48%
Goldman Sachs Group, Inc. (The), 0.61%(SOFR + 0.58%), 03/08/2024(e)		76,000		76,231
3.50%, 04/01/2025		18,000		19,537
3.27%, 09/29/2025(c)		21,000		22,473
0.83%(SOFR + 0.79%), 12/09/2026(e)		75,000		74,876
1.09%, 12/09/2026(c)		29,000		28,563
0.85%(SOFR + 0.81%), 03/09/2027(e)		107,000		106,976
1.99%, 01/27/2032(c)		27,000		26,246
2.62%, 04/22/2032(c)		19,000		19,423
3.21%, 04/22/2042(c)		18,000		18,856
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		25,000		28,067
Morgan Stanley, 2.19%, 04/28/2026(c)		18,000		18,698
2.70%, 01/22/2031(c)		56,000		58,666
3.62%, 04/01/2031(c)		19,000		21,229
3.22%, 04/22/2042(c)		14,000		14,857
2.80%, 01/25/2052(c)		17,000		16,703
Raymond James Financial, Inc., 3.75%, 04/01/2051		21,000		23,090
				574,491
Life & Health Insurance–1.15%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		43,000		48,686
Athene Global Funding, 1.20%, 10/13/2023(b)		41,000		41,478
2.50%, 01/14/2025(b)		23,000		23,990
1.45%, 01/08/2026(b)		19,000		19,030
Athene Holding Ltd., 6.15%, 04/03/2030		21,000		26,580
3.95%, 05/25/2051		9,000		9,672
Belrose Funding Trust, 2.33%, 08/15/2030(b)		39,000		38,292
MAG Mutual Holding Co., 4.75%, 04/30/2041		172,000		172,000
Nationwide Financial Services, Inc., 3.90%, 11/30/2049(b)		15,000		16,591
Pacific LifeCorp, 3.35%, 09/15/2050(b)		23,000		24,401
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(b)		13,000		13,515
Western & Southern Life Insurance Co. (The), 3.75%, 04/28/2061(b)		12,000		12,801
				447,036
Life Sciences Tools & Services–0.07%
Illumina, Inc., 2.55%, 03/23/2031		25,000		25,402
Managed Health Care–0.52%
Centene Corp., 2.50%, 03/01/2031		96,000		94,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Managed Health Care–(continued)
Kaiser Foundation Hospitals, Series 2021, 2.81%, 06/01/2041	$	45,000	$    46,000
3.00%, 06/01/2051		45,000	46,580
UnitedHealth Group, Inc., 3.75%, 07/15/2025		13,000	14,434
			201,814
Metal & Glass Containers–0.05%
Intertape Polymer Group, Inc. (Canada), 4.38%, 06/15/2029(b)		6,000	6,092
Silgan Holdings, Inc., 1.40%, 04/01/2026(b)		14,000	13,878
			19,970
Multi-line Insurance–0.60%
AIG Global Funding, 2.70%, 12/15/2021(b)		22,000	22,254
American Financial Group, Inc., 3.50%, 08/15/2026		4,000	4,350
American International Group, Inc., 3.40%, 06/30/2030		29,000	31,828
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		13,000	14,972
4.63%, 04/29/2030		23,000	26,393
3.38%, 03/03/2031(b)		13,000	13,565
Nationwide Mutual Insurance Co., 4.95%, 04/22/2044(b)		100,000	120,183
			233,545
Multi-Utilities–0.13%
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		15,000	16,350
WEC Energy Group, Inc., 1.38%, 10/15/2027		18,000	17,600
1.80%, 10/15/2030		16,000	15,366
			49,316
Office REITs–0.22%
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027		19,000	21,194
Boston Properties L.P., 3.25%, 01/30/2031		15,000	16,083
Office Properties Income Trust, 4.50%, 02/01/2025		36,000	39,116
2.65%, 06/15/2026		8,000	8,125
			84,518
Oil & Gas Exploration & Production–1.24%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		32,000	32,905
EQT Corp., 3.13%, 05/15/2026(b)		10,000	10,261
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.94%, 09/30/2040(b)		200,000	199,147
Gazprom PJSC via Gaz Finance PLC (Russia), 2.95%, 01/27/2029(b)		200,000	196,470
Murphy Oil Corp., 6.38%, 07/15/2028		40,000	42,228
			481,011
Oil & Gas Refining & Marketing–0.09%
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)		34,000	34,650

	Principal Amount		Value
Oil & Gas Storage & Transportation–0.29%
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029(b)	$	18,000	$    18,877
MPLX L.P., 1.75%, 03/01/2026		21,000	21,238
Northern Natural Gas Co., 3.40%, 10/16/2051(b)		23,000	23,668
ONEOK, Inc., 6.35%, 01/15/2031		35,000	45,304
Western Midstream Operating L.P., 2.29%(3 mo. USD LIBOR + 2.10%), 01/13/2023(e)		4,000	3,981
			113,068
Other Diversified Financial Services–1.15%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 09/15/2023 DAC		150,000	160,899
Avolon Holdings Funding Ltd. (Ireland), 2.13%, 02/21/2026(b)		26,000	25,914
4.25%, 04/15/2026(b)		11,000	11,930
2.75%, 02/21/2028(b)		28,000	27,721
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(b)		31,000	29,516
2.80%, 09/30/2050(b)		13,000	13,010
Blackstone Secured Lending Fund, 2.75%, 09/16/2026(b)		79,000	80,114
Blue Owl Finance LLC, 3.13%, 06/10/2031(b)		52,000	51,717
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		34,000	35,037
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050(b)		13,000	13,652
			449,510
Packaged Foods & Meats–0.04%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031(b)		17,000	17,417
Paper Packaging–0.38%
Berry Global, Inc., 0.95%, 02/15/2024(b)		49,000	49,104
1.65%, 01/15/2027(b)		55,000	54,592
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)		43,000	45,258
			148,954
Pharmaceuticals–0.10%
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		36,000	38,939
Property & Casualty Insurance–0.24%
Allstate Corp. (The), 4.20%, 12/15/2046		4,000	4,920
Fidelity National Financial, Inc., 3.40%, 06/15/2030		16,000	17,260
2.45%, 03/15/2031		24,000	23,957
W.R. Berkley Corp., 4.00%, 05/12/2050		12,000	13,770
3.55%, 03/30/2052		31,000	33,093
			93,000
Real Estate Development–0.14%
Essential Properties L.P., 2.95%, 07/15/2031		38,000	38,049

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Real Estate Development–(continued)
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030	$	15,000	$    15,260
			53,309
Regional Banks–1.44%
Citizens Financial Group, Inc., Series G, 4.00%(c)(d)		47,000	47,470
Fifth Third Bancorp, 4.30%, 01/16/2024		23,000	24,939
2.55%, 05/05/2027		13,000	13,752
First Niagara Financial Group, Inc., 7.25%, 12/15/2021		15,000	15,467
KeyCorp, 2.25%, 04/06/2027		29,000	30,065
SVB Financial Group,
2.10%, 05/15/2028		28,000	28,428
1.80%, 02/02/2031		35,000	33,533
Series C, 4.00%(c)(d)		101,000	103,050
Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000	262,429
			559,133
Reinsurance–0.57%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		22,000	22,006
Global Atlantic Fin Co.,
4.40%, 10/15/2029(b)		55,000	60,831
3.13%, 06/15/2031(b)		30,000	30,243
4.70%, 10/15/2051(b)(c)		96,000	96,234
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		10,000	10,875
			220,189
Renewable Electricity–0.11%
Northern States Power Co., 2.60%, 06/01/2051		18,000	17,153
Tucson Electric Power Co., 3.25%, 05/01/2051		24,000	24,920
			42,073
Residential REITs–0.25%
American Homes 4 Rent L.P., 2.38%, 07/15/2031		13,000	12,807
3.38%, 07/15/2051		13,000	12,735
Spirit Realty L.P., 2.10%, 03/15/2028		15,000	14,949
3.40%, 01/15/2030		29,000	30,963
2.70%, 02/15/2032		15,000	14,892
VEREIT Operating Partnership L.P., 2.20%, 06/15/2028		11,000	11,180
			97,526
Restaurants–0.18%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)		71,000	68,781
Retail REITs–0.40%
Agree L.P., 2.00%, 06/15/2028		20,000	19,857
2.60%, 06/15/2033		27,000	26,932
Kimco Realty Corp., 1.90%, 03/01/2028		27,000	27,018
2.70%, 10/01/2030		13,000	13,376

	Principal Amount		Value
Retail REITs–(continued)
National Retail Properties, Inc., 3.50%, 04/15/2051	$	31,000	$      32,571
Realty Income Corp., 3.25%, 01/15/2031		19,000	20,731
Retail Properties of America, Inc., 4.75%, 09/15/2030		14,000	15,543
			156,028
Semiconductors–0.91%
Broadcom, Inc., 5.00%, 04/15/2030		34,000	40,153
2.45%, 02/15/2031(b)		19,000	18,686
3.42%, 04/15/2033(b)		58,000	60,976
3.47%, 04/15/2034(b)		94,000	99,525
Marvell Technology, Inc., 2.95%, 04/15/2031(b)		61,000	63,279
Micron Technology, Inc., 4.98%, 02/06/2026		6,000	6,903
4.19%, 02/15/2027		34,000	38,393
Skyworks Solutions, Inc., 1.80%, 06/01/2026		7,000	7,093
3.00%, 06/01/2031		18,000	18,417
			353,425
Sovereign Debt–2.63%
Argentine Republic Government International Bond (Argentina), 1.00%, 07/09/2029		48	18
1.13%, 07/09/2046(f)		970	313
Egypt Government International Bond (Egypt), 5.25%, 10/06/2025(b)		200,000	211,330
3.88%, 02/16/2026(b)		200,000	197,058
7.50%, 02/16/2061(b)		200,000	188,090
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		28,000	31,617
Mexico Government International Bond (Mexico), 4.00%, 10/02/2023		2,000	2,170
Morocco Government International Bond (Morocco), 2.38%, 12/15/2027(b)		200,000	196,782
Turkey Government International Bond (Turkey), 4.75%, 01/26/2026		200,000	197,108
			1,024,486
Specialized Finance–0.71%
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025(b)		256,000	276,377
Specialized REITs–0.73%
American Tower Corp., 2.70%, 04/15/2031		60,000	61,958
CBRE Services, Inc., 2.50%, 04/01/2031		48,000	48,661
Crown Castle International Corp., 2.50%, 07/15/2031		66,000	66,556
Extra Space Storage L.P., 2.55%, 06/01/2031		25,000	25,199
SBA Communications Corp., 3.13%, 02/01/2029(b)		85,000	82,151
			284,525

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount			Value
Specialty Chemicals–1.07%
Sasol Financing USA LLC (South Africa), 4.38%, 09/18/2026	$	200,000		$    207,251
5.50%, 03/18/2031		200,000		211,100
				418,351
Steel–0.05%
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		21,000		21,000
Systems Software–0.28%
Clarivate Science Holdings Corp., 3.88%, 06/30/2028(b)		54,000		54,559
4.88%, 06/30/2029(b)		14,000		14,385
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		35,000		35,077
Microsoft Corp., 2.53%, 06/01/2050		6,000		5,909
				109,930
Technology Hardware, Storage & Peripherals–0.21%
Apple, Inc., 4.25%, 02/09/2047		4,000		5,054
2.80%, 02/08/2061		78,000		76,193
				81,247
Tobacco–0.36%
Altria Group, Inc., 2.45%, 02/04/2032		31,000		30,014
3.70%, 02/04/2051		38,000		36,108
4.00%, 02/04/2061		38,000		36,535
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		18,000		17,884
Philip Morris International, Inc., 0.88%, 05/01/2026		21,000		20,745
				141,286
Trading Companies & Distributors–0.08%
Air Lease Corp., 3.00%, 09/15/2023		29,000		30,326
Trucking–0.42%
Aviation Capital Group LLC, 0.86% (3 mo. USD LIBOR + 0.67%), 07/30/2021(b)(e)		15,000		15,003
4.13%, 08/01/2025(b)		13,000		14,059
Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026(b)		60,000		60,373
3.15%, 06/15/2031(b)		74,000		74,496
				163,931
Wireless Telecommunication Services–2.42%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b)		187,500		201,656
5.15%, 03/20/2028(b)		209,000	��	240,841
T-Mobile USA, Inc., 2.25%, 02/15/2026(b)		53,000		53,464
2.63%, 04/15/2026		59,000		60,474
2.63%, 02/15/2029		32,000		31,640
VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027(b)		200,000		201,780

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Vodafone Group PLC (United Kingdom), 3.25%, 06/04/2081(c)	$	45,000	$       45,317
4.13%, 06/04/2081(c)		49,000	48,988
5.13%, 06/04/2081(c)		56,000	56,630
			940,790
Total U.S. Dollar Denominated Bonds & Notes (Cost $18,819,144)			19,417,954
U.S. Treasury Securities–14.91%
U.S. Treasury Bills–0.43%
0.04% - 0.05%, 07/15/2021(g)(h)		151,000	150,997
0.06%, 11/18/2021(g)(h)		15,000	14,998
			165,995
U.S. Treasury Bonds–2.95%
2.25%, 05/15/2041		826,900	860,622
1.88%, 02/15/2051		303,900	290,129
			1,150,751
U.S. Treasury Notes–11.53%
0.13%, 06/30/2023		24,000	23,943
0.25%, 06/15/2024		237,300	235,863
0.88%, 06/30/2026		2,692,400	2,691,243
1.25%, 06/30/2028		1,270,700	1,272,785
0.88%, 11/15/2030		300	286
1.63%, 05/15/2031		260,600	264,631
			4,488,751
Total U.S. Treasury Securities (Cost $5,755,261)			5,805,497
Asset-Backed Securities–12.25%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035(i)		5,389	5,591
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(i)		26,665	26,872
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(i)		72,579	73,363
Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, 09/25/2048(b)(i)		11,918	12,008
Series 2019-2, Class A1, 3.63%, 03/25/2049(b)(i)		31,079	31,485
Angel Oak Mortgage Trust LLC, Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(i)		53,626	53,868
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR, 1.43% (3 mo. USD LIBOR + 1.25%), 07/25/2030(b)(e)		249,889	250,043
Series 2017-2A, Class AR2, 1.00% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(e)		250,000	250,204
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, 3.99%, 09/15/2048(i)		70,000	76,501

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Benchmark Mortgage Trust, Series 2018-B3, Class C, 4.71%, 04/10/2051(i)	$	42,000	$    46,745
Series 2019-B14, Class A5, 3.05%, 12/15/2062		90,000	97,608
Series 2019-B14, Class C, 3.90%, 12/15/2062(i)		83,700	88,913
Series 2019-B15, Class B, 3.56%, 12/15/2072		70,000	75,670
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(i)		47,207	48,615
Chase Mortgage Finance Corp., Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(i)		40,206	40,775
Series 2016-SH2, Class M3, 3.71%, 12/25/2045(b)(i)		41,812	42,426
Citigroup Mortgage Loan Trust, Inc., Series 2019-IMC1, Class A1, 2.72%, 07/25/2049(b)(i)		39,765	40,229
COLT Mortgage Loan Trust, Series 2020-1, Class A1, 2.49%, 02/25/2050(b)(i)		39,979	40,268
Series 2020-1R, Class A1, 1.26%, 09/25/2065(b)(i)		56,959	57,220
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(i)		48,082	48,386
Commercial Mortgage Trust, Series 2015-CR25, Class B, 4.68%, 08/10/2048(i)		72,000	79,448
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(b)(f)		53,665	53,991
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(i)		88,588	88,695
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		139,000	144,597
CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 2.82%, 06/25/2034(i)		9,407	9,787
DB Master Finance LLC, Series 2019-1A, Class A23, 4.35%, 05/20/2049(b)		49,125	54,442
Series 2019-1A, Class A2II, 4.02%, 05/20/2049(b)		49,125	52,049
Deephaven Residential Mortgage Trust, Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(i)		39,281	39,588
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(b)		107,637	116,876
DT Auto Owner Trust, Series 2019-3A, Class C, 2.74%, 04/15/2025(b)		40,000	40,523
Series 2019-3A, Class D, 2.96%, 04/15/2025(b)		56,000	57,918
Ellington Financial Mortgage Trust, Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(i)		54,512	55,550
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, 2.66%, 10/25/2059(b)(i)		21,383	21,785

	Principal Amount		Value
GCAT Trust, Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(b)(f)	$	47,554	$    47,775
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(i)		48,809	50,060
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 3.05%, 04/19/2036(i)		39,003	34,267
GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.91%, 02/13/2053		50,000	53,725
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		55,000	56,887
Invitation Homes Trust, Series 2017- SFR2, Class C, 1.53% (1 mo. USD LIBOR + 1.45%), 12/17/2036(b)(e)		99,983	100,290
Life Mortgage Trust, Series 2021-BMR, Class B, 0.95% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(e)		100,000	100,281
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.25%, 11/25/2035(i)		9,968	10,073
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 0.77% (1 mo. USD LIBOR + 0.70%), 11/15/2034(b)(e)		99,000	99,075
Series 2017-CLS, Class B, 0.92% (1 mo. USD LIBOR + 0.85%), 11/15/2034(b)(e)		49,000	49,039
Series 2017-CLS, Class C, 1.07% (1 mo. USD LIBOR + 1.00%), 11/15/2034(b)(e)		33,000	33,026
Series 2019-L2, Class A4, 4.07%, 03/15/2052		80,000	92,019
Series 2019-L3, Class AS, 3.49%, 11/15/2052		60,000	65,645
MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038(b)		57,905	59,037
MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036(b)		46,442	47,799
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(i)		45,374	45,867
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060(b)(i)		56,277	56,913
One Bryant Park Trust, Series 2019- OBP, Class A, 2.52%, 09/15/2054(b)		114,000	118,341
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		100,000	101,583
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		49,458	52,428
Star Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(i)		83,686	84,010
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(i)		51,090	51,730
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(i)		76,053	76,120
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 2.48%, 09/25/2034(i)		6,170	6,323
Structured Asset Securities Corp. Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5, 2.43%, 11/25/2033(i)		45,549	45,811

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		$    98,667		$    100,184
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 4.66%, 04/25/2045(i)		24,231		24,681
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.47% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(e)		250,000		250,941
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057(b)(i)		26,204		26,601
UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.60%, 04/15/2052		80,000		89,156
Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(f)		48,363		49,058
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(i)		86,085		86,361
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(i)		78,468		78,498
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		57,900		61,847
WFRBS Commercial Mortgage Trust, Series 2012-C6, Class B, 4.70%, 04/15/2045		80,000		81,506
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		156,500		159,401
Total Asset-Backed Securities (Cost $4,663,414)				4,768,397
U.S. Government Sponsored Agency Mortgage-Backed Securities–6.90%
Collateralized Mortgage Obligations–0.53%
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K083, Class AM, 4.03%, 10/25/2028(i)		23,000		26,940
Series K085, Class AM, 4.06%, 10/25/2028(i)		23,000		27,008
Series K089, Class AM, 3.63%, 01/25/2029(i)		39,000		44,942
Series K088, Class AM, 3.76%, 01/25/2029(i)		92,000		106,433
				205,323
Federal Home Loan Mortgage Corp. (FHLMC)–0.43%
6.50%, 08/01/2032		569		641
4.00%, 11/01/2048 to 07/01/2049		157,348		168,193
				168,834
Federal National Mortgage Association (FNMA)–3.68%
3.50%, 12/01/2030 to 05/01/2047		533,371		568,867
6.50%, 09/01/2031		536		624
7.00%, 09/01/2032		4,105		4,436
TBA, 2.00%, 07/01/2036(j)		831,000		857,180
				1,431,107

	Principal Amount		Value
Government National Mortgage Association (GNMA)–1.08%
7.50%, 06/15/2023		$       205	$	205
8.50%, 11/15/2024		504		507
7.00%, 07/15/2031 to 08/15/2031		560		642
6.50%, 11/15/2031 to 03/15/2032		1,076		1,202
6.00%, 11/15/2032		754		875
4.00%, 07/20/2049		63,326		67,097
TBA, 2.00%, 07/01/2051(j)		345,000		351,388
				421,916
Uniform Mortgage-Backed Securities–1.18%
TBA, 2.00%, 07/01/2051(j)		455,000		459,444
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,650,161)				2,686,624
	Shares
Preferred Stocks–1.94%
Asset Management & Custody Banks–0.07%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(c)		24,000		26,250
Diversified Banks–0.81%
Bank of America Corp., 6.50%, Series Z, Pfd.(c)		36,000		40,860
Citigroup, Inc., 6.25%, Series T, Pfd.(c)		30,000		35,129
Citigroup, Inc., 5.00%, Series U, Pfd.(c)		95,000		99,665
Citigroup, Inc., 4.00%, Series W, Pfd.(c)		57,000		59,066
JPMorgan Chase & Co., 3.66%, Series I, Pfd.(e)		65,000		65,244
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		11		16,788
				316,752
Integrated Telecommunication Services–0.31%
AT&T, Inc., 2.88%, Series B, Pfd.(c)		100,000		120,978
Investment Banking & Brokerage–0.55%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(c)		30,000		30,727
Goldman Sachs Group, Inc. (The), 5.00%, Series P, Pfd.(c)		40,000		40,600
Morgan Stanley, 6.88%, Series F, Pfd.(c)		5,000		141,500
				212,827
Life & Health Insurance–0.07%
MetLife, Inc., 3.85%, Series G, Pfd.(c)		26,000		27,398
Multi-Utilities–0.05%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.(c)		18,000		19,136
Other Diversified Financial Services–0.08%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(c)		30,000		32,700
Total Preferred Stocks (Cost $698,724)				756,041
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.37%(k)
Movies & Entertainment–0.37%
Netflix, Inc., 3.88%, 11/15/2029 (Cost $111,565)(b)		EUR  100,000		143,031

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.37%
Fannie Mae Connecticut Avenue Securities, Series 2018-C05, Class 1M2, 2.44% (1 mo. USD LIBOR + 2.35%), 01/25/2031(e)		$    20,153		$    20,416
Series 2019-R03, Class 1M2, 2.24% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(e)		17,437		17,574
Series 2019-R06, Class 2M2, 2.19% (1 mo. USD LIBOR + 2.10%), 09/25/2039(b)(e)		21,904		22,025
Freddie Mac, Series 2020-DNA5, Class M2, STACR®, 2.82% (30 Day Average SOFR + 2.80%), 10/25/2050(b)(e)		75,000		76,191
Series 2020-DNA5, Class M1, STACR®, 1.32% (30 Day Average SOFR + 1.30%), 10/25/2050(b)(e)		5,444		5,445
Total Agency Credit Risk Transfer Notes (Cost $140,297)				141,651

	Shares		Value
Money Market Funds–19.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m)		2,545,179		$2,545,179
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(l)(m)		1,971,947		1,972,735
Invesco Treasury Portfolio, Institutional Class, 0.01%(l)(m)		2,908,777		2,908,777
Total Money Market Funds (Cost $7,426,418)				7,426,691
TOTAL INVESTMENTS IN SECURITIES–105.70% (Cost $40,264,984)				41,145,886
OTHER ASSETS LESS LIABILITIES–(5.70)%				(2,218,317	)
NET ASSETS–100.00%			$	38,927,569

Investment Abbreviations:

CLO	- Collateralized Loan Obligation
Conv.	- Convertible
Ctfs.	- Certificates
EUR	- Euro
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
REIT	- Real Estate Investment Trust
SOFR	- Secured Overnight Financing Rate
TBA	- To Be Announced
USD	- U.S. Dollar

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $14,373,802, which represented 36.92% of the Fund’s Net Assets.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Perpetual bond with no specified maturity date.

^(e) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

^(f)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g) All or a portion of the value was pledged and/or designated as collateral to cover margin requirements for open futures contracts and swap agreements. See Note 1L and Note 1N.

^(h) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾ 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 June 30, 2021.

^(j) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1O.

^(k)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(l) 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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,152,387		$	5,219,080		$	(3,826,288	)		$    -			$     -		$2,545,179		$	158
Invesco Liquid Assets Portfolio, Institutional Class		943,049			3,727,914			(2,698,323	)		(63	)		158		1,972,735			91
Invesco Treasury Portfolio, Institutional Class		1,317,014			5,964,662			(4,372,899	)		-			-		2,908,777			64
Total		$3,412,450		$	14,911,656		$	(10,897,510	)		$(63	)		$158		$7,426,691		$	313

^(m)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

Open Over-The-Counter Credit Default Swaptions Written

Counterparty

Type of Contract

Exercise Rate

Reference Entity

(Pay)/ Receive Fixed Rate

Payment Frequency

Expiration Date

Implied Credit Spread(a)

Premiums Received

Notional Value

Value

Unrealized Appreciation

Credit Risk

Goldman Sachs International

Put

107.00%

Markit CDX North America High Yield Index, Series 36, Version 1

(5.00)%

Quarterly

07/21/2021

2.7428%

$(4,764)

USD  781,000

$(390)

$4,374

^(a)  Implied credit spreads represent the current level, as of June 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		31		September-2021	$	6,829,930		$	(10,717	)		$(10,717	)
U.S. Treasury 5 Year Notes		27		September-2021		3,332,602			(7,451	)		(7,451	)
U.S. Treasury Long Bonds		3		September-2021		482,250			2,063			2,063
U.S. Treasury Ultra Bonds		5		September-2021		963,437			5,937			5,937
Subtotal–Long Futures Contracts									(10,168	)		(10,168	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Notes		19		September-2021		(2,517,500	)		(10,728	)		(10,728	)
U.S. Treasury 10 Year Ultra Notes		15		September-2021		(2,208,047	)		(32,359	)		(32,359	)
Subtotal–Short Futures Contracts									(43,087	)		(43,087	)
Total Futures Contracts								$	(53,255	)		$(53,255	)

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
08/17/2021	State Street Bank & Trust Co.		EUR    251,000		USD    305,583		$7,682

Open Centrally Cleared Credit Default Swap Agreements

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(a)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Credit Risk

Markit CDX North America High Yield Index, Series 36, Version 1

Buy

(5.00)%

Quarterly

06/20/2026

2.7428%

USD  1,192,213

$(114,907)

$(121,651)

$(6,744)

^(a) Implied credit spreads represent the current level, as of June 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

EUR –Euro

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2021

U.S. Dollar Denominated Bonds & Notes	49.88	%
U.S. Treasury Securities	14.91
Asset-Backed Securities	12.25
U.S. Government Sponsored Agency Mortgage-Backed Securities	6.90
Preferred Stocks	1.94
Security Types Each Less Than 1% of Portfolio	0.74
Money Market Funds Plus Other Assets Less Liabilities	13.38

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $32,838,566)	$	33,719,195
Investments in affiliated money market funds, at value (Cost $7,426,418)		7,426,691
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		7,682
Cash		11,128
Foreign currencies, at value (Cost $84,978)		82,977
Receivable for:
Investments sold		302,522
Fund shares sold		6,262
Dividends		2,206
Interest		174,123
Investment for trustee deferred compensation and retirement plans		47,577
Total assets		41,780,363
Liabilities:
Other investments:
Options written, at value (premiums received $4,764)		390
Variation margin payable - futures contracts		2,196
Variation margin payable - centrally cleared swap agreements		204
Payable for:
Investments purchased		2,724,936
Fund shares reacquired		10,486
Accrued fees to affiliates		22,125
Accrued other operating expenses		42,561
Trustee deferred compensation and retirement plans		49,896
Total liabilities		2,852,794
Net assets applicable to shares outstanding	$	38,927,569
Net assets consist of:
Shares of beneficial interest	$	35,702,489
Distributable earnings		3,225,080
	$38,927,569
Net Assets:
Series I	$	37,652,072
Series II	$	1,275,497
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,453,146
Series II		186,084
Series I:
Net asset value per share	$	6.90
Series II:
Net asset value per share	$	6.85

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $(997))	$	425,114
Dividends		4,710
Dividends from affiliated money market funds		313
Total investment income		430,137
Expenses:
Advisory fees		78,585
Administrative services fees		28,747
Custodian fees		3,433
Distribution fees - Series II		1,125
Transfer agent fees		4,888
Trustees’ and officers’ fees and benefits		9,567
Reports to shareholders		6,944
Professional services fees		22,754
Other		1,663
Total expenses		157,706
Less: Fees waived		(50,836	)
Net expenses		106,870
Net investment income		323,267
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(155,774	)
Affiliated investment securities		158
Foreign currencies		1,353
Forward foreign currency contracts		(6,934	)
Futures contracts		291,274
Swap agreements		373
		130,450
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(543,447	)
Affiliated investment securities		(63	)
Foreign currencies		(4,345	)
Forward foreign currency contracts		17,302
Futures contracts		(55,377	)
Option contracts written		4,374
Swap agreements		(6,744	)
		(588,300	)
Net realized and unrealized gain (loss)		(457,850	)
Net increase (decrease) in net assets resulting from operations	$	(134,583	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	323,267		$	593,233
Net realized gain		130,450			1,380,871
Change in net unrealized appreciation (depreciation)		(588,300	)		896,395
Net increase (decrease) in net assets resulting from operations		(134,583	)		2,870,499
Distributions to shareholders from distributable earnings:
Series I		-			(794,296	)
Series II		-			(9,108	)
Total distributions from distributable earnings		-			(803,404	)
Share transactions–net:
Series I		2,907,209			8,069,912
Series II		644,485			245,519
Net increase in net assets resulting from share transactions		3,551,694			8,315,431
Net increase in net assets		3,417,111			10,382,526
Net assets:
Beginning of period		35,510,458			25,127,932
End of period	$	38,927,569		$	35,510,458

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$6.93		$0.06		$(0.09	)		$(0.03	)		$      -			$      -			$      -			$6.90		(0.43	)%		$37,652		0.61	%(d)		0.90	%(d)		1.85	%(d)		218	%
Year ended 12/31/20		6.47		0.13		0.50			0.63			(0.13	)		(0.04	)		(0.17	)		6.93		9.72			34,881		0.59			0.88			1.92			375
Year ended 12/31/19		6.00		0.19		0.47			0.66			(0.19	)		-			(0.19	)		6.47		11.06			24,769		0.59			1.13			2.94			464
Year ended 12/31/18		6.38		0.22		(0.37	)		(0.15	)		(0.23	)		-			(0.23	)		6.00		(2.37	)		17,019		0.59			1.78			3.57			339
Year ended 12/31/17		6.21		0.22		0.17			0.39			(0.22	)		-			(0.22	)		6.38		6.34			20,326		0.60			1.58			3.46			407
Year ended 12/31/16		6.07		0.23		0.18			0.41			(0.27	)		-			(0.27	)		6.21		6.66			15,485		0.55			1.68			3.71			474
Series II
Six months ended 06/30/21		6.89		0.05		(0.09	)		(0.04	)		-			-			-			6.85		(0.58	)		1,275		0.86	(d)		1.15	(d)		1.60	(d)		218
Year ended 12/31/20		6.45		0.11		0.49			0.60			(0.12	)		(0.04	)		(0.16	)		6.89		9.33			629		0.84			1.13			1.67			375
Year ended 12/31/19		5.97		0.17		0.49			0.66			(0.18	)		-			(0.18	)		6.45		11.00			359		0.84			1.38			2.69			464
Year ended 12/31/18		6.35		0.20		(0.37	)		(0.17	)		(0.21	)		-			(0.21	)		5.97		(2.64	)		117		0.84			2.03			3.32			339
Year ended 12/31/17		6.19		0.20		0.16			0.36			(0.20	)		-			(0.20	)		6.35		5.89			123		0.85			1.83			3.21			407
Year ended 12/31/16		6.04		0.22		0.18			0.40			(0.25	)		-			(0.25	)		6.19		6.52			126		0.80			1.93			3.46			474

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $34,308 and $908 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Core Plus Bond Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Core Plus Bond Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

Invesco V.I. Core Plus Bond Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates –The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Lower-Rated Securities – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

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

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

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

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

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

Invesco V.I. Core Plus Bond Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the 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.

M. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract

Invesco V.I. Core Plus Bond Fund

may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

P. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

Q. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

R. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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

T. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.450%
Next $500 million		0.425%
Next $1.5 billion		0.400%
Next $2.5 billion		0.375%
Over $5 billion		0.350%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.45%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.61% and

Invesco V.I. Core Plus Bond Fund

Series II shares to 0.86% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $50,836.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $2,552 for accounting and fund administrative services and was reimbursed $26,195 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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
U.S. Dollar Denominated Bonds & Notes	$	–	$	19,417,954		$–	$	19,417,954
U.S. Treasury Securities		–		5,805,497		–		5,805,497
Asset-Backed Securities		–		4,768,397		–		4,768,397
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		2,686,624		–		2,686,624
Preferred Stocks		158,288		597,753		–		756,041
Non-U.S. Dollar Denominated Bonds & Notes		–		143,031		–		143,031
Agency Credit Risk Transfer Notes		–		141,651		–		141,651
Money Market Funds		7,426,691		–		–		7,426,691
Total Investments in Securities		7,584,979		33,560,907		–		41,145,886
Other Investments - Assets*
Futures Contracts		8,000		–		–		8,000
Forward Foreign Currency Contracts		–		7,682		–		7,682
		8,000		7,682		–		15,682

Invesco V.I. Core Plus Bond Fund

	Level 1			Level 2			Level 3	Total
Other Investments - Liabilities*
Futures Contracts	$	(61,255	)	$	–		$–	$	(61,255	)
Options Written		–			(390	)	–		(390	)
Swap Agreements		–			(6,744	)	–		(6,744	)
		(61,255	)		(7,134	)	–		(68,389	)
Total Other Investments		(53,255	)		548		–		(52,707	)
Total Investments	$	7,531,724		$	33,561,455		$–	$	41,093,179

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
Derivative Assets	Credit Risk			Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	-		$8,000		$	8,000
Unrealized appreciation on forward foreign currency contracts outstanding		-			7,682		-			7,682
Total Derivative Assets		-			7,682		8,000			15,682
Derivatives not subject to master netting agreements		-			-		(8,000	)		(8,000	)
Total Derivative Assets subject to master netting agreements	$	-		$	7,682		$        -		$	7,682
	Value
	Credit			Currency		Interest
Derivative Liabilities	Risk			Risk		Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	-	$	(61,255	)	$	(61,255	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(6,744	)		-		-			(6,744	)
Options written, at value – OTC(b)		(390	)		-		-			(390	)
Total Derivative Liabilities		(7,134	)		-		(61,255	)		(68,389	)
Derivatives not subject to master netting agreements		6,744			-		61,255			67,999
Total Derivative Liabilities subject to master netting agreements	$	(390	)	$	-		$          -		$	(390	)

^(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

^(b) Values are disclosed on the Statement of Assets and Liabilities under the caption Options written.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2021.

	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Swaption Written	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Goldman Sachs International	$        -	$(390)	$  (390)	$  -	$  -	$  (390)
State Street Bank & Trust Co.	7,682	-	7,682	-	-	7,682
Total	$7,682	$(390)	$7,292	$  -	$  -	$7,292

Invesco V.I. Core Plus Bond Fund

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts		$          -			$(6,934	)		$           -			$   (6,934	)
Futures contracts		-			-			291,274			291,274
Swap agreements		373			-			-			373
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			17,302			-			17,302
Futures contracts		-			-			(55,377	)		(55,377	)
Options written		4,374			-			-			4,374
Swap agreements		(6,744	)		-			-			(6,744	)
Total		$(1,997	)		$10,368			$235,897			$244,268

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts	Futures Contracts	Swaptions Written	Swap Agreements
Average notional value	$301,631	$16,387,941	$781,000	$945,107

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $19,226,822 and $16,220,598, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,000,005
Aggregate unrealized (depreciation) of investments		(165,801	)
Net unrealized appreciation of investments	$	834,204

Cost of investments for tax purposes is $40,144,068.

Invesco V.I. Core Plus Bond Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		1,358,055		$	9,310,739			3,180,253		$	21,269,042
Series II		95,665			650,554			41,575			286,022
Issued as reinvestment of dividends:
Series I		-			-			117,326			794,296
Series II		-			-			1,317			8,865
Reacquired:
Series I		(935,133	)		(6,403,530	)		(2,092,985	)		(13,993,426	)
Series II		(893	)		(6,069	)		(7,337	)		(49,368	)
Net increase in share activity		517,694		$	3,551,694			1,240,149		$	8,315,431

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Core Plus Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning       Account Value       (01/01/21)	Ending       Account Value        (06/30/21)1	Expenses       Paid During        Period2	Ending       Account Value        (06/30/21)	Expenses       Paid During        Period2	Annualized       Expense Ratio
Series I	$1,000.00	$995.70	$3.02	$1,021.77	$3.06	0.61%
Series II	1,000.00	994.20	4.25	1,020.53	4.31	0.86

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Core Plus Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Core Plus Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barlcays U.S. Aggregate Bond Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund

Invesco V.I. Core Plus Bond Fund

was the same as the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the

profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any

securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Core Plus Bond Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Discovery Mid Cap Growth Fund
	Effective April 30, 2021, Invesco Oppenheimer V.I. Discovery Mid Cap Growth
	Fund was renamed Invesco V.I. Discovery Mid Cap Growth Fund.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIDMCG-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	9.28	%
Series II Shares	9.14
Russell Midcap Growth Indexq	10.44
Source(s): qRIMES Technologies Corp.

    The Russell Midcap^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (8/15/86)	10.74	%
10 Years	15.36
5 Years	21.15
1 Year	40.51
Series II Shares
Inception (10/16/00)	4.73	%
10 Years	15.07
5 Years	20.83
1 Year	40.16

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Discovery Mid Cap Growth Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund (renamed Invesco V.I. Discovery Mid Cap Growth Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Discovery Mid Cap Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees

assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Discovery Mid Cap Growth Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-97.84%
Aerospace & Defense-0.74%
Howmet Aerospace, Inc.(b)		257,586	$    8,878,989
Air Freight & Logistics-0.92%
XPO Logistics, Inc.(b)		78,988	11,049,631
Apparel Retail-1.42%
Burlington Stores, Inc.(b)		52,719	16,974,991
Application Software-10.74%
Avalara, Inc.(b)		96,160	15,558,688
Bill.com Holdings, Inc.(b)		49,503	9,067,959
Coupa Software, Inc.(b)		59,644	15,633,289
DocuSign, Inc.(b)		61,477	17,187,125
Five9, Inc.(b)		82,778	15,180,657
HubSpot, Inc.(b)		45,386	26,447,330
Synopsys, Inc.(b)		107,168	29,555,863
			128,630,911
Asset Management & Custody Banks-1.47%
KKR & Co., Inc., Class A		297,373	17,616,377
Auto Parts & Equipment-1.51%
Aptiv PLC(b)		114,878	18,073,756
Automotive Retail-1.97%
Carvana Co.(b)(c)		25,694	7,754,963
Lithia Motors, Inc., Class A		46,153	15,860,017
			23,614,980
Biotechnology-1.17%
Alnylam Pharmaceuticals, Inc.(b)		45,197	7,661,795
Natera, Inc.(b)		55,813	6,336,450
			13,998,245
Brewers-0.75%
Boston Beer Co., Inc. (The), Class A(b)(c)		8,795	8,977,936
Building Products-3.41%
Advanced Drainage Systems, Inc.		76,368	8,902,218
Trane Technologies PLC		93,439	17,205,857
Trex Co., Inc.(b)(c)		144,252	14,743,997
			40,852,072
Casinos & Gaming-1.12%
Boyd Gaming Corp.		217,434	13,370,017
Communications Equipment-1.29%
Motorola Solutions, Inc.		71,275	15,455,984
Construction Machinery & Heavy Trucks-0.67%
Oshkosh Corp.		63,922	7,967,238
Construction Materials-0.57%
Eagle Materials, Inc.		47,960	6,815,596
Copper-0.73%
Freeport-McMoRan, Inc.		233,956	8,682,107

	Shares		Value
Data Processing & Outsourced Services-0.48%
Marqeta, Inc., Class A(b)(c)		205,362	$    5,764,511
Diversified Chemicals-0.82%
Eastman Chemical Co.		84,439	9,858,253
Electrical Components & Equipment-4.69%
AMETEK, Inc.		145,008	19,358,568
Generac Holdings, Inc.(b)		63,995	26,567,524
Regal Beloit Corp.		76,955	10,274,262
			56,200,354
Electronic Equipment & Instruments-3.61%
Trimble, Inc.(b)		250,505	20,498,824
Zebra Technologies Corp., Class A(b)		42,988	22,761,716
			43,260,540
Financial Exchanges & Data-2.00%
MSCI, Inc.		44,868	23,918,233
Health Care Equipment-4.11%
IDEXX Laboratories, Inc.(b)		43,683	27,587,999
Insulet Corp.(b)(c)		36,152	9,924,085
Masimo Corp.(b)		48,295	11,709,123
			49,221,207
Health Care Facilities-0.66%
Tenet Healthcare Corp.(b)		117,854	7,895,039
Health Care Services-1.27%
Amedisys, Inc.(b)		32,268	7,903,401
Guardant Health, Inc.(b)		59,207	7,352,918
			15,256,319
Health Care Supplies-3.12%
Align Technology, Inc.(b)		26,790	16,368,690
West Pharmaceutical Services, Inc.		58,490	21,003,759
			37,372,449
Health Care Technology-1.20%
Veeva Systems, Inc., Class A(b)		46,398	14,427,458
Home Improvement Retail-1.46%
Floor & Decor Holdings, Inc., Class A(b)		164,941	17,434,264
Homebuilding-0.54%
TopBuild Corp.(b)		32,775	6,482,240
Homefurnishing Retail-1.20%
RH(b)(c)		21,118	14,339,122
Hotels, Resorts & Cruise Lines-1.28%
Hilton Worldwide Holdings, Inc.(b)		126,826	15,297,752
Industrial Machinery-3.67%
Chart Industries, Inc.(b)		47,300	6,920,936
IDEX Corp.		68,885	15,158,145
ITT, Inc.		142,724	13,072,091
Middleby Corp. (The)(b)		50,535	8,755,694
			43,906,866

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Discovery Mid Cap Growth Fund

	Shares		Value
Interactive Media & Services-1.59%
Pinterest, Inc., Class A(b)		95,353	$    7,528,119
Zillow Group, Inc., Class C(b)(c)		93,873	11,473,158
			19,001,277
Internet & Direct Marketing Retail-1.24%
Chewy, Inc., Class A(b)(c)		186,761	14,886,719
Internet Services & Infrastructure-2.87%
MongoDB, Inc.(b)(c)		41,789	15,107,559
Twilio, Inc., Class A(b)		48,863	19,259,840
			34,367,399
Investment Banking & Brokerage-0.73%
LPL Financial Holdings, Inc.		65,206	8,801,506
IT Consulting & Other Services-3.16%
EPAM Systems, Inc.(b)		45,093	23,040,719
Globant S.A.(b)		67,805	14,861,500
			37,902,219
Leisure Facilities-0.70%
Vail Resorts, Inc.(b)		26,330	8,333,972
Life Sciences Tools & Services-5.27%
Bio-Rad Laboratories, Inc., Class A(b)		9,891	6,372,672
Charles River Laboratories International, Inc.(b)		60,700	22,454,144
Maravai LifeSciences Holdings, Inc., Class A(b)(c)		192,733	8,042,748
Mettler-Toledo International, Inc.(b)		10,027	13,890,804
Repligen Corp.(b)		62,154	12,407,182
			63,167,550
Movies & Entertainment-1.05%
Roku, Inc.(b)		27,433	12,598,605
Office REITs-0.63%
Alexandria Real Estate Equities, Inc.		41,619	7,572,161
Packaged Foods & Meats-0.43%
Freshpet, Inc.(b)		31,797	5,181,639
Paper Packaging-1.45%
Avery Dennison Corp.		82,792	17,406,190
Pharmaceuticals-1.37%
Catalent, Inc.(b)		152,047	16,439,322
Real Estate Services-0.48%
Jones Lang LaSalle, Inc.(b)		29,286	5,724,242
Regional Banks-2.71%
First Republic Bank		97,158	18,185,063
SVB Financial Group(b)		25,662	14,279,107
			32,464,170
Restaurants-1.66%
Chipotle Mexican Grill, Inc.(b)		5,436	8,427,648
Texas Roadhouse, Inc.		118,514	11,401,047
			19,828,695

Investment Abbreviations:

REIT - Real Estate Investment Trust

	Shares		Value
Semiconductor Equipment-4.25%
Enphase Energy, Inc.(b)		50,067	$	9,193,803
Entegris, Inc.		176,769		21,737,284
KLA Corp.		29,544		9,578,460
Teradyne, Inc.		77,928		10,439,235
				50,948,782
Semiconductors-3.14%
Marvell Technology, Inc.		161,953		9,446,719
Monolithic Power Systems, Inc.		75,283		28,114,436
				37,561,155
Specialty Stores-1.80%
Five Below, Inc.(b)		81,200		15,693,524
Tractor Supply Co.		31,503		5,861,448
				21,554,972
Systems Software-1.61%
Crowdstrike Holdings, Inc., Class A(b)		73,283		18,416,751
SentinelOne, Inc.		20,924		889,270
				19,306,021
Trading Companies & Distributors-1.41%
SiteOne Landscape Supply, Inc.(b)		44,179		7,477,737
United Rentals, Inc.(b)		29,389		9,375,385
				16,853,122
Trucking-1.70%
Old Dominion Freight Line, Inc.		80,137		20,338,771
Total Common Stocks & Other Equity Interests (Cost $786,200,603)				1,171,831,926
Money Market Funds-1.77%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		7,609,113		7,609,113
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		4,844,689		4,846,627
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		8,696,128		8,696,128
Total Money Market Funds (Cost $21,151,800)				21,151,868
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.61% (Cost $807,352,403)				1,192,983,794
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.42%
Invesco Private Government Fund, 0.02%(d)(e)(f)		23,072,758		23,072,758
Invesco Private Prime Fund, 0.12%(d)(e)(f)		53,814,910		53,836,437
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $76,909,195)				76,909,195
TOTAL INVESTMENTS IN SECURITIES-106.03% (Cost $884,261,598) 1,269,892,989
OTHER ASSETS LESS LIABILITIES–(6.03)%				(72,226,427	)
NET ASSETS-100.00%			$	1,197,666,562

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Discovery Mid Cap Growth 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 June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  4,694,901		$  63,174,820		$  (60,260,608	)		$   -		$    -		$  7,609,113		$   763
Invesco Liquid Assets Portfolio, Institutional Class		3,353,072		44,536,512		(43,043,293	)		73		263		4,846,627		379
Invesco Treasury Portfolio, Institutional Class		5,365,601		72,199,794		(68,869,267	)		-		-		8,696,128		309
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		41,703,757		(18,630,999	)		-		-		23,072,758		206	*
Invesco Private Prime Fund		-		83,423,895		(29,587,458	)		-		-		53,836,437		3,431	*
Total		$13,413,574		$305,038,778		$(220,391,625	)		$73		$263		$98,061,063		$5,088

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1I.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	31.15	%
Health Care	18.17
Industrials	17.21
Consumer Discretionary	15.90
Financials	6.91
Materials	3.57
Communication Services	2.64
Other Sectors, Each Less than 2% of Net Assets	2.29
Money Market Funds Plus Other Assets Less Liabilities	2.16

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 786,200,603)*	$	1,171,831,926
Investments in affiliated money market funds, at value (Cost $ 98,060,995)		98,061,063
Cash		554,715
Receivable for:
Investments sold		9,373,516
Fund shares sold		163,256
Dividends		227,425
Investment for trustee deferred compensation and retirement plans		190,994
Total assets		1,280,402,895
Liabilities:
Payable for:
Investments purchased		2,549,705
Fund shares reacquired		1,960,372
Collateral upon return of securities loaned		76,909,195
Accrued fees to affiliates		938,260
Accrued other operating expenses		175,552
Trustee deferred compensation and retirement plans		203,249
Total liabilities		82,736,333
Net assets applicable to shares outstanding	$	1,197,666,562
Net assets consist of:
Shares of beneficial interest	$	511,166,992
Distributable earnings		686,499,570
	$	1,197,666,562
Net Assets:
Series I	$	995,878,595
Series II	$	201,787,967
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,521,513
Series II		1,885,469
Series I:
Net asset value per share	$	116.87
Series II:
Net asset value per share	$	107.02

* At June 30, 2021, securities with an aggregate value of $73,692,698 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends	$	1,519,093
Dividends from affiliated money market funds (includes securities lending income of $1,332)		2,783
Total investment income		1,521,876
Expenses:
Advisory fees		3,824,725
Administrative services fees		921,429
Custodian fees		1,821
Distribution fees - Series II		245,435
Transfer agent fees		44,012
Trustees’ and officers’ fees and benefits		14,689
Reports to shareholders		28,559
Professional services fees		24,214
Taxes		2,378
Other		7,534
Total expenses		5,114,796
Less: Fees waived		(216,040	)
Net expenses		4,898,756
Net investment income (loss)		(3,376,880	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		180,574,515
Affiliated investment securities		263
		180,574,778
Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		(72,502,005	)
Affiliated investment securities		73
		(72,501,932	)
Net realized and unrealized gain		108,072,846
Net increase in net assets resulting from operations	$	104,695,966

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(3,376,880	)	$	(3,715,026	)
Net realized gain		180,574,778			129,594,081
Change in net unrealized appreciation (depreciation)		(72,501,932	)		232,836,358
Net increase in net assets resulting from operations		104,695,966			358,715,413
Distributions to shareholders from distributable earnings:
Series I		—			(59,869,406	)
Series II		—			(5,791,819	)
Total distributions from distributable earnings		—			(65,661,225	)
Share transactions-net:
Series I		(54,829,489	)		33,303,183
Series II		(11,830,774	)		88,537,075
Net increase (decrease) in net assets resulting from share transactions		(66,660,263	)		121,840,258
Net increase in net assets		38,035,703			414,894,446
Net assets:
Beginning of period		1,159,630,859			744,736,413
End of period	$	1,197,666,562		$	1,159,630,859

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Discovery Mid Cap Growth Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Series I
Six months ended 06/30/21		$106.94		$(0.30	)		$10.23			$   9.93			$      –			$       –			$       –			$116.87		9.29	%		$995,879		0.80	%(e)		0.84	%(e)		(0.54	)%(e)		39	%
Year ended 12/31/20		83.82		(0.32	)		30.78			30.46			(0.04	)		(7.30	)		(7.34	)		106.94		40.70			963,414		0.80			0.86			(0.37	)		87
Year ended 12/31/19		68.65		0.04	(f)		26.04			26.08			–			(10.91	)		(10.91	)		83.82		39.37			693,424		0.80			0.87			0.05	(f)		76
Year ended 12/31/18		84.21		(0.19	)		(3.07	)		(3.26	)		–			(12.30	)		(12.30	)		68.65		(6.08	)		586,273		0.80			0.86			(0.23	)		104
Year ended 12/31/17		72.65		(0.10	)		20.08			19.98			(0.03	)		(8.39	)		(8.42	)		84.21		28.79			694,675		0.80			0.84			(0.12	)		105
Year ended 12/31/16		76.85		0.03			1.69			1.72			–			(5.92	)		(5.92	)		72.65		2.34			603,708		0.80			0.84			0.04			141
Series II
Six months ended 06/30/21		98.05		(0.40	)		9.37			8.97			–			–			–			107.02		9.15			201,788		1.05	(e)		1.09	(e)		(0.79	)(e)		39
Year ended 12/31/20		77.70		(0.50	)		28.15			27.65			–			(7.30	)		(7.30	)		98.05		40.24			196,217		1.05			1.11			(0.62	)		87
Year ended 12/31/19		64.41		(0.14	)(f)		24.34			24.20			–			(10.91	)		(10.91	)		77.70		39.01			51,312		1.05			1.12			(0.19	)(f)		76
Year ended 12/31/18		79.87		(0.37	)		(2.79	)		(3.16	)		–			(12.30	)		(12.30	)		64.41		(6.31	)		35,054		1.05			1.11			(0.48	)		104
Year ended 12/31/17		69.43		(0.28	)		19.11			18.83			–			(8.39	)		(8.39	)		79.87		28.46			39,599		1.05			1.09			(0.37	)		105
Year ended 12/31/16		73.88		(0.15	)		1.62			1.47			–			(5.92	)		(5.92	)		69.43		2.08			32,252		1.05			1.09			(0.21	)		141

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $123,217,891 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco V.I. Mid Cap Growth Fund into the Fund.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $975,370 and $197,975 for Series I and Series II shares, respectively.

^(f)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended December 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.13) and (0.16)% for Series I Shares and $(0.30) and (0.40)% for Series II Shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Discovery Mid Cap Growth Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Discovery Mid Cap Growth Fund, formerly Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is to seek capital appreciation.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Discovery Mid Cap Growth Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

Invesco V.I. Discovery Mid Cap Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $700 million		0.600	%
Over $1.5 billion		0.580	%

* The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.66%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

    The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $216,040.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $82,927 for accounting and fund administrative services and was reimbursed $838,502 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Discovery Mid Cap Growth Fund

    The following is a summary of the tiered valuation input levels, as of June 30, 2021. 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	$	1,171,831,926	$	–		$–	$	1,171,831,926
Money Market Funds		21,151,868		76,909,195		–		98,061,063
Total Investments	$	1,192,983,794	$	76,909,195		$–	$	1,269,892,989

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $446,323,128 and $532,553,524, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	391,425,315
Aggregate unrealized (depreciation) of investments		(6,885,260	)
Net unrealized appreciation of investments	$	384,540,055

    Cost of investments for tax purposes is $885,352,934.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	June 30, 2021(a)				December 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Series I		182,367	$	20,334,681		1,005,686	$	81,011,069
Series II		120,433		12,315,858		1,316,158		93,201,526
Issued as reinvestment of dividends:
Series I		-		-		839,683		59,869,406
Series II		-		-		88,384		5,791,819
Issued in connection with acquisitions:(b)
Series I		-		-		803,912		57,978,197
Series II		-		-		775,472		51,406,035

Invesco V.I. Discovery Mid Cap Growth Fund

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(670,186	)	$	(75,164,170	)		(1,912,557	)	$	(165,555,489	)
Series II		(236,171	)		(24,146,632	)		(839,168	)		(61,862,305	)
Net increase (decrease) in share activity		(603,557	)	$	(66,660,263	)		2,077,570		$	121,840,258

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 30, 2020, the Fund acquired all the net assets of Invesco V.I. Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020 and by the shareholders of the Target Fund on April 24, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 1,579,384 shares of the Fund for 30,799,415 shares outstanding of the Target Fund as of the close of business on April 30, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 30, 2020. The Target Fund’s net assets as of the close of business on April 30, 2020 of $109,384,232, including $25,370,264 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $753,884,659 and $863,268,891 immediately after the acquisition.

The pro forma results of operations for the year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income (loss)	$	(4,379,802	)
Net realized/unrealized gains		349,391,558
Change in net assets resulting from operations	$	345,011,756

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 1, 2020.

Invesco V.I. Discovery Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/21)	Ending Account Value (06/30/21)1	Expenses Paid During Period2	Ending Account Value (06/30/21)	Expenses Paid During Period2
Series I	$1,000.00	$1,092.80	$4.15	$1,020.83	$4.01	0.80%
Series II	1,000.00	1,091.40	5.44	1,019.59	5.26	1.05

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Discovery Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Discovery Mid Cap Growth Fund’s (formerly, Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one and three year periods, and reasonably comparable to the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

Invesco V.I. Discovery Mid Cap Growth Fund

performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco

Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the

Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Discovery Mid Cap Growth Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Diversified Dividend Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VIDDI-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	12.87	%
Series II Shares	12.74
S&P 500 Indexq (Broad Market Index)	15.25
Russell 1000 Value Indexq (Style-Specific Index)	17.05
Lipper VUF Large-Cap Value Funds Index∎ (Peer Group Index)	17.35
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

The Lipper VUF Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value variable insurance underlying funds tracked by Lipper.

The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Variable Investment Series Dividend Growth Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Dividend Growth Fund (renamed Invesco V.I. Diversified Dividend Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your vari-

able product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Diversified Dividend Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (3/1/90)	8.21	%
10 Years	10.62
5 Years	8.36
1 Year	32.95
Series II Shares
Inception (6/5/00)	6.05	%
10 Years	10.34
5 Years	8.09
1 Year	32.66

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Diversified Dividend Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Diversified Dividend Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.76%
Aerospace & Defense–1.82%
General Dynamics Corp.		16,606	$	3,126,246
Raytheon Technologies Corp.		66,936		5,710,310
				8,836,556
Agricultural & Farm Machinery–0.94%
Deere & Co.		12,995		4,583,466
Air Freight & Logistics–1.04%
United Parcel Service, Inc., Class B		24,365		5,067,189
Apparel Retail–1.45%
TJX Cos., Inc. (The)		104,929		7,074,313
Apparel, Accessories & Luxury Goods–0.55%
Columbia Sportswear Co.		27,233		2,678,638
Brewers–3.39%
Anheuser-Busch InBev S.A./N.V. (Belgium)		102,777		7,401,409
Heineken N.V. (Netherlands)		75,109		9,105,388
				16,506,797
Cable & Satellite–2.35%
Comcast Corp., Class A		200,507		11,432,909
Communications Equipment–1.85%
Cisco Systems, Inc.		169,898		9,004,594
Construction Machinery & Heavy Trucks–0.90%
Cummins, Inc.		18,015		4,392,237
Consumer Finance–1.58%
American Express Co.		46,431		7,671,794
Data Processing & Outsourced Services–2.34%
Automatic Data Processing, Inc.		28,538		5,668,218
Fidelity National Information Services, Inc.		40,359		5,717,659
				11,385,877
Diversified Banks–2.40%
Bank of America Corp.		282,752		11,657,865
Diversified Chemicals–1.01%
BASF SE (Germany)		62,328		4,911,568
Electric Utilities–5.80%
American Electric Power Co., Inc.		52,952		4,479,210
Duke Energy Corp.		57,656		5,691,800
Entergy Corp.		119,390		11,903,183
Exelon Corp.		139,103		6,163,654
				28,237,847
Electrical Components & Equipment–2.28%
ABB Ltd. (Switzerland)		213,270		7,239,341
Emerson Electric Co.		39,845		3,834,683
				11,074,024

	Shares		Value
Fertilizers & Agricultural Chemicals–0.58%
Nutrien Ltd. (Canada)		46,217	$	2,800,386
Food Distributors–0.61%
Sysco Corp.		37,896		2,946,414
General Merchandise Stores–2.26%
Target Corp.		45,488		10,996,269
Health Care Equipment–1.65%
Medtronic PLC		64,539		8,011,226
Household Products–2.31%
Procter & Gamble Co. (The)		83,156		11,220,239
Industrial Conglomerates–1.50%
3M Co.		36,710		7,291,707
Industrial Machinery–3.02%
Flowserve Corp.		181,763		7,328,685
Pentair PLC		80,235		5,415,060
Stanley Black & Decker, Inc.		9,585		1,964,829
				14,708,574
Integrated Oil & Gas–2.71%
Suncor Energy, Inc. (Canada)		150,911		3,614,511
TotalEnergies SE (France)		210,895		9,567,746
				13,182,257
Integrated Telecommunication Services–2.76%
AT&T, Inc.		252,676		7,272,015
Deutsche Telekom AG (Germany)		290,307		6,137,357
				13,409,372
Investment Banking & Brokerage–0.91%
Charles Schwab Corp. (The)		60,651		4,415,999
IT Consulting & Other Services–1.55%
International Business Machines Corp.		51,590		7,562,578
Motorcycle Manufacturers–1.36%
Harley-Davidson, Inc.		144,277		6,610,772
Movies & Entertainment–1.01%
Walt Disney Co. (The)(b)		27,965		4,915,408
Multi-line Insurance–2.61%
Hartford Financial Services Group, Inc. (The)		205,282		12,721,326
Multi-Utilities–3.80%
Consolidated Edison, Inc.		9,321		668,502
Dominion Energy, Inc.		147,607		10,859,447
Sempra Energy		52,618		6,970,833
				18,498,782
Oil & Gas Exploration & Production–2.20%
ConocoPhillips		175,529		10,689,716
Packaged Foods & Meats–8.24%
Campbell Soup Co.		186,570		8,505,726
General Mills, Inc.		165,036		10,055,644

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Diversified Dividend Fund

	Shares		Value
Packaged Foods & Meats–(continued)
Kraft Heinz Co. (The)		160,735	$	6,554,773
Mondelez International, Inc., Class A		115,719		7,225,494
Nestle S.A. (Switzerland)		62,311		7,759,923
				40,101,560
Paper Packaging–2.99%
Avery Dennison Corp.		18,318		3,851,176
International Paper Co.		105,160		6,447,360
Sonoco Products Co.		63,929		4,276,850
				14,575,386
Personal Products–1.21%
L’Oreal S.A. (France)		13,256		5,911,003
Pharmaceuticals–7.36%
Bayer AG (Germany)		47,638		2,893,613
Bristol-Myers Squibb Co.		83,740		5,595,507
Eli Lilly and Co.		33,087		7,594,128
Johnson & Johnson		59,984		9,881,764
Merck & Co., Inc.		126,850		9,865,125
				35,830,137
Property & Casualty Insurance–1.88%
Travelers Cos., Inc. (The)		61,146		9,154,168
Regional Banks–8.20%
Comerica, Inc.		106,353		7,587,223
Cullen/Frost Bankers, Inc.		44,166		4,946,592
Fifth Third Bancorp		135,351		5,174,469
M&T Bank Corp.		63,004		9,155,111
PNC Financial Services Group, Inc. (The)		28,368		5,411,480
Zions Bancorporation N.A.		144,512		7,638,904
				39,913,779

	Shares		Value
Restaurants–0.33%
Darden Restaurants, Inc.		11,086	$	1,618,445
Semiconductors–1.03%
Broadcom, Inc.		10,507		5,010,158
Soft Drinks–1.95%
Coca-Cola Co. (The)		175,795		9,512,267
Specialized REITs–0.94%
Weyerhaeuser Co.		132,596		4,563,954
Specialty Chemicals–1.09%
DuPont de Nemours, Inc.		68,508		5,303,204
Total Common Stocks & Other Equity Interests (Cost $320,492,182)				465,990,760
Money Market Funds–3.45%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		5,203,865		5,203,865
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		5,617,145		5,619,392
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		5,947,274		5,947,274
Total Money Market Funds (Cost $16,769,290)				16,770,531
TOTAL INVESTMENTS IN SECURITIES-99.21% (Cost $337,261,472)				482,761,291
OTHER ASSETS LESS LIABILITIES–0.79%				3,846,155
NET ASSETS–100.00%			$	486,607,446

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c) 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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  5,256,244		$11,747,875		$(11,800,254)		$    -		$    -		$  5,203,865		$    748
Invesco Liquid Assets Portfolio, Institutional Class		5,597,164		8,391,339		(8,369,671)		417		143		5,619,392		595
Invesco Treasury Portfolio, Institutional Class		6,007,135		13,426,143		(13,486,004)		-		-		5,947,274		300
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		2,203,439		(2,203,439)		-		-		-		2*
Invesco Private Prime Fund		-		3,437,363		(3,437,363)		-		-		-		28*
Total		$16,860,543		$39,206,159		$(39,296,731)		$417		$143		$16,770,531		$1,673

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

^(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Diversified Dividend Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Consumer Staples	17.71	%
Financials	17.58
Industrials	11.50
Utilities	9.60
Health Care	9.01
Information Technology	6.77
Communication Services	6.12
Consumer Discretionary	5.95
Materials	5.67
Energy	4.91
Real Estate	0.94
Money Market Funds Plus Other Assets Less Liabilities	4.24

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Diversified Dividend Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $320,492,182)	$	465,990,760
Investments in affiliated money market funds, at value (Cost $16,769,290)		16,770,531
Foreign currencies, at value (Cost $22,570)		22,433
Receivable for:
Investments sold		6,052,154
Fund shares sold		180,327
Dividends		876,350
Investment for trustee deferred compensation and retirement plans		93,741
Total assets		489,986,296
Liabilities:
Payable for:
Investments purchased		2,644,847
Fund shares reacquired		108,909
Accrued fees to affiliates		423,712
Accrued other operating expenses		75,763
Trustee deferred compensation and retirement plans		125,619
Total liabilities		3,378,850
Net assets applicable to shares outstanding	$	486,607,446
Net assets consist of:
Shares of beneficial interest	$	309,138,424
Distributable earnings		177,469,022
	$	486,607,446
Net Assets:
Series I	$	248,137,609
Series II	$	238,469,837

Shares outstanding, no par value, with an unlimited number of shares authorized:

Series I		8,546,993
Series II		8,288,275
Series I: Net asset value per share	$	29.03
Series II: Net asset value per share	$	28.77

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $275,304)	$	6,364,809
Dividends from affiliated money market funds (includes securities lending income of $37,162)		38,805
Total investment income		6,403,614
Expenses:
Advisory fees		1,147,828
Administrative services fees		387,676
Custodian fees		20,847
Distribution fees - Series II		286,716
Transfer agent fees		13,139
Trustees’ and officers’ fees and benefits		11,191
Reports to shareholders		8,673
Professional services fees		19,704
Other		6,165
Total expenses		1,901,939
Less: Fees waived		(4,278	)
Net expenses		1,897,661
Net investment income		4,505,953
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		16,612,933
Affiliated investment securities		143
Foreign currencies		75,463
Forward foreign currency contracts		(456,889	)
		16,231,650
Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		35,494,157
Affiliated investment securities		417
Foreign currencies		(17,959	)
Forward foreign currency contracts		625,279
	36,101,894
Net realized and unrealized gain		52,333,544
Net increase in net assets resulting from operations	$	56,839,497

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Diversified Dividend Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	4,505,953		$	9,797,518
Net realized gain		16,231,650			2,111,182
Change in net unrealized appreciation (depreciation)		36,101,894			(18,500,334	)
Net increase (decrease) in net assets resulting from operations		56,839,497			(6,591,634	)
Distributions to shareholders from distributable earnings:
Series I		–			(12,417,884	)
Series II		–			(11,140,091	)
Total distributions from distributable earnings		–			(23,557,975	)
Share transactions–net:
Series I		(14,454,588	)		(28,690,500	)
Series II		(7,084,228	)		(5,459,331	)
Net increase (decrease) in net assets resulting from share transactions		(21,538,816	)		(34,149,831	)
Net increase (decrease) in net assets		35,300,681			(64,299,440	)
Net assets:
Beginning of period		451,306,765			515,606,205
End of period	$	486,607,446		$	451,306,765

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Diversified Dividend Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$25.72		$0.28		$ 3.03			$ 3.31			$     –			$     –			$     –			$29.03		12.87	%		$248,138		0.68	%(d)		0.68	%(d)		2.03	%(d)		14	%
Year ended 12/31/20		27.23		0.58		(0.67	)		(0.09	)		(0.77	)		(0.65	)		(1.42	)		25.72		0.14			233,073		0.70			0.70			2.41			9
Year ended 12/31/19		23.70		0.67		5.15			5.82			(0.80	)		(1.49	)		(2.29	)		27.23		25.09			278,727		0.65			0.65			2.54			7
Year ended 12/31/18		27.18		0.63		(2.53	)		(1.90	)		(0.65	)		(0.93	)		(1.58	)		23.70		(7.57	)		337,461		0.64			0.65			2.38			10
Year ended 12/31/17		26.38		0.56		1.65			2.21			(0.46	)		(0.95	)		(1.41	)		27.18		8.58			437,104		0.64			0.65			2.06			16
Year ended 12/31/16		23.27		0.50		2.93			3.43			(0.32	)		–			(0.32	)		26.38		14.81			439,857		0.66			0.68			2.02			14
Series II
Six months ended 06/30/21		25.52		0.24		3.01			3.25			–			–			–			28.77		12.74			238,470		0.93	(d)		0.93	(d)		1.78	(d)		14
Year ended 12/31/20		27.03		0.52		(0.68	)		(0.16	)		(0.71	)		(0.64	)		(1.35	)		25.52		(0.13	)		218,234		0.95			0.95			2.16			9
Year ended 12/31/19		23.54		0.60		5.11			5.71			(0.73	)		(1.49	)		(2.22	)		27.03		24.77			236,880		0.90			0.90			2.29			7
Year ended 12/31/18		27.00		0.56		(2.51	)		(1.95	)		(0.58	)		(0.93	)		(1.51	)		23.54		(7.78	)		204,889		0.89			0.90			2.13			10
Year ended 12/31/17		26.23		0.49		1.64			2.13			(0.41	)		(0.95	)		(1.36	)		27.00		8.31			242,614		0.89			0.90			1.81			16
Year ended 12/31/16		23.16		0.43		2.92			3.35			(0.28	)		–			(0.28	)		26.23		14.54			215,614		0.91			0.93			1.77			14

^(a) Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $245,436 and $231,274 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Diversified Dividend Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Diversified Dividend Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to provide reasonable current income and long-term growth of income and capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Diversified Dividend Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. Diversified Dividend Fund

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

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

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.545%
Next $750 million		0.420%
Next $1 billion		0.395%
Over $2 billion		0.370%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $4,278.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $33,555 for accounting and fund administrative services and was reimbursed $354,121 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Diversified Dividend Fund

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 June 30, 2021. 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		$405,063,412		$60,927,348		$–		$465,990,760
Money Market Funds		16,770,531		–		–		16,770,531
Total Investments		$421,833,943		$60,927,348		$–		$482,761,291

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$(456,889	)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		625,279
Total		$ 168,390

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$16,935,837

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Invesco V.I. Diversified Dividend Fund

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $64,045,667 and $85,081,504, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	149,710,362
Aggregate unrealized (depreciation) of investments		(4,436,064	)
Net unrealized appreciation of investments	$	145,274,298

    Cost of investments for tax purposes is $337,486,993.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		437,614		$	12,154,103			601,614		$	14,369,100
Series II		303,312			8,361,075			566,840			13,201,510
Issued as reinvestment of dividends:
Series I		-			-			527,075			12,417,884
Series II		-			-			476,276			11,140,091
Reacquired:
Series I		(951,738	)		(26,608,691	)		(2,302,436	)		(55,477,484	)
Series II		(565,536	)		(15,445,303	)		(1,257,557	)		(29,800,932	)
Net increase (decrease) in share activity		(776,348	)	$	(21,538,816	)		(1,388,188	)	$	(34,149,831	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense Ratio
	Beginning   Account Value   (01/01/21)	Ending   Account Value   (06/30/21)1	Expenses   Paid During   Period2	Ending   Account Value   (06/30/21)	Expenses   Paid During   Period2
Series I	$1,000.00	$1,128.70	$3.59	$1,021.42	$3.41	0.68%
Series II	1,000.00	1,127.40	4.91	1,020.18	4.66	0.93

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Diversified Dividend Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Diversified Dividend Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one and five year periods, and the fourth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board noted that the Fund’s overweight exposure to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. Diversified Dividend Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.

The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Diversified Dividend Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Equally-Weighted S&P 500 Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. MS-VIEWSP-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	18.89%
Series II Shares	18.76
S&P 500 Indexq (Broad Market Index)	15.25
S&P 500 Equal Weight Indexq (Style-Specific Index)	19.18
Lipper VUF Multi-Cap Core Funds Index∎ (Peer Group Index)	15.16
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

  The S&P 500^® Equal Weight Index is the equally weighted version of the S&P 500^® Index, which is considered representative of the US stock market.

    The Lipper VUF Multi-Cap Core Funds Index is an unmanaged index considered representative of multicap core variable insurance underlying funds tracked by Lipper.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares*
Inception (11/9/94)	11.37	%
10 Years	13.34
5 Years	15.36
1 Year	50.04
Series II Shares*
Inception (7/24/00)	9.74	%
10 Years	13.05
5 Years	15.07
1 Year	49.61
*Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Underlying Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been lower.

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Select Dimensions Investment Series Equally-Weighted S&P 500 Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund (renamed Invesco V.I. Equally-Weighted S&P 500 Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable

product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Equally-Weighted S&P 500 Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do

not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

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

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

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

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.96%
Advertising–0.37%
Interpublic Group of Cos., Inc. (The)		22,198	$	721,213
Omnicom Group, Inc.		9,042		723,270
				1,444,483
Aerospace & Defense–2.10%
Boeing Co. (The)(b)		3,066		734,491
General Dynamics Corp.		3,960		745,510
Howmet Aerospace, Inc.(b)		21,439		739,002
Huntington Ingalls Industries, Inc.		3,432		723,294
L3Harris Technologies, Inc.		3,397		734,262
Lockheed Martin Corp.		1,955		739,674
Northrop Grumman Corp.		2,022		734,855
Raytheon Technologies Corp.		8,538		728,377
Teledyne Technologies, Inc.(b)		1,788		748,868
Textron, Inc.		11,088		762,522
TransDigm Group, Inc.(b)		1,146		741,794
				8,132,649
Agricultural & Farm Machinery–0.20%
Deere & Co.		2,220		783,016
Agricultural Products–0.18%
Archer-Daniels-Midland Co.		11,489		696,233
Air Freight & Logistics–0.78%
C.H. Robinson Worldwide, Inc.		7,582		710,206
Expeditors International of Washington, Inc.		6,035		764,031
FedEx Corp.		2,561		764,023
United Parcel Service, Inc., Class B		3,733		776,352
				3,014,612
Airlines–0.90%
Alaska Air Group, Inc.(b)		11,580		698,390
American Airlines Group, Inc.(b)		32,226		683,513
Delta Air Lines, Inc.(b)		16,307		705,441
Southwest Airlines Co.(b)		13,172		699,301
United Airlines Holdings, Inc.(b)(c)		13,417		701,575
				3,488,220
Alternative Carriers–0.18%
Lumen Technologies, Inc.		50,351		684,270
Apparel Retail–0.82%
Gap, Inc. (The)		23,469		789,732
L Brands, Inc.		11,317		815,503
Ross Stores, Inc.		6,315		783,060
TJX Cos., Inc. (The)		11,531		777,420
				3,165,715
Apparel, Accessories & Luxury Goods–1.14%
Hanesbrands, Inc.		38,826		724,882
PVH Corp.(b)		6,708		721,714
Ralph Lauren Corp.		6,178		727,830
Tapestry, Inc.(b)		17,117		744,247
Under Armour, Inc., Class A(b)		18,691		395,315

	Shares		Value
Apparel, Accessories & Luxury Goods–(continued)
Under Armour, Inc., Class C(b)		19,309	$	358,568
VF Corp.		9,232		757,393
				4,429,949
Application Software–2.24%
Adobe, Inc.(b)		1,401		820,482
ANSYS, Inc.(b)		2,254		782,273
Autodesk, Inc.(b)		2,733		797,763
Cadence Design Systems, Inc.(b)		5,865		802,449
Citrix Systems, Inc.		6,297		738,449
Intuit, Inc.		1,606		787,213
Paycom Software, Inc.(b)		2,230		810,538
PTC, Inc.(b)		5,559		785,264
salesforce.com, inc.(b)		3,155		770,672
Synopsys, Inc.(b)		2,883		795,103
Tyler Technologies, Inc.(b)		1,760		796,171
				8,686,377
Asset Management & Custody Banks–1.52%
Ameriprise Financial, Inc.		2,933		729,965
Bank of New York Mellon Corp. (The)		15,042		770,602
BlackRock, Inc.		861		753,349
Franklin Resources, Inc.		21,796		697,254
Invesco Ltd.(d)		25,879		691,746
Northern Trust Corp.		6,449		745,633
State Street Corp.		9,055		745,045
T. Rowe Price Group, Inc.		3,910		774,063
				5,907,657
Auto Parts & Equipment–0.38%
Aptiv PLC(b)		4,837		761,005
BorgWarner, Inc.		14,332		695,675
				1,456,680
Automobile Manufacturers–0.60%
Ford Motor Co.(b)		49,626		737,442
General Motors Co.(b)(e)		12,332		729,685
Tesla, Inc.(b)		1,243		844,867
				2,311,994
Automotive Retail–0.83%
Advance Auto Parts, Inc.		3,803		780,147
AutoZone, Inc.(b)		543		810,275
CarMax, Inc.(b)		6,490		838,184
O’Reilly Automotive, Inc.(b)		1,418		802,886
				3,231,492
Biotechnology–1.56%
AbbVie, Inc.		6,570		740,045
Alexion Pharmaceuticals, Inc.(b)		4,175		766,989
Amgen, Inc.		3,124		761,475
Biogen, Inc.(b)		1,911		661,722
Gilead Sciences, Inc.		11,026		759,250
Incyte Corp.(b)		9,182		772,482
Regeneron Pharmaceuticals, Inc.(b)		1,442		805,415

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

	Shares		Value
Biotechnology–(continued)
Vertex Pharmaceuticals, Inc.(b)		3,929	$	792,204
				6,059,582
Brewers–0.17%
Molson Coors Beverage Co., Class B(b)		12,647		679,017
Broadcasting–0.59%
Discovery, Inc., Class A(b)		9,205		282,409
Discovery, Inc., Class C(b)		16,408		475,504
Fox Corp., Class A		13,895		515,921
Fox Corp., Class B		6,389		224,893
ViacomCBS, Inc., Class B		17,905		809,306
				2,308,033
Building Products–1.39%
A.O. Smith Corp.		10,999		792,588
Allegion PLC		5,467		761,553
Carrier Global Corp.		16,449		799,422
Fortune Brands Home & Security, Inc.		7,684		765,403
Johnson Controls International PLC		11,311		776,274
Masco Corp.		12,907		760,351
Trane Technologies PLC		4,094		753,869
				5,409,460
Cable & Satellite–0.61%
Charter Communications, Inc., Class A(b)		1,105		797,202
Comcast Corp., Class A		13,331		760,134
DISH Network Corp., Class A(b)		18,924		791,023
				2,348,359
Casinos & Gaming–0.93%
Caesars Entertainment, Inc.(b)		6,874		713,178
Las Vegas Sands Corp.(b)		13,631		718,217
MGM Resorts International		17,548		748,422
Penn National Gaming, Inc.(b)		9,044		691,776
Wynn Resorts Ltd.(b)		5,963		729,275
				3,600,868
Commodity Chemicals–0.36%
Dow, Inc.		11,150		705,572
LyondellBasell Industries N.V., Class A		6,889		708,671
				1,414,243
Communications Equipment–0.96%
Arista Networks, Inc.(b)		2,083		754,692
Cisco Systems, Inc.		13,845		733,785
F5 Networks, Inc.(b)		3,935		734,507
Juniper Networks, Inc.		26,449		723,380
Motorola Solutions, Inc.		3,571		774,371
				3,720,735
Computer & Electronics Retail–0.20%
Best Buy Co., Inc.		6,625		761,742
Construction & Engineering–0.19%
Quanta Services, Inc.		8,232		745,572
Construction Machinery & Heavy Trucks–0.77%
Caterpillar, Inc.		3,435		747,559
Cummins, Inc.		3,034		739,720
PACCAR, Inc.(e)		8,209		732,653

	Shares		Value
Construction Machinery & Heavy Trucks–(continued)
Wabtec Corp.		9,293	$	764,814
				2,984,746
Construction Materials–0.39%
Martin Marietta Materials, Inc.		2,150		756,391
Vulcan Materials Co.		4,352		757,553
				1,513,944
Consumer Electronics–0.20%
Garmin Ltd.		5,239		757,769
Consumer Finance–0.76%
American Express Co.(e)		4,610		761,710
Capital One Financial Corp.		4,721		730,291
Discover Financial Services		6,157		728,312
Synchrony Financial		15,359		745,219
				2,965,532
Copper–0.18%
Freeport-McMoRan, Inc.		18,562		688,836
Data Processing & Outsourced Services–2.32%
Automatic Data Processing, Inc.		3,799		754,558
Broadridge Financial Solutions, Inc.		4,660		752,730
Fidelity National Information Services, Inc.		5,207		737,676
Fiserv, Inc.(b)		6,881		735,510
FleetCor Technologies, Inc.(b)		2,789		714,151
Global Payments, Inc.		3,919		734,969
Jack Henry & Associates, Inc.		4,668		763,265
Mastercard, Inc., Class A		2,075		757,562
Paychex, Inc.		7,221		774,813
PayPal Holdings, Inc.(b)		2,794		814,395
Visa, Inc., Class A		3,227		754,537
Western Union Co. (The)		30,391		698,081
				8,992,247
Distillers & Vintners–0.39%
Brown-Forman Corp., Class B		10,035		752,023
Constellation Brands, Inc., Class A		3,188		745,641
				1,497,664
Distributors–0.59%
Genuine Parts Co.		5,877		743,264
LKQ Corp.(b)		15,309		753,509
Pool Corp.		1,757		805,866
				2,302,639
Diversified Banks–0.94%
Bank of America Corp.		18,114		746,840
Citigroup, Inc.		9,915		701,486
JPMorgan Chase & Co.		4,731		735,860
U.S. Bancorp		12,822		730,470
Wells Fargo & Co.		16,600		751,814
				3,666,470
Diversified Chemicals–0.18%
Eastman Chemical Co.		6,051		706,454
Diversified Support Services–0.42%
Cintas Corp.		2,149		820,918
Copart, Inc.(b)		6,074		800,735
				1,621,653

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

	Shares		Value
Drug Retail–0.19%
Walgreens Boots Alliance, Inc.		13,709	$	721,230
Electric Utilities–2.83%
Alliant Energy Corp.		12,945		721,813
American Electric Power Co., Inc.		8,946		756,742
Duke Energy Corp.		7,439		734,378
Edison International		13,081		756,343
Entergy Corp.		6,961		694,012
Evergy, Inc.		11,813		713,860
Eversource Energy		9,157		734,758
Exelon Corp.		16,164		716,227
FirstEnergy Corp.		19,564		727,976
NextEra Energy, Inc.		10,318		756,103
NRG Energy, Inc.		20,329		819,259
Pinnacle West Capital Corp.		8,648		708,877
PPL Corp.		25,853		723,108
Southern Co. (The)		11,876		718,617
Xcel Energy, Inc.		10,904		718,355
				11,000,428
Electrical Components & Equipment–1.01%
AMETEK, Inc.		5,582		745,197
Eaton Corp. PLC		5,172		766,387
Emerson Electric Co.		7,815		752,116
Generac Holdings, Inc.(b)		2,171		901,291
Rockwell Automation, Inc.		2,668		763,101
				3,928,092
Electronic Components–0.38%
Amphenol Corp., Class A		11,077		757,778
Corning, Inc.		17,569		718,572
				1,476,350
Electronic Equipment & Instruments–0.61%
Keysight Technologies, Inc.(b)		5,130		792,123
Trimble, Inc.(b)		9,646		789,332
Zebra Technologies Corp., Class A(b)		1,491		789,470
				2,370,925
Electronic Manufacturing Services–0.40%
IPG Photonics Corp.(b)		3,725		785,118
TE Connectivity Ltd.		5,535		748,388
				1,533,506
Environmental & Facilities Services–0.59%
Republic Services, Inc.		6,921		761,379
Rollins, Inc.		22,757		778,290
Waste Management, Inc.		5,420		759,396
				2,299,065
Fertilizers & Agricultural Chemicals–0.74%
CF Industries Holdings, Inc.		14,094		725,136
Corteva, Inc.		17,024		755,015
FMC Corp.		6,349		686,962
Mosaic Co. (The)		21,922		699,531
				2,866,644
Financial Exchanges & Data–1.63%
Cboe Global Markets, Inc.		6,656		792,397
CME Group, Inc., Class A		3,535		751,824
Intercontinental Exchange, Inc.		6,730		798,851

	Shares			Value
Financial Exchanges & Data–(continued)
MarketAxess Holdings, Inc.		1,720		$	797,375
Moody’s Corp.		2,199			796,852
MSCI, Inc.		1,582			843,332
Nasdaq, Inc.		4,385			770,883
S&P Global, Inc.		1,931			792,579
					6,344,093
Food Distributors–0.19%
Sysco Corp.		9,494			738,159
Food Retail–0.19%
Kroger Co. (The)		19,589			750,455
Footwear–0.23%
NIKE, Inc., Class B		5,747			887,854
Gas Utilities–0.18%
Atmos Energy Corp.		7,449			715,923
General Merchandise Stores–0.60%
Dollar General Corp.		3,622			783,765
Dollar Tree, Inc.(b)		7,494			745,653
Target Corp.		3,254			786,622
					2,316,040
Gold–0.18%
Newmont Corp.		10,785			683,553
Health Care Distributors–0.75%
AmerisourceBergen Corp.		6,327			724,378
Cardinal Health, Inc.		12,785			729,896
Henry Schein, Inc.(b)		9,610			712,966
McKesson Corp.		3,879			741,820
					2,909,060
Health Care Equipment–3.45%
Abbott Laboratories		6,899			799,801
ABIOMED, Inc.(b)		2,534			790,887
Baxter International, Inc.		9,220	��		742,210
Becton, Dickinson and Co.		3,126			760,212
Boston Scientific Corp.(b)		17,671			755,612
Danaher Corp.		3,069			823,597
DexCom, Inc.(b)		1,894			808,738
Edwards Lifesciences Corp.(b)		7,583			785,371
Hologic, Inc.(b)		11,962			798,105
IDEXX Laboratories, Inc.(b)		1,297			819,120
Intuitive Surgical, Inc.(b)		877			806,524
Medtronic PLC		6,126			760,420
ResMed, Inc.		3,469			855,178
STERIS PLC		3,822			788,479
Stryker Corp.		2,964			769,840
Teleflex, Inc.		1,926			773,847
Zimmer Biomet Holdings, Inc.		4,791			770,489
					13,408,430
Health Care Facilities–0.37%
HCA Healthcare, Inc.		3,582			740,543
Universal Health Services, Inc., Class B		4,729			692,467
					1,433,010
Health Care REITs–0.58%
Healthpeak Properties, Inc.		21,802			725,789

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

	Shares		Value
Health Care REITs–(continued)
Ventas, Inc.		13,054	$    745,383
Welltower, Inc.		9,517	790,863
			2,262,035
Health Care Services–0.99%
Cigna Corp.		3,136	743,452
CVS Health Corp.		8,871	740,196
DaVita, Inc.(b)		6,202	746,907
Laboratory Corp. of America Holdings(b)		2,934	809,344
Quest Diagnostics, Inc.		5,958	786,277
			3,826,176
Health Care Supplies–0.79%
Align Technology, Inc.(b)		1,240	757,640
Cooper Cos., Inc. (The)		2,021	800,862
DENTSPLY SIRONA, Inc.		11,564	731,539
West Pharmaceutical Services, Inc.		2,195	788,224
			3,078,265
Health Care Technology–0.19%
Cerner Corp.		9,330	729,233
Home Furnishings–0.38%
Leggett & Platt, Inc.		14,042	727,516
Mohawk Industries, Inc.(b)		3,927	754,730
			1,482,246
Home Improvement Retail–0.40%
Home Depot, Inc. (The)		2,440	778,091
Lowe’s Cos., Inc.		3,974	770,837
			1,548,928
Homebuilding–0.81%
D.R. Horton, Inc.		8,546	772,302
Lennar Corp., Class A		8,177	812,385
NVR, Inc.(b)		162	805,675
PulteGroup, Inc.		13,955	761,524
			3,151,886
Hotel & Resort REITs–0.19%
Host Hotels & Resorts, Inc.(b)		42,339	723,574
Hotels, Resorts & Cruise Lines–1.27%
Booking Holdings, Inc.(b)		329	719,882
Carnival Corp.(b)		25,335	667,831
Expedia Group, Inc.(b)		4,385	717,868
Hilton Worldwide Holdings, Inc.(b)		5,896	711,175
Marriott International, Inc., Class A(b)		5,285	721,508
Norwegian Cruise Line Holdings Ltd.(b)		23,527	691,929
Royal Caribbean Cruises Ltd.(b)		8,417	717,802
			4,947,995
Household Appliances–0.19%
Whirlpool Corp.		3,357	731,893
Household Products–0.98%
Church & Dwight Co., Inc.		8,953	762,975
Clorox Co. (The)		4,305	774,513
Colgate-Palmolive Co.		9,067	737,600
Kimberly-Clark Corp.		5,844	781,810
Procter & Gamble Co. (The)		5,623	758,711
			3,815,609

	Shares		Value
Housewares & Specialties–0.19%
Newell Brands, Inc.		27,043	$    742,871
Human Resource & Employment Services–0.19%
Robert Half International, Inc.		8,366	744,323
Hypermarkets & Super Centers–0.40%
Costco Wholesale Corp.		1,986	785,800
Walmart, Inc.		5,387	759,675
			1,545,475
Independent Power Producers & Energy Traders–0.20%
AES Corp. (The)		29,300	763,851
Industrial Conglomerates–0.77%
3M Co.		3,740	742,876
General Electric Co.		55,388	745,523
Honeywell International, Inc.		3,368	738,771
Roper Technologies, Inc.		1,651	776,300
			3,003,470
Industrial Gases–0.38%
Air Products and Chemicals, Inc.		2,524	726,104
Linde PLC (United Kingdom)		2,605	753,106
			1,479,210
Industrial Machinery–2.14%
Dover Corp.		4,996	752,398
Fortive Corp.		10,614	740,220
IDEX Corp.		3,442	757,412
Illinois Tool Works, Inc.		3,255	727,688
Ingersoll Rand, Inc.(b)		15,814	771,881
Otis Worldwide Corp.		9,414	769,783
Parker-Hannifin Corp.		2,511	771,153
Pentair PLC		11,238	758,453
Snap-on, Inc.		3,175	709,390
Stanley Black & Decker, Inc.		3,730	764,613
Xylem, Inc.		6,418	769,903
			8,292,894
Industrial REITs–0.37%
Duke Realty Corp.		15,381	728,290
Prologis, Inc.		6,081	726,862
			1,455,152
Insurance Brokers–0.75%
Aon PLC, Class A		3,031	723,682
Arthur J. Gallagher & Co.		5,244	734,579
Marsh & McLennan Cos., Inc.		5,458	767,831
Willis Towers Watson PLC		2,946	677,639
			2,903,731
Integrated Oil & Gas–0.60%
Chevron Corp.		7,027	736,008
Exxon Mobil Corp.		12,197	769,387
Occidental Petroleum Corp.		26,766	836,973
			2,342,368
Integrated Telecommunication Services–0.38%
AT&T, Inc.		25,862	744,308
Verizon Communications, Inc.		13,227	741,109
			1,485,417

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

	Shares		Value
Interactive Home Entertainment–0.57%
Activision Blizzard, Inc.		7,726	$	737,370
Electronic Arts, Inc.		5,180		745,039
Take-Two Interactive Software, Inc.(b)		4,068		720,117
				2,202,526
Interactive Media & Services–0.62%
Alphabet, Inc., Class A(b)		156		380,919
Alphabet, Inc., Class C(b)		150		375,948
Facebook, Inc., Class A(b)		2,289		795,908
Twitter, Inc.(b)		12,534		862,465
				2,415,240
Internet & Direct Marketing Retail–0.65%
Amazon.com, Inc.(b)		227		780,916
eBay, Inc.		11,296		793,092
Etsy, Inc.(b)		4,573		941,307
				2,515,315
Internet Services & Infrastructure–0.39%
Akamai Technologies, Inc.(b)		6,402		746,473
VeriSign, Inc.(b)		3,431		781,205
				1,527,678
Investment Banking & Brokerage–0.78%
Charles Schwab Corp. (The)		10,257		746,812
Goldman Sachs Group, Inc. (The)		2,006		761,337
Morgan Stanley		8,238		755,342
Raymond James Financial, Inc.		5,784		751,342
				3,014,833
IT Consulting & Other Services–0.97%
Accenture PLC, Class A		2,659		783,847
Cognizant Technology Solutions Corp., Class A		10,642		737,065
DXC Technology Co.(b)		18,307		712,874
Gartner, Inc.(b)		3,254		788,119
International Business Machines Corp.		5,012		734,709
				3,756,614
Leisure Products–0.19%
Hasbro, Inc.		7,780		735,366
Life & Health Insurance–1.29%
Aflac, Inc.		13,481		723,390
Globe Life, Inc.		7,280		693,420
Lincoln National Corp.		11,199		703,745
MetLife, Inc.		11,828		707,906
Principal Financial Group, Inc.		11,690		738,691
Prudential Financial, Inc.		7,185		736,247
Unum Group		24,919		707,700
				5,011,099
Life Sciences Tools & Services–1.84%
Agilent Technologies, Inc.		5,283		780,880
Bio-Rad Laboratories, Inc., Class A(b)		1,260		811,805
Charles River Laboratories International, Inc.(b)		2,153		796,438
Illumina, Inc.(b)		1,673		791,680
IQVIA Holdings, Inc.(b)		3,114		754,585
Mettler-Toledo International, Inc.(b)		572		792,415
PerkinElmer, Inc.		5,166		797,682
Thermo Fisher Scientific, Inc.		1,630		822,286

	Shares		Value
Life Sciences Tools & Services–(continued)
Waters Corp.(b)		2,252	$	778,314
				7,126,085
Managed Health Care–0.80%
Anthem, Inc.		1,976		754,437
Centene Corp.(b)		10,708		780,934
Humana, Inc.		1,809		800,881
UnitedHealth Group, Inc.		1,905		762,838
				3,099,090
Metal & Glass Containers–0.19%
Ball Corp.		9,300		753,486
Movies & Entertainment–0.60%
Live Nation Entertainment, Inc.(b)		8,670		759,405
Netflix, Inc.(b)		1,552		819,782
Walt Disney Co. (The)(b)		4,276		751,593
				2,330,780
Multi-line Insurance–0.55%
American International Group, Inc.		14,576		693,818
Assurant, Inc.		4,657		727,330
Hartford Financial Services Group, Inc. (The)		11,645		721,641
				2,142,789
Multi-Sector Holdings–0.19%
Berkshire Hathaway, Inc., Class B(b)		2,644		734,820
Multi-Utilities–1.85%
Ameren Corp.		8,838		707,394
CenterPoint Energy, Inc.		28,997		711,006
CMS Energy Corp.		12,499		738,441
Consolidated Edison, Inc.		9,818		704,147
Dominion Energy, Inc.		9,806		721,427
DTE Energy Co.		5,470		708,912
NiSource, Inc.		29,154		714,273
Public Service Enterprise Group, Inc.		12,270		733,010
Sempra Energy		5,331		706,251
WEC Energy Group, Inc.		8,163		726,099
				7,170,960
Office REITs–0.55%
Alexandria Real Estate Equities, Inc.		3,921		713,387
Boston Properties, Inc.		6,156		705,416
Vornado Realty Trust		15,163		707,657
				2,126,460
Oil & Gas Equipment & Services–0.72%
Baker Hughes Co., Class A		29,266		669,313
Halliburton Co.		31,555		729,552
NOV, Inc.(b)		44,789		686,168
Schlumberger Ltd.		21,734		695,705
				2,780,738
Oil & Gas Exploration & Production–1.76%
APA Corp.		33,509		724,800
Cabot Oil & Gas Corp.		43,882		766,180
ConocoPhillips		12,645		770,080
Devon Energy Corp.		25,888		755,671
Diamondback Energy, Inc.		8,689		815,810
EOG Resources, Inc.		8,875		740,530
Hess Corp.		8,455		738,291

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Marathon Oil Corp.		56,336	$	767,296
Pioneer Natural Resources Co.		4,656		756,693
				6,835,351
Oil & Gas Refining & Marketing–0.56%
Marathon Petroleum Corp.		12,002		725,161
Phillips 66		8,335		715,310
Valero Energy Corp.		9,328		728,330
				2,168,801
Oil & Gas Storage & Transportation–0.57%
Kinder Morgan, Inc.		39,617		722,218
ONEOK, Inc.		13,772		766,274
Williams Cos., Inc. (The)		27,286		724,443
				2,212,935
Packaged Foods & Meats–2.28%
Campbell Soup Co.(c)		16,445		749,728
Conagra Brands, Inc.		20,313		738,987
General Mills, Inc.		12,129		739,020
Hershey Co. (The)		4,338		755,593
Hormel Foods Corp.(c)		15,544		742,226
JM Smucker Co. (The)		5,566		721,187
Kellogg Co.		11,638		748,672
Kraft Heinz Co. (The)		17,464		712,182
Lamb Weston Holdings, Inc.		9,058		730,618
McCormick & Co., Inc.		8,534		753,723
Mondelez International, Inc., Class A		11,889		742,349
Tyson Foods, Inc., Class A		9,800		722,848
				8,857,133
Paper Packaging–1.12%
Amcor PLC		61,950		709,947
Avery Dennison Corp.		3,457		726,800
International Paper Co.		11,913		730,386
Packaging Corp. of America		5,272		713,934
Sealed Air Corp.		12,920		765,510
Westrock Co.		13,224		703,781
				4,350,358
Personal Products–0.21%
Estee Lauder Cos., Inc. (The), Class A		2,526		803,470
Pharmaceuticals–1.94%
Bristol-Myers Squibb Co.(e)		11,261		752,460
Catalent, Inc.(b)		6,954		751,866
Eli Lilly and Co.		3,384		776,696
Johnson & Johnson		4,597		757,310
Merck & Co., Inc.		9,942		773,189
Organon & Co.(b)		25,573		773,839
Perrigo Co. PLC		15,886		728,373
Pfizer, Inc.		18,886		739,576
Viatris, Inc.		48,205		688,849
Zoetis, Inc.		4,163		775,817
				7,517,975
Property & Casualty Insurance–1.34%
Allstate Corp. (The)		5,756		750,813
Chubb Ltd.		4,538		721,270
Cincinnati Financial Corp.		6,226		726,076
Loews Corp.		13,481		736,737

	Shares		Value
Property & Casualty Insurance–(continued)
Progressive Corp. (The)		8,101	$	795,599
Travelers Cos., Inc. (The)		4,909		734,926
W.R. Berkley Corp.		9,984		743,109
				5,208,530
Publishing–0.19%
News Corp., Class A		21,793		561,606
News Corp., Class B		6,786		165,239
				726,845
Railroads–0.77%
CSX Corp.		23,397		750,576
Kansas City Southern		2,576		729,961
Norfolk Southern Corp.		2,793		741,290
Union Pacific Corp.		3,427		753,700
				2,975,527
Real Estate Services–0.19%
CBRE Group, Inc., Class A(b)		8,548		732,820
Regional Banks–2.44%
Citizens Financial Group, Inc.		15,847		726,902
Comerica, Inc.		10,275		733,019
Fifth Third Bancorp		18,691		714,557
First Republic Bank		3,975		744,001
Huntington Bancshares, Inc.		52,404		747,805
KeyCorp		34,562		713,705
M&T Bank Corp.		4,888		710,275
People’s United Financial, Inc.		41,459		710,607
PNC Financial Services Group, Inc. (The)		4,008		764,566
Regions Financial Corp.		35,236		711,063
SVB Financial Group(b)		1,349		750,624
Truist Financial Corp.		13,076		725,718
Zions Bancorporation N.A.		13,719		725,186
				9,478,028
Reinsurance–0.19%
Everest Re Group Ltd.		2,987		752,754
Research & Consulting Services–1.16%
Equifax, Inc.		3,283		786,311
IHS Markit Ltd.		6,969		785,128
Jacobs Engineering Group, Inc.		5,410		721,802
Leidos Holdings, Inc.		7,094		717,204
Nielsen Holdings PLC		29,008		715,627
Verisk Analytics, Inc., Class A		4,404		769,467
				4,495,539
Residential REITs–0.94%
AvalonBay Communities, Inc.		3,533		737,302
Equity Residential		9,390		723,030
Essex Property Trust, Inc.		2,414		724,224
Mid-America Apartment Communities, Inc.		4,420		744,416
UDR, Inc.		15,078		738,521
				3,667,493
Restaurants–1.20%
Chipotle Mexican Grill, Inc.(b)		554		858,888
Darden Restaurants, Inc.		5,451		795,792
Domino’s Pizza, Inc.		1,674		780,904
McDonald’s Corp.		3,201		739,399

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

	Shares		Value
Restaurants–(continued)
Starbucks Corp.		6,736	$	753,152
Yum! Brands, Inc.		6,337		728,945
				4,657,080
Retail REITs–0.93%
Federal Realty Investment Trust		6,135		718,838
Kimco Realty Corp.		34,311		715,384
Realty Income Corp.		10,774		719,057
Regency Centers Corp.		11,118		712,330
Simon Property Group, Inc.		5,649		737,082
				3,602,691
Semiconductor Equipment–1.05%
Applied Materials, Inc.		5,543		789,323
Enphase Energy, Inc.(b)		5,154		946,429
KLA Corp.		2,368		767,729
Lam Research Corp.		1,181		768,477
Teradyne, Inc.		5,926		793,847
				4,065,805
Semiconductors–3.09%
Advanced Micro Devices, Inc.(b)		9,325		875,897
Analog Devices, Inc.		4,524		778,852
Broadcom, Inc.		1,611		768,189
Intel Corp.		13,108		735,883
Maxim Integrated Products, Inc.		7,317		770,919
Microchip Technology, Inc.		4,921		736,870
Micron Technology, Inc.(b)		9,557		812,154
Monolithic Power Systems, Inc.		2,184		815,615
NVIDIA Corp.		1,064		851,306
NXP Semiconductors N.V. (China)		3,771		775,770
Qorvo, Inc.(b)		4,137		809,404
QUALCOMM, Inc.		5,633		805,125
Skyworks Solutions, Inc.		4,432		849,836
Texas Instruments, Inc.		4,019		772,854
Xilinx, Inc.		5,901		853,521
				12,012,195
Soft Drinks–0.58%
Coca-Cola Co. (The)		13,502		730,593
Monster Beverage Corp.(b)		8,110		740,849
PepsiCo, Inc.		5,135		760,853
				2,232,295
Specialized REITs–1.73%
American Tower Corp.		2,826		763,416
Crown Castle International Corp.		3,902		761,280
Digital Realty Trust, Inc.		4,676		703,551
Equinix, Inc.		929		745,615
Extra Space Storage, Inc.		4,756		779,128
Iron Mountain, Inc.		16,384		693,371
Public Storage		2,563		770,668
SBA Communications Corp., Class A		2,390		761,693
Weyerhaeuser Co.		21,469		738,963
				6,717,685
Specialty Chemicals–1.33%
Albemarle Corp.		4,456		750,658
Celanese Corp.		4,730		717,068
DuPont de Nemours, Inc.		9,188		711,243
Ecolab, Inc.		3,535		728,104

	Shares		Value
Specialty Chemicals–(continued)
International Flavors & Fragrances, Inc.		5,132	$	766,721
PPG Industries, Inc.		4,272		725,257
Sherwin-Williams Co. (The)		2,740		746,513
				5,145,564
Specialty Stores–0.40%
Tractor Supply Co.		4,113		765,265
Ulta Beauty, Inc.(b)		2,240		774,525
				1,539,790
Steel–0.18%
Nucor Corp.		7,114		682,446
Systems Software–0.99%
Fortinet, Inc.(b)		3,312		788,885
Microsoft Corp.		2,940		796,446
NortonLifeLock, Inc.		26,523		721,956
Oracle Corp.		9,147		712,003
ServiceNow, Inc.(b)		1,522		836,415
				3,855,705
Technology Distributors–0.20%
CDW Corp.		4,496		785,226
Technology Hardware, Storage & Peripherals–1.14%
Apple, Inc.		5,955		815,597
Hewlett Packard Enterprise Co.		47,720		695,757
HP, Inc.		25,209		761,060
NetApp, Inc.		9,095		744,153
Seagate Technology Holdings PLC (Ireland)		7,836		689,019
Western Digital Corp.(b)		10,140		721,664
				4,427,250
Tobacco–0.38%
Altria Group, Inc.		15,239		726,595
Philip Morris International, Inc.		7,672		760,372
				1,486,967
Trading Companies & Distributors–0.58%
Fastenal Co.		14,443		751,036
United Rentals, Inc.(b)		2,483		792,102
W.W. Grainger, Inc.		1,651		723,138
				2,266,276
Trucking–0.39%
J.B. Hunt Transport Services, Inc.		4,589		747,777
Old Dominion Freight Line, Inc.		3,021		766,730
				1,514,507
Water Utilities–0.19%
American Water Works Co., Inc.		4,729		728,881
Wireless Telecommunication Services–0.19%
T-Mobile US, Inc.(b)		5,217		755,578
Total Common Stocks & Other Equity Interests (Cost $198,550,147)				376,321,710
Money Market Funds–2.94%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(f)		3,966,521		3,966,521
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(f)		2,918,204		2,919,371

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(f)		4,533,167	$	4,533,167
Total Money Market Funds (Cost $11,418,461)				11,419,059
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $209,968,608)				387,740,769
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.54%
Invesco Private Government Fund, 0.02%(d)(f)(g)		624,091		624,091

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%(d)(f)(g)		1,455,630	$	1,456,212
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,080,303)				2,080,303
TOTAL INVESTMENTS IN SECURITIES–100.44% (Cost $212,048,911)				389,821,072
OTHER ASSETS LESS LIABILITIES–(0.44)%				(1,697,532	)
NET ASSETS–100.00%			$	388,123,540

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Invesco Ltd.		$	608,394		$	1,653		$	(232,405)			$	229,876		$	84,228		$	691,746		$	10,049
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			2,135,376			7,270,891			(5,439,746	)			-			-			3,966,521			392
Invesco Liquid Assets Portfolio, Institutional Class			1,672,074			5,132,663			(3,885,533	)			167			-			2,919,371			206
Invesco Treasury Portfolio, Institutional Class			2,440,430			8,309,590			(6,216,853	)			-			-			4,533,167			159
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			126,199			6,992,614			(6,494,722	)			-			-			624,091			16	*
Invesco Private Prime Fund			189,298			10,121,343			(8,854,447	)			-			18			1,456,212			297	*
Total		$	7,171,771		$	37,828,754		$	(31,123,706	)		$	230,043		$	84,246		$	14,191,108		$	11,119

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

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

^(f)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(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 1I.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value		Unrealized Appreciation
Equity Risk
E-Mini S&P 500 Index		54	September-2021		$11,579,220		$215,465		$215,465

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	14.74	%
Industrials	14.35
Health Care	12.68
Financials	12.38
Consumer Discretionary	12.20
Consumer Staples	6.14
Real Estate	5.48
Utilities	5.25
Materials	5.23
Communication Services	4.30
Energy	4.21
Money Market Funds Plus Other Assets Less Liabilities	3.04

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 198,319,906)*	$	375,629,964
Investments in affiliates, at value (Cost $ 13,729,005)		14,191,108
Other investments:
Variation margin receivable – futures contracts		17,854
Receivable for: Fund shares sold		613,563
Dividends		356,785
Investment for trustee deferred compensation and retirement plans		39,868
Other assets		4,682
Total assets		390,853,824
Liabilities:
Payable for:
Fund shares reacquired		233,112
Collateral upon return of securities loaned		2,080,303
Accrued fees to affiliates		322,276
Accrued other operating expenses		50,024
Trustee deferred compensation and retirement plans		44,569
Total liabilities		2,730,284
Net assets applicable to shares outstanding	$	388,123,540
Net assets consist of:
Shares of beneficial interest	$	194,352,146
Distributable earnings		193,771,394
	$	388,123,540
Net Assets:
Series I	$	34,458,310
Series II	$	353,665,230
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		1,195,560
Series II		12,697,457
Series I:
Net asset value per share	$	28.82
Series II:
Net asset value per share	$	27.85

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $323)	$	2,807,678
Dividends from affiliates (includes securities lending income of $9,734)		20,540
Total investment income		2,828,218
Expenses:
Advisory fees		214,188
Administrative services fees		292,359
Custodian fees		10,100
Distribution fees - Series II		405,226
Transfer agent fees		2,173
Trustees’ and officers’ fees and benefits		10,677
Licensing fees		27,021
Reports to shareholders		8,210
Professional services fees		21,493
Taxes		26
Other		4,206
Total expenses		995,679
Less: Fees waived		(1,643	)
Net expenses		994,036
Net investment income		1,834,182
Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		11,481,982
Affiliated investment securities		84,246
Futures contracts		982,033
		12,548,261
Change in net unrealized appreciation of:
Unaffiliated investment securities		46,127,293
Affiliated investment securities		230,043
Futures contracts		76,205
		46,433,541
Net realized and unrealized gain		58,981,802
Net increase in net assets resulting from operations	$	60,815,984

* At June 30, 2021, securities with an aggregate value of $2,040,120 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	1,834,182		$	4,870,493
Net realized gain (loss)		12,548,261			(1,523,686	)
Change in net unrealized appreciation		46,433,541			30,849,812
Net increase from payments by affiliates		–			4,141,427
Net increase in net assets resulting from operations		60,815,984			38,338,046
Distributions to shareholders from distributable earnings:
Series I		–			(779,893	)
Series II		–			(7,321,684	)
Total distributions from distributable earnings		–			(8,101,577	)
Share transactions–net:
Series I		(1,642,950	)		(2,420,641	)
Series II		4,910,715			16,839,845
Net increase in net assets resulting from share transactions		3,267,765			14,419,204
Net increase in net assets		64,083,749			44,655,673
Net assets:
Beginning of period		324,039,791			279,384,118
End of period	$	388,123,540		$	324,039,791

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																											Ratio of			Ratio of
																											expenses			expenses
					Net gains																						to average			to average net
					(losses)																						net assets			assets without			Ratio of net
	Net asset				on securities						Dividends			Distributions													with fee waivers			fee waivers			investment
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			distributions			of period		return (b)			(000’s omitted)		absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21		$24.24		$0.17		$4.41			$4.58			$    –			$    –			$    –			$28.82		18.89%			$34,458		0.33%(d)			0.33%(d)			1.25%(d)			11%
Year ended 12/31/20		22.14		0.41		2.33			2.74			(0.31	)		(0.33	)		(0.64	)		24.24		12.74	(e)		30,438		0.33			0.33			2.00			34
Year ended 12/31/19		17.80		0.34		4.73			5.07			(0.35	)		(0.38	)		(0.73	)		22.14		28.79			31,327		0.35			0.35			1.71			39
Year ended 12/31/18		19.88		0.32		(1.80	)		(1.48	)		(0.23	)		(0.37	)		(0.60	)		17.80		(7.87	)		109,414		0.31			0.31			1.61			24
Year ended 12/31/17		17.24		0.29		2.87			3.16			(0.15	)		(0.37	)		(0.52	)		19.88		18.58			127,462		0.32			0.32			1.55			22
Year ended 12/31/16		15.81		0.26		1.96			2.22			(0.10	)		(0.69	)		(0.79	)		17.24		14.24			114,202		0.39			0.39			1.56			22
Series II
Six months ended 06/30/21		23.45		0.13		4.27			4.40			–			–			–			27.85		18.76			353,665		0.58	(d)		0.58	(d)		1.00	(d)		11
Year ended 12/31/20		21.46		0.35		2.24			2.59			(0.27	)		(0.33	)		(0.60	)		23.45		12.41	(e)		293,602		0.58			0.58			1.75			34
Year ended 12/31/19		17.29		0.29		4.57			4.86			(0.31	)		(0.38	)		(0.69	)		21.46		28.46			248,057		0.60			0.60			1.46			39
Year ended 12/31/18		19.35		0.26		(1.74	)		(1.48	)		(0.21	)		(0.37	)		(0.58	)		17.29		(8.11	)		149,913		0.56			0.56			1.36			24
Year ended 12/31/17		16.82		0.24		2.79			3.03			(0.13	)		(0.37	)		(0.50	)		19.35		18.26			117,400		0.57			0.57			1.30			22
Year ended 12/31/16		15.44		0.21		1.93			2.14			(0.07	)		(0.69	)		(0.76	)		16.82		14.01			48,936		0.64			0.64			1.31			22

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $33,071 and $326,867 for Series I and Series II shares, respectively.

^(e)  Amount includes the effect of the Adviser pay-in for an economic loss. Had the pay-in not been made, the total return would have been 11.35% and 10.98% for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Equally-Weighted S&P 500 Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to achieve a high level of total return on its assets through a combination of capital appreciation and current income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

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

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.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 counterparties, are included in Dividends from affiliates 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.

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

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

K. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

L. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.120	%
Over $2 billion		0.100	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.12%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $1,643.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $24,624 for accounting and fund administrative services and was reimbursed $267,735 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $6,632 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2021. 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	$	376,321,710	$	–		$–	$	376,321,710
Money Market Funds		11,419,059		2,080,303		–		13,499,362
Total Investments in Securities		387,740,769		2,080,303		–		389,821,072
Other Investments - Assets*
Futures Contracts		215,465		–		–		215,465
Total Investments	$	387,956,234	$	2,080,303		$–	$	390,036,537

* Unrealized appreciation.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
	Equity
Derivative Assets	Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	215,465
Derivatives not subject to master netting agreements		(215,465	)
Total Derivative Assets subject to master netting agreements	$	–

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain on Statement of Operations
	Equity
	Risk
Realized Gain:
Futures contracts		$   982,033
Change in Net Unrealized Appreciation:
Futures contracts		76,205
Total		$1,058,238

The table below summarizes the average notional value of derivatives held during the period.
	Futures Contracts
Average notional value	$	8,319,053

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate

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

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of December 31, 2020.

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$–	$641,675	$641,675

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $40,179,163 and $39,227,606, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	175,654,584
Aggregate unrealized (depreciation) of investments		(419,692	)
Net unrealized appreciation of investments	$	175,234,892

    Cost of investments for tax purposes is $214,801,645.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		71,551		$	1,890,036			242,669		$	5,145,147
Series II		865,771			22,708,682			2,057,242			38,865,302
Issued as reinvestment of dividends:
Series I		-			-			36,257			779,893
Series II		-			-			351,666			7,321,684
Reacquired:
Series I		(131,775	)		(3,532,986	)		(438,095	)		(8,345,681	)
Series II		(687,209	)		(17,797,967	)		(1,450,855	)		(29,347,141	)
Net increase in share activity		118,338		$	3,267,765			798,884		$	14,419,204

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 93% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value   (01/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense   Ratio
			Ending   Account Value   (06/30/21)1		Expenses   Paid During   Period2		Ending   Account Value   (06/30/21)		Expenses       Paid During     Period2
Series I		$1,000.00		$1,188.90		$1.79		$1,023.16		$1.66		0.33	%
Series II		1,000.00		1,187.60		3.15		1,021.92		2.91		0.58

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

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

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Equally-Weighted S&P 500 Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board noted a delay in rebalancing to the index that occurred in 2020, and considered information regarding steps Invesco Advisers took to remediate the impact of that delay, including making a pay-in to the Fund and enhancing compliance controls. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board

observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the S&P 500^® Equal Weight Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board noted that the Fund seeks to track the investment results of the Index, and that the Fund’s performance will typically lag the Index due to the fees associated with the Fund. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board noted that the Fund is passively managed and

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

discussed reasons for differences in the Fund’s performance versus its peers. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only five funds (including the Fund) in the expense group.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses.

The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Equity and Income Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VK-VIEQI-SAR-1

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	13.33	%
Series II Shares	13.19
Russell 1000 Value Indexq (Broad Market Index)	17.05
Bloomberg Barclays U.S. Government/Credit Indexq (Style-Specific Index)	-1.96
Lipper VUF Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	9.39
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Bloomberg Barclays U.S. Government/Credit Index is a broad-based benchmark that includes investment-grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.     The Lipper VUF Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index considered representative of mixed-asset target allocation growth variable insurance underlying funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (6/1/10)	10.25	%
10 Years	9.46
5 Years	11.23
1 Year	37.30
Series II Shares
Inception (4/30/03)	8.43	%
10 Years	9.20
5 Years	10.94
1 Year	36.92

Effective June 1, 2010, Class II shares of the predecessor fund, Universal Institutional Funds Equity and Income Portfolio, advised by Morgan Stanley Investment Management Inc. were reorganized into Series II shares of Invesco Van Kampen V.I. Equity and Income Fund (renamed Invesco V.I. Equity and Income Fund on April 29, 2013). Returns shown above, prior to June 1, 2010, for Series II shares are those of the Class II shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Equity and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Equity and Income Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Equity and Income Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–63.63%
Aerospace & Defense–3.53%
General Dynamics Corp.		63,051	$	11,869,981
Raytheon Technologies Corp.		244,030		20,818,200
Textron, Inc.		226,399		15,569,459
				48,257,640
Apparel Retail–1.08%
TJX Cos., Inc. (The)		218,852		14,755,002
Automobile Manufacturers–2.38%
General Motors Co.(b)		551,062		32,606,339
Building Products–1.66%
Johnson Controls International PLC		330,967		22,714,265
Cable & Satellite–1.71%
Charter Communications, Inc., Class A(b)		16,770		12,098,717
Comcast Corp., Class A		197,452		11,258,713
				23,357,430
Commodity Chemicals–0.56%
Dow, Inc.		120,128		7,601,700
Construction & Engineering–0.62%
Quanta Services, Inc.		94,055		8,518,561
Consumer Finance–0.98%
American Express Co.		81,582		13,479,794
Data Processing & Outsourced Services–0.54%
Fiserv, Inc.(b)		68,689		7,342,167
Distillers & Vintners–0.40%
Diageo PLC (United Kingdom)		113,206		5,425,228
Diversified Banks–4.69%
Bank of America Corp.		805,404		33,206,807
Wells Fargo & Co.		682,871		30,927,227
				64,134,034
Electric Utilities–1.60%
Duke Energy Corp.		67,396		6,653,333
Exelon Corp.		170,136		7,538,726
FirstEnergy Corp.		205,643		7,651,976
				21,844,035
Electrical Components & Equipment–0.61%
Emerson Electric Co.		87,212		8,393,283
Electronic Components–0.62%
Corning, Inc.		208,634		8,533,131
Electronic Manufacturing Services–0.60%
TE Connectivity Ltd.		60,285		8,151,135
Fertilizers & Agricultural Chemicals–0.94%
Corteva, Inc.		289,728		12,849,437

	Shares		Value
Food Distributors–1.49%
Sysco Corp.		142,541	$	11,082,563
US Foods Holding Corp.(b)		243,307		9,333,256
				20,415,819
Gold–0.49%
Barrick Gold Corp. (Canada)		323,984		6,699,989
Health Care Distributors–0.80%
McKesson Corp.		56,931		10,887,484
Health Care Equipment–1.42%
Medtronic PLC		101,619		12,613,966
Zimmer Biomet Holdings, Inc.		42,840		6,889,529
				19,503,495
Health Care Facilities–0.43%
Universal Health Services, Inc., Class B		40,688		5,957,944
Health Care Services–1.62%
Cigna Corp.		52,995		12,563,525
CVS Health Corp.		115,926		9,672,865
				22,236,390
Health Care Supplies–0.14%
Alcon, Inc. (Switzerland)		26,738		1,872,912
Home Improvement Retail–0.56%
Kingfisher PLC (United Kingdom)		1,521,781		7,677,872
Hotels, Resorts & Cruise Lines–0.88%
Booking Holdings, Inc.(b)		5,530		12,100,138
Human Resource & Employment Services–0.39%
Adecco Group AG (Switzerland)		77,890		5,294,145
Industrial Machinery–0.07%
Parker-Hannifin Corp.		3,003		922,251
Insurance Brokers–0.50%
Willis Towers Watson PLC		29,505		6,786,740
Integrated Oil & Gas–0.91%
Chevron Corp.		119,445		12,510,669
Investment Banking & Brokerage–4.28%
Charles Schwab Corp. (The)		163,715		11,920,089
Goldman Sachs Group, Inc. (The)		64,826		24,603,412
Morgan Stanley		240,130		22,017,520
				58,541,021
IT Consulting & Other Services–1.51%
Cognizant Technology Solutions Corp., Class A		298,685		20,686,923
Managed Health Care–0.76%
Anthem, Inc.		27,244		10,401,759
Movies & Entertainment–2.03%
Netflix, Inc.(b)		19,586		10,345,521

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

	Shares		Value
Movies & Entertainment–(continued)
Walt Disney Co. (The)(b)		99,233	$	17,442,184
				27,787,705
Multi-line Insurance–1.51%
American International Group, Inc.		432,817		20,602,089
Oil & Gas Exploration & Production–3.09%
Canadian Natural Resources Ltd. (Canada)		222,080		8,061,956
ConocoPhillips		234,291		14,268,322
Devon Energy Corp.		366,601		10,701,083
Pioneer Natural Resources Co.		57,158		9,289,318
				42,320,679
Other Diversified Financial Services–0.64%
Voya Financial, Inc.		141,754		8,717,871
Pharmaceuticals–3.87%
Bristol-Myers Squibb Co.		192,108		12,836,657
GlaxoSmithKline PLC (United Kingdom)		368,448		7,238,039
Johnson & Johnson		41,647		6,860,927
Merck & Co., Inc.		98,115		7,630,403
Pfizer, Inc.		161,916		6,340,631
Sanofi (France)		115,384		12,090,589
				52,997,246
Railroads–1.34%
CSX Corp.		570,687		18,307,639
Real Estate Services–1.51%
CBRE Group, Inc., Class A(b)		241,163		20,674,904
Regional Banks–3.93%
Citizens Financial Group, Inc.		440,364		20,199,497
PNC Financial Services Group, Inc. (The)		91,352		17,426,308
Truist Financial Corp.		291,001		16,150,555
				53,776,360
Semiconductors–3.40%
Intel Corp.		289,334		16,243,211
Micron Technology, Inc.(b)		88,762		7,542,995
NXP Semiconductors N.V. (China)		56,051		11,530,812
QUALCOMM, Inc.		78,548		11,226,865
				46,543,883
Specialty Chemicals–0.51%
Axalta Coating Systems Ltd.(b)		229,038		6,983,369
Systems Software–1.00%
Oracle Corp.		176,303		13,723,425
Tobacco–1.57%
Philip Morris International, Inc.		216,744		21,481,498
Wireless Telecommunication Services–0.46%
Vodafone Group PLC (United Kingdom)		3,711,662		6,242,749
Total Common Stocks & Other Equity Interests (Cost $548,410,275)				870,618,149

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–20.25%
Aerospace & Defense–0.34%
Boeing Co. (The), 5.81%, 05/01/2050	$	1,625,000	$	2,191,867
General Dynamics Corp., 3.88%, 07/15/2021		1,735,000		1,736,445
Precision Castparts Corp., 2.50%, 01/15/2023		333,000		342,335
Raytheon Technologies Corp., 4.45%, 11/16/2038		308,000		373,766
				4,644,413
Agricultural & Farm Machinery–0.09%
Deere & Co., 2.60%, 06/08/2022		1,161,000		1,180,406
Agricultural Products–0.02%
Ingredion, Inc., 6.63%, 04/15/2037		232,000		323,251
Air Freight & Logistics–0.06%
FedEx Corp., 4.90%, 01/15/2034		402,000		502,420
United Parcel Service, Inc., 3.40%, 11/15/2046		240,000		270,208
				772,628
Airlines–0.31%
American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		283,164		288,469
Continental Airlines Pass-Through Trust, Series 2012-1, Class A, 4.15%, 04/11/2024		281,906		299,861
JetBlue Airways Corp., Conv., 0.50%, 04/01/2026(c)		1,732,000		1,734,598
Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026		1,073,000		1,028,041
United Airlines Pass-Through Trust, Series 2014-2, Class A, 3.75%, 09/03/2026		363,867		385,392
Series 2018-1, Class AA, 3.50%, 03/01/2030		452,332		474,625
				4,210,986
Alternative Carriers–0.20%
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024		2,743,000		2,807,686
Application Software–0.38%
salesforce.com, inc., 2.70%, 07/15/2041		1,413,000		1,424,209
Workday, Inc., Conv., 0.25%, 10/01/2022		2,248,000		3,727,409
				5,151,618
Asset Management & Custody Banks–0.30%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(c)		2,755,000		3,001,724
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		445,000		487,174
Carlyle Holdings Finance LLC, 3.88%, 02/01/2023(c)		103,000		108,082
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(c)		372,000		485,844
				4,082,824

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

	Principal
	Amount		Value
Automobile Manufacturers–0.26%
General Motors Co., 6.60%, 04/01/2036	$	377,000	$	518,142
General Motors Financial Co., Inc., 5.25%, 03/01/2026		480,000		554,662
Toyota Motor Credit Corp., 2.60%, 01/11/2022		2,460,000		2,490,825
				3,563,629
Biotechnology–0.57%
AbbVie, Inc.,
4.50%, 05/14/2035		694,000		837,002
4.05%, 11/21/2039		1,322,000		1,537,551
4.85%, 06/15/2044		264,000		336,622
Gilead Sciences, Inc.,
4.40%, 12/01/2021		473,000		476,191
3.25%, 09/01/2022		2,070,000		2,129,588
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		1,875,000		2,525,437
				7,842,391
Brewers–0.24%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. (Belgium),
4.70%, 02/01/2036		959,000		1,178,038
4.90%, 02/01/2046		538,000		682,167
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(c)		945,000		1,045,295
Molson Coors Beverage Co., 4.20%, 07/15/2046		377,000		421,013
				3,326,513
Cable & Satellite–1.62%
BofA Finance LLC, Conv., 0.13%, 09/01/2022		2,213,000		2,688,795
Cable One, Inc.,
Conv.,
0.00%, 03/15/2026(c)(d)		2,747,000		2,757,988
1.13%, 03/15/2028(c)		1,311,000		1,339,863
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
4.46%, 07/23/2022		1,029,000		1,065,449
3.85%, 04/01/2061		1,067,000		1,049,849
Comcast Corp.,
4.15%, 10/15/2028		935,000		1,083,047
6.45%, 03/15/2037		278,000		404,063
3.90%, 03/01/2038		756,000		871,203
Cox Communications, Inc., 2.95%, 10/01/2050(c)		202,000		191,808
DISH Network Corp., Conv., 3.38%, 08/15/2026		7,604,000		7,778,892
Liberty Broadband Corp., Conv., 1.25%, 10/05/2023(c)(e)		2,645,000		2,675,417
NBCUniversal Media LLC, 5.95%, 04/01/2041		197,000		284,312
				22,190,686
Commodity Chemicals–0.03%
LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027(c)		339,000		452,019

	Principal
	Amount		Value
Communications Equipment–0.54%
Cisco Systems, Inc., 1.85%, 09/20/2021	$	1,605,000	$	1,608,736
Finisar Corp., Conv., 0.50%, 12/15/2021(e)		1,052,000		1,047,448
Viavi Solutions, Inc.,
Conv.,
1.75%, 06/01/2023		1,556,000		2,097,021
1.00%, 03/01/2024		1,874,000		2,648,196
				7,401,401
Computer & Electronics Retail–0.05%
Dell International LLC/EMC Corp.,
5.45%, 06/15/2023		613,000		665,196
8.35%, 07/15/2046		14,000		22,934
				688,130
Construction Machinery & Heavy Trucks–0.06%
Caterpillar Financial Services Corp., 1.70%, 08/09/2021		785,000		786,318
Consumer Finance–0.26%
American Express Co., 3.63%, 12/05/2024		324,000		354,423
Capital One Financial Corp., 3.20%, 01/30/2023		958,000		997,711
Discover Bank, 3.35%, 02/06/2023		1,500,000		1,563,184
Synchrony Financial, 3.95%, 12/01/2027		556,000		620,275
				3,535,593
Data Processing & Outsourced Services–0.11%
Fiserv, Inc., 3.80%, 10/01/2023		1,412,000		1,511,773
Diversified Banks–1.23%
ANZ New Zealand (Int’l) Ltd. (New Zealand), 2.88%, 01/25/2022(c)		350,000		355,297
Bank of America Corp., 3.25%, 10/21/2027		525,000		569,936
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(c)		700,000		762,240
Citigroup, Inc.,
4.00%, 08/05/2024		60,000		65,376
3.67%, 07/24/2028(f)		511,000		564,096
6.68%, 09/13/2043		741,000		1,141,135
5.30%, 05/06/2044		228,000		308,502
4.75%, 05/18/2046		356,000		453,903
HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025(f)		1,775,000		1,863,900
JPMorgan Chase & Co.,
3.20%, 06/15/2026		394,000		429,181
3.51%, 01/23/2029(f)		1,058,000		1,166,967
4.26%, 02/22/2048(f)		489,000		594,651
3.90%, 01/23/2049(f)		1,058,000		1,233,486
Series V, 3.46% (3 mo. USD
LIBOR + 3.32%)(g)(h)		732,000		734,745
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(c)		200,000		218,284
National Australia Bank Ltd. (Australia), 1.88%, 07/12/2021(i)		945,000		945,497

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

	Principal
	Amount		Value
Diversified Banks–(continued)
SMBC Aviation Capital Finance DAC (Ireland), 2.65%, 07/15/2021(c)	$	315,000	$	315,237
Societe Generale S.A. (France), 5.00%, 01/17/2024(c)		735,000		800,240
U.S. Bancorp, Series W, 3.10%, 04/27/2026		2,097,000		2,282,824
Wells Fargo & Co.,
3.55%, 09/29/2025		626,000		688,328
4.10%, 06/03/2026		505,000		567,639
4.65%, 11/04/2044		647,000		799,617
				16,861,081
Diversified Capital Markets–0.34%
Credit Suisse AG (Switzerland),
6.50%, 08/08/2023(c)		686,000		759,436
Conv., 0.50%, 06/24/2024(c)		3,965,000		3,872,616
				4,632,052
Diversified Metals & Mining–0.02%
Rio Tinto Finance USA Ltd. (Australia), 7.13%, 07/15/2028		182,000		246,652
Drug Retail–0.13%
CVS Pass-Through Trust, 6.04%, 12/10/2028		545,977		639,649
Walgreens Boots Alliance, Inc.,
3.30%, 11/18/2021		580,000		583,606
4.50%, 11/18/2034		428,000		499,305
				1,722,560
Electric Utilities–0.46%
Electricite de France S.A. (France), 4.88%, 01/22/2044(c)		846,000		1,068,262
Georgia Power Co., Series B, 3.70%, 01/30/2050		350,000		380,896
NextEra Energy Capital Holdings, Inc.,
0.65%, 03/01/2023		2,415,000		2,425,444
3.55%, 05/01/2027		530,000		586,105
Ohio Power Co., Series M, 5.38%, 10/01/2021		182,000		184,271
PPL Electric Utilities Corp., 6.25%, 05/15/2039		46,000		67,229
Xcel Energy, Inc.,
0.50%, 10/15/2023		566,000		566,223
3.50%, 12/01/2049		964,000		1,044,795
				6,323,225
Food Retail–0.23%
Nestle Holdings, Inc., 3.10%, 09/24/2021(c)		3,190,000		3,203,729
General Merchandise Stores–0.03%
Dollar General Corp., 3.25%, 04/15/2023		353,000		368,492
Health Care Equipment–0.37%
Becton, Dickinson and Co., 4.88%, 05/15/2044		428,000		508,437
DexCom, Inc., Conv., 0.75%, 12/01/2023		611,000		1,589,364
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		1,984,000		2,200,058
Medtronic, Inc., 4.38%, 03/15/2035		249,000		310,174

	Principal
	Amount		Value
Health Care Equipment–(continued)
Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025(c)	$	348,000	$	397,172
				5,005,205
Health Care Services–0.08%
Cigna Corp., 4.80%, 08/15/2038		307,000		382,787
CVS Health Corp., 3.38%, 08/12/2024		361,000		388,212
Laboratory Corp. of America Holdings, 4.70%, 02/01/2045		263,000		316,224
				1,087,223
Health Care Technology–0.28%
Teladoc Health, Inc., Conv., 1.25%, 06/01/2027		3,430,000		3,856,692
Home Improvement Retail–0.15%
Home Depot, Inc. (The), 2.63%, 06/01/2022		2,010,000		2,051,371
Hotel & Resort REITs–0.01%
Service Properties Trust, 5.00%, 08/15/2022		182,000		184,275
Hotels, Resorts & Cruise Lines–0.16%
Booking Holdings, Inc., Conv.,
0.90%, 09/15/2021		1,470,000		1,600,095
0.75%, 05/01/2025		396,000		561,924
				2,162,019
Industrial Conglomerates–0.12%
Honeywell International, Inc.,
0.38% (3 mo. USD LIBOR + 0.23%), 08/19/2022(h)		607,000		607,207
0.48%, 08/19/2022		1,055,000		1,055,352
				1,662,559
Insurance Brokers–0.02%
Willis North America, Inc., 3.60%, 05/15/2024		233,000		250,453
Integrated Oil & Gas–0.29%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		991,000		951,185
Cenovus Energy, Inc. (Canada), 3.95%, 04/15/2022		274,000		278,938
Chevron Corp., 2.50%, 03/03/2022		1,345,000		1,362,986
Chevron USA, Inc., 5.25%, 11/15/2043		756,000		1,029,122
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		322,000		348,053
				3,970,284
Integrated Telecommunication Services–0.42%
AT&T, Inc.,
3.00%, 06/30/2022		502,000		513,384
4.30%, 02/15/2030		318,000		367,843
4.50%, 05/15/2035		446,000		524,194
3.50%, 09/15/2053(c)		447,000		449,766
3.55%, 09/15/2055(c)		157,000		157,755
3.80%, 12/01/2057(c)		255,000		266,163

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

	Principal
	Amount		Value
Integrated Telecommunication Services–(continued)
Telefonica Emisiones S.A. (Spain),
4.67%, 03/06/2038	$	750,000	$884,726
5.21%, 03/08/2047		700,000	875,575
Verizon Communications, Inc.,
4.40%, 11/01/2034		417,000	497,323
4.81%, 03/15/2039		459,000	582,261
3.40%, 03/22/2041		561,000	594,176
			5,713,166
Interactive Home Entertainment–0.09%
Zynga, Inc., Conv., 0.00%, 12/15/2026(c)(d)		1,140,000	1,221,225
Interactive Media & Services–0.02%
TripAdvisor, Inc., Conv., 0.25%, 04/01/2026(c)		338,000	318,565
Internet & Direct Marketing Retail–0.92%
Amazon.com, Inc.,
4.80%, 12/05/2034		9,000	11,621
2.88%, 05/12/2041		2,996,000	3,094,912
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030(c)		3,305,000	6,731,954
Trip.com Group Ltd. (China), Conv., 1.25%, 09/15/2022		2,834,000	2,701,931
			12,540,418
Internet Services & Infrastructure–0.29%
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		3,055,000	3,992,885
Investment Banking & Brokerage–0.65%
Goldman Sachs Group, Inc. (The),
5.25%, 07/27/2021		364,000	365,270
4.25%, 10/21/2025		529,000	591,773
GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024		6,118,000	7,172,743
Morgan Stanley, 4.00%, 07/23/2025		654,000	727,974
			8,857,760
IT Consulting & Other Services–0.11%
International Business Machines Corp., 2.88%, 11/09/2022		1,421,000	1,471,044
Life & Health Insurance–0.51%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		853,000	965,791
Athene Global Funding,
4.00%, 01/25/2022(c)		1,155,000	1,179,171
2.75%, 06/25/2024(c)		260,000	272,809
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026(c)		2,184,000	2,186,140
Guardian Life Global Funding, 2.90%, 05/06/2024(c)		689,000	731,070
Jackson National Life Global Funding,
2.10%, 10/25/2021(c)		489,000	491,874
3.25%, 01/30/2024(c)		453,000	482,761
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(c)		440,000	554,935

	Principal
	Amount		Value
Life & Health Insurance–(continued)
Prudential Financial, Inc., 3.91%, 12/07/2047	$	141,000	$    164,199
			7,028,750
Managed Health Care–0.05%
UnitedHealth Group, Inc., 3.50%, 08/15/2039		559,000	625,612
Movies & Entertainment–0.91%
Liberty Media Corp., Conv., 1.38%, 10/15/2023		5,671,000	7,563,631
Liberty Media Corp.-Liberty Formula One, Conv., 1.00%, 01/30/2023		540,000	736,493
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023		2,015,000	2,823,619
Walt Disney Co. (The), 3.00%, 09/15/2022		1,350,000	1,393,993
			12,517,736
Multi-line Insurance–0.13%
American International Group, Inc., 4.38%, 01/15/2055		696,000	846,772
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(c)		887,000	976,589
			1,823,361
Multi-Utilities–0.10%
NiSource, Inc., 4.38%, 05/15/2047		571,000	685,552
Sempra Energy, 3.80%, 02/01/2038		559,000	622,238
			1,307,790
Office REITs–0.05%
Office Properties Income Trust, 4.00%, 07/15/2022		689,000	711,758
Oil & Gas Exploration & Production–0.07%
Cameron LNG LLC, 3.70%, 01/15/2039(c)		622,000	694,693
ConocoPhillips, 4.15%, 11/15/2034		230,000	267,876
			962,569
Oil & Gas Storage & Transportation–0.66%
Energy Transfer L.P.,
4.20%, 09/15/2023		1,724,000	1,845,383
4.90%, 03/15/2035		344,000	398,899
5.30%, 04/01/2044		587,000	678,968
5.00%, 05/15/2050		724,000	838,429
Enterprise Products Operating LLC,
6.45%, 09/01/2040		23,000	32,956
4.25%, 02/15/2048		696,000	798,479
Kinder Morgan, Inc., 5.30%, 12/01/2034		407,000	503,595
MPLX L.P.,
4.50%, 07/15/2023		1,721,000	1,841,377
4.50%, 04/15/2038		810,000	930,648
Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022		323,000	329,730
Spectra Energy Partners L.P., 4.50%, 03/15/2045		488,000	573,554

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

	Principal
	Amount		Value
Oil & Gas Storage & Transportation–(continued)
Texas Eastern Transmission L.P., 7.00%, 07/15/2032	$	169,000	$    234,620
			9,006,638
Other Diversified Financial Services–0.99%
Convertible Trust - Energy, Series 2019-1, 0.33%, 09/19/2024		5,856,000	6,353,760
Convertible Trust - Media, Series 2019, Class 1, 0.25%, 12/04/2024		5,872,000	7,263,664
			13,617,424
Packaged Foods & Meats–0.00%
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		63,000	70,903
Paper Packaging–0.10%
International Paper Co., 6.00%, 11/15/2041		223,000	317,429
Packaging Corp. of America, 4.50%, 11/01/2023		1,037,000	1,121,146
			1,438,575
Pharmaceuticals–0.95%
AstraZeneca PLC (United Kingdom), 2.38%, 06/12/2022		2,905,000	2,959,273
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028(c)		985,000	1,129,580
Bayer US Finance LLC (Germany), 3.00%, 10/08/2021(c)		790,000	795,664
Bristol-Myers Squibb Co., 4.13%, 06/15/2039		621,000	751,032
GlaxoSmithKline Capital, Inc. (United Kingdom), 6.38%, 05/15/2038		64,000	96,032
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		1,556,000	2,077,260
Pacira BioSciences, Inc., Conv., 2.38%, 04/01/2022		212,000	232,007
0.75%, 08/01/2025(c)		875,000	963,594
Pfizer, Inc., 3.00%, 09/15/2021		1,855,000	1,865,869
2.20%, 12/15/2021		590,000	595,338
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023		1,182,000	1,167,964
Zoetis, Inc., 4.70%, 02/01/2043		333,000	429,408
			13,063,021
Property & Casualty Insurance–0.19%
Allstate Corp. (The), 3.28%, 12/15/2026		302,000	333,589
Markel Corp.,
5.00%, 03/30/2043		351,000	426,835
5.00%, 05/20/2049		497,000	645,865
Travelers Cos., Inc. (The), 4.60%, 08/01/2043		605,000	797,686
W.R. Berkley Corp., 4.63%, 03/15/2022		382,000	393,259
			2,597,234
Railroads–0.24%
CSX Corp., 5.50%, 04/15/2041		346,000	471,507

	Principal
	Amount		Value
Railroads–(continued)
Norfolk Southern Corp., 3.40%, 11/01/2049	$	461,000	$   489,162
Union Pacific Corp.,
3.65%, 02/15/2024		92,000	98,711
3.20%, 05/20/2041		1,018,000	1,081,518
4.15%, 01/15/2045		426,000	493,495
3.84%, 03/20/2060		519,000	592,532
			3,226,925
Real Estate Services–0.21%
Redfin Corp., Conv., 0.00%, 10/15/2025(c)(d)		2,593,000	2,921,015
Regional Banks–0.06%
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		689,000	770,776
Reinsurance–0.07%
PartnerRe Finance B LLC, 3.70%, 07/02/2029		500,000	556,207
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		352,000	382,820
			939,027
Renewable Electricity–0.06%
Oglethorpe Power Corp., 4.55%, 06/01/2044		679,000	780,870
Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029		705,000	788,595
Retail REITs–0.08%
Regency Centers L.P.,
2.95%, 09/15/2029		750,000	790,646
4.65%, 03/15/2049		256,000	311,606
			1,102,252
Semiconductors–1.12%
Broadcom, Inc., 3.47%, 04/15/2034(c)		640,000	677,619
Cree, Inc.,
Conv.,
0.88%, 09/01/2023		1,401,000	2,339,758
1.75%, 05/01/2026		984,000	2,140,692
Marvell Technology, Inc., 2.45%, 04/15/2028(c)		1,210,000	1,234,484
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		3,865,000	4,367,450
Micron Technology, Inc., 4.66%, 02/15/2030		680,000	791,673
NVIDIA Corp., 2.20%, 09/16/2021		740,000	741,818
NXP B.V./NXP Funding LLC (China),
3.88%, 09/01/2022(c)		1,885,000	1,955,208
5.35%, 03/01/2026(c)		676,000	789,265
Texas Instruments, Inc., 2.63%, 05/15/2024		215,000	226,788
			15,264,755
Soft Drinks–0.10%
PepsiCo, Inc., 3.00%, 08/25/2021		1,335,000	1,340,591

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

	Principal
	Amount		Value
Specialized REITs–0.33%
American Tower Corp., 1.60%, 04/15/2026	$	852,000	$     861,579
Crown Castle International Corp.,
2.50%, 07/15/2031		1,413,000	1,424,905
4.75%, 05/15/2047		46,000	56,252
EPR Properties, 4.75%, 12/15/2026		1,556,000	1,688,765
LifeStorage L.P., 3.50%, 07/01/2026		404,000	442,233
			4,473,734
Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047		159,000	199,235
Systems Software–0.36%
FireEye, Inc.,
Series B, Conv., 1.63%, 06/01/2022(e)		1,795,000	1,787,252
Series A, Conv., 1.00%, 06/01/2025(e)		1,642,000	1,623,373
Microsoft Corp., 3.50%, 02/12/2035		404,000	469,727
Oracle Corp., 3.60%, 04/01/2040		965,000	1,019,439
			4,899,791
Technology Distributors–0.05%
Avnet, Inc., 4.63%, 04/15/2026		671,000	755,403
Technology Hardware, Storage & Peripherals–0.25%
Apple, Inc.,
2.15%, 02/09/2022		691,000	699,330
3.35%, 02/09/2027		315,000	350,119
Western Digital Corp., Conv., 1.50%, 02/01/2024		2,149,000	2,306,146
			3,355,595
Tobacco–0.23%
Altria Group, Inc., 5.80%, 02/14/2039		1,124,000	1,390,473
Philip Morris International, Inc.,
3.60%, 11/15/2023		369,000	397,539
4.88%, 11/15/2043		1,102,000	1,380,469
			3,168,481
Trading Companies & Distributors–0.10%
Air Lease Corp.,
3.00%, 09/15/2023		63,000	65,881
4.25%, 09/15/2024		427,000	465,941
Aircastle Ltd., 4.40%, 09/25/2023		771,000	825,965
			1,357,787
Trucking–0.13%
Aviation Capital Group LLC,
2.88%, 01/20/2022(c)		1,015,000	1,025,447
4.88%, 10/01/2025(c)		709,000	787,975
			1,813,422
Wireless Telecommunication Services–0.22%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042		600,000	722,179

	Principal
	Amount		Value
Wireless Telecommunication Services–(continued)
Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043	$	533,000	$       625,289
4.30%, 02/15/2048		1,394,000	1,612,539
			2,960,007
Total U.S. Dollar Denominated Bonds & Notes (Cost $245,890,706)			277,064,832
U.S. Treasury Securities–11.25%
U.S. Treasury Bills–0.00%
0.04%, 07/15/2021(j)(k)		10,000	10,000
U.S. Treasury Bonds–1.21%
4.50%, 02/15/2036		2,636,800	3,620,656
4.50%, 08/15/2039		36,400	51,332
4.38%, 05/15/2040		72,800	101,758
2.25%, 05/15/2041		2,983,800	3,105,483
1.88%, 02/15/2051(i)		10,209,500	9,746,882
			16,626,111
U.S. Treasury Notes–10.04%
0.13%, 06/30/2023		24,664,300	24,606,011
0.25%, 06/15/2024		24,618,500	24,469,443
0.88%, 06/30/2026		54,595,800	54,572,341
1.25%, 06/30/2028		21,222,100	21,256,917
1.63%, 05/15/2031(i)		12,261,800	12,451,475
			137,356,187
Total U.S. Treasury Securities (Cost $152,832,363)			153,992,298
	Shares
Preferred Stocks–0.56%
Asset Management & Custody Banks–0.19%
AMG Capital Trust II, 5.15%, Conv. Pfd.		44,432	2,593,940
Diversified Banks–0.02%
Wells Fargo & Co., 5.85%, Series Q, Pfd.(f)		10,911	300,598
Oil & Gas Storage & Transportation–0.35%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		95,499	4,798,825
Total Preferred Stocks (Cost $5,960,701)			7,693,363
	Principal
	Amount
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.07%
Federal Home Loan Mortgage Corp. (FHLMC)–0.07%
6.75%, 03/15/2031	$	682,000	1,003,031
5.50%, 02/01/2037		5	6
			1,003,037
Federal National Mortgage Association (FNMA)–0.00%
9.50%, 04/01/2030		522	576
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $ 842,906)			1,003,613
	Shares
Money Market Funds–4.59%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m)		23,862,861	23,862,861
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(l)(m)		11,634,506	11,639,160

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(l)(m)		27,271,841	$	27,271,841
Total Money Market Funds (Cost $62,767,638)				62,773,862
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.35% (Cost $1,016,704,589)				1,373,146,117
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.68%
Invesco Private Government Fund, 0.02%(l)(m)(n)		6,873,385		6,873,385

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%(l)(m)(n)		16,031,486	$	16,037,898
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,911,283)				22,911,283
TOTAL INVESTMENTS IN SECURITIES–102.03% (Cost $1,039,615,872)				1,396,057,400
OTHER ASSETS LESS LIABILITIES–(2.03)%				(27,713,335	)
NET ASSETS–100.00%			$	1,368,344,065

Investment Abbreviations:
Conv.	– Convertible
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
REIT	– Real Estate Investment Trust
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $54,540,472, which represented 3.99% of the Fund’s Net Assets.

^(d)  Zero coupon bond issued at a discount.

^(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(f) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)  Perpetual bond with no specified maturity date.

^(h)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

⁽ⁱ⁾ All or a portion of this security was out on loan at June 30, 2021.

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

^(k) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(l)  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 six months ended June 30, 2021.

	Value December 31, 2020	Purchases at Cost	Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain	Value June 30, 2021	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$22,007,337	$ 56,576,426	$	(54,720,902	)		$                -		$        -	$23,862,861	$3,155
Invesco Liquid Assets Portfolio, Institutional Class	11,695,851	38,883,035		(38,940,896	)		(611	)	1,781	11,639,160	1,114
Invesco Treasury Portfolio, Institutional Class	25,151,242	64,658,772		(62,538,173	)		-		-	27,271,841	1,267
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	-	75,139,087		(68,265,702	)		-		-	6,873,385	148*
Invesco Private Prime Fund	-	133,224,522		(117,186,624	)		-		-	16,037,898	2,326*
Total	$58,854,430	$368,481,842	$	(341,652,297	)	$	(611	)	$1,781	$85,685,145	$8,010

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

^(m) The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

⁽ⁿ⁾  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 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
Interest Rate Risk
U.S. Treasury 5 Year Notes		9		September-2021	$	(1,110,867	)		$2,513		$2,513

Open Forward Foreign Currency Contracts
									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
Currency Risk
07/30/2021	Bank of New York Mellon (The)		EUR		7,634,382	USD		9,084,411	$ 26,693
07/30/2021	State Street Bank & Trust Co.		CHF		6,292,742	USD		6,842,911	36,728
07/30/2021	State Street Bank & Trust Co.		GBP		14,087,424	USD		19,560,664	71,876
07/30/2021	State Street Bank & Trust Co.		USD		133,573	CHF		123,542	50
Subtotal-Appreciation									135,347
Currency Risk
07/30/2021	State Street Bank & Trust Co.		CAD		7,476,878	USD		6,031,086	(511)
07/30/2021	State Street Bank & Trust Co.		GBP		375,197	USD		517,881	(1,173)
07/30/2021	State Street Bank & Trust Co.		USD		92,733	CAD		114,926	(22)
07/30/2021	State Street Bank & Trust Co.		USD		1,242,156	CHF		1,139,348	(9,846)
Subtotal-Depreciation									(11,552)
Total Forward Foreign Currency Contracts									$123,795

Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2021

Common Stocks & Other Equity Interests	63.63%
U.S. Dollar Denominated Bonds & Notes	20.25
U.S. Treasury Securities	11.25
Security Types Each Less Than 1% of Portfolio	0.63
Money Market Funds Plus Other Assets Less Liabilities	4.24

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $953,936,951)*	$	1,310,372,255
Investments in affiliated money market funds, at value (Cost $85,678,921)		85,685,145
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		135,347
Foreign currencies, at value (Cost $747)		749
Receivable for:
Investments sold		4,485,499
Fund shares sold		202,208
Dividends		1,297,343
Interest		1,808,423
Investment for trustee deferred compensation and retirement plans		225,849
Total assets		1,404,212,818
Liabilities:
Other investments:
Variation margin payable - futures contracts		580
Unrealized depreciation on forward foreign currency contracts outstanding		11,552
Payable for:
Investments purchased		10,582,044
Fund shares reacquired		679,904
Collateral upon return of securities loaned		22,911,283
Accrued fees to affiliates		1,240,073
Accrued other operating expenses		196,134
Trustee deferred compensation and retirement plans		247,183
Total liabilities		35,868,753
Net assets applicable to shares outstanding	$	1,368,344,065
Net assets consist of:
Shares of beneficial interest	$	902,630,772
Distributable earnings		465,713,293
	$	1,368,344,065
Net Assets:
Series I	$	75,992,437
Series II	$	1,292,351,628
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		3,739,490
Series II		64,064,640
Series I:
Net asset value per share	$	20.32
Series II:
Net asset value per share	$	20.17
*  At June 30, 2021, securities with an aggregate value of $22,560,054 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $146,055)	$	9,019,112
Interest		3,119,151
Dividends from affiliated money market funds (includes securities lending income of $36,713)		42,249
Total investment income		12,180,512
Expenses:
Advisory fees		2,505,818
Administrative services fees		1,090,146
Custodian fees		13,766
Distribution fees - Series II		1,588,518
Transfer agent fees		17,426
Trustees’ and officers’ fees and benefits		13,368
Reports to shareholders		3,302
Professional services fees		25,876
Other		14,451
Total expenses		5,272,671
Less: Fees waived		(10,023	)
Net expenses		5,262,648
Net investment income		6,917,864
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		83,477,501
Affiliated investment securities		1,781
Foreign currencies		28,918
Forward foreign currency contracts		(421,477	)
Futures contracts		11,275
		83,097,998
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		72,725,889
Affiliated investment securities		(611	)
Foreign currencies		(20,300	)
Forward foreign currency contracts		602,948
Futures contracts		5,502
		73,313,428
Net realized and unrealized gain		156,411,426
Net increase in net assets resulting from operations	$	163,329,290

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	6,917,864		$	17,914,424
Net realized gain		83,097,998			9,273,219
Change in net unrealized appreciation		73,313,428			67,118,598
Net increase in net assets resulting from operations		163,329,290			94,306,241
Distributions to shareholders from distributable earnings:
Series I		-			(2,664,901	)
Series II		-			(74,585,577	)
Total distributions from distributable earnings		-			(77,250,478	)
Share transactions–net:
Series I		26,926,987			(8,088,300	)
Series II		(89,393,404	)		(27,486,339	)
Net increase (decrease) in net assets resulting from share transactions		(62,466,417	)		(35,574,639	)
Net increase (decrease) in net assets		100,862,873			(18,518,876	)
Net assets:
Beginning of period		1,267,481,192			1,286,000,068
End of period	$	1,368,344,065		$	1,267,481,192

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net
						(losses)																						net assets			assets without			Ratio of net
	Net asset					on securities						Dividends			Distributions													with fee waivers			fee waivers			investment
	value,		Net			(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income(a)			unrealized)			operations			income			gains			distributions			of period		return (b)			(000’s omitted)		absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21	$	17.93	$	0.12		$	2.27		$	2.39		$	-		$	-		$	-		$	20.32		13.33	%	$	75,992		0.56	%(d)		0.56	%(d)		1.28	%(d)		73%
Year ended 12/31/20		17.52		0.30			1.30			1.60			(0.42	)		(0.77	)		(1.19	)		17.93		9.95			43,099		0.56			0.57			1.84			96
Year ended 12/31/19		16.12		0.36			2.82			3.18			(0.47	)		(1.31	)		(1.78	)		17.52		20.37			50,731		0.54			0.55			2.02			150
Year ended 12/31/18		19.04		0.35			(2.00	)		(1.65	)		(0.43	)		(0.84	)		(1.27	)		16.12		(9.50	)		165,924		0.54			0.55			1.91			150
Year ended 12/31/17		17.76		0.35	(e)		1.58			1.93			(0.31	)		(0.34	)		(0.65	)		19.04		11.03			184,768		0.55			0.56			1.93	(e)		119
Year ended 12/31/16		16.23		0.29			2.10			2.39			(0.32	)		(0.54	)		(0.86	)		17.76		15.12			157,774		0.60			0.61			1.78			101
Series II
Six months ended 06/30/21		17.82		0.10			2.25			2.35			-			-			-			20.17		13.19			1,292,352		0.81	(d)		0.81	(d)		1.03	(d)		73
Year ended 12/31/20		17.42		0.26			1.28			1.54			(0.37	)		(0.77	)		(1.14	)		17.82		9.65			1,224,382		0.81			0.82			1.59			96
Year ended 12/31/19		16.04		0.31			2.80			3.11			(0.42	)		(1.31	)		(1.73	)		17.42		20.01			1,235,269		0.79			0.80			1.77			150
Year ended 12/31/18		18.95		0.31			(2.00	)		(1.69	)		(0.38	)		(0.84	)		(1.22	)		16.04		(9.73	)		1,041,911		0.79			0.80			1.66			150
Year ended 12/31/17		17.68		0.31	(e)		1.57			1.88			(0.27	)		(0.34	)		(0.61	)		18.95		10.78			1,385,490		0.80			0.81			1.68	(e)		119
Year ended 12/31/16		16.16		0.25			2.09			2.34			(0.28	)		(0.54	)		(0.82	)		17.68		14.84			1,314,323		0.85			0.86			1.53			101

^(a) Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2021, the portfolio turnover calculation excludes the value of securities purchased of $22,225,472 in connection with the acquisition of Invesco V.I. Managed Volatility Fund into the Fund.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $55,273 and $1,281,346 for Series I and Series II shares, respectively.

^(e) Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2017. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.30 and 1.64% and $0.26 and 1.39% for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Equity and Income Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Equity and Income Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objectives are both capital appreciation and current income.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.

Invesco V.I. Equity and Income Fund

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. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

Invesco V.I. Equity and Income Fund

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

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

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

L. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the 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.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

N. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory    agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $150 million		0.500%
Next $100 million		0.450%
Next $100 million		0.400%
Over $350 million		0.350%

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.38%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $10,023.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $95,941 for accounting and fund administrative services and was reimbursed $994,205 for fees paid to insurance

Invesco V.I. Equity and Income Fund

companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    For the six months ended June 30, 2021, the Fund incurred $5,336 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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	$	824,776,615	$	45,841,534			$–	$	870,618,149
U.S. Dollar Denominated Bonds & Notes		–		277,064,832			–		277,064,832
U.S. Treasury Securities		–		153,992,298			–		153,992,298
Preferred Stocks		7,693,363		–			–		7,693,363
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		1,003,613			–		1,003,613
Money Market Funds		62,773,862		22,911,283			–		85,685,145
Total Investments in Securities		895,243,840		500,813,560			–		1,396,057,400
Other Investments - Assets*
Futures Contracts		2,513		–			–		2,513
Forward Foreign Currency Contracts		–		135,347			–		135,347
		2,513		135,347			–		137,860
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(11,552	)		–		(11,552	)
Total Other Investments		2,513		123,795			–		126,308
Total Investments	$	895,246,353	$	500,937,355			$–	$	1,396,183,708

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Invesco V.I. Equity and Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-	$	2,513		$	2,513
Unrealized appreciation on forward foreign currency contracts outstanding		135,347		-			135,347
Total Derivative Assets		135,347		2,513			137,860
Derivatives not subject to master netting agreements		-		(2,513	)		(2,513	)
Total Derivative Assets subject to master netting agreements	$	135,347	$	-		$	135,347

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk		Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	(11,552	)	$	-	$	(11,552	)
Derivatives not subject to master netting agreements		-			-		-
Total Derivative Liabilities subject to master netting agreements	$	(11,552	)	$	-	$	(11,552	)

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2021.

	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Bank of New York Mellon (The)	$    26,693	$            -	$26,693	$        -	$        -		$ 26,693
State Street Bank & Trust Co.	108,654	(11,552)	97,102	-	-		97,102
Total	$ 135,347	$(11,552)	$123,795	$        -	$        -		$123,795

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on
	Statement of Operations
	Currency			Interest
	Risk			Rate Risk		Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(421,477	)	$	-	$	(421,477	)
Futures contracts		-			11,275		11,275
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		602,948			-		602,948
Futures contracts		-			5,502		5,502
Total	$	181,471		$	16,777	$	198,248

The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency	Futures
	Contracts	Contracts
Average notional value	$45,816,703	$1,137,671

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities purchases of $1,880,377.

Invesco V.I. Equity and Income Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $170,267,567 and $348,567,534, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	344,250,839
Aggregate unrealized (depreciation) of investments		(3,153,424	)
Net unrealized appreciation of investments	$	341,097,415
Cost of investments for tax purposes is $ 1,055,086,293.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		187,558		$	3,762,169			192,505		$	3,212,832
Series II		703,652			13,780,097			8,497,726			137,573,138
Issued as reinvestment of dividends:
Series I		-			-			166,556			2,664,901
Series II		-			-			4,685,024			74,585,577
Issued in connection with acquisitions:(b)
Series I		1,511,358			30,408,542			-			-
Series II		55,570			1,110,840			-			-
Reacquired:
Series I		(363,409	)		(7,243,724	)		(851,279	)		(13,966,033	)
Series II		(5,388,746	)		(104,284,341	)		(15,407,946	)		(239,645,054	)
Net increase (decrease) in share activity		(3,294,017	)	$	(62,466,417	)		(2,717,414	)	$	(35,574,639	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Equity and Income Fund

^(b)  After the close of business on April 30, 2021, the Fund acquired all the net assets of Invesco V.I. Managed Volatility Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 3, 2020 and by the shareholders of the Target Fund on April 5, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 1,566,928 shares of the Fund for 2,556,075 shares outstanding of the Target Fund as of the close of business on April 30, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 30, 2021. The Target Fund’s net assets as of the close of business on April 30, 2021 of $31,519,382, including $8,543,643 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,356,523,614 and $1,388,042,996 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2021 assuming the reorganization had been completed on January 1, 2021, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	6,912,393
Net realized/unrealized gains		158,787,176
Change in net assets resulting from operations	$	165,699,569

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 1, 2021.

Invesco V.I. Equity and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs,    and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Series I	$1,000.00	$1,133.30	$2.96	$1,022.02	$2.81	0.56%
Series II	1,000.00	1,131.90	4.28	1,020.78	4.06	0.81

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Equity and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Equity and Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period, and below the performance of the Index for the five year period. The Board noted that the Fund’s stock selection in certain sectors, as well as exposure to issuers operating in industries that were significantly impacted by the COVID-19 pandemic detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. Equity and Income Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.

The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Equity and Income Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Global Fund Effective April 30, 2021, Invesco Oppenheimer V.I. Global Fund was renamed Invesco V.I. Global Fund.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE
Invesco Distributors, Inc.	O-VIGLBL-SAR-1

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	11.72	%
Series II Shares	11.56
MSCI All Country World Indexq	12.30
Source(s): q RIMES Technologies Corp.
The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (11/12/90)	10.87%
10 Years	12.07
5 Years	19.44
1 Year	45.23
Series II Shares
Inception (7/13/00)	7.77%
10 Years	11.78
5 Years	19.14
1 Year	44.86

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Global Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Global Fund (renamed Invesco V.I. Global Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Global Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Global Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Fund

Schedule of Investments

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.26%
Brazil–0.84%
StoneCo Ltd., Class A(a)		359,778	$	24,126,713
China–4.11%
JD.com, Inc., ADR(a)		1,333,430		106,421,048
Meituan, B Shares(a)(b)		290,800		12,010,497
				118,431,545
Denmark–0.38%
Ambu A/S, Class B		244,383		9,392,452
Ascendis Pharma A/S, ADR(a)		10,889		1,432,448
				10,824,900
France–11.30%
Airbus SE(a)		657,168		84,630,426
Dassault Systemes SE		37,453		9,086,093
Kering S.A.		101,669		88,967,555
LVMH Moet Hennessy Louis Vuitton SE		181,675		142,645,199
				325,329,273
Germany–2.47%
SAP SE		505,070		71,264,090
India–3.43%
DLF Ltd.		14,775,978		55,946,667
ICICI Bank Ltd., ADR		2,500,179		42,753,061
				98,699,728
Italy–0.33%
Brunello Cucinelli S.p.A.(a)		162,369		9,514,980
Japan–12.71%
Capcom Co. Ltd.		499,900		14,628,671
FANUC Corp.		125,700		30,300,026
Keyence Corp.		137,744		69,484,102
Murata Manufacturing Co. Ltd.		909,400		69,396,365
Nidec Corp.		802,200		92,911,044
Omron Corp.		471,800		37,394,692
Takeda Pharmaceutical Co. Ltd.		342,694		11,509,396
TDK Corp.		333,300		40,494,971
				366,119,267
Netherlands–0.87%
ASML Holding N.V.		26,691		18,376,791
uniQure N.V.(a)		216,719		6,674,945
				25,051,736
Spain–1.15%
Industria de Diseno Textil S.A.		935,767		32,973,443
Sweden–3.19%
Assa Abloy AB, Class B		1,344,455		40,506,951
Atlas Copco AB, Class A		839,853		51,451,156
				91,958,107
Switzerland–0.94%
Lonza Group AG		18,652		13,222,266

	Shares		Value
Switzerland–(continued)
Zur Rose Group AG(a)		36,299	$	13,911,232
				27,133,498
United Kingdom–2.42%
Farfetch Ltd., Class A(a)		771,273		38,841,308
Prudential PLC		1,622,692		30,788,702
				69,630,010
United States–55.12%
Adobe, Inc.(a)		217,777		127,538,922
Agilent Technologies, Inc.		389,938		57,636,736
Alphabet, Inc., Class A(a)		123,424		301,375,489
Amazon.com, Inc.(a)		7,706		26,509,873
Analog Devices, Inc.		36,217		6,235,119
Avantor, Inc.(a)		1,233,714		43,809,184
Boston Scientific Corp.(a)		351,886		15,046,645
Castle Biosciences, Inc.(a)		85,439		6,265,242
Charles River Laboratories International, Inc.(a)		39,585		14,643,283
Dun & Bradstreet Holdings, Inc.(a)		210,660		4,501,804
Electronic Arts, Inc.		149,831		21,550,193
Equifax, Inc.		220,072		52,709,445
Facebook, Inc., Class A(a)		430,607		149,726,360
Fate Therapeutics, Inc.(a)		62,309		5,407,798
Fidelity National Information Services, Inc.		245,575		34,790,610
Illumina, Inc.(a)		46,973		22,228,093
Intuit, Inc.		290,860		142,570,846
Intuitive Surgical, Inc.(a)		14,142		13,005,549
IQVIA Holdings, Inc.(a)		74,855		18,138,864
Marriott International, Inc., Class A(a)		26,273		3,586,790
Maxim Integrated Products, Inc.		817,437		86,125,162
Microsoft Corp.		102,733		27,830,370
PayPal Holdings, Inc.(a)		272,304		79,371,170
Pegasystems, Inc.		124,079		17,270,556
Phathom Pharmaceuticals, Inc.(a)		235,938		7,986,501
Qualtrics International, Inc., Class A(a)		125,759		4,810,282
S&P Global, Inc.		319,152		130,995,938
Twist Bioscience Corp.(a)		12,202		1,625,917
United Parcel Service, Inc., Class B		305,702		63,576,845
Veracyte, Inc.(a)		348,101		13,917,078
Visa, Inc., Class A		140,886		32,941,965
Walt Disney Co. (The)(a)		303,994		53,433,025
				1,587,161,654
Total Common Stocks & Other Equity Interests (Cost $846,514,443)				2,858,218,944
Preferred Stocks–0.00%
India–0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		4,053,320		108,517
Money Market Funds–0.55%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		5,540,978		5,540,978

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		3,955,680	$	3,957,262
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d		6,332,547		6,332,547
Total Money Market Funds (Cost $15,830,787)				15,830,787
TOTAL INVESTMENTS IN SECURITIES–99.81% (Cost $862,345,230)				2,874,158,248
OTHER ASSETS LESS LIABILITIES–0.19%				5,447,155
NET ASSETS–100.00%			$	2,879,605,403

Investment Abbreviations:

ADR	-	American Depositary Receipt
Pfd	-	Preferred

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at June 30, 2021 represented less than 1% of the Fund’s Net Assets.

^(c)  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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,723,917		$	48,832,823		$	(45,015,762	)		$	-		$	-		$	5,540,978		$	353
Invesco Liquid Assets Portfolio, Institutional Class			1,231,011			34,732,273			(32,006,145	)			123			-			3,957,262			157
Invesco Treasury Portfolio, Institutional Class			1,970,192			55,808,941			(51,446,586	)			-			-			6,332,547			140
Total		$	4,925,120		$	139,374,037		$	(128,468,493	)		$	123		$	-		$	15,830,787		$	650

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	31.23%
Communication Services	18.77
Consumer Discretionary	16.02
Industrials	14.61
Health Care	9.10
Financials	7.11
Other Sectors, Each Less than 2% of Net Assets	2.42
Money Market Funds Plus Other Assets Less Liabilities	0.74

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $846,514,443)	$	2,858,327,461
Investments in affiliated money market funds, at value (Cost $15,830,787)		15,830,787
Cash		2,000,000
Foreign currencies, at value (Cost $1,646,044)		1,638,907
Receivable for:
Investments sold		6,869,941
Fund shares sold		299,106
Dividends		4,060,575
Investment for trustee deferred compensation and retirement plans		191,510
Total assets		2,889,218,287
Liabilities:
Payable for:
Fund shares reacquired		5,452,321
Accrued foreign taxes		1,071,058
Accrued fees to affiliates		2,403,516
Accrued other operating expenses		494,479
Trustee deferred compensation and retirement plans		191,510
Total liabilities		9,612,884
Net assets applicable to shares outstanding	$	2,879,605,403
Net assets consist of:
Shares of beneficial interest	$	592,005,270
Distributable earnings		2,287,600,133
	$	2,879,605,403
Net Assets:
Series I	$	1,496,235,088
Series II	$	1,383,370,315
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		25,694,638
Series II		24,141,411
Series I:
Net asset value per share	$	58.23
Series II:
Net asset value per share	$	57.30

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,031,535)	$	8,061,053
Dividends from affiliated money market funds		650
Total investment income		8,061,703
Expenses:
Advisory fees		8,507,023
Administrative services fees		2,237,830
Custodian fees		42,827
Distribution fees - Series II		1,657,707
Transfer agent fees		45,807
Trustees’ and officers’ fees and benefits		18,462
Reports to shareholders		88,739
Professional services fees		90,788
Taxes		2,952
Other		15,226
Total expenses		12,707,361
Less: Fees waived		(413,870	)
Net expenses		12,293,491
Net investment income (loss)		(4,231,788	)
Realized and unrealaized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		160,373,888
Foreign currencies		43,581
		160,417,469
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $866,332)		153,426,372
Affiliated investment securities		123
Foreign currencies		(215,640	)
		153,210,855
Net realized and unrealized gain		313,628,324
Net increase in net assets resulting from operations	$	309,396,536

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(4,231,788	)	$	(3,076,160	)
Net realized gain		160,417,469			143,400,974
Change in net unrealized appreciation		153,210,855			454,163,940
Net increase in net assets resulting from operations		309,396,536			594,488,754
Distributions to shareholders from distributable earnings:
Series I		–			(54,374,979	)
Series II		–			(46,721,722	)
Total distributions from distributable earnings		–			(101,096,701	)
Share transactions-net:
Series I		(104,022,147	)		(164,348,638	)
Series II		(87,335,878	)		(89,155,546	)
Net increase (decrease) in net assets resulting from share transactions		(191,358,025	)		(253,504,184	)
Net increase in net assets		118,038,511			239,887,869
Net assets:
Beginning of period		2,761,566,892			2,521,679,023
End of period	$	2,879,605,403		$	2,761,566,892

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss) (a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed (c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Series I
Six months ended 06/30/21		$52.12		$(0.05	)		$6.16			$6.11			$       -			$       -			$       -			$58.23		11.72	%		$1,496,235		0.77	%(e)		0.80	%(e)		(0.19	)%(e)		4	%
Year ended 12/31/20		42.55		(0.01	)		11.51			11.50			(0.31	)		(1.62	)		(1.93	)		52.12		27.64			1,438,773		0.77			0.81			(0.01	)		13
Year ended 12/31/19		38.00		0.29			11.03			11.32			(0.40	)		(6.37	)		(6.77	)		42.55		31.79			1,334,573		0.77			0.80			0.70			23
Year ended 12/31/18		47.42		0.37			(5.99	)		(5.62	)		(0.47	)		(3.33	)		(3.80	)		38.00		(13.18	)		1,160,317		0.78			0.78			0.81			16
Year ended 12/31/17		35.02		0.29			12.50			12.79			(0.39	)		-			(0.39	)		47.42		36.66			1,479,034		0.76			0.76			0.69			9
Year ended 12/31/16		38.00		0.26			(0.42	)		(0.16	)		(0.38	)		(2.44	)		(2.82	)		35.02		0.08			1,245,070		0.77			0.77			0.75			14
Series II
Six months ended 06/30/21		51.36		(0.12	)		6.06			5.94			-			-			-			57.30		11.56			1,383,370		1.02	(e)		1.05	(e)		(0.44	)(e)		4
Year ended 12/31/20		41.95		(0.11	)		11.34			11.23			(0.20	)		(1.62	)		(1.82	)		51.36		27.34			1,322,794		1.02			1.06			(0.26	)		13
Year ended 12/31/19		37.53		0.18			10.89			11.07			(0.28	)		(6.37	)		(6.65	)		41.95		31.45			1,187,107		1.02			1.04			0.45			23
Year ended 12/31/18		46.88		0.26			(5.92	)		(5.66	)		(0.36	)		(3.33	)		(3.69	)		37.53		(13.39	)		911,848		1.03			1.03			0.56			16
Year ended 12/31/17		34.64		0.18			12.36			12.54			(0.30	)		-			(0.30	)		46.88		36.32			1,309,590		1.01			1.01			0.43			9
Year ended 12/31/16		37.59		0.17			(0.41	)		(0.24	)		(0.27	)		(2.44	)		(2.71	)		34.64		(0.16	)		1,065,147		1.02			1.02			0.49			14

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,448,067 and $1,337,155 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Global Fund, formerly Invesco Oppenheimer V.I. Global Fund, (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is to seek capital appreciation.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Global Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

J. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
Up to $200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $4.2 billion		0.600%
Over $5 billion		0.580%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate

Invesco V.I. Global Fund

sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.77% and Series II shares to 1.02% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $413,870.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $196,514 for accounting and fund administrative services and was reimbursed $2,041,316 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $936 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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
Brazil	$	24,126,713	$	–		$–	$	24,126,713
China		106,421,048		12,010,497		–		118,431,545
Denmark		1,432,448		9,392,452		–		10,824,900
France		–		325,329,273		–		325,329,273
Germany		–		71,264,090		–		71,264,090
India		42,861,578		55,946,667		–		98,808,245
Italy		–		9,514,980		–		9,514,980
Japan		–		366,119,267		–		366,119,267
Netherlands		6,674,945		18,376,791		–		25,051,736
Spain		–		32,973,443		–		32,973,443
Sweden		–		91,958,107		–		91,958,107

Invesco V.I. Global Fund

	Level 1		Level 2		Level 3		Total
Switzerland	$	–	$	27,133,498		$–	$	27,133,498
United Kingdom		38,841,308		30,788,702		–		69,630,010
United States		1,587,161,654		–		–		1,587,161,654
Money Market Funds		15,830,787		–		–		15,830,787
Total Investments	$	1,823,350,481	$	1,050,807,767		$–	$	2,874,158,248

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $111,268,105 and $322,129,807, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,003,411,484
Aggregate unrealized (depreciation) of investments		(3,835,489	)
Net unrealized appreciation of investments	$	1,999,575,995

Cost of investments for tax purposes is $874,582,253.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)				Year ended December 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Series I		598,185	$	32,526,446		1,282,828	$	53,569,521
Series II		433,011		23,021,443		4,607,818		189,694,783
Issued as reinvestment of dividends:
Series I		-		-		1,182,836		54,374,979
Series II		-		-		1,030,929		46,721,722

Invesco V.I. Global Fund

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(2,506,418	)	$	(136,548,593	)		(6,229,273	)	$	(272,293,138	)
Series II		(2,048,763	)		(110,357,321	)		(8,181,254	)		(325,572,051	)
Net increase (decrease) in share activity		(3,523,985	)	$	(191,358,025	)		(6,306,116	)	$	(253,504,184	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Global Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value (01/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (06/30/21)1	Expenses Paid During Period2	Ending Account Value (06/30/21)	Expenses Paid During Period2
Series I	$1,000.00	$1,117.20	$4.04	$1,020.98	$3.86	0.77%
Series II	1,000.00	1,115.60	5.35	1,019.74	5.11	1.02

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Fund’s (formerly, Invesco Oppenheimer V.I. Global Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are

negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the

benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s stock selection in and underweight exposure to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

Invesco V.I. Global Fund

performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of

scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Global Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Global Core Equity Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VIGCE-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	13.75%
Series II Shares	13.57
MSCI World Indexq (Broad Market/Style-Specific Index)	13.05
Lipper VUF Global Multi-Cap Value Funds Classification Average∎ (Peer Group)	12.72
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper VUF Global Multi-Cap Value Funds Classification Average represents an average of all variable insurance underlyng funds in the Lipper Global Multi Cap Value Funds classification. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Effective June 1, 2010, Class I shares of the predecessor fund, Universal Funds Global Value Equity Portfolio, advised by Morgan Stanley Investment Management Inc. were reorganized into Series I shares of Invesco Van Kampen V.I. Global Value Equity Fund (renamed Invesco V.I. Global Core Equity Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I shares are those of the Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Global Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Average Annual Total Returns As of 6/30/21
Series I Shares
Inception (1/2/97)	6.00	%
10 Years	7.82
5 Years	12.30
1 Year	41.76
Series II Shares
Inception (6/1/10)	8.98	%
10 Years	7.55
5 Years	12.00
1 Year	41.44

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

 The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

 Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Global Core Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Core Equity Fund

Schedule of Investments

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.00%
Belgium–2.40%
Anheuser-Busch InBev S.A./N.V., ADR		25,667	$	1,848,281
Canada–1.14%
Constellation Software, Inc.		579		876,912
China–6.31%
Alibaba Group Holding Ltd., ADR(a)		12,563		2,849,037
Kweichow Moutai Co. Ltd., A Shares		6,300		2,006,172
				4,855,209
Germany–9.19%
KION Group AG		31,743		3,383,190
SAP SE		26,138		3,688,005
				7,071,195
Hong Kong–2.83%
AIA Group Ltd.		174,800		2,172,533
Netherlands–2.17%
Topicus.com, Inc.(a)		23,009		1,671,475
Switzerland–8.77%
Cie Financiere Richemont S.A.		17,389		2,105,323
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023(a)		40,270		26,985
Roche Holding AG		4,945		1,863,625
Temenos AG		17,120		2,750,857
				6,746,790
United Kingdom–9.38%
British American Tobacco PLC		67,120		2,616,484
Dechra Pharmaceuticals PLC		15,225		921,092
Imperial Brands PLC		35,184		758,197
London Stock Exchange Group PLC		11,014		1,214,821
Unilever PLC		29,036		1,699,456
				7,210,050

	Shares		Value
United States–55.81%
Accenture PLC, Class A		8,467	$	2,495,987
Alphabet, Inc., Class A(a)		1,481		3,616,291
Alphabet, Inc., Class C(a)		239		599,011
Analog Devices, Inc.		16,102		2,772,120
Aon PLC, Class A		6,544		1,562,445
Aptiv PLC(a)		14,759		2,322,033
AutoZone, Inc.(a)		1,272		1,898,104
Becton, Dickinson and Co.		7,968		1,937,738
BorgWarner, Inc.		40,310		1,956,647
Charter Communications, Inc., Class A(a)		3,502		2,526,518
Equinix, Inc.		3,232		2,594,003
Flowserve Corp.		48,489		1,955,077
Honeywell International, Inc.		10,258		2,250,092
Microsoft Corp.		17,786		4,818,227
Sabre Corp.(a)		192,746		2,405,470
Visa, Inc., Class A		15,836		3,702,774
Walt Disney Co. (The)(a)		10,001		1,757,876
Zoetis, Inc.		9,380		1,748,057
				42,918,470
Total Common Stocks & Other Equity Interests (Cost $60,350,239)				75,370,915
Money Market Funds–2.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c)		561,004		561,004
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(b)(c)		341,105		341,242
Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(c)		641,148		641,148
Total Money Market Funds (Cost $1,543,376)				1,543,394
TOTAL INVESTMENTS IN SECURITIES–100.01% (Cost $61,893,615)				76,914,309
OTHER ASSETS LESS LIABILITIES–(0.01)%				(9,782	)
NET ASSETS–100.00%			$	76,904,527

Investment Abbreviations:

ADR – American Depositary Receipt

Wts. – Warrants

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b) 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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 559,248		$	2,369,245		$	(2,367,489	)		$	-		$	-		$	561,004		$   69
Invesco Liquid Assets Portfolio, Institutional Class		343,859			1,688,411			(1,691,063	)			35			-			341,242		28
Invesco Treasury Portfolio, Institutional Class		639,140			2,707,708			(2,705,700	)			-			-			641,148		27

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Core Equity Fund

	Value December 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$   730,505		$	722,384		$	(1,452,889	)		$	-		$	-		$	-		$    5	*
Invesco Private Prime Fund		1,095,758			1,056,913			(2,152,781	)			-			110			-		74	*
Total		$3,368,510		$	8,544,661		$	(10,369,922	)		$	35		$	110		$	1,543,394		$203

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

^(c)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

Portfolio Composition

By country, based on Net Assets

as of June 30, 2021

United States	55.81	%
United Kingdom	9.38
Germany	9.19
Switzerland	8.77
China	6.31
Hong Kong	2.83
Belgium	2.40
Netherlands	2.17
Canada	1.14
Money Market Funds Plus Other Assets Less Liabilities	2.00

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Core Equity Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $60,350,239)	$	75,370,915
Investments in affiliated money market funds, at value (Cost $1,543,376)		1,543,394
Foreign currencies, at value (Cost $75,626)		75,225
Receivable for:
Fund shares sold		150
Dividends		48,962
Investment for trustee deferred compensation and retirement plans		30,917
Total assets		77,069,563
Liabilities:
Payable for:
Fund shares reacquired		23,432
Accrued fees to affiliates		62,268
Accrued other operating expenses		45,483
Trustee deferred compensation and retirement plans		33,853
Total liabilities		165,036
Net assets applicable to shares outstanding	$	76,904,527
Net assets consist of:
Shares of beneficial interest	$	47,370,358
Distributable earnings		29,534,169
	$	76,904,527
Net Assets:
Series I	$	65,622,546
Series II	$	11,281,981
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,022,477
Series II		863,897
Series I:
Net asset value per share	$	13.07
Series II:
Net asset value per share	$	13.06

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $28,039)	$	469,070
Non-cash dividend income		55,111
Dividends from affiliated money market funds (includes securities lending income of $1,252)		1,376
Total investment income		525,557
Expenses:
Advisory fees		241,238
Administrative services fees		59,050
Custodian fees		7,211
Distribution fees - Series II		13,535
Transfer agent fees		5,443
Trustees’ and officers’ fees and benefits		9,647
Reports to shareholders		4,755
Professional services fees		20,708
Other		3,391
Total expenses		364,978
Less: Fees waived		(336	)
Net expenses		364,642
Net investment income		160,915
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,789,719
Affiliated investment securities		110
Foreign currencies		(1,261	)
		1,788,568
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		7,373,052
Affiliated investment securities		35
Foreign currencies		(2,013	)
		7,371,074
Net realized and unrealized gain		9,159,642
Net increase in net assets resulting from operations	$	9,320,557

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Core Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	160,915		$	692,045
Net realized gain		1,788,568			13,216,988
Change in net unrealized appreciation (depreciation)		7,371,074			(6,493,647	)
Net increase in net assets resulting from operations		9,320,557			7,415,386
Distributions to shareholders from distributable earnings:
Series I		–			(704,199	)
Series II		–			(103,806	)
Total distributions from distributable earnings		–			(808,005	)
Share transactions–net:
Series I		(450,631	)		(7,426,489	)
Series II		(728,829	)		(1,056,266	)
Net increase (decrease) in net assets resulting from share transactions		(1,179,460	)		(8,482,755	)
Net increase (decrease) in net assets		8,141,097			(1,875,374	)
Net assets:
Beginning of period		68,763,430			70,638,804
End of period	$	76,904,527		$	68,763,430

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Core Equity Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions		Net asset value, end of period		Total return (b)		Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income to average net assets		Portfolio turnover (c)
Series I
Six months ended 06/30/21		$11.49		$0.03		$ 1.55			$ 1.58			$      –			$      –			$      –		$13.07		13.75%		$65,623		0.98%(d)		0.98%(d)		0.48%(d)		12%
Year ended 12/31/20		10.28		0.11		1.24			1.35			(0.14	)		–			(0.14)		11.49		13.23		58,139		1.00		1.00		1.14		127
Year ended 12/31/19		8.99		0.15		2.03			2.18			(0.15	)		(0.74	)		(0.89)		10.28		25.20		60,078		1.01		1.01		1.54		24
Year ended 12/31/18		10.73		0.13		(1.76	)		(1.63	)		(0.11	)		–			(0.11)		8.99		(15.32)		54,854		1.02		1.02		1.19		26
Year ended 12/31/17		8.83		0.09		1.93			2.02			(0.12	)		–			(0.12)		10.73		22.90		73,716		1.04		1.04		0.95		69
Year ended 12/31/16		8.35		0.10		0.47			0.57			(0.09	)		–			(0.09)		8.83		6.81		62,130		1.05		1.05		1.14		47
Series II
Six months ended 06/30/21		11.50		0.01		1.55			1.56			–			–			–		13.06		13.57		11,282		1.23(d)		1.23(d)		0.23(d)		12
Year ended 12/31/20		10.28		0.09		1.24			1.33			(0.11	)		–			(0.11)		11.50		13.03		10,625		1.25		1.25		0.89		127
Year ended 12/31/19		8.99		0.13		2.02			2.15			(0.12	)		(0.74	)		(0.86)		10.28		24.82		10,561		1.26		1.26		1.29		24
Year ended 12/31/18		10.73		0.10		(1.75	)		(1.65	)		(0.09	)		–			(0.09)		8.99		(15.54)		9,616		1.27		1.27		0.94		26
Year ended 12/31/17		8.83		0.07		1.92			1.99			(0.09	)		–			(0.09)		10.73		22.60		13,043		1.29		1.29		0.70		69
Year ended 12/31/16		8.35		0.07		0.47			0.54			(0.06	)		–			(0.06)		8.83		6.50		12,302		1.30		1.30		0.89		47

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $61,690 and $10,918 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Core Equity Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Global Core Equity Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including U.S. issuers.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Global Core Equity Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. Global Core Equity Fund

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

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

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 1 billion		0.670%
Next $500 million		0.645%
Next $1 billion		0.620%
Next $1 billion		0.595%
Next $1 billion		0.570%
Over $4.5 billion		0.545%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $336.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $5,077 for accounting and fund administrative services and was reimbursed $53,973 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $127 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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

Invesco V.I. Global Core Equity Fund

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 June 30, 2021. 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
Belgium	$	1,848,281	$	–		$–	$	1,848,281
Canada		876,912		–		–		876,912
China		2,849,037		2,006,172		–		4,855,209
Germany		–		7,071,195		–		7,071,195
Hong Kong		2,172,533		–		–		2,172,533
Netherlands		1,671,475		–		–		1,671,475
Switzerland		26,985		6,719,805		–		6,746,790
United Kingdom		–		7,210,050		–		7,210,050
United States		42,918,470		–		–		42,918,470
Money Market Funds		1,543,394		–		–		1,543,394
Total Investments	$	53,907,087	$	23,007,222		$–	$	76,914,309

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $8,234,927 and $9,548,527, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	16,100,604
Aggregate unrealized (depreciation) of investments		(1,083,608	)
Net unrealized appreciation of investments	$	15,016,996

Cost of investments for tax purposes is $61,897,313.

Invesco V.I. Global Core Equity Fund

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		217,786		$	2,669,448			130,346		$	1,243,563
Series II		2,968			38,805			22,355			207,894
Issued as reinvestment of dividends:
Series I		-			-			67,388			704,199
Series II		-			-			9,908			103,806
Reacquired:
Series I		(255,023	)		(3,120,079	)		(984,491	)		(9,374,251	)
Series II		(63,024	)		(767,634	)		(135,324	)		(1,367,966	)
Net increase (decrease) in share activity		(97,293	)	$	(1,179,460	)		(889,818	)	$	(8,482,755	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 84% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Global Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning   Account Value     (01/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense Ratio
			Ending   Account Value     (06/30/21)1		Expenses Paid During Period2		Ending   Account Value     (06/30/21)		Expenses   Paid During     Period2
Series I		$1,000.00		$1,137.50		$5.19		$1,019.93		$4.91		0.98%
Series II		1,000.00		1,135.70		6.51		1,018.70		6.16		1.23

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Core Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Core Equity Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal     

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee .The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Canada Ltd. currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI World Index (Index). The Board noted that there were only five funds (including the Fund) in the performance universe, and that therefore quintile rankings were not provided in the Broadridge materials. The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe as well as the limited number of funds in the Fund’s performance universe. The Board noted that the Fund’s stock selection in and underweight or lack of exposure to certain sectors and names, as well as the Fund’s exposure to certain issuers significantly impacted by the COVID-19 pandemic, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

Invesco V.I. Global Core Equity Fund

performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only three funds (including the Fund) in the expense group.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses.

The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate. The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers.

The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the

Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Global Core Equity Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Global Real Estate Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE
Invesco Distributors, Inc.	VIGRE-SAR-1

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	14.50	%
Series II Shares	14.38
MSCI World Indexq (Broad Market Index)	13.05
Custom Invesco Global Real Estate Index∎ (Style-Specific Index)	13.79
Lipper VUF Real Estate Funds Classification Average◆ (Peer Group)	21.38
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco Global Real Estate Index is composed of the FTSE EPRA Nareit Developed Index (Net) through June 30, 2014 and the FTSE EPRA Nareit Global Index (Net) from July 1, 2014 through December 31, 2020. Effective July 1, 2021, the Custom Invesco Global Real Estate Index will be composed of the FTSE EPRA Nareit Developed Index (Net) through June 30, 2014, the FTSE EPRA Nareit Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSE EPRA Nareit Developed Index (Net) from July 1, 2021 onward. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper VUF Real Estate Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Real Estate Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (3/31/98)	7.45	%
10 Years	5.80
5 Years	4.61
1 Year	26.85
Series II Shares
Inception (4/30/04)	7.19	%
10 Years	5.54
5 Years	4.35
1 Year	26.47

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Global Real Estate Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Global Real Estate Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Real Estate Fund

Schedule of Investments

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–91.04%
Australia–2.50%
Goodman Group		42,373	$	669,495
GPT Group (The)		218,734		801,024
Mirvac Group		512,829		1,117,877
Stockland		377,327		1,325,630
				3,914,026
Belgium–0.99%
Cofinimmo S.A.		5,703		868,381
Montea C.V.A		5,812		683,608
				1,551,989
Canada–2.56%
Allied Properties REIT		58,270		2,117,670
Canadian Apartment Properties REIT		7,006		328,484
Killam Apartment REIT		51,977		849,930
Summit Industrial Income REIT		50,182		719,373
				4,015,457
China–0.36%
ESR Cayman Ltd.(a)(b)		169,200		570,973
France–1.56%
Gecina S.A.		10,166		1,558,008
ICADE		10,309		887,592
				2,445,600
Germany–4.67%
Aroundtown S.A.		199,698		1,555,863
Sirius Real Estate Ltd.		511,741		783,472
Vonovia SE		76,793		4,969,344
				7,308,679
Hong Kong–5.68%
Hang Lung Properties Ltd.		300,000		728,529
Hongkong Land Holdings Ltd.		315,000		1,500,557
Kerry Properties Ltd.		319,500		1,053,437
Link REIT		226,200		2,188,531
Sun Hung Kai Properties Ltd.		187,500		2,794,038
Wharf Real Estate Investment Co. Ltd.		109,000		633,859
				8,898,951
Indonesia–0.12%
PT Pakuwon Jati Tbk(b)		6,262,300		190,035
Italy–0.49%
Infrastrutture Wireless Italiane S.p.A.(a)		67,825		766,847
Japan–9.88%
Activia Properties, Inc.		189		894,995
Daiwa Office Investment Corp.		36		250,518
Japan Hotel REIT Investment Corp.		240		144,032
Japan Metropolitan Fund Investment Corp.		984		1,066,189
Japan Prime Realty Investment Corp.		281		1,100,037
Japan Real Estate Investment Corp.		148		909,741
Kenedix Office Investment Corp.		71		500,338

	Shares		Value
Japan–(continued)
LaSalle Logiport REIT		341	$	576,867
Mitsubishi Estate Co. Ltd.		168,900		2,730,406
Mitsui Fudosan Co. Ltd.		72,158		1,670,567
Mitsui Fudosan Logistics Park, Inc.		151		804,736
Nippon Building Fund, Inc.		225		1,403,329
Nippon Prologis REIT, Inc.		190		604,627
Nomura Real Estate Master Fund, Inc.		781		1,251,875
ORIX JREIT, Inc.		191		367,499
Tokyu Fudosan Holdings Corp.		200,100		1,202,738
				15,478,494
Malta–0.00%
BGP Holdings PLC(a)(b)(c)		1,355,927		2
Philippines–0.31%
Ayala Land, Inc.		396,830		293,091
Megaworld Corp.		2,964,600		196,121
				489,212
Singapore–2.55%
Ascendas India Trust		158,000		163,401
Ascendas REIT		293,100		644,119
CapitaLand Integrated Commercial Trust		908,500		1,411,736
City Developments Ltd.		85,700		465,278
Mapletree Industrial Trust		621,530		1,308,946
				3,993,480
Spain–1.90%
Aena SME S.A.(a)(b)		4,164		682,768
Cellnex Telecom S.A.(a)		14,552		927,013
Merlin Properties SOCIMI S.A.		132,001		1,367,237
				2,977,018
Sweden–2.03%
Fabege AB		63,930		1,025,774
Samhallsbyggnadsbolaget i Norden AB		182,896		766,571
Wihlborgs Fastigheter AB		64,060		1,388,159
				3,180,504
United Kingdom–3.25%
Derwent London PLC		4,334		199,041
Grainger PLC		151,869		599,141
Safestore Holdings PLC		65,722		861,335
Segro PLC		151,657		2,297,672
Tritax Big Box REIT PLC		415,889		1,130,077
				5,087,266
United States–52.19%
American Homes 4 Rent, Class A		5,892		228,904
Americold Realty Trust		44,393		1,680,275
Apple Hospitality REIT, Inc.		109,168		1,665,904
AvalonBay Communities, Inc.		32,340		6,749,035
Brandywine Realty Trust		42,082		576,944
Brixmor Property Group, Inc.		60,853		1,392,925
Camden Property Trust		10,824		1,436,020
Columbia Property Trust, Inc.		48,423		842,076
CubeSmart		20,231		937,100

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Real Estate Fund

	Shares		Value
United States–(continued)
CyrusOne, Inc.		30,244	$	2,163,051
DiamondRock Hospitality Co.(b)		108,878		1,056,117
Digital Realty Trust, Inc.		14,198		2,136,231
Duke Realty Corp.		58,287		2,759,889
Equinix, Inc.		4,410		3,539,466
Essential Properties Realty Trust, Inc.		22,572		610,347
Extra Space Storage, Inc.		7,410		1,213,906
First Industrial Realty Trust, Inc.		28,642		1,495,972
Highwoods Properties, Inc.		17,478		789,481
Host Hotels & Resorts, Inc.(b)		122,969		2,101,540
Invitation Homes, Inc.		115,339		4,300,991
JBG SMITH Properties		28,823		908,213
Life Storage, Inc.		10,986		1,179,347
Mid-America Apartment Communities, Inc.		23,871		4,020,354
NETSTREIT Corp.		20,618		475,451
Omega Healthcare Investors, Inc.		34,508		1,252,295
Prologis, Inc.		58,720		7,018,802
QTS Realty Trust, Inc., Class A		4,168		322,186
Realty Income Corp.		406		27,096
Regency Centers Corp.		1,688		108,150
Rexford Industrial Realty, Inc.		47,764		2,720,160
RLJ Lodging Trust		88,189		1,343,118
Simon Property Group, Inc.		24,528		3,200,413
SITE Centers Corp.		96,710		1,456,453

	Shares		Value
United States–(continued)
Sunstone Hotel Investors, Inc.(b)		125,544	$	1,559,256
UDR, Inc.		111,996		5,485,564
Urban Edge Properties		75,846		1,448,659
Ventas, Inc.		51,275		2,927,803
VICI Properties, Inc.		45,006		1,396,086
Vornado Realty Trust		13,325		621,878
Welltower, Inc.		68,935		5,728,499
Xenia Hotels & Resorts, Inc.(b)		47,235		884,712
				81,760,669
Total Common Stocks & Other Equity Interests (Cost $118,567,964)				142,629,202
Money Market Funds–0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		27,385		27,385
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		19,469		19,477
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		31,297		31,297
Total Money Market Funds (Cost $78,159)				78,159
TOTAL INVESTMENTS IN SECURITIES–91.09% (Cost $118,646,123)				142,707,361
OTHER ASSETS LESS LIABILITIES–8.91%				13,962,596
NET ASSETS–100.00%			$	156,669,957

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $2,947,603, which represented 1.88% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	801,050		$	4,075,168		$	(4,848,833	)		$	-		$	-		$	27,385		$	48
Invesco Liquid Assets Portfolio, Institutional Class			598,192			2,885,764			(3,464,538	)			41			18			19,477			33
Invesco Treasury Portfolio, Institutional Class			915,486			4,657,334			(5,541,523	)			-			-			31,297			18
Total		$	2,314,728		$	11,618,266		$	(13,854,894	)		$	41		$	18		$	78,159		$	99

^(e)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Real Estate Fund

Portfolio Composition

By country, based on Net Assets

as of June 30, 2021

United States	52.19%
Japan	9.88
Hong Kong	5.68
Germany	4.67
United Kingdom	3.25
Canada	2.56
Singapore	2.55
Australia	2.50
Sweden	2.03
Countries each less than 2% of portfolio	5.73
Money Market Funds Plus Other Assets Less Liabilities	8.96

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Real Estate Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $118,567,964)	$	142,629,202
Investments in affiliated money market funds, at value (Cost $78,159)		78,159
Foreign currencies, at value (Cost $217,844)		215,352
Receivable for:
Investments sold		16,205,939
Fund shares sold		17,754
Dividends		610,489
Investment for trustee deferred compensation and retirement plans		66,766
Total assets		159,823,661
Liabilities:
Payable for:
Investments purchased		2,622,534
Fund shares reacquired		230,523
Accrued foreign taxes		19,487
Accrued fees to affiliates		137,117
Accrued other operating expenses		69,311
Trustee deferred compensation and retirement plans		74,732
Total liabilities		3,153,704
Net assets applicable to shares outstanding	$	156,669,957
Net assets consist of:
Shares of beneficial interest	$	140,264,245
Distributable earnings		16,405,712
	$	156,669,957
Net Assets:
Series I	$	116,217,357
Series II	$	40,452,600
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		6,911,150
Series II		2,468,512
Series I:
Net asset value per share	$	16.82
Series II:
Net asset value per share	$	16.39

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $114,806)	$	2,508,208
Dividends from affiliated money market funds		99
Total investment income		2,508,307
Expenses:
Advisory fees		600,960
Administrative services fees		131,561
Distribution fees - Series II		47,490
Transfer agent fees		16,437
Trustees’ and officers’ fees and benefits		9,653
Reports to shareholders		5,923
Professional services fees		18,640
Other		(40,968	)
Total expenses		789,696
Less:   Fees waived		(414	)
Net expenses		789,282
Net investment income		1,719,025
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $42,416)		9,807,653
Affiliated investment securities		18
Foreign currencies		(13,238	)
Forward foreign currency contracts		511
		9,794,944
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $15,191)		10,675,644
Affiliated investment securities		41
Foreign currencies		(10,608	)
Forward foreign currency contracts		10
		10,665,087
Net realized and unrealized gain		20,460,031
Net increase in net assets resulting from operations	$	22,179,056

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Real Estate Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	1,719,025		$	2,687,283
Net realized gain (loss)		9,794,944			(16,808,321	)
Change in net unrealized appreciation (depreciation)		10,665,087			(10,464,307	)
Net increase (decrease) in net assets resulting from operations		22,179,056			(24,585,345	)
Distributions to shareholders from distributable earnings:
Series I		–			(9,161,706	)
Series II		–			(1,846,585	)
Total distributions from distributable earnings		–			(11,008,291	)
Share transactions–net:
Series I		(19,897,178	)		(4,013,664	)
Series II		163,131			(1,655,429	)
��
Net increase (decrease) in net assets resulting from share transactions		(19,734,047	)		(5,669,093	)
Net increase (decrease) in net assets		2,445,009			(41,262,729	)
Net assets:
Beginning of period		154,224,948			195,487,677
End of period	$	156,669,957		$	154,224,948

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Real Estate Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$14.69		$0.17			$1.96			$2.13			$       -			$       -			$       -			$16.82		14.50	%		$116,217		0.93	%(d)		0.93	%(d)		2.20	%(d)		50	%
Year ended 12/31/20		18.22		0.28			(2.61	)		(2.33	)		(0.77	)		(0.43	)		(1.20	)		14.69		(12.32	)		119,114		1.04			1.04			1.86			154
Year ended 12/31/19		15.52		0.39			3.15			3.54			(0.82	)		(0.02	)		(0.84	)		18.22		23.00			150,255		1.04			1.04			2.22			61
Year ended 12/31/18		17.38		0.40			(1.41	)		(1.01	)		(0.65	)		(0.20	)		(0.85	)		15.52		(6.10	)		124,816		1.01			1.01			2.38			57
Year ended 12/31/17		16.15		0.45	(e)		1.62			2.07			(0.56	)		(0.28	)		(0.84	)		17.38		12.98			158,229		1.02			1.02			2.63	(e)		50
Year ended 12/31/16		16.36		0.30			0.08			0.38			(0.27	)		(0.32	)		(0.59	)		16.15		2.04			147,382		1.05			1.05			1.81			66
Series II
Six months ended 06/30/21		14.33		0.15			1.91			2.06			-			-						16.39		14.38			40,453		1.18	(d)		1.18	(d)		1.95	(d)		50
Year ended 12/31/20		17.78		0.24			(2.55	)		(2.31	)		(0.71	)		(0.43	)		(1.14	)		14.33		(12.56	)		35,111		1.29			1.29			1.61			154
Year ended 12/31/19		15.03		0.34			3.04			3.38			(0.61	)		(0.02	)		(0.63	)		17.78		22.65			45,233		1.29			1.29			1.97			61
Year ended 12/31/18		16.86		0.34			(1.35	)		(1.01	)		(0.62	)		(0.20	)		(0.82	)		15.03		(6.33	)		26,799		1.26			1.26			2.13			57
Year ended 12/31/17		15.69		0.39	(e)		1.58			1.97			(0.52	)		(0.28	)		(0.80	)		16.86		12.73			260,083		1.27			1.27			2.38	(e)		50
Year ended 12/31/16		15.91		0.25			0.08			0.33			(0.23	)		(0.32	)		(0.55	)		15.69		1.82			216,893		1.30			1.30			1.56			66

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $123,277 and $38,307 for Series I and Series II shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 2.18%, $0.32 and 1.93% for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Real Estate Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Global Real Estate Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is total return through growth of capital and current income.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Global Real Estate Fund

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.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply

Invesco V.I. Global Real Estate Fund

chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

L. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.750%
Next $250 million		0.740%
Next $500 million		0.730%
Next $1.5 billion		0.720%
Next $2.5 billion		0.710%
Next $2.5 billion		0.700%
Next $2.5 billion		0.690%
Over $10 billion		0.680%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $414.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $11,369 for accounting and fund administrative services and was reimbursed $120,192 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Global Real Estate Fund

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 June 30, 2021. 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	$	–	$	3,914,026		$–	$	3,914,026
Belgium		–		1,551,989		–		1,551,989
Canada		4,015,457		–		–		4,015,457
China		–		570,973		–		570,973
France		–		2,445,600		–		2,445,600
Germany		–		7,308,679		–		7,308,679
Hong Kong		3,847,475		5,051,476		–		8,898,951
Indonesia		–		190,035		–		190,035
Italy		–		766,847		–		766,847
Japan		–		15,478,494		–		15,478,494
Malta		–		–		2		2
Philippines		–		489,212		–		489,212
Singapore		–		3,993,480		–		3,993,480
Spain		–		2,977,018		–		2,977,018
Sweden		–		3,180,504		–		3,180,504
United Kingdom		–		5,087,266		–		5,087,266
United States		81,760,669		–		–		81,760,669
Money Market Funds		78,159		–		–		78,159
Total Investments	$	89,701,760	$	53,005,599		$2	$	142,707,361

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$	511
Change in Net Unrealized Appreciation:
Forward foreign currency contracts			10
Total		$	521

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$	69,904

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

Invesco V.I. Global Real Estate Fund

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term		Total
Not subject to expiration		$	11,106,369		$7,928,537		$	19,034,906

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $78,781,981 and $109,040,909, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	20,338,929
Aggregate unrealized (depreciation) of investments		(500,961	)
Net unrealized appreciation of investments	$	19,837,968

Cost of investments for tax purposes is $122,869,393.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended         June 30, 2021(a)						Year ended         December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		760,313		$	11,915,306			2,028,651		$	29,520,192
Series II		201,244			2,994,962			991,547			14,154,043
Issued as reinvestment of dividends:
Series I		-			-			664,373			9,161,706
Series II		-			-			137,191			1,846,585
Reacquired:
Series I		(1,960,088	)		(31,812,484	)		(2,830,439	)		(42,695,562	)
Series II		(182,914	)		(2,831,831	)		(1,223,217	)		(17,656,057	)
Net increase (decrease) in share activity		(1,181,445	)	$	(19,734,047	)		(231,894	)	$	(5,669,093	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Global Real Estate Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning     Account Value     (01/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized          Expense Ratio
			Ending     Account Value     (06/30/21)1		Expenses     Paid During     Period2		Ending     Account Value     (06/30/21)		Expenses     Paid During     Period2
Series I		$1,000.00		$1,145.00		$4.95		$1,020.18		$4.66		0.93	%
Series II		1,000.00		1,143.80		6.27		1,018.94		5.91		1.18

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Real Estate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Real Estate Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Real Estate Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that stock selection in the U.S. and the Fund’s exposure to U.S. issuers operating in industries significantly affected by the COVID-19 pandemic negatively impacted the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense

Invesco V.I. Global Real Estate Fund

group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally

operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Global Real Estate Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Global Strategic Income Fund
	Effective April 30, 2021, Invesco Oppenheimer V.I. Global Strategic Income Fund
	was renamed Invesco V.I. Global Strategic Income Fund.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIGLSI-SAR-1                                

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-2.89	%
Series II Shares	-3.00
Bloomberg Barclays U.S. Aggregate Bond Indexq	-1.60
Source(s): qRIMES Technologies Corp.

    The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/3/93)	5.35	%
10 Years	2.82
5 Years	2.90
1 Year	5.50
Series II Shares
Inception (3/19/01)	4.85	%
10 Years	2.56
5 Years	2.67
1 Year	5.24

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Global Strategic Income Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Global Strategic Income Fund (renamed Invesco V.I. Global Strategic Income Fund on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Global Strategic Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees

assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Global Strategic Income Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Strategic Income Fund

Consolidated Schedule of Investments

June 30, 2021

(Unaudited)

	Principal       Amount		Value
U.S. Dollar Denominated Bonds & Notes–35.65%
Argentina–0.28%
Argentine Bonad Bonds, 0.10%, 11/30/2021	$	4,616,450	$      2,735,247
Belgium–0.00%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028(a)		5,000	5,269
Brazil–0.83%
Azul Investments L.L.P., 7.25%, 06/15/2026(a)		515,000	505,946
B2W Digital Lux S.a.r.l., 4.38%, 12/20/2030(a)		815,000	817,759
Banco do Brasil S.A., 9.00%(a)(b)(c)		1,400,000	1,561,840
Braskem Netherlands Finance B.V., 4.50%, 01/31/2030(a)		1,600,000	1,671,136
Embraer Netherlands Finance B.V., 6.95%, 01/17/2028(a)		240,000	275,100
Minerva Luxembourg S.A., 4.38%, 03/18/2031(a)(d)		1,300,000	1,293,175
Natura Cosmeticos S.A., 4.13%, 05/03/2028(a)		635,000	651,669
XP, Inc., 3.25%, 07/01/2026(a)		1,400,000	1,386,000
			8,162,625
Canada–0.18%
Precision Drilling Corp., 6.88%, 01/15/2029(a)		514,000	530,062
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076(b)		1,130,000	1,262,775
			1,792,837
Chile–0.22%
AES Gener S.A., 6.35%, 10/07/2079(a)(b)		750,000	801,375
Kenbourne Invest S.A., 4.70%, 01/22/2028(a)		1,350,000	1,361,515
			2,162,890
China–0.87%
CIFI Holdings Group Co. Ltd.,
6.45%, 11/07/2024(a)		800,000	847,624
6.00%, 07/16/2025(a)		650,000	684,167
Country Garden Holdings Co. Ltd., 5.40%, 05/27/2025(a)		1,690,000	1,814,807
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, 7.50%, 05/01/2025(a)		135,000	130,444
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026(a)		1,196,000	1,220,575
Logan Group Co. Ltd.,
7.50%, 08/25/2022(a)		565,000	577,997
5.25%, 02/23/2023(a)		1,250,000	1,267,276

	Principal       Amount		Value
China–(continued)
Prosus N.V., 4.03%, 08/03/2050(a)	$	1,300,000	$    1,255,038
Shimao Group Holdings Ltd., 5.60%, 07/15/2026(a)		700,000	736,873
			8,534,801
Colombia–0.35%
Bancolombia S.A., 4.88%, 10/18/2027(b)		1,400,000	1,427,370
Colombia Government International Bond, 4.13%, 02/22/2042		2,025,000	1,977,412
			3,404,782
Denmark–0.28%
Danske Bank A/S,
6.13%(a)(b)(c)		1,950,000	2,084,289
4.38%(a)(b)(c)		700,000	708,312
			2,792,601
Dominican Republic–0.26%
Dominican Republic International Bond,
5.95%, 01/25/2027(a)		650,000	732,550
5.30%, 01/21/2041(a)		550,000	550,006
6.40%, 06/05/2049(a)		1,187,000	1,278,992
			2,561,548
Ecuador–0.06%
Ecuador Government International Bond, 5.00%, 07/31/2030(a)(e)		700,000	600,257
Egypt–0.19%
Egypt Government International Bond,
8.50%, 01/31/2047(a)		1,300,000	1,359,052
8.70%, 03/01/2049(a)		522,000	553,007
			1,912,059
France–1.02%
Altice France S.A.,
8.13%, 02/01/2027(a)		463,000	505,017
5.13%, 07/15/2029(a)		248,000	249,525
BNP Paribas S.A.,
6.75%(a)(b)(c)		2,000,000	2,068,640
7.38%(a)(b)(c)		1,300,000	1,516,210
Credit Agricole S.A., 8.13%(a)(b)(c)		433,000	527,550
Societe Generale S.A.,
7.38%(a)(b)(c)		1,400,000	1,530,473
8.00%(a)(b)(c)		795,000	936,609
TotalEnergies Capital International S.A., 3.13%, 05/29/2050		2,600,000	2,641,344
			9,975,368

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal       Amount		Value
Ghana–0.35%
Ghana Government International Bond,
7.88%, 03/26/2027(a)	$	1,950,000	$    2,065,830
7.75%, 04/07/2029(a)		1,350,000	1,383,075
			3,448,905
Guatemala–0.12%
Guatemala Government Bond, 4.90%, 06/01/2030(a)		1,040,000	1,173,702
Hong Kong–0.44%
AIA Group Ltd., 2.70%(a)(b)(c)		945,000	959,648
Melco Resorts Finance Ltd., 4.88%, 06/06/2025(a)		3,250,000	3,330,437
			4,290,085
India–0.67%
Azure Power Energy Ltd., 5.50%, 11/03/2022(a)		1,515,000	1,539,658
Muthoot Finance Ltd., 4.40%, 09/02/2023(a)		1,300,000	1,340,950
Oil India International Pte. Ltd., 4.00%, 04/21/2027(a)		2,119,000	2,245,225
Power Finance Corp. Ltd., 3.95%, 04/23/2030(a)		700,000	722,809
UPL Corp. Ltd., 4.50%, 03/08/2028(a)		650,000	698,663
			6,547,305
Indonesia–0.95%
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026(a)		2,025,000	2,079,756
PT Indonesia Asahan Aluminium (Persero),
4.75%, 05/15/2025(a)		2,600,000	2,873,286
5.45%, 05/15/2030(a)		1,300,000	1,513,044
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara,
4.13%, 05/15/2027(a)		1,300,000	1,411,475
4.38%, 02/05/2050(a)		1,400,000	1,436,834
			9,314,395
Iraq–0.06%
Iraq International Bond, 5.80%, 01/15/2028(a)		612,500	594,496
Ireland–0.56%
AerCap Global Aviation Trust,
6.50%, 06/15/2045(a)(b)		503,000	538,177

	Principal       Amount		Value
Ireland–(continued)
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025(a)(f)	$	569,350	$      564,809
Series 119, 0.00%, 04/30/2025(a)(f)		605,719	600,888
Series 120, 0.00%, 04/30/2025(a)(f)		758,207	752,160
Series 122, 0.00%, 04/30/2025(a)(f)		664,309	659,010
Series 124, 0.00%, 04/30/2025(a)(f)		533,546	529,291
Series 126, 0.00%, 04/30/2025(a)		596,892	592,132
Series 127, 0.00%, 04/30/2025(a)(f)		691,376	685,862
0.00%, 04/30/2025(a)(f)		542,619	538,291
			5,460,620
Italy–0.15%
Intesa Sanpaolo S.p.A., 4.20%, 06/01/2032(a)		344,000	353,231
UniCredit S.p.A., 3.13%, 06/03/2032(a)(b)		1,109,000	1,113,800
			1,467,031
Japan–0.58%
SoftBank Group Corp.,
4.63%, 07/06/2028(a)		2,125,000	2,125,000
5.25%, 07/06/2031(a)		2,240,000	2,240,000
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		1,300,000	1,316,718
			5,681,718
Kazakhstan–0.07%
Astana-Finance JSC, 0.00%, 12/22/2024(a)(f)(g)		315,160	0
KazMunayGas National Co. JSC, 3.50%, 04/14/2033(a)		650,000	675,125
			675,125
Kuwait–0.06%
Equate Petrochemical B.V., 2.63%, 04/28/2028(a)		533,000	539,609
Macau–0.53%
MGM China Holdings Ltd., 5.38%, 05/15/2024(a)		1,505,000	1,549,556
Sands China Ltd.,
3.80%, 01/08/2026		520,000	557,294
4.38%, 06/18/2030		650,000	705,159
Wynn Macau Ltd., 4.88%, 10/01/2024(a)		2,335,000	2,365,542
			5,177,551
Malaysia–0.14%
Petronas Capital Ltd., 3.40%, 04/28/2061(a)		1,350,000	1,387,554
Mexico–1.90%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031(a)		656,000	666,096
Banco Mercantil del Norte S.A., 8.38%(a)(b)(c)		650,000	787,605

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal       Amount		Value
Mexico–(continued)
Cemex S.A.B. de C.V.,
5.45%, 11/19/2029(a)	$	1,015,000	$    1,119,154
3.88%, 07/11/2031(a)		910,000	926,153
5.13%(a)(b)(c)		965,000	997,279
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028(a)		3,905,000	3,849,158
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(a)		1,195,000	1,203,305
Petroleos Mexicanos,
6.88%, 10/16/2025(a)		2,650,000	2,936,863
4.50%, 01/23/2026		1,797,000	1,821,529
6.50%, 03/13/2027		1,300,000	1,373,775
6.38%, 01/23/2045		1,300,000	1,119,625
6.35%, 02/12/2048		1,300,000	1,109,661
7.69%, 01/23/2050		700,000	674,625
			18,584,828
Netherlands–1.31%
ING Groep N.V.,
6.88%(a)(b)(c)		2,600,000	2,708,074
6.50%(b)(c)		2,800,000	3,128,160
6.75%(a)(b)(c)		500,000	552,503
OCI N.V.,
5.25%, 11/01/2024(a)		252,000	260,331
4.63%, 10/15/2025(a)		495,000	517,817
UPC Holding B.V., 5.50%, 01/15/2028(a)		3,181,000	3,343,501
VEON Holdings B.V., 3.38%, 11/25/2027(a)		2,355,000	2,375,960
			12,886,346
Oman–0.62%
Oman Government International Bond,
4.75%, 06/15/2026(a)		3,018,000	3,137,890
6.75%, 01/17/2048(a)		1,300,000	1,297,563
Oman Sovereign Sukuk Co., 4.88%, 06/15/2030(a)		1,628,000	1,673,063
			6,108,516
Saudi Arabia–0.05%
ADES International Holding PLC, 8.63%, 04/24/2024(a)		500,000	514,375
South Africa–0.30%
Eskom Holdings SOC Ltd., 7.13%, 02/11/2025(a)		2,000,000	2,117,996
Sasol Financing USA LLC, 4.38%, 09/18/2026		840,000	870,454
			2,988,450
Sweden–0.15%
Svenska Handelsbanken AB, 4.38%(a)(b)(c)		1,400,000	1,485,645
Switzerland–1.57%
Credit Suisse Group AG,
7.13%(a)(b)(c)		1,920,000	2,004,941
7.50%(a)(b)(c)		1,500,000	1,667,318
6.25%(a)(b)(c)		1,270,000	1,393,684
5.25%(a)(b)(c)		1,400,000	1,484,000
7.50%(a)(b)(c)		540,000	588,600

	Principal       Amount		Value
Switzerland–(continued)
Oriflame Investment Holding PLC, 5.13%, 05/04/2026(a)	$	1,266,000	$    1,302,144
Swiss Re Finance Luxembourg S.A., 5.00%, 04/02/2049(a)(b)		1,680,000	1,916,208
UBS Group AG,
7.00%(a)(b)(c)		2,050,000	2,258,987
7.00%(a)(b)(c)		2,400,000	2,774,400
			15,390,282
Tanzania–0.13%
HTA Group Ltd., 7.00%, 12/18/2025(a)		1,170,000	1,249,431
Thailand–0.08%
Krung Thai Bank PCL, 4.40%(a)(b)(c)		780,000	792,484
Ukraine–0.67%
Metinvest B.V., 8.50%, 04/23/2026(a)		1,250,000	1,427,719
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026(a)		600,000	622,659
Ukraine Government International Bond,
8.99%, 02/01/2024(a)		900,000	999,478
7.75%, 09/01/2024(a)		650,000	710,800
6.88%, 05/21/2029(a)		675,000	702,445
1.26%, 05/31/2040(a)		1,800,000	2,140,182
			6,603,283
United Arab Emirates–0.10%
Emirate of Dubai Government International Bond, 3.90%, 09/09/2050(a)		1,000,000	939,752
United Kingdom–1.34%
Abrdn PLC, 4.25%, 06/30/2028(a)		675,000	725,159
BP Capital Markets PLC, 4.88%(b)(c)		910,000	1,001,455
Lloyds Banking Group PLC, 6.75%(b)(c)		800,000	920,668
M&G PLC, 6.50%, 10/20/2048(a)(b)		675,000	802,879
Natwest Group PLC, 6.00%(b)(c)		535,000	597,638
Series U, 2.47% (3 mo. USD LIBOR + 2.32%)(c)(h)		1,300,000	1,293,240
Standard Chartered PLC,
4.30%, 02/19/2027(a)		2,520,000	2,762,937
7.50%(a)(b)(c)		1,625,000	1,696,874
Virgin Media Secured Finance PLC,
5.50%, 08/15/2026(a)		169,000	174,619
5.50%, 05/15/2029(a)		130,000	139,913
Vodafone Group PLC,
3.25%, 06/04/2081(b)		1,293,000	1,302,116
4.13%, 06/04/2081(b)		1,718,000	1,717,570
			13,135,068
United States–17.90%
AdaptHealth LLC, 6.13%, 08/01/2028(a)		484,000	516,038

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal       Amount		Value
United States–(continued)
AECOM, 5.13%, 03/15/2027	$	189,000	$       211,043
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(a)		1,034,000	1,120,830
Akumin, Inc., 7.00%, 11/01/2025(a)		1,168,000	1,216,028
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028(a)		2,600,000	2,848,430
Allison Transmission, Inc., 3.75%, 01/30/2031(a)		756,000	743,995
Ally Financial, Inc.,
5.75%, 11/20/2025		521,000	598,736
8.00%, 11/01/2031		254,000	365,323
American Airlines Group, Inc., 5.00%, 06/01/2022(a)		262,000	262,660
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(a)		1,206,000	1,278,360
5.75%, 04/20/2029(a)		146,000	158,045
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(a)		502,000	515,105
Amsted Industries, Inc., 5.63%, 07/01/2027(a)		165,000	174,437
Arconic Corp., 6.13%, 02/15/2028(a)		3,470,000	3,732,731
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(a)		600,000	600,362
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(a)		479,000	504,147
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028(a)		66,000	72,732
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(a)		435,000	488,053
Audacy Capital Corp., 6.75%, 03/31/2029(a)		491,000	510,645
Bausch Health Cos., Inc.,
5.75%, 08/15/2027(a)		156,000	166,055
5.25%, 02/15/2031(a)		2,700,000	2,528,010
Becton, Dickinson and Co., 3.79%, 05/20/2050		2,600,000	2,920,047
Bonanza Creek Energy, Inc., 7.50%, 04/30/2026		12,908	13,066
Boxer Parent Co., Inc., 9.13%, 03/01/2026(a)		376,000	398,248
Brink’s Co. (The),
5.50%, 07/15/2025(a)		53,000	56,457
4.63%, 10/15/2027(a)		591,000	616,971
Bristow Group, Inc., 6.88%, 03/01/2028(a)		555,000	566,896
Callon Petroleum Co., 8.00%, 08/01/2028(a)		488,000	494,100
Calpine Corp., 5.25%, 06/01/2026(a)		164,000	169,160
3.75%, 03/01/2031(a)		556,000	530,243
Camelot Finance S.A., 4.50%, 11/01/2026(a)		1,203,000	1,262,645

	Principal       Amount		Value
United States–(continued)
Carnival Corp.,
11.50%, 04/01/2023(a)	$	3,914,000	$    4,409,806
10.50%, 02/01/2026(a)		328,000	382,299
Carriage Services, Inc., 4.25%, 05/15/2029(a)		527,000	526,900
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/2023(a)		92,000	92,989
5.75%, 02/15/2026(a)		193,000	199,930
5.13%, 05/01/2027(a)		253,000	265,688
5.00%, 02/01/2028(a)		550,000	577,500
4.75%, 03/01/2030(a)		1,350,000	1,429,312
4.50%, 08/15/2030(a)		1,879,000	1,958,790
Centene Corp.,
5.38%, 06/01/2026(a)		561,000	586,946
4.63%, 12/15/2029		474,000	521,883
Charles Schwab Corp. (The), Series G, 5.38%(b)(c)		2,500,000	2,769,500
Cinemark USA, Inc., 5.88%, 03/15/2026(a)		110,000	115,459
Citigroup, Inc., 3.88%(b)(c)		1,523,000	1,559,171
Clarios Global L.P., 6.75%, 05/15/2025(a)		110,000	117,424
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(a)		100,000	109,145
Clarivate Science Holdings Corp., 4.88%, 06/30/2029(a)		519,000	533,272
Clearway Energy Operating LLC,
4.75%, 03/15/2028(a)		564,000	592,318
3.75%, 02/15/2031(a)		435,000	433,410
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(a)		269,000	266,870
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025(a)		240,000	281,582
CNX Resources Corp., 7.25%, 03/14/2027(a)		492,000	527,901
Commercial Metals Co., 3.88%, 02/15/2031		517,000	520,877
Community Health Systems, Inc.,
8.00%, 03/15/2026(a)		1,652,000	1,782,120
8.00%, 12/15/2027(a)		560,000	623,759
Cox Communications, Inc., 2.95%, 10/01/2050(a)		956,000	907,764
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		771,000	772,696
Crown Castle International Corp., 3.25%, 01/15/2051		1,300,000	1,296,701
CSC Holdings LLC,
5.88%, 09/15/2022		100,000	105,254
5.50%, 04/15/2027(a)		304,000	320,003
6.50%, 02/01/2029(a)		280,000	310,481
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028(a)		519,000	530,698
Dana, Inc.,
5.38%, 11/15/2027		146,000	155,706
5.63%, 06/15/2028		253,000	274,303
DaVita, Inc.,
4.63%, 06/01/2030(a)		302,000	310,900
3.75%, 02/15/2031(a)		746,000	717,092

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal       Amount		Value
United States–(continued)
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(a)	$	513,000	$      541,913
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024(a)		409,000	420,485
6.20%, 07/15/2030		2,600,000	3,346,049
Delta Air Lines, Inc.,
7.00%, 05/01/2025(a)		825,000	963,330
7.38%, 01/15/2026		3,053,000	3,584,606
DISH DBS Corp., 7.75%, 07/01/2026		150,000	170,062
DISH Network Corp., Conv., 3.38%, 08/15/2026		100,000	102,300
Diversified Healthcare Trust,
9.75%, 06/15/2025		522,000	578,801
4.38%, 03/01/2031		161,000	154,480
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026(a)		157,000	166,969
Embarq Corp., 8.00%, 06/01/2036		300,000	340,470
Encompass Health Corp., 4.50%, 02/01/2028		494,000	513,214
Energizer Holdings, Inc., 4.38%, 03/31/2029(a)		509,000	510,217
EnerSys, 5.00%, 04/30/2023(a)		497,000	520,575
EnPro Industries, Inc., 5.75%, 10/15/2026		606,000	641,457
EPR Properties, 3.75%, 08/15/2029		1,890,000	1,894,986
EQT Corp.,
3.13%, 05/15/2026(a)		208,000	213,430
3.63%, 05/15/2031(a)		569,000	594,639
Everi Holdings, Inc., 5.00%, 07/15/2029(a)		158,000	158,000
Expedia Group, Inc., 2.95%, 03/15/2031		1,151,000	1,168,722
Ford Motor Co.,
8.50%, 04/21/2023		480,000	536,256
9.00%, 04/22/2025		2,965,000	3,659,240
9.63%, 04/22/2030		84,000	120,650
4.75%, 01/15/2043		241,000	256,364
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		204,000	224,910
4.13%, 08/04/2025		2,500,000	2,674,975
3.38%, 11/13/2025		206,000	213,869
4.39%, 01/08/2026		138,000	149,213
5.11%, 05/03/2029		638,000	715,096
Freeport-McMoRan, Inc.,
4.63%, 08/01/2030		2,210,000	2,422,967
5.40%, 11/14/2034		812,000	981,838
5.45%, 03/15/2043		64,000	78,314
Gap, Inc. (The), 8.88%, 05/15/2027(a)		840,000	974,144
Gartner, Inc.,
4.50%, 07/01/2028(a)		482,000	509,684
3.63%, 06/15/2029(a)		247,000	251,014

	Principal       Amount		Value
United States–(continued)
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025	$	150,000	$      151,802
6.25%, 05/15/2026		274,000	275,233
8.00%, 01/15/2027		208,000	218,790
7.75%, 02/01/2028		112,000	115,898
Global Medical Response, Inc., 6.50%, 10/01/2025(a)		418,000	430,853
Gray Television, Inc., 7.00%, 05/15/2027(a)		460,000	498,875
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a)		510,000	526,779
Group 1 Automotive, Inc., 4.00%, 08/15/2028(a)		499,000	508,389
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(a)		279,000	291,741
HCA, Inc.,
5.38%, 02/01/2025		133,000	150,190
5.38%, 09/01/2026		654,000	753,408
5.63%, 09/01/2028		163,000	193,359
4.13%, 06/15/2029		491,000	553,304
Hess Midstream Operations L.P., 5.63%, 02/15/2026(a)		465,000	485,576
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(a)		313,000	333,425
5.75%, 02/01/2029(a)		172,000	179,552
Host Hotels & Resorts L.P., Series D, 3.75%, 10/15/2023		3,280,000	3,460,749
Intrado Corp., 5.38%, 07/15/2022(a)		332,000	318,720
IRB Holding Corp., 6.75%, 02/15/2026(a)		167,000	173,179
iStar, Inc., 4.75%, 10/01/2024		537,000	565,891
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(a)		346,000	366,179
Jabil, Inc., 3.00%, 01/15/2031		1,300,000	1,339,315
JBS Finance Luxembourg S.a.r.l., 3.63%, 01/15/2032(a)		935,000	935,645
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029(a)		455,000	511,891
JPMorgan Chase & Co., Series KK, 3.65%(b)(c)		3,093,000	3,101,196
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(a)		293,000	293,293
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		400,000	576,036
5.00%, 06/04/2042		265,000	324,200
5.20%, 07/15/2045		3,510,000	4,365,620
4.38%, 06/01/2046		402,000	456,284
5.50%, 06/01/2050		672,000	874,059
L Brands, Inc., 6.88%, 11/01/2035		418,000	529,815
Lamar Media Corp.,
4.88%, 01/15/2029		689,000	728,101
4.00%, 02/15/2030		157,000	159,325

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal       Amount		Value
United States–(continued)
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(a)	$	527,000	$       540,834
Lennar Corp.,
4.50%, 04/30/2024		89,000	97,455
4.75%, 05/30/2025		244,000	274,254
5.00%, 06/15/2027		381,000	443,231
Level 3 Financing, Inc., 3.75%, 07/15/2029(a)		762,000	741,997
Lithia Motors, Inc., 3.88%, 06/01/2029(a)		502,000	520,976
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		107,000	121,932
Macy’s Retail Holdings LLC, 4.50%, 12/15/2034		269,000	254,376
Macy’s, Inc., 8.38%, 06/15/2025(a)		1,129,000	1,246,083
Marriott International, Inc.,
Series FF, 4.63%, 06/15/2030		255,000	293,907
Series GG, 3.50%, 10/15/2032		3,640,000	3,871,541
Mattel, Inc., 5.88%, 12/15/2027(a)		2,700,000	2,946,672
MEDNAX, Inc., 6.25%, 01/15/2027(a)		485,000	514,946
MGM Resorts International,
6.00%, 03/15/2023		758,000	812,330
4.63%, 09/01/2026		221,000	233,745
Micron Technology, Inc., 4.66%, 02/15/2030		424,000	493,632
Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp., 4.88%, 05/01/2029(a)		514,000	515,285
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(a)		500,000	523,075
MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029		466,000	500,200
Mueller Water Products, Inc., 4.00%, 06/15/2029(a)		495,000	509,291
Murphy Oil Corp., 6.38%, 12/01/2042		195,000	193,574
Murray Energy Corp., 12.00%, 04/15/2024(a)(i)		2,352,945	12,000
Navient Corp.,
6.50%, 06/15/2022		147,000	153,461
6.13%, 03/25/2024		288,000	311,725
5.88%, 10/25/2024		210,000	227,077
6.75%, 06/25/2025		203,000	225,017
6.75%, 06/15/2026		110,000	123,008
5.00%, 03/15/2027		277,000	287,180
5.63%, 08/01/2033		632,000	611,804
NESCO Holdings II, Inc., 5.50%, 04/15/2029(a)		494,000	516,230
Netflix, Inc.,
5.88%, 11/15/2028		1,090,000	1,339,299
5.38%, 11/15/2029(a)		262,000	318,578
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026(a)		254,000	261,687
9.75%, 07/15/2028(a)		214,000	240,589

	Principal       Amount		Value
United States–(continued)
New Fortress Energy, Inc., 6.50%, 09/30/2026(a)	$	754,000	$       771,380
NFP Corp., 4.88%, 08/15/2028(a)		199,000	202,488
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(a)		400,000	420,500
NGL Energy Partners L.P./NGL Energy Finance Corp.,
6.13%, 03/01/2025		245,000	222,829
7.50%, 04/15/2026		98,000	89,621
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(a)		240,000	256,500
NMI Holdings, Inc., 7.38%, 06/01/2025(a)		436,000	501,038
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(a)		795,000	857,662
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(a)		727,000	774,935
Occidental Petroleum Corp.,
2.70%, 02/15/2023		49,000	50,205
6.95%, 07/01/2024		165,000	186,444
2.90%, 08/15/2024		496,000	507,780
8.50%, 07/15/2027		87,000	109,851
6.13%, 01/01/2031		262,000	308,578
6.20%, 03/15/2040		249,000	282,082
4.10%, 02/15/2047		324,000	302,132
Omnicare, Inc., 4.75%12/01/2022		1,765,000	1,837,212
OneMain Finance Corp.,
6.88%, 03/15/2025		434,000	490,355
7.13%, 03/15/2026		543,000	633,116
5.38%, 11/15/2029		456,000	496,921
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		306,000	340,881
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(a)		250,000	275,937
Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/2026		2,800,000	3,145,061
3.80%, 09/15/2030		780,000	835,730
Prestige Brands, Inc., 3.75%, 04/01/2031(a)		600,000	579,675
PulteGroup, Inc.,
7.88%, 06/15/2032		160,000	230,538
6.38%, 05/15/2033		170,000	225,099
6.00%, 02/15/2035		175,000	230,468
QVC, Inc.,
4.38%, 09/01/2028		249,000	254,325
5.45%, 08/15/2034		496,000	518,794
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(a)		712,000	743,150
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		450,000	462,933
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(a)		445,000	445,850
6.88%, 04/15/2040(a)		351,000	371,663
RR Donnelley & Sons Co., 8.25%, 07/01/2027		165,000	187,416

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal       Amount		Value
United States–(continued)
SBA Communications Corp., 3.88%, 02/15/2027	$	689,000	$      709,239
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(a)		1,795,000	1,906,631
Scientific Games International, Inc., 8.25%, 03/15/2026(a)		542,000	581,962
Scripps Escrow II, Inc., 3.88%, 01/15/2029(a)		509,000	505,697
Seagate HDD Cayman, 4.13%, 01/15/2031(a)		1,040,000	1,062,194
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(a)		718,000	754,941
Sensata Technologies B.V.,
4.88%, 10/15/2023(a)		487,000	523,148
5.63%, 11/01/2024(a)		163,000	181,641
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(a)		758,000	765,557
SM Energy Co., 10.00%, 01/15/2025(a)		528,000	597,580
Southern Co. (The),
Series B, 4.00%, 01/15/2051(b)		2,846,000	3,016,760
Series 21-A, 3.75%, 09/15/2051(b)		2,188,000	2,204,738
Sprint Capital Corp., 8.75%, 03/15/2032		341,000	518,746
Sprint Corp., 7.63%, 03/01/2026		421,000	514,727
SunCoke Energy, Inc., 4.88%, 06/30/2029(a)		518,000	518,000
Sunoco L.P./Sunoco Finance Corp., 6.00%, 04/15/2027		70,000	73,439
5.88%, 03/15/2028		487,000	519,171
Talen Energy Supply LLC, 7.63%, 06/01/2028(a)		727,000	681,301
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
6.50%, 07/15/2027		70,000	76,080
5.00%, 01/15/2028		246,000	259,837
5.50%, 03/01/2030		75,000	82,577
4.88%, 02/01/2031(a)		82,000	88,877
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(a)		707,000	758,996
Terminix Co. LLC (The), 7.45%, 08/15/2027		480,000	563,873
Terraform Global Operating LLC, 6.13%, 03/01/2026(a)		227,000	234,849
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(a)		563,000	576,475
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025(a)(f)		2,800,000	2,853,200
United Airlines, Inc., 4.38%, 04/15/2026(a)		514,000	532,725
Universal Health Services, Inc., 2.65%, 10/15/2030(a)		1,460,000	1,469,899

	Principal       Amount		Value
United States–(continued)
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027	$	505,000	$       540,491
Valaris Ltd.,
8.25% PIK Rate, 8.25% Cash Rate, 04/30/2028(a)(j)		177,000	184,390
Series 1145, 8.25% PIK Rate, 8.25% Cash Rate, 04/30/2028(j)		335,000	348,986
Valvoline, Inc., 3.63%, 06/15/2031(a)		433,000	434,080
Viatris, Inc., 3.85%, 06/22/2040(a)		780,000	830,656
Vistra Operations Co. LLC,
5.50%, 09/01/2026(a)		87,000	89,971
5.63%, 02/15/2027(a)		149,000	154,774
5.00%, 07/31/2027(a)		326,000	335,089
4.38%, 05/01/2029(a)		517,000	520,231
WRKCo, Inc., 3.00%, 06/15/2033		1,820,000	1,908,731
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(a)		483,000	510,833
XPO Logistics, Inc.,
6.13%, 09/01/2023(a)		313,000	316,363
6.75%, 08/15/2024(a)		147,000	152,880
			175,512,433
Zambia–0.31%
First Quantum Minerals Ltd., 6.88%, 10/15/2027(a)		2,800,000	3,054,660
Total U.S. Dollar Denominated Bonds & Notes (Cost $342,226,369)			349,643,933
Non-U.S. Dollar Denominated Bonds & Notes–26.03%(k)
Argentina–1.74%
Argentina Treasury Bond BONCER,
1.00%, 08/05/2021	ARS	558,436,715	9,649,320
1.40%, 03/25/2023	ARS	350,322,000	5,497,820
1.50%, 03/25/2024	ARS	51,260,000	756,249
4.00%, 04/27/2025	ARS	29,500,000	1,043,537
Argentine Bonos del Tesoro, 18.20%, 10/03/2021	ARS	9,285,000	92,620
			17,039,546
Austria–0.18%
Erste Group Bank AG, 4.25%(a)(b)(c)	EUR	1,400,000	1,780,570
Belgium–0.42%
KBC Group N.V., 4.75%(a)(b)(c)	EUR	600,000	763,505
Kingdom of Belgium Government Bond, Series 93, 0.65%, 06/22/2071(a)	EUR	3,405,000	3,358,037
			4,121,542
Brazil–1.34%
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2025	BRL	57,750,000	12,252,940

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal Amount		Value
Brazil–(continued)
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032(a)	BRL	4,246,875	$	894,407
				13,147,347
Canada–3.08%
Province of Ontario, 6.50%, 03/08/2029	CAD	28,000,000		30,237,740
Chile–0.45%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033(a)	CLP	4,000,000,000		4,427,997
China–1.43%
China Development Bank, Series 2103, 3.30%, 03/03/2026	CNY	90,000,000		13,976,108
Colombia–1.32%
Colombian TES,
Series B, 10.00%, 07/24/2024	COP	10,146,000,000		3,082,737
Series B, 6.25%, 11/26/2025	COP	36,390,000,000		9,837,018
				12,919,755
Czech Republic–0.15%
CPI Property Group S.A., 4.88%(a)(b)(c)	EUR	1,200,000		1,506,673
Egypt–0.76%
Egypt Government Bond, 14.48%, 04/06/2026	EGP	80,000,000		5,104,742
Egypt Government International Bond, 4.75%, 04/16/2026(a)	EUR	1,900,000		2,355,949
				7,460,691
France–0.31%
Accor S.A., 2.63%(a)(b)(c)	EUR	700,000		814,492
Electricite de France S.A.,
3.00%(a)(b)(c)	EUR	600,000		737,455
2.88%(a)(b)(c)	EUR	1,200,000		1,469,477
				3,021,424
Germany–0.07%
Volkswagen International Finance N.V., 4.63%(a)(b)(c)	EUR	520,000		702,876
Greece–2.84%
Hellenic Republic Government Bond,
1.88%, 02/04/2035(a)	EUR	12,746,000		16,865,402
1.88%, 01/24/2052(a)	EUR	8,775,000		10,947,284
Series GDP, 1.00%, 10/15/2042	EUR	23,730,000		80,193
				27,892,879

	Principal Amount		Value
India–3.19%
India Government Bond,
7.59%, 01/11/2026	INR	300,000,000	$	4,307,936
7.27%, 04/08/2026	INR	600,000,000		8,527,378
8.24%, 02/15/2027	INR	215,000,000		3,179,154
7.17%, 01/08/2028	INR	155,000,000		2,183,930
6.45%, 10/07/2029	INR	400,000,000		5,424,458
5.77%, 08/03/2030	INR	400,000,000		5,200,677
NTPC Ltd., 2.75%, 02/01/2027(a)	EUR	1,950,000		2,490,894
				31,314,427
Italy–0.23%
UniCredit S.p.A., 9.25%(a)(b)(c)	EUR	1,800,000		2,290,002
Ivory Coast–0.64%
Ivory Coast Government International Bond,
5.25%, 03/22/2030(a)	EUR	1,819,000		2,259,353
4.88%, 01/30/2032(a)	EUR	2,907,000		3,453,180
6.88%, 10/17/2040(a)	EUR	469,000		609,148
				6,321,681
Mexico–1.37%
J.P. Morgan S.A./Hipotecaria Su Casita S.A. de C.V., 6.47%, 08/26/2035(a)(g)	MXN	5,808,600		43,520
Mexican Bonos,
8.50%, 11/18/2038	MXN	40,000,000		2,219,185
Series M, 7.75%, 05/29/2031	MXN	200,650,000		10,632,719
Series M, 7.75%, 11/13/2042	MXN	10,000,000		516,135
				13,411,559
Netherlands–0.48%
Cooperatieve Rabobank U.A., 4.38%(a)(b)(c)	EUR	1,200,000		1,579,946
Maxeda DIY Holding B.V., 5.88%, 10/01/2026(a)	EUR	418,000		509,897
Stichting AK Rabobank Certificaten, 2.19%(a)(c)(e)	EUR	1,625,625		2,599,811
				4,689,654
Portugal–0.47%
Caixa Geral de Depositos S.A., 10.75%(a)(b)(c)	EUR	3,600,000		4,573,806
Romania–0.13%
Romanian Government International Bond, 2.00%, 04/14/2033(a)	EUR	1,109,000		1,307,430
Russia–0.61%
Mos.ru, 5.00%, 08/22/2034	RUB	22,725,040		0
Russian Federal Bond - OFZ,
Series 6212, 7.05%, 01/19/2028	RUB	250,000,000		3,443,932
Series 6225, 7.25%, 05/10/2034	RUB	180,000,000		2,496,615
				5,940,547

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal Amount		Value
Senegal–0.08%
Senegal Government International Bond, 5.38%, 06/08/2037(a)	EUR	662,000	$	773,977
South Africa–2.32%
Republic of South Africa Government Bond,
Series 2035, 8.88%, 02/28/2035	ZAR	117,000,000		7,443,566
Series 2037, 8.50%, 01/31/2037	ZAR	112,400,000		6,776,424
Series 2048, 8.75%, 02/28/2048	ZAR	54,000,000		3,205,399
Series R186, 10.50%, 12/21/2026	ZAR	67,275,000		5,359,858
				22,785,247
Spain–0.68%
Banco Santander S.A.,
4.38%(a)(b)(c)	EUR	1,200,000		1,473,045
5.25%(a)(b)(c)	EUR	600,000		754,562
6.25%(a)(b)(c)	EUR	2,300,000		2,757,266
Telefonica Europe B.V., 4.38%(a)(b)(c)	EUR	1,300,000		1,675,452
				6,660,325
Supranational–0.57%
African Development Bank, 0.00%, 01/17/2050(f)	ZAR	78,000,000		488,592
Corp. Andina de Fomento, 6.82%, 02/22/2031(a)	MXN	81,800,000		3,719,122
International Finance Corp.,
02/15/2029(a)(f)	TRY	3,700,000		133,981
03/23/2038(f)	MXN	90,000,000		1,214,813
				5,556,508
Sweden–0.08%
Heimstaden Bostad AB, 3.38%(a)(b)(c)	EUR	650,000		799,239
Switzerland–0.08%
Dufry One B.V., 2.00%, 02/15/2027(a)	EUR	700,000		784,380
Thailand–0.13%
Thailand Government Bond, 3.30%, 06/17/2038	THB	35,000,000		1,234,078
Ukraine–0.08%
Ukraine Government International Bond, 6.75%, 06/20/2026(a)	EUR	600,000		777,907
United Kingdom–0.80%
Gatwick Airport Finance PLC, 4.38%, 04/07/2026(a)	GBP	2,175,000		3,049,896
Gatwick Funding Ltd.,
3.13%, 09/28/2039(a)	GBP	175,000		249,957
3.25%, 02/26/2048(a)	GBP	675,000		983,685
HSBC Holdings PLC, 6.00%(a)(b)(c)	EUR	905,000		1,178,300
Iceland Bondco PLC, 4.63%, 03/15/2025(a)	GBP	391,000		533,771

	Principal Amount		Value
United Kingdom–(continued)
Natwest Group PLC, 4.50%(b)(c)	GBP	1,300,000	$	1,850,018
				7,845,627
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $262,815,463)				255,301,542
U.S. Treasury Securities–7.95%
U.S. Treasury Inflation – Indexed Notes–7.95%
2.38%, 01/15/2025(l)	$	13,825,146		13,829,598
0.13%, 04/15/2026(l)		35,860,069		35,674,937
0.13%, 01/15/2031(l)		28,400,762		28,467,195
Total U.S. Treasury Securities (Cost $78,085,977)				77,971,730
Asset-Backed Securities–7.76%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025(a)		1,720,000		1,773,429
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(h)		14,222		14,458
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.65%, 01/15/2051(m)		5,670,465		154,310
Capital Auto Receivables Asset Trust, Series 2017-1, Class D, 3.15%, 02/20/2025(a)		110,000		110,156
CarMax Auto Owner Trust,
Series 2019-3, Class D, 2.85%, 01/15/2026		990,000		1,026,596
Series 2017-4, Class D, 3.30%, 05/15/2024		280,000		282,941
Series 2018-1, Class D, 3.37%, 07/15/2024		195,000		198,582
CCG Receivables Trust,
Series 2018-1, Class C, 3.42%, 06/16/2025(a)		70,000		70,078
Series 2019-1, Class B, 3.22%, 09/14/2026(a)		140,000		144,476
Series 2019-1, Class C, 3.57%, 09/14/2026(a)		35,000		36,173
Series 2018-1, Class B, 3.09%, 06/16/2025(a)		151,009		151,164
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050(m)		2,187,728		83,371
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.10%, 01/25/2036(n)		5,944		5,729
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.23%, 10/12/2050(m)		5,820,426		281,543
Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(h)		62,260		65,021

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.82%, 05/25/2035(n)	$	254,475	$	261,991
Series 2014-8, Class 1A2, 0.67% (1 mo. USD LIBOR + 0.58%), 07/20/2036(a)(h)		719,448		717,398
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		185,000		186,855
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045(m)		2,325,953		40,728
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		1,600,000		1,725,989
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		25,000		27,035
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		185,671		186,656
Series 2005-JA, Class A7, 5.50%, 11/25/2035		228,584		226,572
Credit Acceptance Auto Loan Trust,
Series 2019-1A, Class B, 3.75%, 04/17/2028(a)		85,000		87,377
Series 2019-1A, Class C, 3.94%, 06/15/2028(a)		515,000		531,225
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 0.30% (1 mo. USD LIBOR + 0.23%), 12/15/2035(h)		7,220		7,163
Series 2006-H, Class 2A1A, 0.22% (1 mo. USD LIBOR + 0.15%), 11/15/2036(h)		11,286		9,094
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024(a)		270,000		273,379
Series 2019-2, Class D, 2.48%, 04/22/2025(a)		1,290,000		1,305,492
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1, 5.89%, 06/25/2036(n)		32,383		32,190
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Class 1A2, 0.53% (1 mo. USD LIBOR + 0.44%), 07/22/2036(a)(h)		728,304		729,541
DT Auto Owner Trust,
Series 2019-2A, Class D, 3.48%, 02/18/2025(a)		285,000		294,214
Series 2019-4A, Class D, 2.85%, 07/15/2025(a)		2,050,000		2,122,870
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024(a)		2,170,000		2,243,748
Series 2019-4A, Class D, 2.58%, 09/15/2025(a)		2,730,000		2,804,996
FREMF Mortgage Trust,
Series 2017-K62, Class B, 4.00%, 01/25/2050(a)(n)		280,000		310,108
Series 2016-K54, Class C, 4.19%, 04/25/2048(a)(n)		1,810,000		1,946,438
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.08%, 07/25/2035(n)		3,425		3,556

	Principal Amount		Value
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.71% (1 mo. USD LIBOR + 0.62%), 07/25/2035(h)	$	1,187	$	1,190
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		235,000		243,641
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.58%, 07/25/2035(n)		20,391		20,865
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047(n)		680,000		712,692
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.19% (1 mo. USD LIBOR + 0.10%), 08/25/2036(h)		746,937		345,864
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		570,000		592,201
Series 2014-C14, Class B, 5.03%, 02/15/2047(n)		240,000		259,390
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050(m)		1,991,382		82,063
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(a)		1,410,000		1,434,530
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		7,945		7,553
Residential Asset Securitization Trust, Series 2005-A6CB, Class A7, 6.00%, 06/25/2035		1,234,639		1,115,002
Santander Retail Auto Lease Trust,
Series 2019-B, Class C, 2.77%, 08/21/2023(a)		1,410,000		1,439,674
Series 2019-C, Class C, 2.39%, 11/20/2023(a)		2,365,000		2,414,380
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.14%, 11/15/2050(m)		3,730,648		164,143
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035(n)		4,042		4,119
Series 2003-AR10, Class A7, 2.55%, 10/25/2033(n)		25,447		25,733
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050(m)		2,760,025		131,742
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		640,000		666,139
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(n)		395,000		424,140
Series 2014-C20, Class AS, 4.18%, 05/15/2047		490,000		524,634

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal Amount		Value
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, 3.42% (3 mo. USD LIBOR + 3.25%), 07/23/2029(a)(h)	$	250,000	$	248,754
Alba PLC, Series 2007-1, Class F, 3.33% (3 mo. GBP LIBOR + 3.25%), 03/17/2039(a)(h)	GBP	386,001		518,863
Eurohome UK Mortgages PLC,
Series 2007-1, Class B1, 0.98% (3 mo. GBP LIBOR + 0.90%), 06/15/2044(a)(h)	GBP	780,000		908,777
Series 2007-2, Class B1, 1.48% (3 mo. GBP LIBOR + 1.40%), 09/15/2044(a)(h)	GBP	872,000		1,082,769
Eurosail PLC,
Series 2006-2X, Class E1C, 3.33% (3 mo. GBP LIBOR + 3.25%), 12/15/2044(a)(h)	GBP	1,830,000		2,459,460
Series 2006-4X, Class E1C, 3.08% (3 mo. GBP LIBOR + 3.00%), 12/10/2044(a)(h)	GBP	1,608,337		2,076,762
Gemgarto PLC, Series 2018-1, Class E, 2.35% (3 mo. SONIA + 2.30%), 09/16/2065(a)(h)	GBP	2,224,480		3,032,136
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 3.20% (3 mo. EURIBOR + 3.75%), 06/18/2039(a)(h)	EUR	1,780,000		2,094,407
Ludgate Funding PLC,
Series 2007-1, Class MA, 0.32% (3 mo. GBP LIBOR + 0.24%), 01/01/2061(a)(h)	GBP	1,157,381		1,515,542
Stratton Mortgage Funding PLC,
Series 2021-1, Class D, 2.15% (3 mo. SONIA + 2.10%), 09/25/2051(a)(h)	GBP	1,300,000		1,809,340
Series 2021-1, Class E, 2.80% (3 mo. SONIA + 2.75%), 09/25/2051(a)(h)	GBP	780,000		1,085,394
Series 2021-2X, Class F, 3.30% (3 mo. SONIA + 3.25%), 07/20/2060(a)(h)	GBP	1,900,000		2,692,862
Prosil Acquisition S.A., Series 2019-1, Class A, 1.47% (3 mo. EURIBOR + 2.00%), 10/31/2039(a)(h)	EUR	2,177,735		2,384,659
Alhambra SME Funding DAC,
Series 2019-1, Class A, 2.00% (1 mo. EURIBOR + 2.00%), 11/30/2028(a)(h)	EUR	3,611,681		4,283,733
Series 2019-1, Class B, 2.50% (1 mo. EURIBOR + 2.50%), 11/30/2028(a)(h)	EUR	625,000		724,899
Series 2019-1, Class D, 8.69% (1 mo. EURIBOR + 9.25%), 11/30/2028(a)(h)	EUR	141,425		159,473
Lusitano Mortgages No. 5 PLC, Class D, 0.42% (3 mo. EURIBOR + 0.96%), 07/15/2059(a)(h)	EUR	926,899		931,758
Futura S.r.l., Series 2019-1, Class A, 2.47% (6 mo. EURIBOR + 3.00%), 07/31/2044(a)(h)	EUR	2,067,454		2,461,554

	Principal Amount		Value
Taurus 2018-1 IT S.r.l., Series 2018-IT1, Class A, 1.00% (3 mo. EURIBOR + 1.00%), 05/18/2030(h)	EUR	6,378,825	$	7,545,411
BBVA Consumer Auto, Series 2018-1, Class C, 2.30%, 07/20/2031(a)	EUR	5,000,000		6,005,326
IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044(a)(h)	EUR	871,916		961,891
Total Asset-Backed Securities (Cost $74,852,152)				76,066,107
U.S. Government Sponsored Agency Mortgage-Backed Securities–3.84%
Fannie Mae Interest STRIPS, IO,
7.50%, 03/25/2023 - 01/25/2024(o)	$	56,966		3,288
6.50%, 04/25/2029 - 07/25/2032(o)		288,669		46,274
6.00%, 12/25/2032 - 08/25/2035(m)(o)		814,686		137,171
5.50%, 01/25/2034 - 06/25/2035(o)		254,538		42,066
Fannie Mae REMICs, IO,
6.61%, 02/25/2024 - 05/25/2035(h)(o)		200,970		35,770
7.82%, 11/18/2031 - 12/18/2031(h)(o)		27,936		5,445
7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(h)(o)		4,039		815
7.86% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(h)(o)		4,482		857
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032(h)(o)		6,579		1,403
6.91% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(h)(o)		24,709		4,440
7.71% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032(h)(o)		3,430		693
7.91%, 07/25/2032 - 09/25/2032(h)(o)		15,612		3,360
8.02%, 12/18/2032(h)(o)		48,254		9,705
8.16%, 02/25/2033 - 05/25/2033(h)(o)		48,153		11,253
7.00%, 03/25/2033 - 04/25/2033(o)		126,129		22,955
7.46% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(h)(o)		184,553		40,294
5.96%, 03/25/2035 - 07/25/2038(h)(o)		235,634		37,624
6.66%, 03/25/2035 - 05/25/2035(h)(o)		297,642		39,191
6.51% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(h)(o)		120,748		18,538
7.14% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036(h)(o)		233,459		34,706

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal Amount		Value
6.45% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(h)(o)	$	200,969	$	36,898
4.00%, 04/25/2041(o)		418,992		39,964
6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(h)(o)		90,399		17,536
6.06% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(h)(o)		252,259		52,116
5.50%, 12/25/2025		163,133		169,792
4.00%, 08/25/2026 - 03/25/2041		30,480		33,236
6.00%, 01/25/2032		35,552		40,332
1.09%, 04/25/2032 - 12/25/2032(h)		190,623		194,359
0.59% (1 mo. USD LIBOR + 0.50%), 09/25/2032(h)		46,121		46,452
0.58% (1 mo. USD LIBOR + 0.50%), 10/18/2032(h)		14,045		14,140
0.49% (1 mo. USD LIBOR + 0.40%), 11/25/2033(h)		8,824		8,873
24.23% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(h)		46,607		75,938
23.86% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(h)		63,503		102,497
1.03% (1 mo. USD LIBOR + 0.94%), 06/25/2037(h)		10,764		10,846
Federal Home Loan Mortgage Corp.,
6.00%, 11/01/2021		1,638		1,836
6.50%, 11/01/2022 - 08/01/2031		67,698		75,814
5.00%, 09/01/2033		114,870		131,207
7.00%, 10/01/2037		10,338		11,933
Federal National Mortgage Association,
5.00%, 12/01/2021 - 07/01/2033		122,173		138,684
5.50%, 04/01/2022 - 02/01/2035		13,317		15,167
7.50%, 10/01/2029 - 03/01/2033		216,929		253,071
7.00%, 07/01/2032 - 04/01/2033		26,581		30,661
8.50%, 07/01/2032		237		238
TBA,
2.00%, 07/01/2036(p)		9,150,000		9,438,261
2.50%, 07/01/2051(p)		12,900,000		13,343,438
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.79%, 02/25/2026(m)		1,671,002		43,206
Series K735, Class X1, IO, 1.10%, 05/25/2026(m)		2,941,732		123,762
Series K093, Class X1, IO, 1.09%, 05/25/2029(m)		20,045,980		1,333,475

	Principal Amount		Value
Freddie Mac REMICs,
1.50%, 07/15/2023	$	31,971	$	32,205
5.00%, 09/15/2023		95,199		98,517
6.75%, 02/15/2024		31,055		32,771
7.00%, 09/15/2026		132,698		146,542
0.52%, 12/15/2028 - 02/15/2029(h)		124,430		124,946
6.00%, 04/15/2029		67,295		75,752
6.50%, 10/15/2029 - 06/15/2032		174,034		201,692
0.62%, 06/15/2031 - 01/15/2032(h)		118,215		119,203
1.07%, 02/15/2032 - 03/15/2032(h)		72,399		73,786
3.50%, 05/15/2032		23,525		25,189
24.48% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(h)		43,375		71,633
4.00%, 06/15/2038 - 04/15/2040		40,902		43,775
3.00%, 05/15/2040		1,702		1,749
IO,
5.93%, 03/15/2024 - 04/15/2038(h)(o)		85,655		7,140
7.88% (7.95% - (1.00 x 1 mo. USD LIBOR)), 12/15/2026(h)(o)		86,109		8,663
8.62%, 07/17/2028(h)(o)		5,446		445
7.58% (7.65% - (1.00 x 1 mo. USD LIBOR)), 03/15/2029(h)(o)		174,011		25,151
8.03% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029(h)(o)		6,581		1,114
7.93% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2032(h)(o)		325,074		40,583
6.98% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033(h)(o)		74,469		13,400
6.63% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(h)(o)		77,799		12,487
6.68% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(h)(o)		13,611		2,110
6.65%, 05/15/2035(h)(o)		266,110		44,186
6.93% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(h)(o)		51,559		10,145
6.00% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(h)(o)		102,071		17,930
6.18% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(h)(o)		27,614		4,699
Freddie Mac STRIPS, IO,
6.50%, 02/01/2028(o)		2,250		304
7.00%, 09/01/2029(o)		14,596		2,474
6.00%, 12/15/2032(o)		32,453		4,985

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal Amount		Value
Government National Mortgage Association,
ARM, 2.13% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 11/20/2025(h)	$	938	$	962
8.00%, 05/15/2026		5,710		5,735
7.00%, 04/15/2028 - 07/15/2028		27,370		29,744
IO,
6.48% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(h)(o)		121,190		22,832
6.58% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(h)(o)		200,094		31,217
TBA, 2.50%, 07/01/2051(p)		9,715,000		10,054,266
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $38,077,576)				37,667,912
	Shares
Exchange-Traded Funds–2.73%
United States–2.73%
Invesco Senior Loan ETF(q) (Cost $26,830,277)		1,207,106		26,737,398
	Principal Amount
Variable Rate Senior Loan Interests–1.94%(r)(s)
Canada–0.09%
Four Seasons Hotels Ltd., First Lien Term Loan, 2.10% (3 mo. USD LIBOR + 2.00%), 11/30/2023	$	502,370		501,357
Valeant Pharmaceuticals International, Inc., First Lien Incremental Term Loan, 2.85% (3 mo. USD LIBOR + 2.75%), 11/27/2025		438,000		435,160
				936,517
Colombia–1.16%
Avianca Holdings S.A., Term Loan A-1, 10.50% (1 mo. USD LIBOR + 10.50%), 11/10/2021		6,105,815		6,220,300
Avianca Holdings S.A., Term Loan A-1, 10.50%, 07/23/2021(t)		52,280		53,260
Avianca Holdings S.A., Term Loan A-2, 11.00% (1 mo. USD LIBOR + 10.50%), 11/10/2021		5,000,000		5,093,750
				11,367,310
United States–0.69%
Claire’s Stores, Inc., Term Loan B, 6.60% (1 mo. USD LIBOR + 6.50%), 12/18/2026		71,878		69,452
Dun & Bradstreet Corp. (The), Term Loan, 3.35% (1 mo. USD LIBOR + 3.25%), 02/06/2026		426,616		425,082
Endo LLC, Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), 03/10/2028		503,738		487,525

	Principal Amount		Value
United States–(continued)
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.45% (3 mo. USD LIBOR + 3.25%), 06/29/2025	$	501,009	$	496,826
Global Medical Response, Inc., Term Loan, 5.75% (1 mo. USD LIBOR + 4.75%), 10/02/2025		494,515		497,297
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027		503,738		503,881
IRB Holding Corp., First Lien Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), 12/01/2027		852,396		853,397
PetSmart, Inc., First Lien Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 01/28/2028		750,000		751,500
Radiology Partners, Inc., First Lien Term Loan B, 4.33% (1 mo. USD LIBOR + 4.25%), 07/09/2025		495,000		495,483
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), 02/23/2028(g)		1,046,667		1,036,200
SRS Distribution, Inc., Incremental Term Loan, 4.60% (1 mo. USD LIBOR + 4.50%), 05/25/2025		50,728		50,791
Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026		494,476		497,142
United Natural Foods, Inc., Term Loan B, 3.60% (3 mo. USD LIBOR + 3.50%), 10/22/2025		579,278		580,454
Windstream Services LLC, Wts.(1 mo. USD LIBOR + 1.20%), 08/26/2021(h)		176		2,699
				6,747,729
Total Variable Rate Senior Loan Interests (Cost $18,732,252)				19,051,556

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Principal Amount		Value
Agency Credit Risk Transfer Notes–1.11%
United States–1.11%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 2.94% (1 mo. USD LIBOR + 2.85%), 11/25/2029(h)	$	848,438	$	870,353
Series 2017-C07, Class 1M2, 2.49% (1 mo. USD LIBOR + 2.40%), 05/25/2030(h)		401,331		407,390
Series 2018-C04, Class 2M2, 2.64% (1 mo. USD LIBOR + 2.55%), 12/25/2030(h)		541,741		552,023
Series 2018-C06, Class 2M2, 2.19% (1 mo. USD LIBOR + 2.10%), 03/25/2031(h)		870,191		881,205
Series 2018-R07, Class 1M2, 2.49% (1 mo. USD LIBOR + 2.40%), 04/25/2031(a)(h)		851,717		857,051
Series 2019-R02, Class 1M2, 2.39% (1 mo. USD LIBOR + 2.30%), 08/25/2031(a)(h)		232,007		233,775
Series 2019-R03, Class 1M2, 2.24% (1 mo. USD LIBOR + 2.15%), 09/25/2031(a)(h)		492,437		496,309
Freddie Mac,
STACR® , Series 2016-DNA2, Class M3, STACR® , 4.74% (1 mo. USD LIBOR + 4.65%), 10/25/2028(h)		723,802		756,787
Series 2016-DNA3, Class M3, STACR® , 5.09% (1 mo. USD LIBOR + 5.00%), 12/25/2028(h)		3,008,727		3,148,442
Series 2017-DNA1, Class M2, STACR® , 3.34% (1 mo. USD LIBOR + 3.25%), 07/25/2029(h)		1,864,794		1,933,820
Series 2019-HRP1, Class M2, STACR® , 1.49% (1 mo. USD LIBOR + 1.40%), 02/25/2049(a)(h)		743,115		748,508
Total Agency Credit Risk Transfer Notes (Cost $10,551,458)				10,885,663
	Shares
Preferred Stocks–0.88%
United States–0.88%
AT&T, Inc., 2.88%, Series B, Pfd.(b)		2,600,000		3,145,423
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(b)		1,300,000		1,421,875
Claire’s Holdings LLC, Series A, Pfd.		71		16,774
MetLife, Inc., 3.85%, Series G, Pfd.(b)		3,839,000		4,045,346
Total Preferred Stocks (Cost $8,223,993)				8,629,418

	Shares		Value
Common Stocks & Other Equity Interests–0.02%
Kazakhstan–0.00%
Astana-Finance JSC, GDR(a)(g)		446,837	$	1
United States–0.02%
ACNR Holdings, Inc.		911		19,474
Bonanza Creek Energy, Inc.		1,202		56,578
Claire’s Holdings LLC		235		54,872
Cxloyalty Group, Inc., Wts., expiring 04/10/2024(g)		775		0
McDermott International Ltd.(u)		15,957		7,819
McDermott International Ltd., Series A, Wts., expiring 06/30/2027(g)(u)		31,946		4,153
McDermott International Ltd., Series B, Wts., expiring 06/30/2027(g)(u)		35,496		4,614
McDermott International Ltd., Wts., expiring 12/31/2049(g)		23,067		11,302
Party City Holdco, Inc.(u)		3,211		29,963
Sabine Oil & Gas Holdings, Inc.(u)		837		2,846
				191,621
Total Common Stocks & Other Equity Interests (Cost $2,996,708)				191,622
Money Market Funds–5.73%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(q)(v)		19,501,954		19,501,954
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(q)(v)		14,431,114		14,436,887
Invesco Treasury Portfolio, Institutional Class, 0.01%(q)(v)		22,287,947		22,287,947
Total Money Market Funds (Cost $56,226,788)				56,226,788
Options Purchased–1.09%     (Cost $18,385,592)(w)				10,699,931
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-94.73% (Cost $938,004,605)				929,073,600
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.10%
Invesco Private Government Fund, 0.02%(q)(v)(x)		278,718		278,718
Invesco Private Prime Fund, 0.12%(q)(v)(x)		650,082		650,342
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $929,060)				929,060
TOTAL INVESTMENTS IN SECURITIES-94.83% (Cost $938,933,665)				930,002,660
OTHER ASSETS LESS LIABILITIES-5.17%				50,688,170
NET ASSETS-100.00%			$	980,690,830

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Investment Abbreviations:
ARM	- Adjustable Rate Mortgage
ARS	- Argentina Peso
BRL	- Brazilian Real
CAD	- Canadian Dollar
CLP	- Chile Peso
CNY	- Chinese Yuan Renminbi
Conv.	- Convertible
COP	- Colombia Peso
Ctfs.	- Certificates
EGP	- Egypt Pound
ETF	- Exchange-Traded Fund
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
GDR	- Global Depositary Receipt
INR	- Indian Rupee
IO	- Interest Only
LIBOR	- London Interbank Offered Rate
MXN	- Mexican Peso
Pfd.	- Preferred
PIK	- Pay-in-Kind
REMICs	- Real Estate Mortgage Investment Conduits
RUB	- Russian Ruble
SONIA	- Sterling Overnight Index Average
STACR®	- Structured Agency Credit Risk
STRIPS	- Separately Traded Registered Interest and Principal Security
TBA	- To Be Announced
THB	- Thai Baht
TRY	- Turkish Lira
USD	- U.S. Dollar
Wts.	- Warrants
ZAR	- South African Rand

Notes to Consolidated Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $379,130,364, which represented 38.66% of the Fund’s Net Assets.

^(b)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(c)  Perpetual bond with no specified maturity date.

^(d)  All or a portion of this security was out on loan at June 30, 2021.

^(e)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)  Zero coupon bond issued at a discount.

^(g)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(h)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

⁽ⁱ⁾  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at June 30, 2021 represented less than 1% of the Fund’s Net Assets.

^(j)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(k) Foreign denominated security. Principal amount is denominated in the currency indicated.

^(l)  Principal amount of security and interest payments are adjusted for inflation. See Note 1J.

^(m)  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 June 30, 2021.

⁽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 June 30, 2021.

^(o)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(p)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1S.

^(q)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2021			Dividend Income
Invesco Master Event-Linked Bond Fund		$	640,083		$	-		$	(550,968	)		$	(68,767	)		$	(20,348	)		$	-		$	15,698
Invesco Senior Loan ETF			-			33,899,944			(6,999,961	)			(92,880	)			(69,705	)			26,737,398			242,026

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	36,794,763		$	157,520,474		$	(174,813,283	)		$	-			$	-			$	19,501,954		$	5,748
Invesco Liquid Assets Portfolio, Institutional Class			26,274,733			112,514,625			(124,355,097	)			2,301				325				14,436,887			3,190
Invesco Treasury Portfolio, Institutional Class			42,051,158			180,023,399			(199,786,610	)			-				-				22,287,947			2,278
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			278,718			-				-				-				278,718			1	*
Invesco Private Prime Fund			-			650,342			-				-				-				650,342			15	*
Total		$	105,760,737		$	484,887,502		$	(506,505,919	)		$	(159,346	)		$	(89,728	)		$	83,893,246		$	268,956

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

^(r)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(s)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(t)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 7.

^(u)  Non-income producing security.

^(v)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(w)  The table below details options purchased.

^(x)  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 1L.

Open Over-The-Counter Foreign Currency Options Purchased(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

AUD Versus USD

Call

Bank of America, N.A.

07/16/2021

USD

0.80

AUD

40,000,000

$

300

EUR Versus USD

Call

Bank of America, N.A.

11/02/2021

USD

1.30

EUR

2,250,000

22,944

EUR Versus USD

Call

Goldman Sachs International

08/11/2021

USD

1.25

EUR

1,960,000

14,063

EUR Versus USD

Call

J.P. Morgan Chase Bank, N.A.

09/07/2021

USD

1.26

EUR

1,000,000

12,675

GBP Versus USD

Call

Morgan Stanley and Co. International PLC

09/21/2021

USD

1.42

GBP

15,000,000

62,601

USD Versus JPY

Call

Goldman Sachs International

04/06/2026

JPY

115.00

USD

14,000,000

316,736

USD Versus JPY

Call

Goldman Sachs International

04/09/2026

JPY

115.00

USD

14,000,000

316,344

Subtotal – Foreign Currency Call Options Purchased

745,663

Currency Risk

EUR Versus NOK

Put

J.P. Morgan Chase Bank, N.A.

08/26/2021

NOK

8.90

EUR

3,750,000

3,304

EUR Versus NOK

Put

Morgan Stanley and Co. International PLC

10/05/2021

NOK

9.50

EUR

800,000

21,311

EUR Versus PLN

Put

Bank of America, N.A.

11/18/2021

PLN

4.28

EUR

280,000

11,703

EUR Versus PLN

Put

Bank of America, N.A.

11/26/2021

PLN

4.28

EUR

280,000

12,431

EUR Versus PLN

Put

Morgan Stanley and Co. International PLC

10/28/2021

PLN

4.20

EUR

2,500,000

33,889

USD Versus BRL

Put

Goldman Sachs International

08/17/2021

BRL

3.85

USD

1,460,000

76

USD Versus BRL

Put

Goldman Sachs International

12/16/2021

BRL

4.60

USD

1,400,000

230,320

USD Versus BRL

Put

Goldman Sachs International

12/21/2021

BRL

4.50

USD

1,120,000

125,805

USD Versus BRL

Put

J.P. Morgan Chase Bank, N.A.

03/09/2022

BRL

4.75

USD

1,300,000

357,820

USD Versus BRL

Put

J.P. Morgan Chase Bank, N.A.

03/30/2022

BRL

4.75

USD

1,300,000

356,249

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

	Open Over-The-Counter Foreign Currency Options Purchased(a)–(continued)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value
USD Versus BRL	Put	Morgan Stanley and Co. International PLC		09/23/2021	BRL	4.60	USD	2,500,000	$	259,575
USD Versus CAD	Put	Bank of America, N.A.		08/05/2021	CAD	1.20	USD	1,000,000		46,386
USD Versus CAD	Put	Goldman Sachs International		05/12/2022	CAD	1.19	USD	15,000,000		110,430
USD Versus CLP	Put	J.P. Morgan Chase Bank, N.A.		10/15/2021	CLP	705.00	USD	20,000,000		211,580
USD Versus CLP	Put	Morgan Stanley and Co. International PLC		10/07/2021	CLP	702.00	USD	28,000,000		243,012
USD Versus CNH	Put	Bank of America, N.A.		09/06/2021	CNH	6.34	USD	30,000,000		25,710
USD Versus CNH	Put	Bank of America, N.A.		10/26/2021	CNH	6.21	USD	1,400,000		39,974
USD Versus CNH	Put	Goldman Sachs International		05/17/2022	CNH	6.25	USD	1,400,000		138,963
USD Versus CNH	Put	Standard Chartered Bank PLC		07/28/2021	CNH	6.40	USD	980,000		108,112
USD Versus CNH	Put	Standard Chartered Bank PLC		08/26/2021	CNH	6.45	USD	20,000,000		72,720
USD Versus COP	Put	Morgan Stanley and Co. International PLC		09/22/2021	COP	3,450.00	USD	20,000,000		57,060
USD Versus COP	Put	Morgan Stanley and Co. International PLC		09/27/2021	COP	3,477.00	USD	30,000,000		118,620
USD Versus INR	Put	Goldman Sachs International		07/29/2021	INR	73.50	USD	25,000,000		29,475
USD Versus INR	Put	Standard Chartered Bank PLC		08/03/2021	INR	73.00	USD	22,500,000		15,570
USD Versus INR	Put	Standard Chartered Bank PLC		02/24/2022	INR	74.50	USD	26,000,000		225,368
USD Versus KRW	Put	Goldman Sachs International		07/20/2021	KRW	1,080.00	USD	20,000,000		740
USD Versus KRW	Put	Standard Chartered Bank PLC		09/16/2021	KRW	1,110.00	USD	20,000,000		33,160
USD Versus MXN	Put	Goldman Sachs International		08/16/2021	MXN	19.80	USD	28,000,000		114,968
USD Versus MXN	Put	Goldman Sachs International		08/26/2021	MXN	19.50	USD	28,000,000		63,784
USD Versus MXN	Put	Goldman Sachs International		08/30/2021	MXN	19.50	USD	30,000,000		62,220
USD Versus MXN	Put	Goldman Sachs International		12/14/2021	MXN	19.25	USD	980,000		194,332
USD Versus MXN	Put	J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN	20.10	USD	25,000,000		537,925
USD Versus NOK	Put	J.P. Morgan Chase Bank, N.A.		07/28/2021	NOK	8.02	USD	9,000,000		657
USD Versus RUB	Put	Bank of America, N.A.		09/10/2021	RUB	69.00	USD	540,000		35,125
USD Versus RUB	Put	Goldman Sachs International		09/06/2021	RUB	72.50	USD	10,000,000		106,350
USD Versus RUB	Put	Goldman Sachs International		12/17/2021	RUB	73.00	USD	28,000,000		514,864
USD Versus RUB	Put	Goldman Sachs International		03/08/2022	RUB	74.60	USD	14,000,000		403,592
USD Versus RUB	Put	Morgan Stanley and Co. International PLC		10/27/2021	RUB	72.00	USD	20,000,000		238,940
USD Versus SEK	Put	J.P. Morgan Chase Bank, N.A.		08/05/2021	SEK	8.26	USD	10,000,000		8,530
USD Versus SEK	Put	Morgan Stanley and Co. International PLC		07/16/2021	SEK	8.40	USD	11,250,000		11,160
USD Versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		08/19/2021	ZAR	13.95	USD	20,000,000		31,920
USD Versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		09/09/2021	ZAR	13.50	USD	20,000,000		16,460
Subtotal -Foreign Currency Put Options Purchased										5,230,190
Total Foreign Currency Options Purchased									$	5,975,853

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

Open Over-The-Counter Interest Rate Swaptions Purchased(a)

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

1 Year Interest Rate Swap

Call

Goldman Sachs International

1.20%

Receive

3 mo. USD LIBOR

Quarterly

03/28/2022

USD

162,000,000

$

1,883,138

1 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

0.80

Receive

3 mo. USD LIBOR

Quarterly

04/28/2022

USD

140,000,000

668,899

1 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.20

Receive

3 mo. USD LIBOR

Quarterly

06/24/2022

USD

70,000,000

791,974

Subtotal – Interest Rate Call Swaptions Purchased

3,344,011

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Purchased(a)–(continued)

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

1 Year Interest Rate Swap

Put

Goldman Sachs International

2.50%

Pay

3 mo. USD LIBOR

Quarterly

06/30/2022

USD

84,000,000

$

1,354,347

Total Interest Rate Swaptions Purchased

$

4,698,358

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

Open Over-The-Counter Credit Default Swaptions Purchased(a)

Counterparty

Type of Contract

Exercise Rate

Reference Entity

(Pay)/ Receive Fixed Rate

Payment Frequency

Expiration Date

Implied Credit Spread(b)

Notional Value

Value

Credit Risk

J.P. Morgan Chase Bank, N.A.

Put

0.97%

Markit CDX Emerging Markets Index, Series 35, Version 1

Pay

Quarterly

08/18/2021

1.603%

14,000,000

$

25,720

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

^(b)  Implied credit spreads represent the current level, as of June 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Credit Default Swaptions Written(a)
Counterparty	Type of Contract		Exercise Rate		Reference Entity	(Pay)/ Receive Fixed Rate		Payment Frequency		Expiration Date		Implied Credit Spread(b)		Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)
Credit Risk
Goldman Sachs International		Call		1.10%	Markit CDX North America High Yield Index, Series 36, Version 1		Receive		Quarterly		08/18/2021		2.743%	$	(372,575	)	USD	106,450,000	$	(652,223)		$	(279,648)
J.P. Morgan Chase Bank, N.A.		Call		0.98	Markit CDX Emerging Markets Index, Series 35, Version 1		Receive		Quarterly		08/18/2021		1.603		(37,800	)	USD	14,000,000		(26,813	)		10,987
J.P. Morgan Chase Bank, N.A.		Call		2.25	Markit iTraxx Europe Crossover Index, Series 35, Version 1		Receive		Quarterly		08/18/2021		2.319		(59,823	)	EUR	28,000,000		(76,405	)		(16,582	)
Morgan Stanley and Co. International PLC		Call		1.10	Markit CDX North America High Yield Index, Series 36, Version 1		Receive		Quarterly		08/18/2021		2.743		(83,300	)	USD	49,000,000		(155,763	)		(72,463	)
Subtotal – Credit Default Call Swaptions Written															(553,498	)				(911,204	)		(357,706	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Credit Default Swaptions Written(a)–(continued)
Counterparty	Type of Contract	Exercise Rate	Reference Entity	(Pay)/ Receive Fixed Rate		Payment Frequency		Expiration Date		Implied Credit Spread(b)		Premiums Received		Notional Value		Value		Unrealized Appreciation (Depreciation)
Credit Risk
Goldman Sachs International	Put	1.08	Markit CDX North America High Yield Index, Series 36, Version 1		Pay		Quarterly		08/18/2021		2.743%	$	(691,925)	USD	106,450,000	$	(343,993)	$	347,932
Goldman Sachs International	Put	1.07	Markit CDX North America High Yield Index, Series 36, Version 1		Pay		Quarterly		08/18/2021		2.743		(96,600)	USD	28,000,000		(74,548)		22,052
J.P. Morgan Chase Bank, N.A.	Put	3.00	Markit iTraxx Europe Crossover Index, Series 35, Version 1		Pay		Quarterly		08/18/2021		2.319		(280,356)	EUR	28,000,000		(56,796)		223,560
J.P. Morgan Chase Bank, N.A.	Put	3.00	Markit iTraxx Europe Crossover Index, Series 35, Version 1		Pay		Quarterly		09/15/2021		2.319		(76,439)	EUR	14,000,000		(55,088)		21,351
J.P. Morgan Chase Bank, N.A.	Put	1.08	Markit CDX North America High Yield Index, Series 36, Version 1		Pay		Quarterly		09/15/2021		2.743		(172,200)	USD	28,000,000		(166,377)		5,823
J.P. Morgan Chase Bank, N.A.	Put	0.95	Markit CDX Emerging Markets Index, Series 35, Version 1		Pay		Quarterly		08/18/2021		1.603		(15,400)	USD	14,000,000		(10,843)		4,557
Morgan Stanley and Co. International PLC	Put	1.09	Markit CDX North America High Yield Index, Series 36, Version 1		Pay		Quarterly		08/18/2021		2.743		(347,900)	USD	49,000,000		(195,485)		152,415
Morgan Stanley and Co. International PLC	Put	1.08	Markit CDX North America High Yield Index, Series 36, Version 1		Pay		Quarterly		09/15/2021		2.743		(73,500)	USD	10,500,000		(62,391)		11,109
Subtotal – Credit Default Put Swaptions Written													(1,754,320)				(965,521)		788,799
Total Credit Default Swaptions Written												$	(2,307,818)			$	(1,876,725)	$	431,093

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

^(b)  Implied credit spreads represent the current level, as of June 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Written(a)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)
Currency Risk
USD Versus CAD	Call	Goldman Sachs International		05/12/2022	CAD	1.27	$	(176,250	)	USD	15,000,000	$	(213,240	)	$	(36,990	)
USD Versus CNH	Call	Standard Chartered Bank PLC		10/14/2021	CNH	6.60		(90,675	)	USD	13,000,000		(66,105	)		24,570
USD Versus INR	Call	Goldman Sachs International		07/02/2021	INR	84.05		(124,375	)	USD	1,250,000		(1	)		124,374
USD Versus INR	Call	Standard Chartered Bank PLC		08/03/2021	INR	76.50		(124,785	)	USD	15,000,000		(17,940	)		106,845
USD Versus INR	Call	Standard Chartered Bank PLC		02/24/2022	INR	79.50		(311,766	)	USD	26,000,000		(241,956	)		69,810
USD Versus MXN	Call	Goldman Sachs International		09/14/2021	MXN	20.75		(238,140	)	USD	980,000		(205,736	)		32,404
USD Versus MXN	Call	J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN	23.09		(570,125	)	USD	25,000,000		(163,050	)		407,075
USD Versus NOK	Call	J.P. Morgan Chase Bank, N.A.		07/28/2021	NOK	8.62		(125,640	)	USD	18,000,000		(193,446	)		(67,806	)
USD Versus NOK	Call	Morgan Stanley and Co. International PLC		10/05/2021	NOK	9.50		(91,600	)	USD	10,000,000		(28,530	)		63,070
USD Versus RUB	Call	Goldman Sachs International		12/17/2021	RUB	77.50		(550,480	)	USD	28,000,000		(670,404	)		(119,924	)
USD Versus RUB	Call	Goldman Sachs International		03/08/2022	RUB	87.20		(380,940	)	USD	14,000,000		(165,998	)		214,942
USD Versus ZAR	Call	Goldman Sachs International		11/22/2021	ZAR	14.50		(495,720	)	USD	20,250,000		(780,557	)		(284,837	)
USD Versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		08/24/2021	ZAR	15.00		(107,000	)	USD	10,000,000		(91,350	)		15,650
Subtotal – Foreign Currency Call Options Written								(3,387,496	)				(2,838,313	)		549,183
Currency Risk
USD Versus CAD	Put	Goldman Sachs International		05/12/2022	CAD	1.13		(81,000	)	USD	15,000,000		(24,915	)		56,085
USD Versus CNH	Put	Bank of America, N.A.		09/06/2021	CNH	6.25		(37,500	)	USD	30,000,000		(6,990	)		30,510
USD Versus COP	Put	Morgan Stanley and Co. International PLC		09/22/2021	COP	3,185.00		(77,000	)	USD	20,000,000		(4,720	)		72,280
USD Versus INR	Put	Goldman Sachs International		07/29/2021	INR	71.50		(59,500	)	USD	25,000,000		(1,100	)		58,400
USD Versus INR	Put	Standard Chartered Bank PLC		08/03/2021	INR	71.00		(47,768	)	USD	22,500,000		(990	)		46,778
USD Versus INR	Put	Standard Chartered Bank PLC		02/24/2022	INR	71.00		(126,958	)	USD	26,000,000		(38,948	)		88,010
USD Versus MXN	Put	J.P. Morgan Chase Bank, N.A.		01/06/2022	MXN	18.40		(224,599	)	USD	25,000,000		(45,400	)		179,199
USD Versus RUB	Put	Goldman Sachs International		09/06/2021	RUB	71.00		(123,900	)	USD	20,000,000		(88,260	)		35,640
USD Versus RUB	Put	Goldman Sachs International		12/17/2021	RUB	70.00		(218,540	)	USD	28,000,000		(176,932	)		41,608
USD Versus RUB	Put	Goldman Sachs International		03/08/2022	RUB	68.00		(134,400	)	USD	14,000,000		(57,386	)		77,014
USD Versus SGD	Put	Goldman Sachs International		08/12/2021	SGD	1.28		(50,160	)	USD	20,000,000		(500	)		49,660
USD Versus ZAR	Put	Goldman Sachs International		11/22/2021	ZAR	13.00		(227,812	)	USD	20,250,000		(58,988	)		168,824
Subtotal – Foreign Currency Put Options Written								(1,409,137	)				(505,129	)		904,008
Total - Foreign Currency Options Written							$	(4,796,633	)			$	(3,343,442	)	$	1,453,191

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Written(a)
Description	Type of Contract	Counterparty	Exercise Rate			Floating Rate Index	Pay/ Receive Exercise Rate		Payment Frequency		Expiration Date		Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
1 Year Interest Rate Swap	Call	Goldman Sachs International		0.85	%	3 mo. USD LIBOR		Receive		Quarterly		03/28/2022	$	(891,000	)	USD	243,000,000	$	(999,537	)	$	(108,537	)
1 Year Interest Rate Swap	Call	J.P. Morgan Chase Bank, N.A.		0.60		3 mo. USD LIBOR		Receive		Quarterly		04/28/2022		(488,600	)	USD	210,000,000		(480,772	)		7,828
1 Year Interest Rate Swap	Call	Morgan Stanley and Co. International PLC		0.85		3 mo. USD LIBOR		Receive		Quarterly		06/24/2022		(434,000	)	USD	105,000,000		(467,683	)		(33,683	)
1 Year Interest Rate Swap	Call	Morgan Stanley and Co. International PLC		1.35		3 mo. USD LIBOR		Receive		Quarterly		09/14/2021		(435,750	)	USD	70,000,000		(523,228	)		(87,478	)
Subtotal-Interest Rate Call Swaptions Written														(2,249,350	)				(2,471,220	)		(221,870	)
Interest Rate Risk
2 Year Interest Rate Swap	Put	Goldman Sachs International		3.00		3 mo. USD LIBOR		Pay		Quarterly		06/05/2023		(988,400	)	USD	42,000,000		(672,895	)		315,505
Total Open Over-The-Counter Interest Rate Swaptions Written													$	(3,237,750	)			$	(3,144,115	)	$	93,635

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Euro Bund		102	September-2021	$	17,606,220		$	(155	)	$	(155	)
U.S. Treasury 2 Year Notes		143	September-2021		31,505,805			(49,438	)		(49,438	)
U.S. Treasury 10 Year Notes		319	September-2021		42,267,500			219,764			219,764
Subtotal–Long Futures Contracts								170,171			170,171
Short Futures Contracts
Interest Rate Risk
Euro Buxl		120	September-2021		(24,388,800	)		(236,925	)		(236,925	)
Long Bobl		6	September-2021		(804,900	)		(579	)		(579	)
Long Gilt		14	September-2021		(1,793,400	)		(21,327	)		(21,327	)
U.S. Treasury 5 Year Notes		262	September-2021		(32,338,578	)		45,205			45,205
U.S. Treasury 10 Year Ultra Notes		337	September-2021		(49,607,453	)		(373,063	)		(373,063	)
U.S. Treasury Long Bonds		65	September-2021		(10,448,750	)		(244,399	)		(244,399	)
U.S. Treasury Ultra Bonds		101	September-2021		(19,461,438	)		(723,805	)		(723,805	)
Subtotal-Short Futures Contracts								(1,554,893	)		(1,554,893	)
Total Futures Contracts							$	(1,384,722	)	$	(1,384,722	)

^(a)  Futures contracts collateralized by $2,904,112 cash held with Merrill Lynch, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
Currency Risk
09/15/2021	Bank of America, N.A.	AUD	9,572,000	USD	7,418,013	$	237,236
09/15/2021	Bank of America, N.A.	CAD	10,134,276	USD	8,389,092		213,916
09/15/2021	Bank of America, N.A.	CNY	22,718,500	USD	3,500,000		6,024
09/15/2021	Bank of America, N.A.	EUR	10,914,000	USD	13,333,088		372,113
09/15/2021	Bank of America, N.A.	GBP	9,179,000	USD	12,975,435		276,007

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Forward Foreign Currency Contracts-(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
09/15/2021	Bank of America, N.A.		MXN	41,904,601		USD	2,098,640	$	15,940
09/15/2021	Bank of America, N.A.		SEK	170,812,364		USD	20,000,000		27,096
09/15/2021	Bank of America, N.A.		USD	5,161,290		MXN	104,054,187		10,306
03/24/2022	Bank of America, N.A.		USD	160,000		RUB	12,827,600		7,745
08/03/2021	Citibank, N.A.		USD	96,488		BRL	488,941		1,482
09/15/2021	Citibank, N.A.		EUR	43,865,000		USD	53,590,309		1,498,210
09/15/2021	Citibank, N.A.		GBP	3,155,000		USD	4,473,156		108,117
09/15/2021	Citibank, N.A.		INR	2,979,785,350		USD	40,409,622		692,191
09/15/2021	Citibank, N.A.		MXN	600,000		USD	30,055		234
08/19/2021	Goldman Sachs International		USD	4,500,000		BRL	22,756,050		49,810
09/15/2021	Goldman Sachs International		CNY	33,338,835		USD	5,133,000		5,677
09/15/2021	Goldman Sachs International		EUR	7,103,000		USD	8,677,671		242,468
09/15/2021	Goldman Sachs International		MXN	256,565,000		USD	12,852,284		100,750
11/12/2021	Goldman Sachs International		TRY	31,150,000		USD	3,500,000		156,684
11/30/2021	Goldman Sachs International		RUB	114,445,100		USD	1,540,000		13,131
05/13/2022	Goldman Sachs International		CAD	8,375,259		USD	6,928,000		173,447
08/30/2021	J.P. Morgan Chase Bank, N.A.		USD	18,061,785		EUR	15,525,000		368,880
08/30/2021	J.P. Morgan Chase Bank, N.A.		USD	18,000,000		NOK	171,829,250		1,962,300
09/15/2021	J.P. Morgan Chase Bank, N.A.		AUD	5,286,000		USD	4,101,450		135,969
09/15/2021	J.P. Morgan Chase Bank, N.A.		CAD	27,075,738		USD	22,430,718		589,104
09/15/2021	J.P. Morgan Chase Bank, N.A.		CLP	4,506,859,637		USD	6,283,527		158,864
09/15/2021	J.P. Morgan Chase Bank, N.A.		CNY	91,040,000		USD	14,174,614		173,180
09/15/2021	J.P. Morgan Chase Bank, N.A.		COP	53,362,000,000		USD	14,849,590		684,881
09/15/2021	J.P. Morgan Chase Bank, N.A.		EUR	77,018,583		USD	94,089,345		2,625,542
09/15/2021	J.P. Morgan Chase Bank, N.A.		GBP	6,275,510		USD	8,879,885		197,524
09/15/2021	J.P. Morgan Chase Bank, N.A.		JPY	1,669,895,792		USD	15,159,800		119,138
09/15/2021	J.P. Morgan Chase Bank, N.A.		MXN	159,025,000		USD	7,966,348		62,649
09/15/2021	J.P. Morgan Chase Bank, N.A.		NOK	22,411,028		USD	2,718,974		115,305
09/15/2021	J.P. Morgan Chase Bank, N.A.		SEK	83,266,500		USD	10,097,180		360,920
09/15/2021	J.P. Morgan Chase Bank, N.A.		THB	35,000,000		USD	1,120,448		28,715
09/15/2021	J.P. Morgan Chase Bank, N.A.		ZAR	380,455,000		USD	27,581,995		1,189,282
01/10/2022	J.P. Morgan Chase Bank, N.A.		USD	4,500,000		MXN	93,574,800		75,750
08/26/2021	Morgan Stanley and Co. International PLC		EUR	8,290,000		USD	9,914,840		74,051
08/26/2021	Morgan Stanley and Co. International PLC		USD	9,910,000		BRL	53,543,829		785,355
09/15/2021	Morgan Stanley and Co. International PLC		GBP	3,841,000		USD	5,435,033		120,892
09/15/2021	Morgan Stanley and Co. International PLC		IDR	37,670,337,500		USD	2,614,544		51,020
09/15/2021	Morgan Stanley and Co. International PLC		MXN	362,182,692		USD	18,153,429		152,592
09/15/2021	Morgan Stanley and Co. International PLC		RUB	2,071,249,354		USD	28,327,682		324,257
09/15/2021	Morgan Stanley and Co. International PLC		USD	4,838,710		MXN	97,604,039		12,307
09/15/2021	Natwest Markets PLC		EUR	120,000		USD	146,564		4,058
09/15/2021	Royal Bank of Canada		CAD	23,548,000		USD	19,494,022		498,185
09/15/2021	Royal Bank of Canada		EUR	23,176,037		USD	28,312,310		789,491
09/15/2021	Royal Bank of Canada		GBP	1,340,000		USD	1,861,474		7,543
11/10/2021	Standard Chartered Bank PLC		USD	11,341,294		CNY	76,892,840		436,105
Subtotal–Appreciation									16,312,443
Currency Risk
08/30/2021	Bank of America, N.A.		EUR	15,580,700		USD	18,300,000		(196,791	)
09/15/2021	Bank of America, N.A.		USD	4,096,491		AUD	5,286,000		(131,010	)
09/15/2021	Bank of America, N.A.		USD	9,978,062		CZK	207,858,000		(318,499	)
09/15/2021	Bank of America, N.A.		USD	32,976,527		EUR	27,034,464		(871,615	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Forward Foreign Currency Contracts-(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
09/15/2021	Bank of America, N.A.		USD	16,975,463		JPY	1,855,689,724	$	(261,365	)
09/15/2021	Bank of America, N.A.		USD	15,851,188		NOK	130,899,112		(643,589	)
09/15/2021	Bank of America, N.A.		USD	10,000,000		NZD	14,270,425		(27,206	)
09/15/2021	Bank of America, N.A.		USD	30,332,521		SEK	250,200,831		(1,076,811	)
08/03/2021	Citibank, N.A.		BRL	98,432,614		USD	19,424,678		(298,428	)
09/15/2021	Citibank, N.A.		USD	3,885,813		EUR	3,215,000		(67,823	)
09/15/2021	Citibank, N.A.		USD	17,722,926		INR	1,306,879,704		(303,583	)
09/15/2021	Citibank, N.A.		USD	5,485,785		MXN	109,515,468		(42,758	)
08/24/2021	Goldman Sachs International		RUB	155,600,000		USD	2,000,000		(110,550	)
09/03/2021	Goldman Sachs International		BRL	12,744,513		USD	2,395,000		(147,986	)
09/15/2021	Goldman Sachs International		KRW	2,944,760,000		USD	2,600,000		(5,216	)
09/15/2021	Goldman Sachs International		MXN	194,412,330		USD	9,660,000		(2,485	)
09/15/2021	Goldman Sachs International		USD	3,629,663		EUR	2,971,015		(101,419	)
09/15/2021	Goldman Sachs International		USD	8,181,635		KRW	9,134,795,000		(100,121	)
09/15/2021	Goldman Sachs International		USD	1,334,776		MXN	26,645,600		(10,463	)
11/12/2021	Goldman Sachs International		USD	3,728,721		TRY	31,150,000		(385,405	)
08/30/2021	J.P. Morgan Chase Bank, N.A.		NOK	162,250,000		USD	18,063,302		(786,126	)
09/15/2021	J.P. Morgan Chase Bank, N.A.		USD	20,043,763		AUD	25,832,654		(664,478	)
09/15/2021	J.P. Morgan Chase Bank, N.A.		USD	16,445,991		CNY	105,628,490		(200,931	)
09/15/2021	J.P. Morgan Chase Bank, N.A.		USD	8,579,936		COP	30,831,999,998		(395,717	)
09/15/2021	J.P. Morgan Chase Bank, N.A.		USD	37,235,425		EUR	31,024,660		(391,937	)
09/15/2021	J.P. Morgan Chase Bank, N.A.		USD	3,241,778		GBP	2,291,000		(72,110	)
09/15/2021	J.P. Morgan Chase Bank, N.A.		USD	1,226,830		MXN	24,490,100		(9,648	)
01/10/2022	J.P. Morgan Chase Bank, N.A.		MXN	140,358,825		USD	6,750,000		(113,461	)
01/10/2022	J.P. Morgan Chase Bank, N.A.		USD	2,310,665		MXN	46,784,025		(22,954	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	55,857		AUD	72,000		(1,843	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	20,346,703		CAD	24,565,633		(529,956	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	2,263,537		EUR	1,850,820		(65,586	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	1,850,962		JPY	202,232,857		(29,462	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	9,800,000		MXN	195,803,300		(68,383	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	9,762,774		NOK	80,487,800		(411,861	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	10,000,000		NZD	14,263,911		(31,758	)
09/15/2021	Morgan Stanley and Co. International PLC		USD	135,969		SEK	1,119,795		(5,033	)
09/15/2021	Royal Bank of Canada		USD	4,140,803		GBP	2,925,000		(93,976	)
09/15/2021	Royal Bank of Canada		USD	1,179,783		JPY	128,968,342		(18,172	)
09/15/2021	Standard Chartered Bank PLC		CNY	41,219,772		USD	6,334,000		(5,366	)
09/15/2021	Standard Chartered Bank PLC		KRW	2,717,760,000		USD	2,400,000		(4,391	)
11/10/2021	Standard Chartered Bank PLC		CNY	66,018,240		USD	9,720,000		(391,776	)
Subtotal–Depreciation									(9,418,048	)
Total Forward Foreign Currency Contracts								$	6,894,395

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread(b)		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Index, Series 35, Version 1		Buy		(1.00)%		Quarterly		06/20/2026		0.468%		EUR	2,700,000	$	84,112		$	85,007		$	895
Markit iTraxx Europe Index, Series 35, Version 1		Buy		(1.00)		Quarterly		06/20/2026		0.485		EUR	3,500,000		(107,877	)		(107,692	)		185
Markit iTraxx Europe Senior Financials, Series 35, Version 1		Sell		1.00		Quarterly		06/20/2026		0.545		EUR	14,000,000		323,630			375,171			51,541
Subtotal - Appreciation															299,865			352,486			52,621
Credit Risk
Host Hotels & Resorts, L.P.		Buy		(1.00)		Quarterly		12/20/2023		0.598		USD	3,280,000		8,707			(33,092	)		(41,799	)
Intesa Sanpaolo S.p.A.		Buy		(1.00)		Quarterly		06/20/2026		0.592		EUR	4,050,000		(72,222	)		(98,212	)		(25,990	)
Indonesia Government International Bonds		Buy		(1.00)		Quarterly		06/20/2026		0.746		USD	5,175,000		(35,634	)		(64,884	)		(29,250	)
Markit iTraxx Europe Sub Financials, Series 35, Version 1		Buy		(1.00)		Quarterly		06/20/2026		1.030		EUR	15,125,000		124,390			26,686			(97,704	)
South Africa Republic International Bonds		Buy		(1.00)		Quarterly		06/20/2023		0.815		USD	5,900,000		23,208			(23,689	)		(46,897	)
Markit CDX North America High Yield Index, Series 36, Version 1		Buy		(5.00)		Quarterly		06/20/2026		2.743		USD	16,000,000		(1,472,038	)		(1,632,608	)		(160,570	)
South Africa Republic International Bonds		Buy		(1.00)		Quarterly		06/20/2026		1.849		USD	540,000		21,470			21,468			(2	)
Credit Agricole S.A.		Buy		(1.00)		Quarterly		06/20/2026		0.519		EUR	3,500,000		(100,251	)		(101,122	)		(871	)
BNP Paribas S.A.		Buy		(1.00)		Quarterly		06/20/2026		0.584		EUR	3,500,000		(81,825	)		(87,501	)		(5,676	)
Markit CDX North America High Yield Index, Series 36, Version 1		Sell		5.00		Quarterly		12/20/2025		2.555		USD	14,000,000		(1,370,064	)		(1,418,032	)		(47,968	)
Assicurazioni Generali S.p.A.		Sell		1.00		Quarterly		06/20/2026		0.587		EUR	4,860,000		126,277			119,496			(6,781	)
Subtotal - Depreciation															(2,827,982	)		(3,291,490	)		(463,508	)
Total Centrally Cleared Credit Default Swap Agreements														$	(2,528,117	)	$	(2,939,004	)	$	(410,887	)

^(a)  Centrally cleared swap agreements collateralized by $26,659,548 cash held with Counterparties.

^(b)  Implied credit spreads represent the current level, as of June 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Centrally Cleared Interest Rate Swap Agreements(a)

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Receive

3 mo. JIBAR

Quarterly

(7.15)%

Quarterly

02/24/2031

ZAR

17,550,000

$112

$12,007

$11,895

Pay

28 Day MXN TIIE

At Maturity

7.08

At Maturity

06/16/2031

MXN

72,760,000

–

22,466

22,466

Pay

3 mo. USD LIBOR

Quarterly

0.90

Semi-Annually

03/09/2026

USD

89,640,000

–

34,638

34,638

Receive

3 mo. KWCDC

Quarterly

(1.75)

Quarterly

06/16/2027

KRW

15,960,000,000

–

37,271

37,271

Pay

3 mo. WIBOR

Quarterly

0.61

Annually

08/25/2022

PLN

154,000,000

–

38,389

38,389

Pay

3 mo. WIBOR

Quarterly

0.63

Annually

08/23/2022

PLN

160,000,000

–

49,443

49,443

Receive

28 Day MXN TIIE

At Maturity

(7.07)

At Maturity

12/12/2029

MXN

107,250,000

–

58,240

58,240

Receive

3 mo. JIBAR

Quarterly

(6.75)

Quarterly

02/15/2031

ZAR

25,375,000

–

66,463

66,463

Receive

3 mo. USD LIBOR

Semi-Annually

(1.74)

Quarterly

07/22/2051

USD

32,368,000

–

70,815

70,815

Pay

3 mo. COOVIBR

Quarterly

5.56

Quarterly

08/26/2026

COP

12,803,000,000

–

74,207

74,207

Receive

6 mo. IN00O/N

Semi-Annually

(5.05)

Semi-Annually

04/23/2026

INR

630,000,000

–

91,954

91,954

Receive

3 mo. USD LIBOR

Semi-Annually

(1.91)

Quarterly

06/22/2031

USD

151,704,000

–

96,945

96,945

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Receive	3 mo. CZK PRIBOR	Annually		(1.28	)%	Quarterly		10/20/2022	CZK	1,726,000,000	$	–		$	135,333		$	135,333
Receive	6 mo. IN00O/N	Semi-Annually		(5.08	)	Semi-Annually		04/16/2026	INR	1,160,000,000		–			142,066			142,066
Receive	3 mo. JIBAR	Quarterly		(6.70	)	Quarterly		01/29/2031	ZAR	51,000,000		–			143,056			143,056
Receive	3 mo. JIBAR	Quarterly		(6.70	)	Quarterly		01/27/2031	ZAR	52,000,000		–			145,539			145,539
Receive	3 mo. JIBAR	Quarterly		(6.63	)	Quarterly		02/11/2031	ZAR	48,500,000		–			154,870			154,870
Pay	3 mo. USD LIBOR	Quarterly		0.98		Semi-Annually		07/22/2026	USD	211,120,000		–			200,007			200,007
Pay	1 mo. BZDIOVRA	At Maturity		8.27		At Maturity		01/02/2025	BRL	44,034,738		–			202,328			202,328
Receive	28 Day MXN TIIE	At Maturity		(5.62	)	At Maturity		01/29/2031	MXN	62,500,000		–			306,382			306,382
Receive	28 Day MXN TIIE	At Maturity		(5.63	)	At Maturity		05/29/2031	MXN	62,500,000		–			316,061			316,061
Receive	28 Day MXN TIIE	At Maturity		(5.50	)	At Maturity		11/29/2030	MXN	64,600,000		–			337,433			337,433
Receive	3 mo. USD LIBOR	Semi-Annually		(1.80	)	Quarterly		06/23/2031	USD	60,200,000		–			343,159			343,159
Receive	6 mo. CLICP	Semi-Annually		(2.35	)	Semi-Annually		03/11/2026	CLP	7,500,000,000		–			470,360			470,360
Receive	28 Day MXN TIIE	At Maturity		(5.53	)	At Maturity		05/29/2031	MXN	108,750,000		–			593,338			593,338
Pay	1 mo. BZDIOVRA	At Maturity		8.68		At Maturity		01/04/2027	BRL	24,429,011		–			690,391			690,391
Pay	1 mo. BZDIOVRA	At Maturity		8.42		At Maturity		01/02/2025	BRL	26,699,194		–			692,363			692,363
Subtotal - Appreciation												112			5,525,524			5,525,412
Interest Rate Risk
Receive	3 mo. USD LIBOR	Semi-Annually		(2.29	)	Quarterly		04/23/2031	USD	94,920,000		–			(1,644,813	)		(1,644,813	)
Pay	6 mo. CDOR	Semi-Annually		1.14		Semi-Annually		02/24/2024	CAD	403,650,000		–			(1,210,221	)		(1,210,221	)
Pay	28 Day MXN TIIE	At Maturity		4.81		At Maturity		07/23/2025	MXN	313,500,000		–			(946,418	)		(946,418	)
Receive	3 mo. USD LIBOR	Semi-Annually		(2.27	)	Quarterly		05/27/2031	USD	45,780,000		–			(735,954	)		(735,954	)
Pay	6 mo. CDOR	Semi-Annually		0.98		Semi-Annually		02/16/2024	CAD	172,125,000		–			(718,582	)		(718,582	)
Pay	1 mo. BZDIOVRA	At Maturity		6.61		At Maturity		01/02/2023	BRL	358,875,496		–			(705,346	)		(705,346	)
Receive	3 mo. USD LIBOR	Semi-Annually		(2.00	)	Quarterly		05/17/2051	USD	10,953,600		(28,956	)		(673,403	)		(644,447	)
Pay	6 mo. CDOR	Semi-Annually		1.04		Semi-Annually		02/18/2024	CAD	172,125,000		–			(643,633	)		(643,633	)
Pay	6 mo. CDOR	Semi-Annually		1.06		Semi-Annually		02/19/2024	CAD	172,125,000		–			(617,496	)		(617,496	)
Pay	28 Day MXN TIIE	At Maturity		4.67		At Maturity		07/02/2024	MXN	200,100,000		–			(457,602	)		(457,602	)
Pay	6 mo. CDOR	Semi-Annually		1.09		Semi-Annually		02/22/2024	CAD	107,100,000		–			(359,865	)		(359,865	)
Pay	28 Day MXN TIIE	At Maturity		5.41		At Maturity		04/27/2023	MXN	590,000,000		–			(320,200	)		(320,200	)
Pay	28 Day MXN TIIE	At Maturity		5.58		At Maturity		04/03/2023	MXN	580,000,000		–			(264,840	)		(264,840	)
Pay	28 Day MXN TIIE	At Maturity		5.67		At Maturity		05/11/2023	MXN	602,000,000		–			(255,706	)		(255,706	)
Pay	28 Day MXN TIIE	At Maturity		5.40		At Maturity		04/05/2023	MXN	432,500,000		–			(233,557	)		(233,557	)
Pay	1 mo. BZDIOVRA	At Maturity		7.26		At Maturity		01/02/2029	BRL	17,661,546		–			(232,625	)		(232,625	)
Pay	28 Day MXN TIIE	At Maturity		5.02		At Maturity		04/03/2023	MXN	283,500,000		–			(232,409	)		(232,409	)
Pay	3 mo. COOVIBR	Quarterly		2.53		Quarterly		12/23/2023	COP	19,870,000,000		–			(226,055	)		(226,055	)
Pay	28 Day MXN TIIE	At Maturity		5.44		At Maturity		04/05/2023	MXN	432,500,000		–			(225,393	)		(225,393	)
Pay	3 mo. KWCDC	Quarterly		1.19		Quarterly		03/14/2023	KRW	89,100,000,000		–			(217,994	)		(217,994	)
Pay	28 Day MXN TIIE	At Maturity		4.75		At Maturity		06/10/2022	MXN	560,000,000		–			(194,663	)		(194,663	)
Receive	6 mo. CDOR	Semi-Annually		(1.86	)	Semi-Annually		06/21/2031	CAD	93,420,000		2,936			(180,354	)		(183,290	)
Pay	28 Day MXN TIIE	At Maturity		4.80		At Maturity		07/23/2025	MXN	57,800,000		–			(175,338	)		(175,338	)
Pay	28 Day MXN TIIE	At Maturity		4.70		At Maturity		06/01/2022	MXN	440,000,000		–			(155,583	)		(155,583	)
Pay	3 mo. JIBAR	Quarterly		7.48		Quarterly		02/15/2036	ZAR	40,275,000		–			(127,197	)		(127,197	)
Pay	1 mo. BZDIOVRA	At Maturity		5.75		At Maturity		01/02/2025	BRL	16,852,097		–			(116,009	)		(116,009	)
Pay	28 Day MXN TIIE	At Maturity		5.74		At Maturity		03/24/2023	MXN	297,000,000		–			(110,918	)		(110,918	)
Pay	28 Day MXN TIIE	At Maturity		4.70		At Maturity		06/07/2022	MXN	290,000,000		–			(105,899	)		(105,899	)
Receive	6 mo. CDOR	Semi-Annually		(1.87	)	Semi-Annually		06/21/2031	CAD	40,000,000		1,264			(99,322	)		(100,586	)
Pay	28 Day MXN TIIE	At Maturity		4.71		At Maturity		06/07/2022	MXN	270,200,000		–			(98,041	)		(98,041	)
Pay	1 mo. IN00O/N	At Maturity		4.62		At Maturity		04/29/2023	INR	3,395,000,000		–			(97,386	)		(97,386	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Pay	FBIL Overnight MIBOR	At Maturity		4.62%		At Maturity		04/25/2023		INR	2,970,000,000	$	–		$	(79,231	)	$	(79,231	)
Pay	1 mo. BZDIOVRA	At Maturity		6.03		At Maturity		01/02/2025		BRL	23,294,056		–			(75,890	)		(75,890	)
Receive	6 mo. WIBOR	Annually		(1.61)		Semi-Annually		05/25/2026		PLN	31,800,000		–			(74,805	)		(74,805	)
Receive	6 mo. WIBOR	Annually		(1.58)		Semi-Annually		05/21/2026		PLN	32,000,000		–			(64,326	)		(64,326	)
Pay	28 Day MXN TIIE	At Maturity		6.91		At Maturity		12/16/2026		MXN	247,125,000		–			(63,081	)		(63,081	)
Pay	1 mo. BZDIOVRA	At Maturity		7.12		At Maturity		01/02/2025		BRL	21,457,272		–			(62,674	)		(62,674	)
Pay	3 mo. WIBOR	Quarterly		0.85		Annually		05/04/2023		PLN	106,400,000		–			(56,699	)		(56,699	)
Pay	3 mo. CZK PRIBOR	Quarterly		0.61		Annually		01/20/2022		CZK	1,716,500,000		–			(54,444	)		(54,444	)
Pay	3 mo. KWCDC	Quarterly		1.51		Quarterly		06/16/2023		KRW	78,700,000,000		–			(51,239	)		(51,239	)
Pay	3 mo. KWCDC	Quarterly		1.50		Quarterly		06/14/2023		KRW	62,720,000,000		–			(43,890	)		(43,890	)
Pay	1 mo. BZDIOVRA	At Maturity		7.28		At Maturity		01/02/2025		BRL	21,415,902		–			(36,236	)		(36,236	)
Pay	28 Day MXN TIIE	At Maturity		4.42		At Maturity		09/17/2021		MXN	2,410,000,000		–			(35,813	)		(35,813	)
Pay	1 mo. IN00O/N	At Maturity		4.69		At Maturity		04/08/2023		INR	2,160,000,000		–			(11,833	)		(11,833	)
Receive	6 mo. WIBOR	Annually		(1.45)		Semi-Annually		05/05/2026		PLN	21,660,000		–			(10,459	)		(10,459	)
Pay	28 Day MXN TIIE	At Maturity		6.59		At Maturity		06/23/2023		MXN	591,500,000		–			(5,863	)		(5,863	)
Receive	6 mo. WIBOR	Annually		(1.44)		Semi-Annually		05/04/2026		PLN	21,840,000		–			(5,535	)		(5,535	)
Receive	6 mo. IN00O/N	Semi-Annually		(5.26)		Semi-Annually		03/18/2026		INR	415,000,000		–			(5,368	)		(5,368	)
Receive	6 mo. IN00O/N	Semi-Annually		(5.26)		Semi-Annually		03/17/2026		INR	250,000,000		–			(4,615	)		(4,615	)
Subtotal - Depreciation													(24,756	)		(13,124,823	)		(13,100,067	)
Total Centrally Cleared Interest Rate Swap Agreements												$	(24,644	)	$	(7,599,299	)	$	(7,574,655	)

^(a)  Centrally cleared swap agreements collateralized by $26,659,548 cash held with Counterparties.

Open Over-The-Counter Credit Default Swap Agreements(a)
Counterparty	Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread(b)		Notional Value			Upfront Payments Paid (Received)			Value		Unrealized Appreciation (Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell		1.00%		Quarterly		12/20/2024		0.446%		EUR	2,500,000	$	34,311		$	57,820		$  23,509
Goldman Sachs International	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00		Quarterly		12/20/2025		2.555		USD	18,200,000		2,963,081			3,052,676		89,595
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00		Quarterly		12/20/2022		0.177		EUR	15,000,000		1,052,615			1,286,530		233,915
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Index, Series 32, Version 1	Sell		5.00		Quarterly		12/20/2021		4.407		EUR	2,500,000		(175,547	)		8,375		183,922
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG	Sell		1.00		Quarterly		12/20/2025		0.408		EUR	5,200,000		103,848			165,600		61,752
J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00		Quarterly		12/20/2025		2.555		USD	5,400,000		827,514			905,739		78,225
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 1	Sell		5.00		Quarterly		12/20/2023		1.437		EUR	2,500,000		21,395			30,583		9,188
Subtotal-Appreciation															4,827,217			5,507,323		680,106

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Credit Default Swap Agreements(a)–(continued)
Counterparty	Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread(b)		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Credit Risk
Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy		(1.00)%		Quarterly		12/20/2024		0.793%		EUR	1,250,000		$    11,144	$	(10,772	)		$   (21,916)
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland PLC Froup PLC (The)	Buy		(1.00)		Quarterly		12/20/2021		0.151		EUR	2,500,000		6,682		(12,109	)		(18,791)
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG	Buy		(1.00)		Quarterly		12/20/2025		1.305		EUR	1,300,000		92,761		21,077			(71,684)
Subtotal-Depreciation															110,587		(1,804	)		(112,391)
Total Open Over-The-Counter Credit Default Swap Agreements															$4,937,804	$	5,505,519			$  567,715

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

^(b)  Implied credit spreads represent the current level, as of June 30, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Interest Rate Swap Agreements^(a)

Counterparty

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Received Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Bank of America, N.A.

Pay

6 mo. IN00O/N

Semi-Annually

6.33%

Semi-Annually

01/31/2022

INR

210,000,000

$–

$

77,226

$    77,226

Interest Rate Risk

Goldman Sachs International

Pay

3 mo. MOSKP

Quarterly

6.77

Annually

01/14/2030

RUB

198,000,000

–

(104,325

)

(104,325)

Goldman Sachs International

Pay

3 mo. MOSKP

Quarterly

6.38

Annually

03/25/2026

RUB

700,000,000

–

(171,802

)

(171,802)

Subtotal-Depreciation

–

(276,127

)

(276,127)

Total Over-The-Counter Interest Rate Swap Agreements

$–

$

(198,901

)

$(198,901)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $2,339,994.

Open Centrally Cleared Inflation Rate Swap Agreements^(a)

Pay/Receive

Floating Rate Index

Payment Frequency

Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Receive

United States CPI Urban Consumers NSA

At Maturity

(2.62

)%

At Maturity

06/30/2026

USD

15,540,000

$–

$

15,374

$  15,374

Interest Rate Risk

Pay

United States CPI Urban Consumers NSA

At Maturity

2.43

At Maturity

05/07/2051

USD

4,250,400

–

(13,520

)

(13,520)

Pay

United States CPI Urban Consumers NSA

At Maturity

2.42

At Maturity

05/10/2051

USD

3,057,600

–

(19,846

)

(19,846)

Subtotal-Depreciation

–

(33,366

)

(33,366)

Total - Centrally Cleared Inflation Swap Agreements

$–

$

(17,992

)

$(17,992)

^(a)  Centrally cleared swap agreements collateralized by $26,659,548 cash held with Counterparties.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Abbreviations:
AUD	–Australian Dollar
BRL	–Brazilian Real
BZDIOVRA	–Brazil Ceptip DI Interbank Deposit Rate
CAD	–Canadian Dollar
CDOR	–Canadian Dealer Offered Rate
CLICP	–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP	–Chile Peso
CNH	–Chinese Renminbi
CNY	–Chinese Yuan Renminbi
COOVIBR	–Colombia IBR Overnight Nominal Interbank Reference Rate
COP	–Colombia Peso
CPI	–Consumer Price Index
CZK	–Czech Koruna
EUR	–Euro
FBIL	–Financial Benchmarks India Private Ltd.
GBP	–British Pound Sterling
IDR	–Indonesian Rupiah
IN00O/N	–FBIL Overnight MIBOR
INR	–Indian Rupee
JIBAR	–Johannesburg Interbank Average Rate
JPY	–Japanese Yen
KRW	–South Korean Won
KWCDC	–South Korean Won Certificate of Deposit
LIBOR	–London Interbank Offered Rate
MIBOR	–Mumbai Interbank Offered Rate
MOSKP	–MosPrime Rate
MXN	–Mexican Peso
NOK	–Norwegian Krone
NSA	–Non-Seasonally Adjusted
NZD	–New Zealand Dollar
PLN	–Polish Zloty
PRIBOR	–Prague Interbank Offerred Rate
RUB	–Russian Ruble
SEK	–Swedish Krona
SGD	–Singapore Dollar
THB	–Thai Baht
TIIE	–Interbank Equilibrium Interest Rate
TRY	–Turkish Lira
USD	–U.S. Dollar
WIBOR	–Warsaw Interbank Offered Rate
ZAR	–South African Rand

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2021

U.S. Dollar Denominated Bonds & Notes	35.65	%
Non-U.S. Dollar Denominated Bonds & Notes	26.03
U.S. Treasury Securities	7.95
Asset-Backed Securities	7.76
U.S. Government Sponsored Agency Mortgage-Backed Securities	3.84
Exchange-Traded Funds	2.73
Variable Rate Senior Loan Interests	1.94
Agency Credit Risk Transfer Notes	1.11
Security Types Each Less Than 1% of Portfolio	0.90
Money Market Funds Plus Other Assets Less Liabilities	12.09

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $854,947,539)*	$	846,109,414
Investments in affiliates, at value (Cost $83,986,126)		83,893,246
Other investments:
Variation margin receivable – futures contracts		1,400,102
Swaps receivable – OTC		401,887
Unrealized appreciation on swap agreements – OTC		757,332
Premiums paid on swap agreements – OTC		4,937,804
Unrealized appreciation on forward foreign currency contracts outstanding		16,312,443
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		2,904,112
Cash collateral – centrally cleared swap agreements		26,659,548
Cash collateral – OTC Derivatives		2,339,994
Cash		19,200,200
Foreign currencies, at value (Cost $2,059,399)		2,079,000
Receivable for:
Investments sold		21,672,443
Fund shares sold		5,668,364
Dividends		2,299
Interest		9,897,643
Investment for trustee deferred compensation and retirement plans		167,301
Other assets		4,113
Total assets		1,044,407,245
Liabilities:
Other investments:
Options written, at value (premiums received $10,342,201)		8,364,282
Variation margin payable – centrally cleared swap agreements		1,289,147
Unrealized depreciation on forward foreign currency contracts outstanding		9,418,048
Swaps payable – OTC		42,446
Unrealized depreciation on swap agreements–OTC		388,518
Payable for:
Investments purchased		41,098,801
Fund shares reacquired		309,178
Accrued foreign taxes		89,421
Collateral upon return of securities loaned		929,060
Accrued fees to affiliates		912,313
Accrued other operating expenses		654,640
Trustee deferred compensation and retirement plans		167,301
Unfunded loan commitments		53,260
Total liabilities		63,716,415
Net assets applicable to shares outstanding	$	980,690,830

Net assets consist of:
Shares of beneficial interest	$	1,167,583,190
Distributable earnings (loss)		(186,892,360	)
	$	980,690,830
Net Assets:
Series I	$	347,691,478
Series II	$	632,999,352
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		73,939,373
Series II		130,441,080
Series I:
Net asset value per share	$	4.70
Series II:
Net asset value per share	$	4.85

* At June 30, 2021, a security with a value of $907,428 was on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Consolidated Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $199,204)	$	17,011,923
Dividends from affiliates		268,940
Other income		35,990
Dividends		3,267
Total investment income		17,320,120
Expenses:
Advisory fees		3,308,190
Administrative services fees		794,257
Custodian fees		53,105
Distribution fees - Series II		798,160
Transfer agent fees		29,011
Trustees’ and officers’ fees and benefits		12,575
Reports to shareholders		93,871
Professional services fees		61,767
Taxes		2,788
Other		(5,919	)
Total expenses		5,147,805
Less: Fees waived		(285,013	)
Net expenses		4,862,792
Net investment income		12,457,328
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $295,319)		(3,926,349	)
Affiliated investment securities		(89,728	)
Foreign currencies		773,794
Forward foreign currency contracts		(7,956,495	)
Futures contracts		15,621,692
Option contracts written		10,009,412
Swap agreements		(22,147,055	)
		(7,714,729	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $397,275)		(27,531,675	)
Affiliated investment securities		(159,346	)
Foreign currencies		(866,513	)
Forward foreign currency contracts		8,585,691
Futures contracts		592,345
Option contracts written		(1,841,875	)
Swap agreements		(11,682,827	)
		(32,904,200	)
Net realized and unrealized gain (loss)		(40,618,929	)
Net increase (decrease) in net assets resulting from operations	$	(28,161,601	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	12,457,328		$	29,950,879
Net realized gain (loss)		(7,714,729	)		(55,196,511	)
Change in net unrealized appreciation (depreciation)		(32,904,200	)		49,062,789
Net increase (decrease) in net assets resulting from operations		(28,161,601	)		23,817,157
Distributions to shareholders from distributable earnings:
Series I		–			(21,122,311	)
Series II		–			(34,704,644	)
Total distributions from distributable earnings		–			(55,826,955	)
Share transactions–net:
Series I		(6,091,893	)		(20,356,992	)
Series II		(9,736,228	)		(54,615,245	)
Net increase (decrease) in net assets resulting from share transactions		(15,828,121	)		(74,972,237	)
Net increase (decrease) in net assets		(43,989,722	)		(106,982,035	)
Net assets:
Beginning of period		1,024,680,552			1,131,662,587
End of period	$	980,690,830		$	1,024,680,552

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Consolidated Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																											Ratio of		Ratio of
																											expenses		expenses
							Net gains																				to average		to average net
							(losses)																				net assets		assets without		Ratio of net
	Net asset						on securities								Dividends												with fee waivers		fee waivers		investment
	value,			Net			(both				Total from				from net				Net assets					Net assets,			and/or		and/or		income
	beginning			investment			realized and				investment				investment				value, end			Total		end of period			expenses		expenses		to average		Portfolio
	of period			income(a)			unrealized)				operations				income				of period			return (b)		(000’s omitted)			absorbed		absorbed(c)		net assets		turnover (d)(e)
Series I
Six months ended 06/30/21		$	4.83		$	0.06		$	(0.19	)		$	(0.13	)		$	–			$	4.70		(2.69)%		$	347,691		0.82%(f)		0.88%(f)		2.69%(f)		127%
Year ended 12/31/20			4.97			0.15			(0.01	)			0.14				(0.28	)			4.83		3.19			363,404		0.82		0.87		3.10		324
Year ended 12/31/19			4.66			0.24			0.26				0.50				(0.19	)			4.97		10.80			395,324		0.77(g)		0.82		4.86(h)		134
Year ended 12/31/18			5.13			0.25			(0.47	)			(0.22	)			(0.25	)			4.66		(4.40)			346,707		0.81(g)		0.88(g)		5.07(h)		68
Year ended 12/31/17			4.94			0.22			0.09				0.31				(0.12	)			5.13		6.27			393,337		0.76(g)		0.82(g)		4.40(h)		74
Year ended 12/31/16			4.88			0.20			0.11				0.31				(0.25	)			4.94		6.53			401,308		0.74(g)		0.79(g)		4.00(h)		80
Series II
Six months ended 06/30/21			4.99			0.06			(0.20	)			(0.14	)			–				4.85		(2.81)			632,999		1.07(f)		1.13(f)		2.44(f)		127
Year ended 12/31/20			5.13			0.14			(0.01	)			0.13				(0.27	)			4.99		2.79			661,276		1.07		1.12		2.85		324
Year ended 12/31/19			4.80			0.23			0.27				0.50				(0.17	)			5.13		10.61			736,339		1.02(g)		1.08		4.60(h)		134
Year ended 12/31/18			5.27			0.24			(0.48	)			(0.24	)			(0.23	)			4.80		(4.54)			1,081,833		1.06(g)		1.13(g)		4.82(h)		68
Year ended 12/31/17			5.07			0.22			0.08				0.30				(0.10	)			5.27		6.04			1,277,689		1.01(g)		1.07(g)		4.15(h)		74
Year ended 12/31/16			5.00			0.19			0.12				0.31				(0.24	)			5.07		6.27			1,284,022		0.99(g)		1.04(g)		3.75(h)		80

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.04%, 0.02%, 0.01% and 0.01% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)  The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $2,177,497,748 and $2,279,114,634, $2,370,164,194 and $2,399,236,376, $2,271,944,419 and $2,153,905,799, $1,798,210,272 and $1,766,445,159 for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(e)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $351,613 and $643,819 for Series I and Series II shares, respectively.

^(g)  Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

^(h)  Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco V.I. Global Strategic Income Fund

Notes to Consolidated Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Global Strategic Income Fund, formerly Invesco Oppenheimer V.I. Global Strategic Income Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Invesco V.I. Global Strategic Income Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

    The Fund’s investment objective is to seek total return.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

Invesco V.I. Global Strategic Income Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

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

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

L. 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

Invesco V.I. Global Strategic Income Fund

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 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.

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

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

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

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

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

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

P. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation)

Invesco V.I. Global Strategic Income Fund

of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

R. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, index and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund will initially enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated, at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund’s or the Counterparty’s payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party’s payment obligation will be based on a specified rate representing expected volatility for the reference asset at the

Invesco V.I. Global Strategic Income Fund

time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset’s volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

S. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

T. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

U. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

V. Other Risks – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

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

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

Invesco V.I. Global Strategic Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $200 million		0.600%
Next $4 billion		0.500%
Over $5 billion		0.480%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.84% and Series II shares to 1.09% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $285,013.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $70,109 for accounting and fund administrative services and was reimbursed $724,148 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Consolidated Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Global Strategic Income Fund

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 June 30, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended June 30, 2021, there were transfers from Level 3 to Level 2 of 11,143,569, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $8,767, due to lack of availability of market data.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	349,643,933		$	–	$	349,643,933
Non-U.S. Dollar Denominated Bonds & Notes		–			255,258,022			43,520		255,301,542
U.S. Treasury Securities		–			77,971,730			–		77,971,730
Asset-Backed Securities		–			76,066,107			–		76,066,107
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			37,667,912			–		37,667,912
Exchange-Traded Funds		26,737,398			–			–		26,737,398
Variable Rate Senior Loan Interests		2,699			18,012,657			1,036,200		19,051,556
Agency Credit Risk Transfer Notes		–			10,885,663			–		10,885,663
Preferred Stocks		–			8,629,418			–		8,629,418
Common Stocks & Other Equity Interests		94,360			77,192			20,070		191,622
Money Market Funds		56,226,788			929,060			–		57,155,848
Options Purchased		–			10,699,931			–		10,699,931
Total Investments in Securities		83,061,245			845,841,625			1,099,790		930,002,660
Other Investments - Assets*
Futures Contracts		264,969			–			–		264,969
Forward Foreign Currency Contracts		–			16,312,443			–		16,312,443
Swap Agreements		–			6,350,739			–		6,350,739
		264,969			22,663,182			–		22,928,151
Other Investments - Liabilities*
Futures Contracts		(1,649,691	)		–			–		(1,649,691	)
Forward Foreign Currency Contracts		–			(9,418,048	)		–		(9,418,048	)
Options Written		–			(8,364,282	)		–		(8,364,282	)
Swap Agreements		–			(13,985,459	)		–		(13,985,459	)
		(1,649,691	)		(31,767,789	)		–		(33,417,480	)
Total Other Investments		(1,384,722	)		(9,104,607	)		–		(10,489,329	)
Total Investments	$	81,676,523		$	836,737,018		$	1,099,790	$	919,513,331

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

    A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

    The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended June 30, 2021:

	Value 12/31/2020		Purchases at Cost		Proceeds from Sales		Accrued Discounts/ Premiums		Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3	Transfers out of Level 3		Value 06/30/2021
Variable Rate Senior Loan Interests		$11,193,807		$1,038,900		$(80,815)		$(471)	$2		$28,346	$        -		$(11,143,569)		$1,036,200
Non-U.S. Dollar Denominated Bonds & Notes		42,878		-		-		(24)	-		666	-		-		43,520
Common Stocks & Other Equity Interests		19,988		-		(1,713)		-	-		(6,972)	8,767		-		20,070
Total		$11,256,673		$1,038,900		$(82,528)		$(495)	$2		$22,040	$8,767		$(11,143,569)		$1,099,790

    Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

NOTE 4–Derivative Investments

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Invesco V.I. Global Strategic Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
	Credit			Currency			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	-		$	264,969		$	264,969
Unrealized appreciation on swap agreements – Centrally Cleared(a)		52,621			-			5,540,786			5,593,407
Unrealized appreciation on forward foreign currency contracts outstanding		-			16,312,443			-			16,312,443
Unrealized appreciation on swap agreements – OTC		680,106			-			77,226			757,332
Options purchased, at value – OTC(b)		25,720			5,975,853			4,698,358			10,699,931
Total Derivative Assets		758,447			22,288,296			10,581,339			33,628,082
Derivatives not subject to master netting agreements		(52,621	)		-			(5,805,755	)		(5,858,376	)
Total Derivative Assets subject to master netting agreements	$	705,826		$	22,288,296		$	4,775,584		$	27,769,706
	Value
	Credit			Currency			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	-		$	(1,649,691	)	$	(1,649,691	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		(463,508	)		-			(13,133,433	)		(13,596,941	)
Unrealized depreciation on forward foreign currency contracts outstanding		-			(9,418,048	)		-			(9,418,048	)
Unrealized depreciation on swap agreements – OTC		(112,391	)		-			(276,127	)		(388,518	)
Options written, at value – OTC		(1,876,725	)		(3,343,442	)		(3,144,115	)		(8,364,282	)
Total Derivative Liabilities		(2,452,624	)		(12,761,490	)		(18,203,366	)		(33,417,480	)
Derivatives not subject to master netting agreements		463,508			-			14,783,124			15,246,632
Total Derivative Liabilities subject to master netting agreements	$	(1,989,116	)	$	(12,761,490	)	$	(3,420,242	)	$	(18,170,848	)

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)  Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2021.

																				Collateral
	Financial Derivative Assets								Financial Derivative Liabilities											(Received/Pledged)
	Forward								Forward
	Foreign								Foreign
	Currency		Options		Swap		Total		Currency		Options		Swap			Total		Net Value of							Net
Counterparty	Contracts		Purchased		Agreements		Assets		Contracts		Written		Agreements			Liabilities		Derivatives		Non-Cash			Cash		Amount
Bank of America, N.A.	$	1,166,383	$	194,573	$	77,226	$	1,438,182	$	(3,526,886)	$	(6,990)	$	-		$	(3,533,876)	$	(2,095,694)	$	-		$	1,860,000	$	(235,694)
Citibank, N.A.		2,300,234		-		24,420		2,324,654		(712,592)		-		(22,371)			(734,963)		1,589,691		-			(1,210,000)		379,691
Goldman Sachs International		741,967		5,980,547		376,918		7,099,432		(863,645)		(5,187,213)		(316,777)			(6,367,635)		731,797		-			(731,797)		-
J.P. Morgan Chase Bank, N.A.		8,848,003		2,231,739		680,655		11,760,397		(2,657,362)		(1,366,340)		(91,816)			(4,115,518)		7,644,879		(7,644,879)			-		-
Morgan Stanley and Co. International PLC		1,520,474		1,838,142		-		3,358,616		(1,143,882)		(1,437,800)		-			(2,581,682)		776,934		-			(776,934)		-
Royal Bank of Canada		1,295,219		-		-		1,295,219		(112,148)		-		-			(112,148)		1,183,071		-			(1,040,000)		143,071
Natwest Markets PLC		4,058		-		-		4,058		-		-		-			-		4,058		-			-		4,058
Standard Chartered Bank PLC		436,105		454,930		-		891,035		(401,533)		(365,939)		-			(767,472)		123,563		-			(123,563)		-
Total	$	16,312,443	$	10,699,931	$	1,159,219	$	28,171,593	$	(9,418,048)	$	(8,364,282)	$	(430,964	)	$	(18,213,294)	$	9,958,299	$	(7,644,879	)	$	(2,022,294)	$	291,126

Invesco V.I. Global Strategic Income Fund

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Credit			Currency			Equity			Interest
	Risk			Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(7,956,495	)	$	-		$	-		$	(7,956,495	)
Futures contracts		-			-			-			15,621,692			15,621,692
Options purchased(a)		-			(4,286,417	)		(749,217	)		3,062,137			(1,973,497	)
Options written		-			7,668,710			297,462			2,043,240			10,009,412
Swap agreements		(1,325,984	)		-			28,458			(20,849,529	)		(22,147,055	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			8,585,691			-			-			8,585,691
Futures contracts		-			-			-			592,345			592,345
Options purchased(a)		(34,705	)		(4,027,601	)		-			(2,573,880	)		(6,636,186	)
Options written		394,667			(1,907,528	)		-			(329,014	)		(1,841,875	)
Swap agreements		276,908			-			-			(11,959,735	)		(11,682,827	)
Total	$	(689,114	)	$	(1,923,640	)	$	(423,297	)	$	(14,392,744	)	$	(17,428,795	)

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

				Foreign		Foreign
	Forward			Currency		Currency
	Foreign Currency	Futures	Swaptions	Options	Swaptions	Options	Swap
	Contracts	Contracts	Purchased	Purchased	Written	Written	Agreements
Average notional value	$1,887,872,836	$345,940,049	$695,757,932	$495,235,330	$747,071,886	$620,094,037	$226,622,106,145

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of June 30, 2021. The Fund intends to reserve against    such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve.

		Principal
Borrower	Type	Amount		Value
Avianca Holdings S.A.	Term Loan A-1	$	52,280	$	53,260

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

Invesco V.I. Global Strategic Income Fund

The Fund had a capital loss carryforward as of December 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	112,395,747	$	114,734,120	$	227,129,867

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $820,088,225 and $860,646,490, respectively. Cost of investments, including any derivatives, on a tax basis    includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 112,793,660
Aggregate unrealized (depreciation) of investments	(120,433,819	)
Net unrealized appreciation (depreciation) of investments	$    (7,640,159	)

    Cost of investments for tax purposes is $932,091,294.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		3,653,910		$	17,247,562			7,198,242		$	34,167,624
Series II		4,010,549			19,638,421			2,731,449			13,393,044
Issued as reinvestment of dividends:
Series I		-			-			4,591,807			21,122,311
Series II		-			-			7,290,891			34,704,644
Reacquired:
Series I		(4,889,959	)		(23,339,455	)		(16,117,197	)		(75,646,927	)
Series II		(5,961,931	)		(29,374,649	)		(21,278,732	)		(102,712,933	)
Net increase (decrease) in share activity		(3,187,431	)	$	(15,828,121	)		(15,583,540	)	$	(74,972,237	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Global Strategic Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning       Account Value       (01/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending       Account Value       (06/30/21)1	Expenses       Paid During       Period2	Ending       Account Value       (06/30/21)	Expenses       Paid During       Period2
Series I	$1,000.00	$973.10	$4.01	$1,020.73	$4.11	0.82%
Series II	1,000.00	971.90	5.23	1,019.49	5.36	1.07

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Strategic Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Strategic Income Fund’s (formerly, Invesco Oppenheimer V.I. Global Strategic Income Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s positioning in developed market high yield and emerging market foreign currencies negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different

Invesco V.I. Global Strategic Income Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees were in the fourth quintile of its expense group and discussed with management reasons for such relative contractual management fees. The Board noted that there were only five other funds in the Fund’s expense group.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market

funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Global Strategic Income Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Government Money Market Fund

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The Fund’s Form N-MFP filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-MFP, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE
Invesco Distributors, Inc.	VIGMKT-SAR-1

About your Fund

Invesco V.I. Government Money Market Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent monthend performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

  The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

Invesco V.I. Government Money Market Fund

Schedule of Investments

June 30, 2021

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
U.S. Treasury Securities-34.52%
U.S. Treasury Bills-12.69%(a)
U.S. Treasury Bills	0.10%	07/01/2021	$	5,000	$	5,000,000
U.S. Treasury Bills	0.09%	07/08/2021		5,000		4,999,913
U.S. Treasury Bills	0.05%	07/13/2021		10,000		9,999,833
U.S. Treasury Bills	0.16%	07/15/2021		2,000		1,999,879
U.S. Treasury Bills	0.02%	07/29/2021		20,000		19,999,689
U.S. Treasury Bills	0.03%	09/16/2021		15,000		14,999,198
U.S. Treasury Bills	0.01%	09/21/2021		20,000		19,999,499
U.S. Treasury Bills	0.14%	10/07/2021		5,000		4,998,094
U.S. Treasury Bills	0.11%	12/30/2021		5,000		4,997,220
U.S. Treasury Bills	0.07%	02/24/2022		5,000		4,997,686
U.S. Treasury Bills	0.07%	06/16/2022		5,000		4,996,597
						96,987,608
U.S. Treasury Notes-21.83%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b)	0.27%	07/31/2021		3,000		3,000,184
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b)	0.35%	10/31/2021		7,000		7,005,661
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b)	0.20%	01/31/2022		7,000		6,999,543
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b)	0.16%	04/30/2022		3,000		3,002,043
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)	0.11%	07/31/2022		7,000		7,001,052
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)	0.11%	10/31/2022		16,000		15,999,771
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)	0.10%	01/31/2023		6,000		6,000,193
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)	0.08%	04/30/2023		10,000		10,000,742
U.S. Treasury Notes	1.13%	08/31/2021		25,000		25,044,490
U.S. Treasury Notes	1.50%	08/31/2021		10,000		10,024,096
U.S. Treasury Notes	1.75%	11/30/2021		10,000		10,069,416
U.S. Treasury Notes	1.38%	01/31/2022		15,000		15,113,834
U.S. Treasury Notes	1.50%	01/31/2022		17,000		17,140,301
U.S. Treasury Notes	1.88%	04/30/2022		20,000		20,300,844
U.S. Treasury Notes	2.13%	05/15/2022		5,000		5,089,600
U.S. Treasury Notes	2.13%	06/30/2022		5,000		5,100,748
						166,892,518
Total U.S. Treasury Securities (Cost $263,880,126)						263,880,126
U.S. Government Sponsored Agency Securities-18.02%
Federal Farm Credit Bank (FFCB)-5.30%
Federal Farm Credit Bank (SOFR + 0.05%)(b)	0.10%	10/05/2021		10,000		9,999,867
Federal Farm Credit Bank (SOFR + 0.09%)(b)	0.14%	06/17/2022		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.20%)(b)	0.25%	06/23/2022		2,500		2,503,098
Federal Farm Credit Bank (SOFR + 0.15%)(b)	0.20%	07/28/2022		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.07%)(b)	0.12%	08/11/2022		4,500		4,499,998
Federal Farm Credit Bank (SOFR + 0.06%)(b)	0.11%	08/26/2022		2,500		2,499,854
Federal Farm Credit Bank (SOFR + 0.03%)(b)	0.08%	10/12/2022		5,000		4,999,805
Federal Farm Credit Bank (SOFR + 0.06%)(b)	0.11%	02/09/2023		6,000		6,000,000
						40,502,622
Federal Home Loan Bank (FHLB)-7.59%
Federal Home Loan Bank(a)	0.03%	07/21/2021		15,000		14,999,792
Federal Home Loan Bank (SOFR + 0.08%)(b)	0.13%	07/23/2021		2,000		2,000,000
Federal Home Loan Bank (SOFR + 0.14%)(b)	0.19%	08/18/2021		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.06%)(b)	0.11%	08/24/2021		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.02%)(b)	0.07%	09/02/2021		10,000		10,000,000
Federal Home Loan Bank (SOFR + 0.17%)(b)	0.22%	11/12/2021		3,000		3,000,000
Federal Home Loan Bank (SOFR + 0.15%)(b)	0.20%	11/15/2021		2,000		2,000,000
Federal Home Loan Bank (SOFR + 0.07%)(b)	0.12%	04/28/2022		2,000		2,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Money Market Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank (SOFR + 0.13%)(b)	0.18%	08/05/2022	$	5,000	$	5,000,000
Federal Home Loan Bank (SOFR + 0.09%)(b)	0.14%	08/19/2022		7,000		7,000,571
Federal Home Loan Bank (SOFR + 0.06%)(b)	0.11%	12/08/2022		2,000		2,000,000
						58,000,363
Federal Home Loan Mortgage Corp. (FHLMC)-1.18%
Federal Home Loan Mortgage Corp. (SOFR + 0.07%)(b)	0.12%	08/12/2022		4,000		4,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)(b)	0.14%	09/16/2022		5,000		5,000,000
9,000,000
Federal National Mortgage Association (FNMA)-1.70%
Federal National Mortgage Association (SOFR + 0.23%)(b)	0.25%	07/06/2021		10,000		10,000,000
Federal National Mortgage Association (SOFR + 0.30%)(b)	0.32%	01/07/2022		3,000		3,000,000
						13,000,000
U.S. International Development Finance Corp. (DFC)-2.25%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)	0.10%	06/15/2025		2,400		2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)	0.10%	07/15/2025		220		220,056
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)	0.10%	02/15/2028		7,500		7,500,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)	0.08%	07/07/2040		7,081		7,081,117
						17,201,173
Total U.S. Government Sponsored Agency Securities (Cost $137,704,158)						137,704,158
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-52.54% (Cost $401,584,284)						401,584,284
			Repurchase Amount
Repurchase Agreements-47.19%(d)
BNP Paribas Securities Corp., joint term agreement dated 06/24/2021, aggregate maturing value of $500,004,861 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,049; 0.00% - 7.00%; 08/15/2021 - 10/01/2056)(e)	0.05%	07/01/2021		10,000,097		10,000,000
BofA Securities, Inc., joint term agreement dated 06/02/2021, aggregate maturing value of $495,004,125 (collateralized by domestic agency mortgage-backed securities valued at $504,900,000; 1.50% - 2.50%; 06/01/2036 - 07/01/2051)(e)	0.01%	07/02/2021		20,000,167		20,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 06/30/2021, aggregate maturing value of $1,500,002,500 (collateralized by U.S. Treasury obligations valued at $1,532,595,332; 0.13% - 3.13%; 11/30/2021 - 11/15/2028)	0.06%	07/01/2021		35,000,058		35,000,000
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 06/30/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,278,777,481; 0.38% - 4.25%; 11/30/2025 - 05/15/2039)	0.05%	07/01/2021		35,000,049		35,000,000
ING Financial Markets, LLC, joint agreement dated 06/30/2021, aggregate maturing value of $200,000,278 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 1.50% - 5.50%; 09/01/2029 - 05/01/2058)	0.05%	07/01/2021		35,000,049		35,000,000
ING Financial Markets, LLC, joint term agreement dated 06/24/2021, aggregate maturing value of $150,001,750 (collateralized by domestic agency mortgage-backed securities valued at $153,000,000; 1.50% - 7.50%; 06/01/2027 - 10/15/2060)(e)	0.06%	07/01/2021		3,000,035		3,000,000
J.P. Morgan Securities LLC, joint agreement dated 06/30/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 6.01%; 06/01/2027 - 07/01/2051)	0.05%	07/01/2021		35,000,049		35,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,668; 0.00% - 7.25%; 07/13/2021 -01/15/2025)(f)	0.05%	-		-		5,000,000
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 1.75% - 6.00%; 11/30/2024 - 07/01/2051)(f)	0.06%	-		-		12,000,000
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $295,800,000; 0.00% - 5.00%; 07/31/2021 -07/01/2051)(f)	0.10%	-		-		5,000,000
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $408,000,021; 0.00% - 7.00%; 09/30/2025 -07/25/2051)(f)	0.07%	-		-		10,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Money Market Fund

	Interest Rate	Maturity Date	Repurchase Amount		Value
Metropolitan Life Insurance Co., joint term agreement dated 06/30/2021, aggregate maturing value of $350,019,514 (collateralized by U.S. Treasury obligations valued at $358,641,335; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)(e)	0.07%	07/07/2021	$	15,003,798	$	15,003,594
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 06/30/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 0.39% - 4.50%; 07/25/2032 - 05/20/2069)	0.05%	07/01/2021		20,794,347		20,794,318
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 06/30/2021, aggregate maturing value of $995,388,548 (collateralized by U.S. Treasury obligations valued at $1,015,797,430; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)(e)	0.07%	07/07/2021		29,850,406		29,850,000
RBC Capital Markets LLC, joint term agreement dated 06/30/2021, aggregate maturing value of $750,000,000 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $765,000,106; 0.00% - 8.15%; 08/15/2021 - 08/20/2065)(b)(e)	0.10%	08/30/2021		15,000,000		15,000,000
RBC Dominion Securities Inc., joint agreement dated 06/30/2021, aggregate maturing value of $2,000,002,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $2,040,000,004; 0.00% - 6.50%; 02/28/2022 -07/01/2051)	0.05%	07/01/2021		35,000,049		35,000,000
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,051; 0.00% - 6.63%; 07/15/2021 - 05/15/2051)(f)	0.05%	-		-		5,000,000
Wells Fargo Securities, LLC, joint agreement dated 06/30/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 1.50% - 3.50%; 02/01/2023 - 06/01/2051)	0.06%	07/01/2021		35,000,058		35,000,000
Total Repurchase Agreements (Cost $360,647,912)						360,647,912
TOTAL INVESTMENTS IN SECURITIES(g)-99.73% (Cost $762,232,196)						762,232,196
OTHER ASSETS LESS LIABILITIES-0.27%						2,057,818
NET ASSETS-100.00%					$	764,290,014

Investment Abbreviations:

SOFR	-Secured Overnight Financing Rate
VRD	-Variable Rate Demand

Notes to Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

^(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on June 30, 2021.

^(d)  Principal amount equals value at period end. See Note 1I.

^(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(f)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.

^(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 06/30/2021

1-7	49.2	%
8-30	7.3
31-60	1.8
61-90	10.9
91-180	5.7
181+	25.1

* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Money Market Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, excluding repurchase agreements, at value and cost	$	401,584,284
Repurchase agreements, at value and cost		360,647,912
Receivable for:
Fund shares sold		27,420,212
Interest		465,724
Fund expenses absorbed		182,884
Investment for trustee deferred compensation and retirement plans		44,652
Total assets		790,345,668
Liabilities:
Payable for:
Investments purchased		25,138,495
Fund shares reacquired		121,488
Dividends		52
Accrued fees to affiliates		704,685
Accrued trustees’ and officers’ fees and benefits		1,403
Accrued operating expenses		33,124
Trustee deferred compensation and retirement plans		56,407
Total liabilities		26,055,654
Net assets applicable to shares outstanding	$	764,290,014
Net assets consist of:
Shares of beneficial interest	$	764,255,539
Distributable earnings		34,475
	$	764,290,014
Net Assets:
Series I	$	681,392,773
Series II	$	82,897,241
Shares outstanding, no par value, unlimited number of shares authorized:
Series I		681,350,786
Series II		82,891,891
Series I:
Net asset value and offering price per share	$	1.00
Series II:
Net asset value and offering price per share	$	1.00

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest	$	338,330
Expenses:
Advisory fees		595,139
Administrative services fees		754,982
Custodian fees		2,900
Distribution fees - Series II		107,877
Transfer agent fees		8,787
Trustees’ and officers’ fees and benefits		25,994
Reports to shareholders		7,038
Professional services fees		25,817
Other		6,514
Total expenses		1,535,048
Less: Fees waived and expenses reimbursed		(1,231,826	)
Net expenses		303,222
Net investment income		35,108
Net increase in net assets resulting from operations	$	35,108

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Money Market Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	35,108		$	2,162,974
Net realized gain		-			40,138
Net increase in net assets resulting from operations		35,108			2,203,112
Distributions to shareholders from distributable earnings:
Series I		(31,297	)		(2,008,417	)
Series II		(3,811	)		(154,557	)
Total distributions from distributable earnings		(35,108	)		(2,162,974	)
Share transactions-net:
Series I		(30,255,145	)		112,942,473
Series II		(7,948,656	)		18,863,611
Net increase (decrease) in net assets resulting from share transactions		(38,203,801	)		131,806,084
Net increase (decrease) in net assets		(38,203,801	)		131,846,222
Net assets:
Beginning of period		802,493,815			670,647,593
End of period	$	764,290,014		$	802,493,815

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Money Market Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations			Dividends from net investment income			Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets
Series I
Six months ended 06/30/21		$	1.00		$	0.00		$	-			$	0.00		$(0.00)			$	1.00		0.00	%		$	681,393		0.08	%(c)		0.36	%(c)		0.01	%(c)
Year ended 12/31/20			1.00			0.00			0.00				0.00		(0.00	)			1.00		0.29				711,648		0.29			0.35			0.26
Year ended 12/31/19			1.00			0.02			0.00				0.02		(0.02	)			1.00		1.90				598,670		0.36			0.36			1.90
Year ended 12/31/18			1.00			0.02			(0.00	)			0.02		(0.02	)			1.00		1.55				900,901		0.36			0.36			1.55
Year ended 12/31/17			1.00			0.01			(0.00	)			0.01		(0.01	)			1.00		0.56				656,368		0.40			0.40			0.56
Year ended 12/31/16			1.00			0.00			0.00				0.00		(0.00	)			1.00		0.10				636,532		0.35			0.38			0.10
Series II
Six months ended 06/30/21			1.00			0.00			-				0.00		(0.00	)			1.00		0.00				82,897		0.08	(c)		0.61	(c)		0.01	(c)
Year ended 12/31/20			1.00			0.00			0.00				0.00		(0.00	)			1.00		0.21				90,846		0.36			0.60			0.19
Year ended 12/31/19			1.00			0.02			0.00				0.02		(0.02	)			1.00		1.64				71,978		0.61			0.61			1.65
Year ended 12/31/18			1.00			0.01			(0.00	)			0.01		(0.01	)			1.00		1.30				96,339		0.61			0.61			1.30
Year ended 12/31/17			1.00			0.00			(0.00	)			0.00		(0.00	)			1.00		0.31				85,541		0.65			0.65			0.31
Year ended 12/31/16			1.00			0.00			0.00				0.00		(0.00	)			1.00		0.03				97,362		0.43			0.63			0.02

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Ratios are annualized and based on average daily net assets (000’s omitted) of $713,078 and $87,017 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Money Market Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Government Money Market Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown

Invesco V.I. Government Money Market Fund

as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

K. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser and/or Invesco Distributors, Inc., (“IDI”) voluntarily agreed to waive fees and/or reimburse expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended June 30, 2021, Invesco voluntarily waived advisory fees of $595,139, reimbursed fund level expenses of $528,810 and waived class level expenses of $107,877 for Series II shares in order to increase the Fund’s yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $174,574 for accounting and fund administrative services and was reimbursed $580,408 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with IDI to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. 12b-1 fees before fee waivers are shown as Distribution fees in the Statement of Operations. For the six months ended June 30, 2021, 12b-1 fees incurred for Series II shares were $0, after voluntary waivers of $107,877.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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

Invesco V.I. Government Money Market Fund

own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of June 30, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The Bank of New York Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have any capital loss carryforward as of December 31, 2020.

NOTE 7–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		869,286,581		$	869,286,581			1,782,972,429		$	1,782,972,429
Series II		16,723,815			16,723,815			82,180,237			82,180,237
Issued as reinvestment of dividends:
Series I		30,571			30,571			1,952,855			1,952,855
Series II		3,811			3,811			154,297			154,297
Reacquired:
Series I		(899,572,297	)		(899,572,297	)		(1,671,982,811	)		(1,671,982,811	)
Series II		(24,676,282	)		(24,676,282	)		(63,470,923	)		(63,470,923	)
Net increase (decrease) in share activity		(38,203,801	)	$	(38,203,801	)		131,806,084		$	131,806,084

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 84% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Government Money Market Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Class	Beginning   Account Value   (01/01/21)	Ending   Account Value   (06/30/21)1	Expenses   Paid During   Period2	Ending Account Value (06/30/21)	Expenses Paid During Period2	Annualized   Expense Ratio
Series I	$1,000.00	$1,000.00	$0.40	$1,024.40	$0.40	0.08%
Series II	1,000.00	1,000.00	0.40	1,024.40	0.40	0.08

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Government Money Market Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Government Money Market Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the T-Bill 3 Month Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory

Invesco V.I. Government Money Market Fund

and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from

services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

Invesco V.I. Government Money Market Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Government Securities Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VIGOV-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-1.08	%
Series II Shares	-1.17
Bloomberg Barclays U.S. Aggregate Bond Indexq (Broad Market Index)	-1.60
Bloomberg Barclays Intermediate U.S. Government Indexq (Style-Specific Index)	-1.12
Lipper VUF Intermediate U.S. Government Funds Classification Average∎ (Peer Group)	-1.41
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

The Bloomberg Barclays Intermediate U.S. Government Index is comprised of the Intermediate U.S. Treasury and U.S. Agency Indices.

The Lipper VUF Intermediate U.S. Government Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Intermediate U.S. Government Funds classification.

The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns

As of 6/30/21

Series I Shares
Inception (5/5/93)	4.12	%
10 Years	2.48
5 Years	2.16
1 Year	0.12
Series II Shares
Inception (9/19/01)	3.21	%
10 Years	2.22
5 Years	1.89
1 Year	-0.14

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Government Securities Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Government Securities Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Government Securities Fund

Schedule of Investments

June 30, 2021

(Unaudited)

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities-68.96%
Collateralized Mortgage Obligations-13.02%
Fannie Mae ACES, 2.76% (1 mo. USD LIBOR + 0.59%), 09/25/2023(a)	$	400,761	$	402,218
3.27%, 02/25/2029		5,000,000		5,636,055
Fannie Mae REMICs, 3.00%, 10/25/2025		31		31
2.50%, 03/25/2026		581		584
7.00%, 09/18/2027		94,738		103,791
1.50%, 01/25/2028		1,676,212		1,702,281
6.50%, 03/25/2032		379,190		443,377
5.75%, 10/25/2035		112,322		125,886
0.39% (1 mo. USD LIBOR + 0.30%), 05/25/2036(a)		1,325,964		1,334,039
4.25%, 02/25/2037		16,744		16,766
0.54% (1 mo. USD LIBOR + 0.45%), 03/25/2037(a)		653,202		660,880
6.61%, 06/25/2039(b)		1,665,278		1,968,100
0.59% (1 mo. USD LIBOR + 0.50%), 03/25/2040 to 05/25/2041(a)		684,513		687,550
4.00%, 07/25/2040		1,056,439		1,145,715
0.64% (1 mo. USD LIBOR + 0.55%), 02/25/2041(a)		623,157		625,851
0.61% (1 mo. USD LIBOR + 0.52%), 11/25/2041(a)		813,469		820,078
0.43% (1 mo. USD LIBOR + 0.32%), 08/25/2044(a)		1,069,185		1,068,739
0.59% (1 mo. USD LIBOR + 0.48%), 02/25/2056(a)		2,075,823		2,091,054
0.53% (1 mo. USD LIBOR + 0.42%), 12/25/2056(a)		2,547,426		2,548,357
Series 2021-11, Class MI, IO, 2.00%, 03/25/2051(c)		2,863,671		409,860
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KLU1, Class A2, 2.51%, 12/25/2025		5,000,000		5,263,057
Series KG01, Class A7, 2.88%, 04/25/2026		5,000,000		5,406,161
Series KS11, Class AFX1, 2.15%, 12/25/2028		5,000,000		5,152,479
Series K093, Class A1, 2.76%, 12/25/2028		1,901,992		2,040,964
Series K092, Class AM, 3.02%, 04/25/2029		5,000,000		5,518,330

	Principal Amount		Value
Collateralized Mortgage Obligations-(continued)
Freddie Mac REMICs, 3.00%, 04/15/2026	$	325	$	326
0.57% (1 mo. USD LIBOR + 0.50%), 12/15/2035 to 03/15/2040(a)		1,894,119		1,911,435
0.37% (1 mo. USD LIBOR + 0.30%), 03/15/2036 to 09/15/2044(a)		2,474,753		2,476,620
0.46% (1 mo. USD LIBOR + 0.35%), 11/15/2036(a)		1,526,978		1,496,519
0.44% (1 mo. USD LIBOR + 0.37%), 03/15/2037(a)		713,762		720,398
0.47% (1 mo. USD LIBOR + 0.40%), 06/15/2037(a)		1,065,511		1,076,057
0.93% (1 mo. USD LIBOR + 0.86%), 11/15/2039(a)		398,140		408,686
0.52% (1 mo. USD LIBOR + 0.45%), 03/15/2040 to 02/15/2042(a)		3,443,330		3,473,109
Freddie Mac STRIPS, 0.46%(1 mo. USD LIBOR + 0.35%), 10/15/2037(a)		1,228,763		1,234,581
				57,969,934
Federal Home Loan Mortgage Corp. (FHLMC)-11.83%
6.50%, 10/01/2021 to 12/01/2035		1,133,386		1,302,077
7.00%, 12/01/2021 to 11/01/2035		1,579,036		1,816,418
8.00%, 12/01/2021 to 02/01/2035		194,263		206,140
7.50%, 09/01/2022 to 06/01/2035		514,991		586,932
8.50%, 11/17/2022 to 08/01/2031		91,622		97,260
5.50%, 12/01/2022		521		525
3.00%, 05/01/2027 to 01/01/2050		14,303,463		15,160,636
7.05%, 05/20/2027		37,422		40,157
6.00%, 06/01/2029 to 07/01/2038		142,811		162,661
6.03%, 10/20/2030		429,714		490,236
2.50%, 09/01/2034 to 12/01/2050		19,998,959		21,016,896
5.00%, 01/01/2037 to 01/01/2040		574,804		659,322
4.50%, 01/01/2040 to 08/01/2041		3,113,269		3,453,129
ARM, 2.43% (1 yr. USD LIBOR + 1.88%), 09/01/2035(a)		1,628,609		1,731,563
2.26% (1 yr. USD LIBOR + 1.87%), 07/01/2036(a)		1,392,664		1,476,585
2.20% (1 yr. USD LIBOR + 1.55%), 10/01/2036(a)		904,399		955,480
2.41% (1 yr. USD LIBOR + 1.91%), 10/01/2036(a)		66,351		70,865
2.46% (1 yr. USD LIBOR + 1.97%), 11/01/2037(a)		321,563		343,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–(continued)
2.45% (1 yr. USD LIBOR + 2.08%), 01/01/2038(a)	$	19,020	$	19,988
2.17% (1 yr. USD LIBOR + 1.83%), 07/01/2038(a)		431,456		459,487
2.26% (1 yr. USD LIBOR + 1.78%), 06/01/2043(a)		515,609		545,655
2.89%, 01/01/2048(d)		1,974,110		2,062,933
				52,658,758
Federal National Mortgage Association (FNMA)–28.98%
6.00%, 08/01/2021 to 10/01/2038		742,820		867,739
7.00%, 09/01/2021 to 04/01/2036		1,000,351		1,084,915
7.50%, 11/01/2022 to 08/01/2037		2,066,341		2,361,294
6.50%, 06/01/2023 to 11/01/2037		1,214,780		1,380,709
5.50%, 11/01/2023 to 05/01/2035		741,706		855,884
6.75%, 07/01/2024		55,523		62,192
8.50%, 09/01/2024 to 08/01/2037		330,120		375,889
4.50%, 11/01/2024 to 12/01/2048		2,453,540		2,733,328
6.95%, 10/01/2025		8,999		9,125
0.50%, 11/07/2025		4,000,000		3,954,207
8.00%, 09/01/2026 to 10/01/2037		1,272,897		1,496,246
3.50%, 03/01/2027 to 08/01/2027		3,360,226		3,620,312
3.00%, 05/01/2027 to 03/01/2050		12,443,129		13,161,399
0.75%, 10/08/2027		6,000,000		5,855,074
3.59%, 10/01/2028		4,000,000		4,573,385
3.79%, 11/01/2028		4,000,000		4,633,248
5.00%, 08/01/2033 to 12/01/2033		137,580		148,125
2.50%, 12/01/2034 to 07/01/2035		15,344,246		16,146,643
2.00%, 09/01/2035 to 01/01/2051		13,267,011		13,618,428
4.00%, 09/01/2043 to 12/01/2048		9,983,988		11,003,744
ARM, 2.49% (1 yr. U.S. Treasury Yield Curve Rate + 2.36%), 10/01/2034(a)		1,130,653		1,207,893
2.32% (1 yr. U.S. Treasury Yield Curve Rate + 2.18%), 05/01/2035(a)		99,919		106,544
2.12% (1 yr. USD LIBOR + 1.72%), 03/01/2038(a)		26,423		27,820
2.15% (1 yr. USD LIBOR + 1.77%), 02/01/2042(a)		201,212		202,520
2.20% (1 yr. USD LIBOR + 1.52%), 08/01/2043(a)		362,501		372,042
2.03% (1 yr. U.S. Treasury Yield Curve Rate + 1.88%), 05/01/2044(a)		617,461		639,863

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
TBA,
2.00%, 07/01/2036(e)	$	16,465,000	$	16,983,712
2.50%, 07/01/2051(e)		20,830,000		21,546,031
			129,028,311
Government National Mortgage Association (GNMA)–15.13%
7.50%, 11/15/2022 to 10/15/2035		996,616		1,115,930
8.00%, 01/15/2023 to 01/15/2037		606,412		683,105
7.00%, 09/15/2023 to 12/15/2036		461,536		501,065
6.50%, 12/15/2023 to 09/15/2034		1,604,515		1,781,770
6.00%, 01/16/2025 to 08/15/2033		306,290		342,178
5.00%, 02/15/2025		61,540		69,308
6.95%, 08/20/2025 to 08/20/2027		80,642		80,948
6.38%, 10/20/2027 to 12/20/2027		71,734		77,325
6.10%, 12/20/2033		2,485,164		2,849,753
5.70%, 08/20/2034(b)		634,185		724,496
8.50%, 10/15/2036 to 01/15/2037		118,358		124,690
5.89%, 01/20/2039(b)		2,315,085		2,701,126
0.87% (1 mo. USD LIBOR + 0.80%), 09/16/2039(a)		639,617		653,078
0.79% (1 mo. USD LIBOR + 0.70%), 05/20/2040(a)		1,348,018		1,365,988
4.51%, 07/20/2041(b)		325,118		362,681
2.28%, 09/20/2041		1,413,281		1,463,022
0.34% (1 mo. USD LIBOR + 0.25%), 01/20/2042(a)		17,777		17,816
3.50%, 10/20/2042 to 06/20/2050		10,655,154		11,327,427
0.39% (1 mo. USD LIBOR + 0.30%), 08/20/2047(a)		2,701,346		2,707,895
2.50%, 07/20/2049		5,132,480		5,258,658
3.00%, 10/20/2049 to 11/20/2049		7,443,991		7,779,050
Series 2019–29, Class PE, 3.00%, 10/20/2048		2,965,591		3,124,315
Series 2019-52, Class JL, 3.00%, 11/20/2048		3,491,713		3,650,020
Series 2019-30, Class MA, 3.50%, 03/20/2049		675,540		713,469
TBA, 2.50%, 07/01/2051(e)		13,790,000		14,271,573
Series 2020-137, Class A, 1.50%, 04/16/2062		3,636,621		3,629,319
				67,376,005
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $300,717,276)				307,033,008
U.S. Treasury Securities–28.93%
U.S. Treasury Bills–0.17%(f)(g)
0.01% - 0.05%, 07/15/2021		767,000		766,986
U.S. Treasury Bonds–1.16%
5.38%, 02/15/2031		3,800,000		5,169,113

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

	Principal Amount		Value
U.S. Treasury Notes-27.60%
1.50%, 09/15/2022	$	1,000,000	$	1,016,641
2.00%, 11/30/2022		2,700,000		2,770,348
0.13% - 2.38%, 01/31/2023		7,557,000		7,621,638
0.13%, 02/28/2023		5,557,000		5,550,705
1.63%, 04/30/2023		4,000,000		4,102,031
2.75%, 05/31/2023		6,300,000		6,603,434
1.63%, 10/31/2023		625,000		644,116
2.63%, 12/31/2023		1,900,000		2,007,803
0.25%, 03/15/2024		7,000,000		6,973,203
0.25%, 05/15/2024		3,000,000		2,983,828
2.00%, 05/31/2024		2,500,000		2,613,086
2.25%, 11/15/2024		5,200,000		5,498,391
2.13%, 05/15/2025		8,480,000		8,956,337
2.25%, 11/15/2025		8,300,000		8,832,691
0.38% - 2.88%, 11/30/2025		11,500,000		11,567,559
0.38%, 12/31/2025		7,000,000		6,868,477
1.50%, 08/15/2026		8,550,000		8,806,166
1.13%, 02/28/2027		9,159,000		9,226,619
2.38%, 05/15/2027		1,000,000		1,076,797
0.50%, 06/30/2027		1,900,000		1,838,102
2.25%, 11/15/2027		2,900,000		3,102,887
2.75%, 02/15/2028		1,900,000		2,094,008
2.88%, 08/15/2028		8,000,000		8,899,062
2.38%, 05/15/2029		2,600,000		2,806,172
1.63%, 08/15/2029		400,000		409,187
				122,869,288
Total U.S. Treasury Securities (Cost $126,208,434)				128,805,387
Asset-Backed Securities-6.53%(h)
Angel Oak Mortgage Trust, Series 2020-6, Class A2, 1.52%, 05/25/2065(b)(i)		1,662,121		1,673,926
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.94%, 09/15/2048(j)		15,422,649		437,752
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 2.86%, 01/25/2035(b)		267,719		274,514
Chase Mortgage Finance Corp., Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(i)		1,407,202		1,427,131
Series 2016-SH2, Class M3, 3.71%, 12/25/2045(b)(i)		1,547,051		1,569,756
COLT Mortgage Loan Trust, Series 2020-1, Class A3, 2.90%, 02/25/2050(b)(i)		1,998,944		2,010,830
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(i)		1,880,013		1,891,911
FRESB Mortgage Trust, Series 2019- SB63, Class A5, 2.55%, 02/25/2039(b)		3,617,659		3,729,994
Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.50%, 10/25/2058(b)(i)		256,305		257,477
GCAT Trust, Series 2020-NQM1, Class A3, 2.55%, 01/25/2060(i)(k)		3,891,145		3,945,506

	Principal Amount		Value
Mello Mortgage Capital Acceptance Trust, Series 2021-INV1, Class A4, 2.50%, 06/25/2051(b)(i)	$	650,000	$	669,881
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 0.84% (1 mo. USD LIBOR + 0.75%), 01/25/2048(a)(i)		2,002,283		2,008,500
Series 2020-NQM1, Class A3, 2.77%, 01/26/2060(b)(i)		2,820,388		2,848,096
Textainer Marine Containers VII Ltd., Series 2021-2A, Class B, 2.82%, 04/20/2046(i)		3,946,667		3,974,990
Textainer Marine Containers VIII Ltd., Series 2020-3A, Class A, 2.11%, 09/20/2045(i)		2,325,648		2,347,250
Total Asset-Backed Securities (Cost $28,729,167)				29,067,514
U.S. Government Sponsored Agency Securities–3.70%
Federal Home Loan Bank (FHLB)–3.24%
Federal Home Loan Bank, 0.50%, 04/14/2025		14,500,000		14,418,443
Tennessee Valley Authority (TVA)–0.46%
Tennessee Valley Authority, 1.88%, 08/15/2022		2,000,000		2,039,298
Total U.S. Government Sponsored Agency Securities (Cost $16,513,196)				16,457,741
U.S. Dollar Denominated Bonds & Notes–1.33%
Other Diversified Financial Services–0.35%
Private Export Funding Corp., Series BB, 4.30%, 12/15/2021		1,540,000		1,569,895
Sovereign Debt–0.98%
Israel Government AID Bond, 5.13%, 11/01/2024		3,800,000		4,343,103
Total U.S. Dollar Denominated Bonds & Notes (Cost $5,345,533)				5,912,998
Agency Credit Risk Transfer Notes–0.65%
Fannie Mae Connecticut Avenue Securities, Series 2015-C02, Class 1M2, 4.09% (1 mo. USD LIBOR + 4.00%), 05/25/2025(a)		1,587,296		1,622,063
Freddie Mac, Series 2021-DNA3, Class M2, STACR® , 2.12% (30 Day Average SOFR + 2.10%), 10/25/2033(a)(i)		1,240,000		1,268,158
Total Agency Credit Risk Transfer Notes (Cost $2,740,071)				2,890,221
	Shares
Money Market Funds–1.38%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m) (Cost $6,159,222)		6,159,222		6,159,222
TOTAL INVESTMENTS IN SECURITIES–111.48% (Cost $486,412,899)				496,326,091
OTHER ASSETS LESS LIABILITIES–(11.48)%				(51,103,667	)
NET ASSETS–100.00%			$	445,222,424

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

Investment Abbreviations:

ACES	– Automatically Convertible Extendable Security
ARM	– Adjustable Rate Mortgage
Ctfs.	– Certificates
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
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
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

^(b) 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 June 30, 2021.

^(c) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1K.

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

^(g) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(h) Non-U.S. government sponsored securities.

⁽ⁱ⁾  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 June 30, 2021 was $25,893,412, which represented 5.82% of the Fund’s Net Assets.

^(j)  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 June 30, 2021.

^(k)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(l)  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 six months ended June 30, 2021.

Change in

Value

Purchases

Proceeds

Unrealized

Realized

Value

December 31, 2020

at Cost

from Sales

Appreciation

Gain

June 30, 2021

Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class

$4,863,064

$84,368,659

$(83,072,501)

$-

$-

$6,159,222

$

695

^(m) The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		398	September-2021	$	87,687,484		$	(137,596	)		$(137,596	)
U.S. Treasury 5 Year Notes		337	September-2021		41,595,805			(103,360	)		(103,360	)
U.S. Treasury 10 Year Notes		113	September-2021		14,972,500			77,448			77,448
Subtotal–Long Futures Contracts								(163,508	)		(163,508	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes		25	September-2021		(3,680,078	)		(53,931	)		(53,931	)
U.S. Treasury Long Bonds		123	September-2021		(19,772,250	)		(475,031	)		(475,031	)
U.S. Treasury Ultra Bonds		38	September-2021		(7,322,125	)		(272,319	)		(272,319	)
Subtotal–Short Futures Contracts								(801,281	)		(801,281	)
Total Futures Contracts							$	(964,789	)		$(964,789	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2021

U.S. Government Sponsored Agency Mortgage-Backed Securities	61.86%
U.S. Treasury Securities	25.95
Asset-Backed Securities	5.86
U.S. Government Sponsored Agency Securities	3.32
U.S. Dollar Denominated Bonds & Notes	1.19
Security types each less than 1% portfolio	0.58
Money Market Funds	1.24

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 480,253,677)	$	490,166,869
Investments in affiliated money market funds, at value (Cost $ 6,159,222)		6,159,222
Receivable for:
Investments sold		950,809
Fund shares sold		67,573
Dividends		50
Interest		1,164,894
Principal paydowns		364,682
Investment for trustee deferred compensation and retirement plans		239,646
Total assets		499,113,745
Liabilities:
Other investments:
Variation margin payable - futures contracts		97,498
Payable for:
Investments purchased		52,956,155
Fund shares reacquired		139,107
Accrued fees to affiliates		390,768
Accrued other operating expenses		53,028
Trustee deferred compensation and retirement plans		254,765
Total liabilities		53,891,321
Net assets applicable to shares outstanding	$	445,222,424
Net assets consist of:
Shares of beneficial interest	$	429,063,801
Distributable earnings		16,158,623
	$	445,222,424
Net Assets:
Series I	$	249,805,368
Series II	$	195,417,056
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		20,973,646
Series II		16,582,450
Series I:
Net asset value per share	$	11.91
Series II:
Net asset value per share	$	11.78

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest	$	3,744,612
Treasury Inflation-Protected Securities inflation adjustments		12,740
Dividends from affiliated money market funds		695
Total investment income		3,758,047
Expenses:
Advisory fees		1,060,875
Administrative services fees		366,340
Custodian fees		12,198
Distribution fees - Series II		235,230
Transfer agent fees		15,431
Trustees’ and officers’ fees and benefits		10,946
Reports to shareholders		5,227
Professional services fees		18,998
Other		3,296
Total expenses		1,728,541
Less: Fees waived		(467	)
Net expenses		1,728,074
Net investment income		2,029,973
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		1,665,724
Futures contracts		74,377
		1,740,101
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(7,347,654	)
Futures contracts		(1,315,568	)
		(8,663,222	)
Net realized and unrealized gain (loss)		(6,923,121	)
Net increase (decrease) in net assets resulting from operations	$	(4,893,148	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income		$  2,029,973		$	6,859,455
Net realized gain		1,740,101			13,926,151
Change in net unrealized appreciation (depreciation)		(8,663,222	)		6,053,328
Net increase (decrease) in net assets resulting from operations		(4,893,148	)		26,838,934
Distributions to shareholders from distributable earnings:
Series I		–			(6,407,384	)
Series II		–			(3,963,835	)
Total distributions from distributable earnings		–			(10,371,219	)
Share transactions–net:
Series I		(4,870,730	)		(3,683,669	)
Series II		12,545,830			3,388,007
Net increase (decrease) in net assets resulting from share transactions		7,675,100			(295,662	)
Net increase in net assets		2,781,952			16,172,053
Net assets:
Beginning of period		442,440,472			426,268,419
End of period	$	445,222,424		$	442,440,472

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income			Net asset value, end of period		Total return (b)		Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$12.04		$0.06		$(0.19)		$(0.13)		$       -			$11.91		(1.08)%		$249,805		0.67	%(d)		0.67	%(d)		1.02	%(d)		99	%
Year ended 12/31/20		11.61		0.20		0.53		0.73		(0.30	)		12.04		6.27		257,369		0.67			0.67			1.64			346
Year ended 12/31/19		11.22		0.25		0.43		0.68		(0.29	)		11.61		6.07		251,440		0.68			0.68			2.18			35
Year ended 12/31/18		11.41		0.25		(0.19)		0.06		(0.25	)		11.22		0.56		279,476		0.69			0.69			2.25			25
Year ended 12/31/17		11.44		0.22		(0.01)		0.21		(0.24	)		11.41		1.87		318,298		0.70			0.70			1.97			35
Year ended 12/31/16		11.52		0.23		(0.07)		0.16		(0.24	)		11.44		1.32		353,614		0.73			0.73			1.93			31
Series II
Six months ended 06/30/21		11.92		0.05		(0.19)		(0.14)		-			11.78		(1.17)		195,417		0.92	(d)		0.92	(d)		0.77	(d)		99
Year ended 12/31/20		11.50		0.17		0.52		0.69		(0.27	)		11.92		5.97 ��		185,071		0.92			0.92			1.39			346
Year ended 12/31/19		11.12		0.22		0.42		0.64		(0.26	)		11.50		5.75		174,828		0.93			0.93			1.93			35
Year ended 12/31/18		11.31		0.22		(0.19)		0.03		(0.22	)		11.12		0.29		191,725		0.94			0.94			2.00			25
Year ended 12/31/17		11.33		0.19		(0.00)		0.19		(0.21	)		11.31		1.72		207,086		0.95			0.95			1.72			35
Year ended 12/31/16		11.42		0.20		(0.08)		0.12		(0.21	)		11.33		1.00		205,010		0.98			0.98			1.68			31

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $257,886 and $189,744 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Government Securities Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Government Securities Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses

Invesco V.I. Government Securities Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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. Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Treasury Inflation-Protected Securities - The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

J. 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.

K. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on borrowings.

L. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although

Invesco V.I. Government Securities Fund

many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

M. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

N. Other Risks - The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.500	%
Over $250 million		0.450	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.48%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $467.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $33,377 for accounting and fund administrative services and was reimbursed $332,963 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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

Invesco V.I. Government Securities Fund

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 June 30, 2021. 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
U.S. Government Sponsored Agency Mortgage-Backed Securities	$	–		$	307,033,008		$–	$	307,033,008
U.S. Treasury Securities		–			128,805,387		–		128,805,387
Asset-Backed Securities		–			29,067,514		–		29,067,514
U.S. Government Sponsored Agency Securities		–			16,457,741		–		16,457,741
U.S. Dollar Denominated Bonds & Notes		–			5,912,998		–		5,912,998
Agency Credit Risk Transfer Notes		–			2,890,221		–		2,890,221
Money Market Funds		6,159,222			–		–		6,159,222
Total Investments in Securities		6,159,222			490,166,869		–		496,326,091
Other Investments - Assets*
Futures Contracts		77,448			–		–		77,448
Other Investments - Liabilities*
Futures Contracts		(1,042,237	)		–		–		(1,042,237	)
Total Other Investments		(964,789	)		–		–		(964,789	)
Total Investments	$	5,194,433		$	490,166,869		$–	$	495,361,302

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	77,448
Derivatives not subject to master netting agreements		(77,448	)
Total Derivative Assets subject to master netting agreements	$	-
	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(1,042,237	)
Derivatives not subject to master netting agreements		1,042,237
Total Derivative Liabilities subject to master netting agreements	$	-

^(a)   The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Invesco V.I. Government Securities Fund

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on Statement of Operations
	Interest          Rate Risk
Realized Gain:
Futures contracts		$               74,377
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,315,568	)
Total		$        (1,241,191	)

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	187,246,513

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,319,042	$	418,149	$	4,737,191

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $7,073,410 and $21,239,695, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	9,527,928
Aggregate unrealized (depreciation) of investments		(2,439,185	)
Net unrealized appreciation of investments	$	7,088,743
Cost of investments for tax purposes is $488,272,559.

Invesco V.I. Government Securities Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		2,036,712		$	24,382,327			6,054,979		$	72,781,909
Series II		1,768,980			20,938,095			3,404,583			40,292,573
Issued as reinvestment of dividends:
Series I		-			-			535,287			6,407,384
Series II		-			-			334,219			3,963,835
Reacquired:
Series I		(2,447,742	)		(29,253,057	)		(6,871,977	)		(82,872,962	)
Series II		(709,080	)		(8,392,265	)		(3,421,340	)		(40,868,401	)
Net increase (decrease) in share activity		648,870		$	7,675,100			35,751		$	(295,662	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 83% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Government Securities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning   Account Value     (01/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense Ratio
			Ending   Account Value     (06/30/21)1		Expenses   Paid During     Period2		Ending   Account Value     (06/30/21)		Expenses   Paid During     Period2
Series I		$1,000.00		$989.20		$3.30		$1,021.47		$3.36		0.67%
Series II		1,000.00		988.30		4.54		1,020.23		4.61		0.92

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Government Securities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Government Securities Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub- advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub- Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub- advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Intermediate U.S. Government Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one and five year periods and reasonably comparable to the Index for the three year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund

Invesco V.I. Government Securities Fund

was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that

Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub- Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Government Securities Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Growth and Income Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VK-VIGRI-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	19.55%
Series II Shares	19.41
S&P 500 Indexq (Broad Market Index)	15.25
Russell 1000 Value Indexq (Style-Specific Index)	17.05
Lipper VUF Large-Cap Value Funds Index∎ (Peer Group Index)	17.35
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper VUF Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value variable insurance underlying funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Effective June 1, 2010, Class I and Class II shares of the predecessor fund, Van Kampen Life Investment Trust Growth and Income Portfolio, advised by Van Kampen Asset Management were reorganized into Series I and Series II shares, respectively, of Invesco Van Kampen V.I. Growth and Income Fund (renamed Invesco V.I. Growth and Income Fund on April 29, 2013). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class I shares and Class II shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Growth and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Average Annual Total Returns As of 6/30/21
Series I Shares
Inception (12/23/96)	9.15	%
10 Years	10.79
5 Years	12.41
1 Year	52.19
Series II Shares
Inception (9/18/00)	7.25	%
10 Years	10.52
5 Years	12.13
1 Year	51.81

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Growth and Income Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Growth and Income Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.27%
Aerospace & Defense–5.26%
General Dynamics Corp.		114,422	$	21,541,086
Raytheon Technologies Corp.		451,087		38,482,232
Textron, Inc.		406,822		27,977,149
				88,000,467
Apparel Retail–1.59%
TJX Cos., Inc. (The)		395,594		26,670,947
Automobile Manufacturers–3.70%
General Motors Co.(b)		1,044,058		61,776,912
Building Products–2.63%
Johnson Controls International PLC		639,886		43,915,376
Cable & Satellite–2.74%
Charter Communications, Inc., Class A(b)		30,833		22,244,468
Comcast Corp., Class A		414,686		23,645,396
				45,889,864
Commodity Chemicals–0.92%
Dow, Inc.		242,568		15,349,703
Construction & Engineering–0.94%
Quanta Services, Inc.		174,097		15,767,965
Consumer Finance–1.51%
American Express Co.		152,578		25,210,463
Data Processing & Outsourced Services–0.82%
Fiserv, Inc.(b)		127,986		13,680,424
Distillers & Vintners–0.59%
Diageo PLC (United Kingdom)		206,950		9,917,769
Diversified Banks–7.08%
Bank of America Corp.		1,477,610		60,921,860
Wells Fargo & Co.		1,267,334		57,397,557
				118,319,417
Electric Utilities–2.45%
Duke Energy Corp.		132,982		13,127,983
Exelon Corp.		317,769		14,080,344
FirstEnergy Corp.		367,921		13,690,341
				40,898,668
Electrical Components & Equipment–0.92%
Emerson Electric Co.		159,502		15,350,472
Electronic Components–1.05%
Corning, Inc.		428,870		17,540,783
Electronic Manufacturing Services–0.98%
TE Connectivity Ltd.		120,625		16,309,706
Fertilizers & Agricultural Chemicals–1.46%
Corteva, Inc.		548,717		24,335,599

	Shares		Value
Food Distributors–2.28%
Sysco Corp.		265,933	$	20,676,291
US Foods Holding Corp.(b)		455,677		17,479,769
				38,156,060
Gold–0.72%
Barrick Gold Corp. (Canada)		579,487		11,983,791
Health Care Distributors–1.17%
McKesson Corp.		101,925		19,492,137
Health Care Equipment–2.16%
Medtronic PLC		190,262		23,617,222
Zimmer Biomet Holdings, Inc.		77,194		12,414,339
				36,031,561
Health Care Facilities–0.66%
Universal Health Services, Inc., Class B		75,753		11,092,512
Health Care Services–2.51%
Cigna Corp.		103,051		24,430,301
CVS Health Corp.		209,921		17,515,808
				41,946,109
Health Care Supplies–0.26%
Alcon, Inc. (Switzerland)		62,642		4,387,874
Home Improvement Retail–0.83%
Kingfisher PLC (United Kingdom)		2,751,076		13,880,058
Hotels, Resorts & Cruise Lines–1.37%
Booking Holdings, Inc.(b)		10,464		22,896,174
Human Resource & Employment Services–0.62%
Adecco Group AG (Switzerland)		153,695		10,446,574
Industrial Machinery–0.10%
Parker-Hannifin Corp.		5,497		1,688,184
Insurance Brokers–0.73%
Willis Towers Watson PLC		53,131		12,221,193
Integrated Oil & Gas–1.38%
Chevron Corp.		219,959		23,038,506
Investment Banking & Brokerage–6.38%
Charles Schwab Corp. (The)		308,735		22,478,995
Goldman Sachs Group, Inc. (The)		119,760		45,452,513
Morgan Stanley		422,617		38,749,753
				106,681,261
IT Consulting & Other Services–2.47%
Cognizant Technology Solutions Corp., Class A		595,594		41,250,840
Managed Health Care–1.15%
Anthem, Inc.		50,401		19,243,102
Movies & Entertainment–3.06%
Netflix, Inc.(b)		35,122		18,551,792

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Growth and Income Fund

	Shares		Value
Movies & Entertainment–(continued)
Walt Disney Co. (The)(b)		185,106	$	32,536,081
				51,087,873
Multi-line Insurance–2.46%
American International Group, Inc.		865,136		41,180,474
Oil & Gas Exploration & Production–4.92%
Canadian Natural Resources Ltd. (Canada)		451,744		16,399,226
ConocoPhillips		453,575		27,622,717
Devon Energy Corp.		676,292		19,740,963
Pioneer Natural Resources Co.		113,719		18,481,612
				82,244,518
Other Diversified Financial Services–0.92%
Voya Financial, Inc.		249,361		15,335,702
Pharmaceuticals–5.89%
Bristol-Myers Squibb Co.		331,010		22,118,088
GlaxoSmithKline PLC (United Kingdom)		678,843		13,335,647
Johnson & Johnson		81,490		13,424,663
Merck & Co., Inc.		179,818		13,984,446
Pfizer, Inc.		315,639		12,360,423
Sanofi (France)		221,113		23,169,472
				98,392,739
Railroads–2.08%
CSX Corp.		1,084,296		34,784,216
Real Estate Services–2.43%
CBRE Group, Inc., Class A(b)		474,166		40,650,251
Regional Banks–6.06%
Citizens Financial Group, Inc.		837,724		38,426,400
PNC Financial Services Group, Inc. (The)		169,957		32,420,997
Truist Financial Corp.		548,418		30,437,199
				101,284,596

	Shares		Value
Semiconductors–5.43%
Intel Corp.		550,713	$	30,917,028
Micron Technology, Inc.(b)		173,466		14,741,141
NXP Semiconductors N.V. (China)		115,322		23,724,042
QUALCOMM, Inc.		149,725		21,400,194
				90,782,405
Specialty Chemicals–0.77%
Axalta Coating Systems Ltd.(b)		421,586		12,854,157
Systems Software–1.46%
Oracle Corp.		313,774		24,424,168
Tobacco–2.40%
Philip Morris International, Inc.		404,658		40,105,654
Wireless Telecommunication Services–0.96%
Vodafone Group PLC (United Kingdom)		9,569,070		16,094,488
Total Common Stocks & Other Equity Interests (Cost $1,091,736,493)				1,642,591,712
Money Market Funds–1.81%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		11,027,061		11,027,061
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		6,609,062		6,611,706
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		12,602,355		12,602,355
Total Money Market Funds (Cost $30,241,122)				30,241,122
TOTAL INVESTMENTS IN SECURITIES–100.08% (Cost $1,121,977,615)				1,672,832,834
OTHER ASSETS LESS LIABILITIES–(0.08)%				(1,320,639	)
NET ASSETS–100.00%			$	1,671,512,195

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)  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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  22,913,609		$	61,443,654		$	(73,330,202	)		$       -		$          -		$	11,027,061			$  1,468
Invesco Liquid Assets Portfolio, Institutional Class		12,925,470			43,483,901			(49,798,957	)		1,292		-			6,611,706			519
Invesco Treasury Portfolio, Institutional Class		26,186,982			70,221,318			(83,805,945	)		-		-			12,602,355			585
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,780,034			19,492,734			(24,272,768	)		-		-			-			47	*
Invesco Private Prime Fund		7,170,051			33,830,331			(41,000,382	)		-		-			-			985	*
Total		$73,976,146		$	228,471,938		$	(272,208,254	)		$1,292		$          -		$	30,241,122		$	3,604

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

^(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Growth and Income Fund

Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
Currency Risk
07/30/2021	Bank of New York Mellon (The)	EUR	14,629,941	USD	17,408,664	$ 51,152
07/30/2021	State Street Bank & Trust Co.	CHF	13,394,738	USD	14,565,830	78,180
07/30/2021	State Street Bank & Trust Co.	GBP	28,238,551	USD	39,207,527	141,822
07/30/2021	State Street Bank & Trust Co.	USD	336,324	CHF	311,068	125
Subtotal–Appreciation						271,279
Currency Risk
07/30/2021	State Street Bank & Trust Co.	CAD	15,209,091	USD	12,268,133	(1,039)
07/30/2021	State Street Bank & Trust Co.	GBP	700,227	USD	966,517	(2,189)
07/30/2021	State Street Bank & Trust Co.	USD	188,633	CAD	233,777	(45)
07/30/2021	State Street Bank & Trust Co.	USD	2,916,826	CHF	2,675,393	(23,141)
Subtotal–Depreciation						(26,414)
Total Forward Foreign Currency Contracts						$ 244,865

Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Financials	25.14	%
Health Care	13.80
Industrials	12.55
Information Technology	12.21
Consumer Discretionary	7.49
Communication Services	6.76
Energy	6.30
Consumer Staples	5.27
Materials	3.87
Utilities	2.45
Real Estate	2.43
Money Market Funds Plus Other Assets Less Liabilities	1.73

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Growth and Income Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,091,736,493)	$	1,642,591,712
Investments in affiliated money market funds, at value (Cost $30,241,122)		30,241,122
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		271,279
Foreign currencies, at value (Cost $88,541)		87,983
Receivable for:
Investments sold		5,946,911
Fund shares sold		83,659
Dividends		2,508,988
Investment for trustee deferred compensation and retirement plans		235,754
Total assets		1,681,967,408
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		26,414
Payable for:
Investments purchased		7,313,577
Fund shares reacquired		1,161,148
Accrued fees to affiliates		1,566,900
Accrued other operating expenses		127,309
Trustee deferred compensation and retirement plans		259,865
Total liabilities		10,455,213
Net assets applicable to shares outstanding	$	1,671,512,195
Net assets consist of:
Shares of beneficial interest	$	1,129,589,232
Distributable earnings		541,922,963
	$	1,671,512,195
Net Assets:
Series I	$	176,551,030
Series II	$	1,494,961,165
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		7,889,471
Series II		66,959,853
Series I:
Net asset value per share	$	22.38
Series II:
Net asset value per share	$	22.33

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $277,469)	$	16,428,259
Dividends from affiliated money market funds (includes securities lending income of $72,776)		75,348
Total investment income		16,503,607
Expenses:
Advisory fees		4,694,185
Administrative services fees		1,360,134
Custodian fees		19,871
Distribution fees - Series II		1,864,203
Transfer agent fees		14,110
Trustees’ and officers’ fees and benefits		12,863
Reports to shareholders		7,903
Professional services fees		19,344
Other		10,706
Total expenses		8,003,319
Less: Fees waived		(9,433	)
Net expenses		7,993,886
Net investment income		8,509,721
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		95,879,522
Foreign currencies		36,039
Forward foreign currency contracts		(934,145	)
		94,981,416
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		189,344,945
Affiliated investment securities		1,292
Foreign currencies		(25,049	)
Forward foreign currency contracts		1,205,286
		190,526,474
Net realized and unrealized gain		285,507,890
Net increase in net assets resulting from operations	$	294,017,611

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Growth and Income Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	8,509,721		$	21,440,640
Net realized gain (loss)		94,981,416			(94,559,403	)
Change in net unrealized appreciation		190,526,474			59,918,547
Net increase (decrease) in net assets resulting from operations		294,017,611			(13,200,216	)
Distributions to shareholders from distributable earnings:
Series I		–			(5,561,715	)
Series II		–			(42,601,032	)
Total distributions from distributable earnings		–			(48,162,747	)
Share transactions–net:
Series I		(10,814,757	)		(24,590,096	)
Series II		(185,090,999	)		(40,847,878	)
Net increase (decrease) in net assets resulting from share transactions		(195,905,756	)		(65,437,974	)
Net increase (decrease) in net assets		98,111,855			(126,800,937	)
Net assets:
Beginning of period		1,573,400,340			1,700,201,277
End of period	$	1,671,512,195		$	1,573,400,340

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Growth and Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21	$	18.72	$	0.13		$	3.53		$	3.66		$	–		$	–		$	–		$	22.38		19.55	%	$	176,551		0.74	%(d)		0.74	%(d)		1.25	%(d)		14	%
Year ended 12/31/20		19.09		0.31			(0.01	)		0.30			(0.39	)		(0.28	)		(0.67	)		18.72		2.09			157,478		0.75			0.75			1.90			46
Year ended 12/31/19		17.51		0.37			3.84			4.21			(0.38	)		(2.25	)		(2.63	)		19.09		25.19			187,097		0.73			0.74			1.91			62
Year ended 12/31/18		22.70		0.36			(2.95	)		(2.59	)		(0.47	)		(2.13	)		(2.60	)		17.51		(13.38	)		166,306		0.75			0.75			1.63			32
Year ended 12/31/17		21.05		0.41	(e)		2.52			2.93			(0.34	)		(0.94	)		(1.28	)		22.70		14.32			187,254		0.76			0.76			1.90	(e)		17
Year ended 12/31/16		19.60		0.33			3.29			3.62			(0.23	)		(1.94	)		(2.17	)		21.05		19.69			168,082		0.77			0.79			1.69			28
Series II
Six months ended 06/30/21		18.70		0.10			3.53			3.63			–			–			–			22.33		19.41			1,494,961		0.99	(d)		0.99	(d)		1.00	(d)		14
Year ended 12/31/20		19.06		0.27			(0.01	)		0.26			(0.34	)		(0.28	)		(0.62	)		18.70		1.85			1,415,923		1.00			1.00			1.65			46
Year ended 12/31/19		17.48		0.32			3.83			4.15			(0.32	)		(2.25	)		(2.57	)		19.06		24.85			1,513,105		0.98			0.99			1.66			62
Year ended 12/31/18		22.66		0.30			(2.95	)		(2.65	)		(0.40	)		(2.13	)		(2.53	)		17.48		(13.59	)		1,085,260		1.00			1.00			1.38			32
Year ended 12/31/17		21.02		0.36	(e)		2.51			2.87			(0.29	)		(0.94	)		(1.23	)		22.66		14.04			1,823,085		1.01			1.01			1.65	(e)		17
Year ended 12/31/16		19.58		0.28			3.28			3.56			(0.18	)		(1.94	)		(2.12	)		21.02		19.37			1,838,074		1.02			1.04			1.44			28

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $171,946 and $1,503,722 for Series I and Series II shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.30 and 1.42%, and $0.25 and 1.17%, for Series I and Series II, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Growth and Income Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Growth and Income Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek long-term growth of capital and income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Growth and Income Fund

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 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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. Growth and Income Fund

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

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.600	%
Over $500 million		0.550	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.56%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective May 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.78% and Series II shares to 1.03% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $9,433.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $114,517 for accounting and fund administrative services and was reimbursed $1,245,617 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $2,702 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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

Invesco V.I. Growth and Income Fund

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 June 30, 2021. 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	$	1,551,359,830	$	91,231,882			$–	$	1,642,591,712
Money Market Funds		30,241,122		–			–		30,241,122
Total Investments in Securities		1,581,600,952		91,231,882			–		1,672,832,834
Other Investments - Assets*
Forward Foreign Currency Contracts		–		271,279			–		271,279
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(26,414	)		–		(26,414	)
Total Other Investments		–		244,865			–		244,865
Total Investments	$	1,581,600,952	$	91,476,747			$–	$	1,673,077,699

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	271,279
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	271,279
	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(26,414	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(26,414	)

Invesco V.I. Growth and Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2021.

	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
	Forward Foreign	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Currency Contracts	Derivatives	Non-Cash	Cash	Amount
Bank of New York Mellon (The)	$51,152	$              -	$51,152	$-	$-	$	51,152
State Street Bank & Trust Co.	220,127	(26,414)	193,713	-	-		193,713
Total	$271,279	$(26,414)	$244,865	$-	$-	$	244,865

Effect of Derivative Investments for the six months ended June 30, 2021    

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

	Location of Gain (Loss) on Statement of Operations
	Currency
	Risk
Realized Gain (Loss):
Forward foreign currency contracts		$	(934,145	)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts			1,205,286
Total		$	271,141

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$	92,202,276

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	30,104,856	$	56,679,617	$	86,784,473

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

Invesco V.I. Growth and Income Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $228,835,436 and $412,337,878, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	506,774,215
Aggregate unrealized (depreciation) of investments		(3,628,156	)
Net unrealized appreciation of investments	$	503,146,059

Cost of investments for tax purposes is $1,169,931,640.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		326,479		$	6,925,971			1,177,028		$	18,316,966
Series II		176,051			3,806,800			21,163,497			336,267,970
Issued as reinvestment of dividends:
Series I		-			-			341,629			5,561,715
Series II		-			-			2,618,379			42,601,032
Reacquired:
Series I		(849,632	)		(17,740,728	)		(2,909,124	)		(48,468,777	)
Series II		(8,937,362	)		(188,897,799	)		(27,458,503	)		(419,716,880	)
Net increase (decrease) in share activity		(9,284,464	)	$	(195,905,756	)		(5,067,094	)	$	(65,437,974	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Growth and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

				ACTUAL						HYPOTHETICAL (5% annual return before expenses)
	Beginning			Ending			Expenses			Ending			Expenses			Annualized
	Account Value			Account Value			Paid During			Account Value			Paid During			Expense
	(01/01/21)			(06/30/21)1			Period2			(06/30/21)			Period2			Ratio
Series I		$	1,000.00		$	1,195.50		$	4.03		$	1,021.12		$	3.71		0.74	%
Series II			1,000.00			1,194.10			5.39			1,019.89			4.96		0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Growth and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Growth and Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to

ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a

Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the fifth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s exposure to certain issuers operating in industries that were significantly impacted by the COVID-19 pandemic, as well as stock selection in and overweight and underweight exposures to certain sectors, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. Growth and Income Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.

The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Growth and Income Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Health Care Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. I-VIGHC-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	5.01	%
Series II Shares	4.89
MSCI World Indexq (Broad Market Index)	13.05
MSCI World Health Care Indexq (Style-Specific Index)	9.92
S&P Composite 1500 Health Care Indexq (Style-Specific Index)	11.81
Source(s): qRIMES Technologies Corp.

The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

The MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

The S&P Composite 1500^® Health Care Index tracks the performance of US health care sector stocks.

The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/21/97)	9.34	%
10 Years	12.11
5 Years	12.74
1 Year	23.47
Series II Shares
Inception (4/30/04)	8.97	%
10 Years	11.83
5 Years	12.46
1 Year	23.15

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Health Care Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Health Care Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Health Care Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.70%
Biotechnology–20.17%
AbbVie, Inc.		56,017	$	6,309,755
Acceleron Pharma, Inc.(b)		11,743		1,473,629
Allakos, Inc.(b)		7,403		631,994
Alnylam Pharmaceuticals, Inc.(b)		6,926		1,174,095
Amgen, Inc.		8,057		1,963,894
Apellis Pharmaceuticals, Inc.(b)(c)		10,845		685,404
Arcus Biosciences, Inc.(b)		20,679		567,845
Argenx SE, ADR (Netherlands)(b)		4,771		1,436,405
Ascendis Pharma A/S, ADR (Denmark)(b)		5,786		761,148
Biogen, Inc.(b)		4,184		1,448,794
Biohaven Pharmaceutical Holding Co. Ltd.(b)		6,188		600,731
Biomea Fusion, Inc.(b)		20,500		320,005
CareDx, Inc.(b)		20,435		1,870,211
Cogent Biosciences, Inc.(b)(c)		73,645		597,261
CRISPR Therapeutics AG (Switzerland)(b)(c)		3,486		564,349
Denali Therapeutics, Inc.(b)		6,184		485,073
Exact Sciences Corp.(b)(c)		9,935		1,235,020
Fate Therapeutics, Inc.(b)		12,483		1,083,400
Forte Biosciences, Inc.(b)		18,837		633,300
Genmab A/S, ADR (Denmark)(b)(c)		34,759		1,419,210
Gilead Sciences, Inc.		30,485		2,099,197
Halozyme Therapeutics, Inc.(b)		29,200		1,325,972
Horizon Therapeutics PLC(b)		24,320		2,277,325
Insmed, Inc.(b)		26,680		759,313
Kadmon Holdings, Inc.(b)		135,262		523,464
Keros Therapeutics, Inc.(b)		7,056		299,668
Mirati Therapeutics, Inc.(b)		6,829		1,103,088
Natera, Inc.(b)		17,893		2,031,392
Olema Pharmaceuticals, Inc.(b)(c)		25,408		710,916
PMV Pharmaceuticals, Inc.(b)(c)		21,329		728,599
Rocket Pharmaceuticals, Inc.(b)(c)		18,370		813,607
Seagen, Inc.(b)		9,702		1,531,752
SpringWorks Therapeutics, Inc.(b)		9,716		800,696
Sutro Biopharma, Inc.(b)(c)		32,693		607,763
TG Therapeutics, Inc.(b)(c)		25,870		1,003,497
Trillium Therapeutics, Inc. (Canada)(b)(c)		80,970		785,409
Twist Bioscience Corp.(b)(c)		4,724		629,473
Ultragenyx Pharmaceutical, Inc.(b)		8,999		858,055
United Therapeutics Corp.(b)		6,872		1,232,905
Veracyte, Inc.(b)(c)		21,514		860,130
Zentalis Pharmaceuticals, Inc.(b)		13,571		721,977
				46,965,721
Health Care Equipment–22.93%
Abbott Laboratories		59,804		6,933,078
Danaher Corp.		30,827		8,272,734
DexCom, Inc.(b)		2,852		1,217,804
Globus Medical, Inc., Class A(b)		29,182		2,262,480
IDEXX Laboratories, Inc.(b)		12,464		7,871,639
Inari Medical, Inc.(b)		12,177		1,135,871
Insulet Corp.(b)		9,148		2,511,217

	Shares		Value
Health Care Equipment–(continued)
Intuitive Surgical, Inc.(b)		8,176	$	7,518,977
Masimo Corp.(b)		8,697		2,108,588
Medtronic PLC		32,438		4,026,529
Penumbra, Inc.(b)(c)		4,740		1,299,044
Shockwave Medical, Inc.(b)		4,908		931,195
Stryker Corp.		16,854		4,377,489
Zimmer Biomet Holdings, Inc.		18,134		2,916,310
				53,382,955
Health Care Facilities–3.92%
HCA Healthcare, Inc.		27,677		5,721,943
Surgery Partners, Inc.(b)(c)		32,917		2,192,930
Tenet Healthcare Corp.(b)		18,093		1,212,050
				9,126,923
Health Care Services–3.29%
1Life Healthcare, Inc.(b)(c)		26,332		870,536
Amedisys, Inc.(b)		9,196		2,252,376
CVS Health Corp.		17,880		1,491,907
Guardant Health, Inc.(b)		8,953		1,111,873
Oak Street Health, Inc.(b)(c)		19,225		1,126,008
Signify Health, Inc., Class A(b)(c)		26,992		821,367
				7,674,067
Health Care Supplies–5.50%
Alcon, Inc. (Switzerland)		17,106		1,201,868
Align Technology, Inc.(b)		8,915		5,447,065
Cooper Cos., Inc. (The)		6,394		2,533,750
Pulmonx Corp.(b)(c)		17,035		751,584
West Pharmaceutical Services, Inc.		8,016		2,878,546
				12,812,813
Health Care Technology–2.94%
Health Catalyst, Inc.(b)		5,134		284,988
Inspire Medical Systems, Inc.(b)		16,916		3,269,186
Phreesia, Inc.(b)		20,875		1,279,638
Veeva Systems, Inc., Class A(b)		6,467		2,010,914
				6,844,726
Life Sciences Tools & Services–15.84%
10X Genomics, Inc., Class A(b)		9,276		1,816,426
Agilent Technologies, Inc.		35,246		5,209,711
Bio-Rad Laboratories, Inc., Class A(b)		3,022		1,947,044
Bio-Techne Corp.		4,474		2,014,463
Charles River Laboratories International, Inc.(b)		10,745		3,974,790
Illumina, Inc.(b)		2,651		1,254,480
IQVIA Holdings, Inc.(b)		11,712		2,838,052
Lonza Group AG (Switzerland)		2,078		1,473,079
Maravai LifeSciences Holdings, Inc.,
Class A(b)		39,730		1,657,933
Medpace Holdings, Inc.(b)		3,361		593,654
Mettler-Toledo International, Inc.(b)		1,738		2,407,721
NeoGenomics, Inc.(b)		17,330		782,796
Quanterix Corp.(b)		12,708		745,451
Repligen Corp.(b)		12,282		2,451,733

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Health Care Fund

	Shares		Value
Life Sciences Tools & Services–(continued)
Thermo Fisher Scientific, Inc.		15,285	$	7,710,824
				36,878,157
Managed Health Care–9.85%
Anthem, Inc.		3,541		1,351,954
HealthEquity, Inc.(b)		11,165		898,559
Humana, Inc.		14,684		6,500,900
UnitedHealth Group, Inc.		35,418		14,182,784
				22,934,197
Pharmaceuticals–14.26%
AstraZeneca PLC (United Kingdom)		5,154		618,471
AstraZeneca PLC, ADR (United Kingdom)(c)		110,652		6,628,055
Bristol-Myers Squibb Co.		80,383		5,371,192
Catalent, Inc.(b)		27,537		2,977,301
Eli Lilly and Co.		37,239		8,547,095
Novartis AG, ADR (Switzerland)		11,685		1,066,139
Roche Holding AG (Switzerland)		10,121		3,814,307
Royalty Pharma PLC, Class A		23,378		958,264
Zoetis, Inc.		17,268		3,218,065
				33,198,889
Total Common Stocks & Other Equity Interests (Cost $164,775,455)				229,818,448
Money Market Funds–1.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		873,007		873,007

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		866,358	$	866,705
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		997,723		997,723
Total Money Market Funds (Cost $2,737,159)				2,737,435
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $167,512,614)				232,555,883
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–9.47%
Invesco Private Government Fund, 0.02%(d)(e)(f)		6,616,903		6,616,903
Invesco Private Prime Fund, 0.12%(d)(e)(f)		15,433,266		15,439,439
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,056,342)				22,056,342
TOTAL INVESTMENTS IN SECURITIES–109.35% (Cost $189,568,956)				254,612,225
OTHER ASSETS LESS LIABILITIES–(9.35)%				(21,762,464	)
NET ASSETS–100.00%			$	232,849,761

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  867,698		$  7,848,257		$  (7,842,948)		$       -		$     -		$873,007		$  145
Invesco Liquid Assets Portfolio, Institutional Class		861,656		5,605,898		(5,600,936)		68		19		866,705		92
Invesco Treasury Portfolio, Institutional Class		991,654		8,969,436		(8,963,367)		-		-		997,723		59
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		220,001		23,105,078		(16,708,176)		-		-		6,616,903		102	*
Invesco Private Prime Fund		330,001		41,755,856		(26,646,635)		-		217		15,439,439		1,631	*
Total		$3,271,010		$87,284,525		$(65,762,062)		$68		$236		$24,793,777		$2,029

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Health Care Fund

Portfolio Composition

By country, based on Net Assets

as of June 30, 2021

United States	90.21%
Switzerland	3.48
United Kingdom	3.11
Countries each less than 2% of portfolio	1.90
Money Market Funds Plus Other Assets Less Liabilities	1.30

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Health Care Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $164,775,455)*	$	229,818,448
Investments in affiliated money market funds, at value (Cost $24,793,501)		24,793,777
Foreign currencies, at value (Cost $40,825)		40,684
Receivable for:
Investments sold		1,109,989
Fund shares sold		32,293
Dividends		235,998
Investment for trustee deferred compensation and retirement plans		73,254
Total assets		256,104,443
Liabilities:
Payable for:
Investments purchased		824,141
Fund shares reacquired		70,878
Collateral upon return of securities loaned		22,056,342
Accrued fees to affiliates		195,924
Accrued other operating expenses		25,846
Trustee deferred compensation and retirement plans		81,551
Total liabilities		23,254,682
Net assets applicable to shares outstanding	$	232,849,761
Net assets consist of:
Shares of beneficial interest	$	119,271,390
Distributable earnings		113,578,371
	$	232,849,761
Net Assets:
Series I	$	155,433,821
Series II	$	77,415,940
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,393,182
Series II		2,328,321
Series I:
Net asset value per share	$	35.38
Series II:
Net asset value per share	$	33.25

* At June 30, 2021, securities with an aggregate value of $21,571,785 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $42,939)	$	947,014
Dividends from affiliated money market funds (includes securities lending income of $9,267)		9,563
Total investment income		956,577
Expenses:
Advisory fees		848,102
Administrative services fees		186,766
Custodian fees		5,309
Distribution fees - Series II		93,562
Transfer agent fees		17,879
Trustees’ and officers’ fees and benefits		10,129
Reports to shareholders		5,541
Professional services fees		23,356
Other		2,681
Total expenses		1,193,325
Less: Fees waived		(793	)
Net expenses		1,192,532
Net investment income (loss)		(235,955	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		24,642,159
Affiliated investment securities		236
Foreign currencies		3,230
		24,645,625
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(13,262,365	)
Affiliated investment securities		68
Foreign currencies		(6,194	)
		(13,268,491	)
Net realized and unrealized gain		11,377,134
Net increase in net assets resulting from operations	$	11,141,179

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Health Care Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(235,955	)	$	121,434
Net realized gain		24,645,625			24,351,223
Change in net unrealized appreciation (depreciation)		(13,268,491	)		4,448,294
Net increase in net assets resulting from operations		11,141,179			28,920,951
Distributions to shareholders from distributable earnings:
Series I		–			(3,835,331	)
Series II		–			(1,795,400	)
Total distributions from distributable earnings		–			(5,630,731	)
Share transactions–net:
Series I		(7,682,190	)		(10,234,970	)
Series II		(2,193,723	)		(2,188,112	)
Net increase (decrease) in net assets resulting from share transactions		(9,875,913	)		(12,423,082	)
Net increase in net assets		1,265,266			10,867,138
Net assets:
Beginning of period		231,584,495			220,717,357
End of period	$	232,849,761		$	231,584,495

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Health Care Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																																					Ratio of			Ratio of
																																					expenses			expenses
								Net gains																													to average			to average net			Ratio of net
								(losses)																													net assets			assets without			investment
	Net asset			Net				on securities								Dividends				Distributions																	with fee waivers			fee waivers			income
	value,			investment				(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			(loss)
	beginning			income				realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			(loss)(a)				unrealized)				operations				income				gains				distributions				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21		$	33.69		$	(0.02	)		$	1.71			$	1.69			$	–			$	–			$	–			$	35.38		5.01	%		$	155,434		0.97	%(d)		0.97	%(d)		(0.12	)%(d)		31	%
Year ended 12/31/20			30.23			0.04				4.26				4.30				(0.10	)			(0.74	)			(0.84	)			33.69		14.46				155,598		0.98			0.98			0.13			46
Year ended 12/31/19			23.41			0.08				7.40				7.48				(0.01	)			(0.65	)			(0.66	)			30.23		32.50				149,954		0.97			0.97			0.32			8
Year ended 12/31/18			26.44			0.03	(e)			0.59				0.62				–				(3.65	)			(3.65	)			23.41		0.90				129,377		1.00			1.00			0.10	(e)		35
Year ended 12/31/17			24.11			(0.02	)			3.86				3.84				(0.10	)			(1.41	)			(1.51	)			26.44		15.83				144,038		1.01			1.01			(0.08	)		37
Year ended 12/31/16			31.75			0.09				(3.36	)			(3.27	)			–				(4.37	)			(4.37	)			24.11		(11.46	)			145,408		1.04			1.04			0.31			23
Series II
Six months ended 06/30/21			31.70			(0.06	)			1.61				1.55				–				–				–				33.25		4.89				77,416		1.22	(d)		1.22	(d)		(0.37	)(d)		31
Year ended 12/31/20			28.49			(0.03	)			4.01				3.98				(0.03	)			(0.74	)			(0.77	)			31.70		14.20				75,986		1.23			1.23			(0.12	)		46
Year ended 12/31/19			22.14			0.02				6.98				7.00				–				(0.65	)			(0.65	)			28.49		32.18				70,763		1.22			1.22			0.07			8
Year ended 12/31/18			25.25			(0.04	)(e)			0.58				0.54				–				(3.65	)			(3.65	)			22.14		0.62				60,306		1.25			1.25			(0.15	)(e)		35
Year ended 12/31/17			23.07			(0.08	)			3.69				3.61				(0.02	)			(1.41	)			(1.43	)			25.25		15.55				67,240		1.26			1.26			(0.33	)		37
Year ended 12/31/16			30.65			0.02				(3.23	)			(3.21	)			–				(4.37	)			(4.37	)			23.07		(11.69	)			69,190		1.29			1.29			0.06			23

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $152,565 and $75,470 for Series I and Series II shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.00 and (0.03)%, $(0.07) and (0.28)%, for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Health Care Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Health Care Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Health Care Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

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

Invesco V.I. Health Care Fund

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

M. Other Risks – The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.750%
Next $250 million		0.740%
Next $500 million		0.730%
Next $1.5 billion		0.720%
Next $2.5 billion		0.710%
Next $2.5 billion		0.700%
Next $2.5 billion		0.690%
Over $10 billion		0.680%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.75% .

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $793.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $17,259 for accounting and fund administrative services and was reimbursed $169,507 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $1,539 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Invesco V.I. Health Care Fund

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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	$	223,912,591	$	5,905,857		$–	$	229,818,448
Money Market Funds		2,737,435		22,056,342		–		24,793,777
Total Investments	$	226,650,026	$	27,962,199		$–	$	254,612,225

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $70,579,779 and $81,389,157, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	69,135,118
Aggregate unrealized (depreciation) of investments		(4,291,207	)
Net unrealized appreciation of investments	$	64,843,911

Cost of investments for tax purposes is $ 189,768,314.

Invesco V.I. Health Care Fund

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		270,444		$	9,106,208			688,939		$	20,193,172
Series II		138,170			4,386,864			296,254			8,256,245
Issued as reinvestment of dividends:
Series I		-			-			124,161			3,835,331
Series II		-			-			61,740			1,795,400
Reacquired:
Series I		(495,411	)		(16,788,398	)		(1,155,847	)		(34,263,473	)
Series II		(206,759	)		(6,580,587	)		(444,589	)		(12,239,757	)
Net increase (decrease) in share activity		(293,556	)	$	(9,875,913	)		(429,342	)	$	(12,423,082	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Health Care Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning   Account Value     (01/01/21)	Ending   Account Value     (06/30/21)1	Expenses         Paid During        Period2	Ending Account Value       (06/30/21)	Expenses   Paid During     Period2	Annualized     Expense Ratio
Series I	$1,000.00	$1,050.10	$4.93	$1,019.98	$4.86	0.97%
Series II	1,000.00	1,048.90	6.20	1,018.74	6.11	1.22

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Health Care Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI World Health Care Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that the Fund’s peer group includes funds that are more narrowly focused in certain health care sub-sectors than the Fund. The Board noted that stock selection in certain health care industries negatively impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that

Invesco V.I. Health Care Fund

selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party

service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with

Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Health Care Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. High Yield Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VIHYI-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	3.04%
Series II Shares	3.08
Bloomberg Barclays U.S. Aggregate Bond Indexq (Broad Market Index)	-1.60
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Indexq (Style-Specific Index)	3.61
Lipper VUF High Yield Bond Funds Classification Average∎ (Peer Group)	3.48
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.
The Lipper VUF High Yield Bond Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper High Yield Bond Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/1/98)	4.37	%
10 Years	5.23
5 Years	5.48
1 Year	15.19
Series II Shares
Inception (3/26/02)	6.40	%
10 Years	4.98
5 Years	5.21
1 Year	14.85

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. High Yield Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance data at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. High Yield Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. High Yield Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–88.88%
Aerospace & Defense–0.53%
Bombardier, Inc. (Canada), 6.00%, 10/15/2022(b)	$	206,000	$	206,679
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		600,000		634,809
				841,488
Airlines–3.35%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026(b)		1,911,000		2,025,660
5.75%, 04/20/2029(b)		278,000		300,935
Delta Air Lines, Inc.,
7.00%, 05/01/2025(b)		1,268,000		1,480,610
7.38%, 01/15/2026		600,000		704,476
United Airlines, Inc., 4.38%, 04/15/2026(b)		768,000		795,978
				5,307,659
Alternative Carriers–0.12%
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		162,000		184,608
Apparel Retail–0.48%
L Brands, Inc.,
6.88%, 11/01/2035		253,000		320,677
6.75%, 07/01/2036		354,000		444,093
				764,770
Auto Parts & Equipment–1.15%
Clarios Global L.P., 6.75%, 05/15/2025(b)		148,000		157,988
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		615,000		671,242
Dana, Inc.,
5.38%, 11/15/2027		122,000		130,111
5.63%, 06/15/2028		70,000		75,894
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		750,000		783,750
				1,818,985
Automobile Manufacturers–2.98%
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)		256,000		266,723
3.75%, 01/30/2031(b)		777,000		764,661
Ford Motor Co.,
8.50%, 04/21/2023		597,000		666,968
9.00%, 04/22/2025		208,000		256,702
9.63%, 04/22/2030		111,000		159,430
4.75%, 01/15/2043		315,000		335,081
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		204,000		224,910
3.38%, 11/13/2025		251,000		260,588
4.39%, 01/08/2026		282,000		304,912
5.11%, 05/03/2029		684,000		766,655
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		686,000		726,008
				4,732,638

	Principal Amount		Value
Automotive Retail–1.50%
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)	$	767,000	$	781,431
LCM Investments Holdings II LLC, 4.88%, 05/01/2029(b)		786,000		806,633
Lithia Motors, Inc., 3.88%, 06/01/2029(b)		755,000		783,539
				2,371,603
Broadcasting–0.60%
Gray Television, Inc., 7.00%, 05/15/2027(b)		872,000		945,693
Cable & Satellite–3.19%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026(b)		562,000		582,178
5.00%, 02/01/2028(b)		1,722,000		1,808,100
CSC Holdings LLC, 6.50%, 02/01/2029(b)		745,000		826,101
DISH DBS Corp.,
7.75%, 07/01/2026		227,000		257,361
7.38%, 07/01/2028		302,000		325,369
DISH Network Corp., Conv., 3.38%, 08/15/2026		552,000		564,696
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(b)		655,000		688,461
				5,052,266
Casinos & Gaming–4.29%
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023(b)(c)		463,960		343,312
Everi Holdings, Inc., 5.00%, 07/15/2029(b)		241,000		241,000
MGM Resorts International,
7.75%, 03/15/2022		440,000		460,438
6.00%, 03/15/2023		999,000		1,070,603
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029(b)		785,000		786,963
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026(b)		1,085,000		1,135,073
Scientific Games International, Inc.,
8.63%, 07/01/2025(b)		294,000		322,298
8.25%, 03/15/2026(b)		417,000		447,745
7.00%, 05/15/2028(b)		439,000		480,354
Station Casinos LLC, 4.50%, 02/15/2028(b)		765,000		779,569
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029(b)		698,000		738,222
				6,805,577
Computer & Electronics Retail–0.26%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b)		396,000		407,120

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

	Principal Amount		Value
Construction & Engineering–0.91%
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(b)	$	765,000	$	790,168
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026(b)		339,000		349,260
9.75%, 07/15/2028(b)		276,000		310,293
				1,449,721
Consumer Finance–2.64%
Navient Corp.,
7.25%, 09/25/2023		1,038,000		1,148,552
5.00%, 03/15/2027		215,000		222,901
5.63%, 08/01/2033		400,000		387,218
OneMain Finance Corp.,
5.38%, 11/15/2029		1,485,000		1,618,264
4.00%, 09/15/2030		815,000		808,888
				4,185,823
Copper–0.99%
First Quantum Minerals Ltd. (Zambia),
7.50%, 04/01/2025(b)		1,028,000		1,069,259
6.88%, 03/01/2026(b)		477,000		499,590
				1,568,849
Department Stores–1.43%
Macy’s Retail Holdings LLC, 4.50%, 12/15/2034		407,000		384,874
Macy’s, Inc., 8.38%, 06/15/2025(b)		1,707,000		1,884,024
				2,268,898
Distributors–0.63%
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(b)(c)		975,000		998,273
Diversified Banks–0.90%
Credit Agricole S.A. (France), 8.13%(b)(d)(e)		507,000		617,709
Natwest Group PLC (United Kingdom), 6.00%(d)(e)		720,000		804,298
				1,422,007
Diversified Capital Markets–0.50%
Credit Suisse Group AG (Switzerland), 7.50%(b)(d)(e)		730,000		795,700
Diversified Chemicals–0.52%
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)		813,000		832,459
Diversified REITs–0.72%
DigitalBridge Group, Inc., Conv., 5.00%, 04/15/2023		268,000		277,417
iStar, Inc., 4.75%, 10/01/2024		821,000		865,170
				1,142,587
Electric Utilities–1.58%
Talen Energy Supply LLC, 7.63%, 06/01/2028(b)		1,051,000		984,934
Vistra Operations Co. LLC,
5.63%, 02/15/2027(b)		259,000		269,036
5.00%, 07/31/2027(b)		458,000		470,769
4.38%, 05/01/2029(b)		777,000		781,857
				2,506,596

	Principal Amount		Value
Electrical Components & Equipment–1.04%
EnerSys,
5.00%, 04/30/2023(b)	$	342,000	$	358,223
4.38%, 12/15/2027(b)		350,000		365,171
Sensata Technologies B.V.,
4.88%, 10/15/2023(b)		546,000		586,528
4.00%, 04/15/2029(b)		329,000		334,373
				1,644,295
Environmental & Facilities Services–1.22%
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		1,870,000		1,937,021
Fertilizers & Agricultural Chemicals–0.76%
OCI N.V. (Netherlands),
5.25%, 11/01/2024(b)		416,000		429,753
4.63%, 10/15/2025(b)		745,000		779,341
				1,209,094
Food Distributors–0.50%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028(b)		775,000		795,231
Food Retail–1.93%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b)		705,000		778,144
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028(b)		1,071,000		1,126,103
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029(b)		1,149,000		1,160,455
				3,064,702
Health Care Facilities–1.06%
Encompass Health Corp., 4.50%, 02/01/2028		749,000		778,132
HCA, Inc.,
5.38%, 02/01/2025		506,000		571,401
5.88%, 02/15/2026		290,000		335,820
				1,685,353
Health Care REITs–1.00%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)		786,000		803,716
Diversified Healthcare Trust,
9.75%, 06/15/2025		71,000		78,726
4.38%, 03/01/2031		739,000		709,071
				1,591,513
Health Care Services–4.25%
Akumin, Inc., 7.00%, 11/01/2025(b)		1,675,000		1,743,876
Community Health Systems, Inc.,
6.63%, 02/15/2025(b)		338,000		357,854
8.00%, 03/15/2026(b)		673,000		726,009
8.00%, 12/15/2027(b)		337,000		375,369
DaVita, Inc.,
4.63%, 06/01/2030(b)		303,000		311,929
3.75%, 02/15/2031(b)		892,000		857,435
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		522,000		538,052
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		1,021,000		1,067,624
MEDNAX, Inc., 6.25%, 01/15/2027(b)		698,000		741,098

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

	Principal Amount		Value
Health Care Services–(continued)
RP Escrow Issuer LLC, 5.25%, 12/15/2025(b)	$	28,000	$	29,316
				6,748,562
Homebuilding–1.74%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		1,249,000		1,401,328
Lennar Corp., 5.38%, 10/01/2022		254,000		269,179
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027(b)		1,018,000		1,092,869
				2,763,376
Hotels, Resorts & Cruise Lines–0.43%
Carnival Corp., 10.50%, 02/01/2026(b)		584,000		680,678
Household Products–0.99%
Energizer Holdings, Inc., 4.38%, 03/31/2029(b)		730,000		731,745
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		876,000		846,325
				1,578,070
Independent Power Producers & Energy Traders–1.80%
Calpine Corp.,
4.50%, 02/15/2028(b)		600,000		612,750
3.75%, 03/01/2031(b)		785,000		748,635
Clearway Energy Operating LLC,
4.75%, 03/15/2028(b)		828,000		869,574
3.75%, 02/15/2031(b)		626,000		623,712
				2,854,671
Industrial Machinery–1.19%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)		507,000		502,985
EnPro Industries, Inc., 5.75%, 10/15/2026		563,000		595,941
Mueller Water Products, Inc., 4.00%, 06/15/2029(b)		759,000		780,912
				1,879,838
Integrated Oil & Gas–1.57%
Occidental Petroleum Corp.,
2.90%, 08/15/2024		333,000		340,909
8.50%, 07/15/2027		216,000		272,733
6.13%, 01/01/2031		734,000		864,491
6.20%, 03/15/2040		328,000		371,578
4.10%, 02/15/2047		691,000		644,361
				2,494,072
Integrated Telecommunication Services–2.00%
Altice France S.A. (France),
7.38%, 05/01/2026(b)		774,000		805,873
8.13%, 02/01/2027(b)		355,000		387,216
5.13%, 07/15/2029(b)		401,000		403,466
Embarq Corp., 8.00%, 06/01/2036		446,000		506,166
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		1,099,000		1,070,151
				3,172,872

	Principal Amount		Value
Interactive Home Entertainment–0.49%
Cinemark USA, Inc., 5.88%, 03/15/2026(b)	$	737,000	$	773,574
Interactive Media & Services–1.43%
Audacy Capital Corp., 6.75%, 03/31/2029(b)		1,121,000		1,165,851
Scripps Escrow II, Inc., 3.88%, 01/15/2029(b)		729,000		724,269
5.38%, 01/15/2031(b)		375,000		374,286
				2,264,406
Internet & Direct Marketing Retail–0.74%
QVC, Inc.,
4.38%, 09/01/2028		369,000		376,891
5.45%, 08/15/2034		757,000		791,788
				1,168,679
Investment Banking & Brokerage–0.66%
NFP Corp.,
4.88%, 08/15/2028(b)		298,000		303,224
6.88%, 08/15/2028(b)		705,000		744,290
				1,047,514
IT Consulting & Other Services–0.75%
Gartner, Inc.,
4.50%, 07/01/2028(b)		759,000		802,593
3.63%, 06/15/2029(b)		374,000		380,078
				1,182,671
Managed Health Care–1.12%
Centene Corp.,
5.38%, 08/15/2026(b)		320,000		334,846
4.63%, 12/15/2029		1,008,000		1,109,828
3.00%, 10/15/2030		322,000		331,187
				1,775,861
Metal & Glass Containers–1.01%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028(b)		800,000		800,483
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)		759,000		798,847
				1,599,330
Movies & Entertainment–0.73%
Netflix, Inc.,
5.88%, 11/15/2028		556,000		683,165
5.38%, 11/15/2029(b)		395,000		480,299
				1,163,464
Oil & Gas Drilling–3.42%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		774,000		817,623
Nabors Industries, Inc., 5.75%, 02/01/2025		965,000		889,730
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026(b)		954,000		1,002,892
Precision Drilling Corp. (Canada), 6.88%, 01/15/2029(b)		782,000		806,438

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

	Principal Amount		Value
Oil & Gas Drilling–(continued)
Rockies Express Pipeline LLC,
4.80%, 05/15/2030(b)	$	600,000	$	601,146
6.88%, 04/15/2040(b)		474,000		501,904
Valaris Ltd., 8.25% PIK Rate, 8.25% Cash Rate, 04/30/2028(b)(c)		780,000		812,565
				5,432,298
Oil & Gas Equipment & Services–1.03%
Bristow Group, Inc., 6.88%, 03/01/2028(b)		809,000		826,341
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		750,000		802,710
				1,629,051
Oil & Gas Exploration & Production–7.22%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		2,124,000		2,302,363
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
9.00%, 11/01/2027(b)		276,000		382,499
8.25%, 12/31/2028(b)		95,000		104,690
Callon Petroleum Co., 8.00%, 08/01/2028(b)		783,000		792,787
CNX Resources Corp., 7.25%, 03/14/2027(b)		661,000		709,233
EQT Corp.,
3.13%, 05/15/2026(b)		313,000		321,171
3.63%, 05/15/2031(b)		467,000		488,043
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		1,052,000		1,056,734
8.00%, 01/15/2027		627,000		659,526
7.75%, 02/01/2028		219,000		226,621
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028(b)		451,000		480,430
5.75%, 02/01/2029(b)		246,000		256,801
Northern Oil and Gas, Inc., 8.13%, 03/01/2028(b)		1,145,000		1,235,249
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		442,000		492,383
SM Energy Co.,
5.00%, 01/15/2024		383,000		383,965
10.00%, 01/15/2025(b)		227,000		256,914
6.75%, 09/15/2026		766,000		780,362
6.63%, 01/15/2027		503,000		517,839
				11,447,610
Oil & Gas Refining & Marketing–0.74%
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)		1,151,000		1,177,531
Oil & Gas Storage & Transportation–1.33%
NGL Energy Partners L.P./NGL Energy Finance Corp.,
7.50%, 11/01/2023		111,000		109,474
7.50%, 04/15/2026		484,000		442,618
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029(b)		1,468,000		1,564,792
				2,116,884

	Principal Amount		Value
Packaged Foods & Meats–2.87%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029(b)	$	691,000	$	777,399
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		421,000		606,278
5.00%, 06/04/2042		381,000		466,113
4.88%, 10/01/2049		645,000		784,699
5.50%, 06/01/2050		922,000		1,199,230
Post Holdings, Inc.,
5.63%, 01/15/2028(b)		366,000		389,073
4.63%, 04/15/2030(b)		327,000		332,912
				4,555,704
Paper Products–0.49%
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		739,000		784,958
Pharmaceuticals–2.25%
AdaptHealth LLC, 6.13%, 08/01/2028(b)		728,000		776,190
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b)		384,000		418,157
Bausch Health Cos., Inc.,
9.00%, 12/15/2025(b)		1,207,000		1,295,775
6.25%, 02/15/2029(b)		403,000		399,091
Endo DAC/Endo Finance LLC/Endo Finco, Inc.,
9.50%, 07/31/2027(b)		89,000		90,892
6.00%, 06/30/2028(b)		112,000		75,673
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		497,000		508,761
				3,564,539
Railroads–0.45%
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		717,000		717,717
Research & Consulting Services–0.25%
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026(b)		210,000		223,334
10.25%, 02/15/2027(b)		160,000		177,253
				400,587
Restaurants–0.70%
IRB Holding Corp.,
7.00%, 06/15/2025(b)		113,000		122,268
6.75%, 02/15/2026(b)		956,000		991,372
				1,113,640
Retail REITs–0.49%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		726,000		775,912
Security & Alarm Services–0.57%
Brink’s Co. (The),
5.50%, 07/15/2025(b)		71,000		75,631
4.63%, 10/15/2027(b)		799,000		834,112
				909,743
Specialized Consumer Services–1.08%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		787,000		786,850

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

	Principal Amount		Value
Specialized Consumer Services–(continued)
Terminix Co. LLC (The), 7.45%, 08/15/2027	$	790,000	$	928,041
				1,714,891
Specialized REITs–0.68%
SBA Communications Corp., 3.88%, 02/15/2027		1,043,000		1,073,638
Specialty Chemicals–0.96%
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		1,462,000		1,525,962
Steel–1.48%
Cleveland-Cliffs, Inc.,
9.88%, 10/17/2025(b)		285,000		334,379
5.88%, 06/01/2027		238,000		250,495
6.25%, 10/01/2040		180,000		190,752
Commercial Metals Co., 3.88%, 02/15/2031		778,000		783,835
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		784,000		784,000
				2,343,461
Systems Software–2.59%
Boxer Parent Co., Inc., 9.13%, 03/01/2026(b)		1,132,000		1,198,980
Camelot Finance S.A., 4.50%, 11/01/2026(b)		2,003,000		2,102,309
Clarivate Science Holdings Corp., 4.88%, 06/30/2029(b)		788,000		809,670
				4,110,959
Textiles–0.50%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(b)		814,000		786,527
Thrifts & Mortgage Finance–0.48%
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		656,000		753,856
Trading Companies & Distributors–0.29%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(b)(d)		434,000		464,352
Wireless Telecommunication Services–1.33%
Sprint Corp.,
7.88%, 09/15/2023		1,476,000		1,678,693
7.63%, 02/15/2025		284,000		337,784
7.63%, 03/01/2026		75,000		91,697
				2,108,174
Total U.S. Dollar Denominated Bonds & Notes (Cost $135,863,934)				140,986,161
Variable Rate Senior Loan Interests–5.95%(f)(g)
Health Care Equipment–0.45%
Radiology Partners, Inc., First Lien Term Loan B, 4.33% (1 mo. USD LIBOR + 4.25%), 07/09/2025		715,000		715,697
Health Care Services–0.90%
Global Medical Response, Inc., Term Loan, 5.75% (1 mo. USD LIBOR + 4.75%), 10/02/2025		712,420		716,427

	Principal Amount		Value
Health Care Services–(continued)
Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026	$	712,364	$	716,204
				1,432,631
Home Improvement Retail–0.05%
SRS Distribution, Inc., Incremental Term Loan, -%, 05/25/2025(h)		75,845		75,940
Hotels, Resorts & Cruise Lines–0.46%
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan, 2.10% (3 mo. USD LIBOR + 2.00%), 11/30/2023		726,198		724,735
Metal & Glass Containers–0.45%
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.45% (3 mo. USD LIBOR + 3.25%), 06/29/2025		714,310		708,346
Oil & Gas Exploration & Production–0.17%
Ascent Resources Utica Holdings LLC, Term Loan, 10.00% (1 mo. USD LIBOR + 9.00%), 11/01/2025		239,000		264,692
Paper Packaging–0.45%
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027		718,200		718,405
Paper Products–0.99%
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), 02/23/2028(i)		1,588,000		1,572,120
Pharmaceuticals–0.98%
Endo LLC, Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), 03/10/2028		728,175		704,738
Valeant Pharmaceuticals International, Inc. (Canada), First Lien Incremental Term Loan, 2.85% (3 mo. USD LIBOR + 2.75%), 11/27/2025		857,036		851,478
				1,556,216
Restaurants–0.27%
IRB Holding Corp., First Lien Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), 12/01/2027		429,920		430,425
Specialty Stores–0.78%
PetSmart, Inc., First Lien Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 01/28/2028		1,242,333		1,244,818
Total Variable Rate Senior Loan Interests (Cost $9,433,004)				9,444,025
Non-U.S. Dollar Denominated Bonds & Notes–1.17%(j)
Building Products–0.43%
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026(b) EUR		560,000		683,116
Casinos & Gaming–0.20%
Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023(b) EUR		253,000		320,245

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

		Principal Amount		Value
Food Retail–0.47%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(b)	GBP		542,000	$	739,908
Textiles–0.07%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(b)	EUR		100,000		113,654
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,791,474)					1,856,923
		Shares
Common Stocks & Other Equity Interests–0.06%
Oil & Gas Drilling–0.06%
Valaris Ltd.(k)			3,012		86,986
Other Diversified Financial Services–0.00%
SW Acquisition L.P.(i)			1		0
Total Common Stocks & Other Equity Interests (Cost $56,223)					86,986

	Shares		Value
Money Market Funds–3.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(l)(m)		1,610,441	$	1,610,441
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(l)(m)		1,497,375		1,497,974
Invesco Treasury Portfolio, Institutional Class, 0.01%(l)(m)		1,840,504		1,840,504
Total Money Market Funds (Cost $4,948,771)				4,948,919
TOTAL INVESTMENTS IN SECURITIES–99.18% (Cost $152,093,406)				157,323,014
OTHER ASSETS LESS LIABILITIES–0.82%				1,299,403
NET ASSETS–100.00%			$	158,622,417

Investment Abbreviations:
Conv.	– Convertible
EUR	– Euro
GBP	– British Pound Sterling
LIBOR	– London Interbank Offered Rate
PIK	– Pay-in-Kind
REIT	– Real Estate Investment Trust
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $103,268,537, which represented 65.10% of the Fund’s Net Assets.

^(c)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)  Perpetual bond with no specified maturity date.

^(f)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(g)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(h)  This variable rate interest will settle after June 30, 2021, at which time the interest rate will be determined.

⁽ⁱ⁾  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(j)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(k)  Non-income producing security.

^(l)  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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,570,848		$	19,758,192		$	(19,718,599	)		$	-		$	-		$	1,610,441		$	380
Invesco Liquid Assets Portfolio, Institutional Class			1,210,198			14,112,994			(13,825,339	)			121			-			1,497,974			226
Invesco Treasury Portfolio, Institutional Class			1,795,255			22,580,791			(22,535,542	)			-			-			1,840,504			152
Total		$	4,576,301		$	56,451,977		$	(56,079,480	)		$	121		$	-		$	4,948,919		$	758

^(m)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
08/17/2021	Canadian Imperial Bank of Commerce		GBP    500,000		USD    707,797		$	16,068
08/17/2021	State Street Bank & Trust Co.		EUR 1,705,000		USD 2,075,776			52,182
Total Forward Foreign Currency Contracts							$	68,250

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

Portfolio Composition*

By credit quality, based on total investments

as of June 30, 2021

BBB	1.50	%
BB	42.79
B	39.83
CCC	13.07
Non-Rated	2.81

* Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $147,144,635)	$	152,374,095
Investments in affiliated money market funds, at value (Cost $4,948,771)		4,948,919
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		68,250
Cash		8,959
Foreign currencies, at value (Cost $969,729)		956,110
Receivable for:
Investments sold		865,223
Fund shares sold		62,269
Dividends		79
Interest		2,337,505
Investments matured, at value		0
Investment for trustee deferred compensation and retirement plans		64,260
Total assets		161,685,669
Liabilities:
Payable for:
Investments purchased		2,776,795
Fund shares reacquired		13,170
Accrued fees to affiliates		149,297
Accrued other operating expenses		43,217
Trustee deferred compensation and retirement plans		70,108
Collateral with broker		10,665
Total liabilities		3,063,252
Net assets applicable to shares outstanding	$	158,622,417
Net assets consist of:
Shares of beneficial interest	$	168,606,535
Distributable earnings (loss)		(9,984,118	)
	$	158,622,417
Net Assets:
Series I	$	49,436,372
Series II	$	109,186,045
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		9,114,251
Series II		20,375,878
Series I:
Net asset value per share	$	5.42
Series II:
Net asset value per share	$	5.36

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest	$	3,589,094
Dividends from affiliated money market funds		758
Total investment income		3,589,852
Expenses:
Advisory fees		470,158
Administrative services fees		124,121
Custodian fees		2,075
Distribution fees - Series II		130,991
Transfer agent fees		14,049
Trustees’ and officers’ fees and benefits		11,177
Reports to shareholders		5,814
Professional services fees		78,114
Other		4,502
Total expenses		841,001
Less: Fees waived		(1,776	)
Net expenses		839,225
Net investment income		2,750,627
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		954,602
Foreign currencies		2,740
Forward foreign currency contracts		(76,657	)
		880,685
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		820,699
Affiliated investment securities		121
Foreign currencies		(32,609	)
Forward foreign currency contracts		147,413
		935,624
Net realized and unrealized gain		1,816,309
Net increase in net assets resulting from operations	$	4,566,936

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021		December 31, 2020
Operations:
Net investment income	$	2,750,627	$	7,175,065
Net realized gain (loss)		880,685		(6,483,781	)
Change in net unrealized appreciation		935,624		3,081,935
Net increase in net assets resulting from operations		4,566,936		3,773,219
Distributions to shareholders from distributable earnings:
Series I		–		(2,376,198	)
Series II		–		(5,617,153	)
Total distributions from distributable earnings		–		(7,993,351	)
Share transactions–net:
Series I		3,445,791		(4,610,355	)
Series II		2,498,917		1,822,978
Net increase (decrease) in net assets resulting from share transactions		5,944,708		(2,787,377	)
Net increase (decrease) in net assets		10,511,644		(7,007,509	)
Net assets:
Beginning of period		148,110,773		155,118,282
End of period	$	158,622,417	$	148,110,773

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21	$	5.26	$	0.10	$	0.06		$	0.16		$	–		$	5.42		3.04	%	$	49,436		0.95	%(d)		0.95	%(d)		3.82	%(d)		58	%
Year ended 12/31/20		5.41		0.28		(0.12	)		0.16			(0.31	)		5.26		3.32			44,543		0.93			0.94			5.39			89
Year ended 12/31/19		5.06		0.29		0.39			0.68			(0.33	)		5.41		13.51			50,190		0.88			0.89			5.45			54
Year ended 12/31/18		5.51		0.26		(0.43	)		(0.17	)		(0.28	)		5.06		(3.35	)		55,703		1.17			1.17			4.84			66
Year ended 12/31/17		5.40		0.26		0.08			0.34			(0.23	)		5.51		6.30			80,372		0.99			1.00			4.73			73
Year ended 12/31/16		5.06		0.28		0.28			0.56			(0.22	)		5.40		11.21			94,653		0.96			0.96			5.25			99
Series II
Six months ended 06/30/21		5.20		0.09		0.07			0.16			–			5.36		3.08			109,186		1.20	(d)		1.20	(d)		3.57	(d)		58
Year ended 12/31/20		5.36		0.26		(0.12	)		0.14			(0.30	)		5.20		2.90			103,568		1.18			1.19			5.14			89
Year ended 12/31/19		5.02		0.28		0.37			0.65			(0.31	)		5.36		13.16			104,929		1.13			1.14			5.20			54
Year ended 12/31/18		5.46		0.25		(0.42	)		(0.17	)		(0.27	)		5.02		(3.43	)		86,236		1.42			1.42			4.59			66
Year ended 12/31/17		5.36		0.25		0.07			0.32			(0.22	)		5.46		5.93			91,802		1.24			1.25			4.48			73
Year ended 12/31/16		5.03		0.26		0.28			0.54			(0.21	)		5.36		10.83			82,971		1.21			1.21			5.00			99

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $46,036 and $105,662 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. High Yield Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. High Yield Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is total return, comprised of current income and capital appreciation.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

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.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

Invesco V.I. High Yield Fund

and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. Lower-Rated Securities – The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. High Yield Fund

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

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

M. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

N. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

O. Other Risks – The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $200 million		0.625%
Next $300 million		0.550%
Next $500 million		0.500%
Over $1 billion		0.450%

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.62%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $1,776.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $11,283 for accounting and fund administrative services and was reimbursed $112,838 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the

Invesco V.I. High Yield Fund

annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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
U.S. Dollar Denominated Bonds & Notes	$	–	$	140,986,161	$	–	$	140,986,161
Variable Rate Senior Loan Interests		–		7,871,905		1,572,120		9,444,025
Non-U.S. Dollar Denominated Bonds & Notes		–		1,856,923		–		1,856,923
Common Stocks & Other Equity Interests		86,986		–		0		86,986
Money Market Funds		4,948,919		–		–		4,948,919
Total Investments in Securities		5,035,905		150,714,989		1,572,120		157,323,014
Other Investments - Assets*
Investments Matured		–		–		0		0
Forward Foreign Currency Contracts		–		68,250		–		68,250
Total Investments	$	5,035,905	$	150,783,239		$1,572,120	$	157,391,264

* Forward foreign currency contracts are valued at unrealized appreciation. Investments matured are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	68,250
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	68,250

Invesco V.I. High Yield Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2021.

	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Canadian Imperial Bank of Commerce	$16,068	$-	$16,068	$-	$-		$16,068
State Street Bank & Trust Co.	52,182	-	52,182	-	-		52,182
Total	$68,250	$-	$68,250	$-	$-		$68,250

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on
	Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$ (76,657)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		147,413
Total		$  70,756

The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency
	Contracts
Average notional value	$2,591,022

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of December 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	8,283,733	$	17,964,504	$	26,248,237

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

Invesco V.I. High Yield Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $94,036,266 and $84,392,451, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	5,920,500
Aggregate unrealized (depreciation) of investments		(655,211	)
Net unrealized appreciation of investments	$	5,265,289

    Cost of investments for tax purposes is $152,125,975.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		4,685,065		$	24,974,862			17,479,158		$	90,315,593
Series II		1,154,688			6,075,999			2,661,078			13,309,998
Issued as reinvestment of dividends:
Series I		-			-			476,192			2,376,198
Series II		-			-			1,137,075			5,617,153
Reacquired:
Series I		(4,037,653	)		(21,529,071	)		(18,762,181	)		(97,302,146	)
Series II		(680,734	)		(3,577,082	)		(3,475,105	)		(17,104,173	)
Net increase (decrease) in share activity		1,121,366		$	5,944,708			(483,783	)	$	(2,787,377	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. High Yield Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending       Account Value     (06/30/21)	Expenses Paid During   Period2	Annualized     Expense Ratio
Series I	$1,000.00	$1,030.40	$4.78	$1,020.08	$4.76	0.95%
Series II	1,000.00	1,030.80	6.04	1,018.84	6.01	1.20

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. High Yield Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. High Yield Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index (Index). The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s security selection in certain industries and sectors and exposure to longer duration credits, as well as unsuccessful credit hedges, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. High Yield Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in

business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount

equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. High Yield Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. International Growth Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VIIGR-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	6.37	%
Series II Shares	6.26
MSCI All Country World ex-USA Indexq (Broad Market Index)	9.16
Custom Invesco International Growth Index∎ (Style-Specific Index)	6.52
Lipper VUF International Large-Cap Growth Funds Index¨ (Peer Group Index)	7.80
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

The MSCI All Country World ex-USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

The Custom Invesco International Growth Index is composed of the MSCI EAFE^® Growth Index through February 28, 2013, and the MSCI All Country World ex-U.S. Growth Index thereafter. The MSCI EAFE^® Growth Index is an unmanaged index considered representative of growth stocks of Europe, Australasia and the Far East. The MSCI All Country World ex-U.S. Growth Index is a market capitalization weighted index that includes growth companies in developed and emerging markets, excluding the US. Both MSCI indexes are computed using the net return, which withholds applicable taxes for non-resident investors.

The Lipper VUF International Large-Cap Growth Funds Index is an unmanaged index considered representative of international large-cap growth variable insurance underlying funds tracked by Lipper.

The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/5/93)	7.52	%
10 Years	6.70
5 Years	10.32
1 Year	32.16
Series II Shares
Inception (9/19/01)	7.79	%
10 Years	6.43
5 Years	10.04
1 Year	31.82

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. International Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. International Growth Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. International Growth Fund

Schedule of Investments

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.33%
Australia–0.59%
CSL Ltd.		40,060	$	8,569,943
Brazil–2.36%
B3 S.A. - Brasil, Bolsa, Balcao		10,183,002		34,436,064
Canada–7.01%
Bank of Nova Scotia (The)		179,808		11,694,192
Canadian National Railway Co.(a)		143,348		15,124,625
CGI, Inc., Class A(b)		479,100		43,438,244
Magna International, Inc.		198,796		18,405,790
Ritchie Bros. Auctioneers, Inc.		231,996		13,753,942
				102,416,793
China–12.52%
Alibaba Group Holding Ltd., ADR(b)		162,493		36,850,163
China Mengniu Dairy Co. Ltd.		3,969,000		24,000,701
JD.com, Inc., ADR(b)		342,213		27,312,020
Kweichow Moutai Co. Ltd., A Shares		20,087		6,396,505
New Oriental Education & Technology
Group, Inc., ADR(b)		1,115,011		9,131,940
Tencent Holdings Ltd.		544,600		40,964,342
Wuliangye Yibin Co. Ltd., A Shares		212,897		9,820,103
Yum China Holdings, Inc.		429,164		28,432,115
				182,907,889
Denmark–2.81%
Carlsberg A/S, Class B		111,292		20,776,826
Novo Nordisk A/S, Class B		242,083		20,253,154
				41,029,980
France–4.61%
Arkema S.A.		83,175		10,442,764
Kering S.A.		13,085		11,450,299
LVMH Moet Hennessy Louis Vuitton SE		20,019		15,718,257
Pernod Ricard S.A.		59,181		13,135,722
Sanofi		159,380		16,700,739
				67,447,781
Germany–2.31%
Deutsche Boerse AG		138,624		24,197,002
Knorr-Bremse AG		83,107		9,564,259
				33,761,261
Hong Kong–2.09%
AIA Group Ltd.		2,463,400		30,616,810
India–2.17%
HDFC Bank Ltd., ADR(b)		433,425		31,692,036
Ireland–3.84%
CRH PLC		466,883		23,688,530
Flutter Entertainment PLC(b)		94,395		17,168,723
ICON PLC(b)		73,556		15,204,761
				56,062,014
Italy–2.17%
FinecoBank Banca Fineco S.p.A.(b)		1,812,832		31,678,308

	Shares		Value
Japan–12.22%
Asahi Group Holdings Ltd.		272,200	$	12,713,783
FANUC Corp.		39,700		9,569,698
Hoya Corp.		143,700		19,045,831
Keyence Corp.		18,400		9,281,765
Koito Manufacturing Co. Ltd.		309,300		19,228,114
Komatsu Ltd.		515,700		12,812,988
Nidec Corp.		82,500		9,555,175
Olympus Corp.		1,488,000		29,562,823
SMC Corp.		20,500		12,108,536
Sony Group Corp.		342,200		33,211,563
TIS, Inc.		452,900		11,568,904
				178,659,180
Macau–1.36%
Galaxy Entertainment Group Ltd.(b)		2,483,000		19,876,219
Mexico–2.66%
Wal-Mart de Mexico S.A.B. de C.V., Series V		11,908,156		38,871,461
Netherlands–5.41%
ASML Holding N.V.		26,383		18,164,733
Heineken N.V.		133,714		16,210,012
Prosus N.V.		122,276		11,964,172
Wolters Kluwer N.V.		325,311		32,696,222
				79,035,139
Singapore–1.03%
United Overseas Bank Ltd.		785,966		15,114,469
South Korea–4.53%
NAVER Corp.		86,270		31,990,578
Samsung Electronics Co. Ltd.		478,230		34,277,300
				66,267,878
Sweden–5.06%
Investor AB, Class B		1,734,192		39,950,542
Sandvik AB		1,331,543		34,018,475
				73,969,017
Switzerland–5.46%
Kuehne + Nagel International AG, Class R		67,302		23,036,297
Logitech International S.A., Class R		91,808		11,126,712
Nestle S.A.		228,852		28,500,165
Roche Holding AG		45,661		17,208,289
				79,871,463
Taiwan–2.75%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		334,285		40,167,686
United Kingdom–4.08%
Ashtead Group PLC		220,499		16,377,793
Linde PLC		89,930		25,998,763
WPP PLC		1,273,094		17,235,030
				59,611,586

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. International Growth Fund

	Shares		Value
United States–10.29%
Amcor PLC, CDI		1,908,502	$	21,681,164
Booking Holdings, Inc.(b)		7,645		16,727,948
Broadcom, Inc.		86,592		41,290,529
Philip Morris International, Inc.		383,293		37,988,169
Schneider Electric SE		207,653		32,687,600
				150,375,410
Total Common Stocks & Other Equity Interests (Cost $868,548,751)				1,422,438,387
Money Market Funds–2.43%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		12,696,327		12,696,327
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		8,261,523		8,264,828
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		14,510,088		14,510,088
Total Money Market Funds (Cost $35,466,262)				35,471,243
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.76% (Cost $904,015,013)				1,457,909,630

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.11%
Invesco Private Government Fund, 0.02%(c)(d)(e)		480,718	$	480,718
Invesco Private Prime Fund, 0.12%(c)(d)(e)		1,121,226		1,121,674
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,602,392)				1,602,392
TOTAL INVESTMENTS IN SECURITIES–99.87% (Cost $905,617,405)				1,459,512,022
OTHER ASSETS LESS LIABILITIES–0.13%				1,971,964
NET ASSETS–100.00%			$	1,461,483,986

Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at June 30, 2021.

^(b)  Non-income producing security.

^(c)  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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$11,470,872		$ 52,108,562		$(50,883,107)		$        -		$        -		$12,696,327		$1,713
Invesco Liquid Assets Portfolio, Institutional Class		7,989,157		36,619,949		(36,345,076)		680		118		8,264,828		862
Invesco Treasury Portfolio, Institutional Class		13,109,569		59,552,642		(58,152,123)		-		-		14,510,088		689
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		28,804,320		(28,323,602)		-		-		480,718		106	*
Invesco Private Prime Fund		-		60,796,986		(59,675,312)		-		-		1,121,674		2,241	*
Total		$32,569,598		$237,882,459		$(233,379,220)		$680		$118		$37,073,635		$5,611

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

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Consumer Discretionary	18.18	%
Industrials	15.14
Financials	15.01
Information Technology	14.32
Consumer Staples	14.26
Health Care	8.66
Communication Services	6.17
Materials	5.59
Money Market Funds Plus Other Assets Less Liabilities	2.67

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. International Growth Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $868,548,751)*	$	1,422,438,387
Investments in affiliated money market funds, at value (Cost $37,068,654)		37,073,635
Foreign currencies, at value (Cost $1,806,683)		1,794,450
Receivable for:
Fund shares sold		385,184
Dividends		3,726,725
Investment for trustee deferred compensation and retirement plans		263,610
Total assets		1,465,681,991
Liabilities:
Payable for:
Fund shares reacquired		766,566
Collateral upon return of securities loaned		1,602,392
Accrued fees to affiliates		1,383,753
Accrued other operating expenses		156,797
Trustee deferred compensation and retirement plans		288,497
Total liabilities		4,198,005
Net assets applicable to shares outstanding	$	1,461,483,986
Net assets consist of:
Shares of beneficial interest	$	755,380,095
Distributable earnings		706,103,891
	$	1,461,483,986
Net Assets:
Series I	$	485,425,780
Series II	$	976,058,206
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		10,731,237
Series II		21,934,639
Series I:
Net asset value per share	$	45.23
Series II:
Net asset value per share	$	44.50

* At June 30, 2021, security with a value of $1,510,586 was on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,396,910)	$	13,263,675
Dividends from affiliated money market funds (includes securities lending income of $15,411)		18,675
Total investment income		13,282,350
Expenses:
Advisory fees		5,142,620
Administrative services fees		1,193,737
Distribution fees - Series II		1,218,149
Transfer agent fees		38,473
Trustees’ and officers’ fees and benefits		14,280
Reports to shareholders		6,139
Professional services fees		32,487
Other		5,522
Total expenses		7,651,407
Less: Fees waived		(7,433	)
Net expenses		7,643,974
Net investment income		5,638,376
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		71,895,935
Affiliated investment securities		118
Foreign currencies		78,242
		71,974,295
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		11,960,421
Affiliated investment securities		680
Foreign currencies		(187,805	)
		11,773,296
Net realized and unrealized gain		83,747,591
Net increase in net assets resulting from operations	$	89,385,967

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. International Growth Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	5,638,376		$	6,271,215
Net realized gain		71,974,295			98,458,953
Change in net unrealized appreciation		11,773,296			61,571,398
Net increase in net assets resulting from operations		89,385,967			166,301,566
Distributions to shareholders from distributable earnings:
Series I		–			(19,693,113	)
Series II		–			(38,602,388	)
Total distributions from distributable earnings		–			(58,295,501	)
Share transactions–net:
Series I		(12,971,065	)		(34,482,600	)
Series II		(56,978,240	)		(103,508,855	)
Net increase (decrease) in net assets resulting from share transactions		(69,949,305	)		(137,991,455	)
Net increase (decrease) in net assets		19,436,662			(29,985,390	)
Net assets:
Beginning of period		1,442,047,324			1,472,032,714
End of period	$	1,461,483,986		$	1,442,047,324

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. International Growth Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																																				Ratio of			Ratio of
																																				expenses			expenses
							Net gains																													to average			to average net
							(losses)																													net assets			assets without			Ratio of net
	Net asset						on securities								Dividends				Distributions																	with fee waivers			fee waivers			investment
	value,			Net			(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			income
	beginning			investment			realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income(a)			unrealized)				operations				income				gains				distributions				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21		$	42.52		$	0.21		$	2.50			$	2.71			$	–			$	–			$	–			$	45.23		6.37	%		$	485,426		0.89	%(d)		0.89	%(d)		0.94	%(d)		15	%
Year ended 12/31/20			39.05			0.24			5.04				5.28				(0.92	)			(0.89	)			(1.81	)			42.52		14.02				468,726		0.91			0.91			0.65			52
Year ended 12/31/19			32.98			0.58			8.60				9.18				(0.62	)			(2.49	)			(3.11	)			39.05		28.54				466,401		0.89			0.89			1.54			31
Year ended 12/31/18			39.89			0.66			(6.51	)			(5.85	)			(0.79	)			(0.27	)			(1.06	)			32.98		(14.97	)			414,774		0.92			0.93			1.74			35
Year ended 12/31/17			32.89			0.49			7.06				7.55				(0.55	)			–				(0.55	)			39.89		23.00				627,894		0.92			0.93			1.34			34
Year ended 12/31/16			33.49			0.50			(0.63	)			(0.13	)			(0.47	)			–				(0.47	)			32.89		(0.45	)			540,460		0.95			0.96			1.51			18
Series II
Six months ended 06/30/21			41.88			0.15			2.47				2.62				–				–				–				44.50		6.26				976,058		1.14	(d)		1.14	(d)		0.69	(d)		15
Year ended 12/31/20			38.48			0.15			4.95				5.10				(0.81	)			(0.89	)			(1.70	)			41.88		13.74				973,322		1.16			1.16			0.40			52
Year ended 12/31/19			32.52			0.48			8.47				8.95				(0.50	)			(2.49	)			(2.99	)			38.48		28.20				1,005,632		1.14			1.14			1.29			31
Year ended 12/31/18			39.33			0.56			(6.42	)			(5.86	)			(0.68	)			(0.27	)			(0.95	)			32.52		(15.18	)			862,729		1.17			1.18			1.49			35
Year ended 12/31/17			32.44			0.40			6.96				7.36				(0.47	)			–				(0.47	)			39.33		22.73				1,448,723		1.17			1.18			1.09			34
Year ended 12/31/16			33.04			0.41			(0.62	)			(0.21	)			(0.39	)			–				(0.39	)			32.44		(0.70	)			1,167,820		1.20			1.21			1.26			18

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $481,044 and $982,596 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. International Growth Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. International Growth Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. International Growth Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. International Growth Fund

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

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

M. Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.750%
Over $250 million		0.700%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.71% .

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $7,433.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $108,659 for accounting and fund administrative services and was reimbursed $1,085,078 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Invesco V.I. International Growth Fund

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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		$                    –		$ 8,569,943		$–		$ 8,569,943
Brazil		34,436,064		–		–		34,436,064
Canada		102,416,793		–		–		102,416,793
China		101,726,238		81,181,651		–		182,907,889
Denmark		–		41,029,980		–		41,029,980
France		–		67,447,781		–		67,447,781
Germany		–		33,761,261		–		33,761,261
Hong Kong		30,616,810		–		–		30,616,810
India		31,692,036		–		–		31,692,036
Ireland		15,204,761		40,857,253		–		56,062,014
Italy		–		31,678,308		–		31,678,308
Japan		–		178,659,180		–		178,659,180
Macau		–		19,876,219		–		19,876,219
Mexico		38,871,461		–		–		38,871,461
Netherlands		–		79,035,139		–		79,035,139
Singapore		–		15,114,469		–		15,114,469
South Korea		–		66,267,878		–		66,267,878
Sweden		–		73,969,017		–		73,969,017
Switzerland		–		79,871,463		–		79,871,463
Taiwan		40,167,686		–		–		40,167,686
United Kingdom		25,998,763		33,612,823		–		59,611,586
United States		96,006,646		54,368,764		–		150,375,410
Money Market Funds		35,471,243		1,602,392		–		37,073,635
Total Investments		$552,608,501		$906,903,521		$–		$1,459,512,022

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

Invesco V.I. International Growth Fund

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $215,140,426 and $285,377,696, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	523,284,382
Aggregate unrealized (depreciation) of investments		(2,501,900	)
Net unrealized appreciation of investments	$	520,782,482

Cost of investments for tax purposes is $938,729,540

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		549,284		$	24,311,162			1,482,979		$	52,751,557
Series II		510,366			22,253,516			2,437,340			85,719,081
Issued as reinvestment of dividends:
Series I		-			-			511,763			19,559,591
Series II		-			-			1,025,024			38,602,388
Reacquired:
Series I		(842,003	)		(37,282,227	)		(2,913,014	)		(106,793,748	)
Series II		(1,817,239	)		(79,231,756	)		(6,351,741	)		(227,830,324	)
Net increase (decrease) in share activity		(1,599,592	)	$	(69,949,305	)		(3,807,649	)	$	(137,991,455	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. International Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense Ratio
	Beginning     Account Value     (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses     Paid During     Period2
Series I	$1,000.00	$1,063.70	$4.55	$1,020.38	$4.46	0.89%
Series II	1,000.00	1,062.60	5.83	1,019.14	5.71	1.14

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. International Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. International Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable..

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco International Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s underperformance can primarily be attributed to stock selection driven by the Fund’s earnings, quality and valuation investment style. Specifically, the Board noted that stock selection in and underweight exposure to certain sectors, as well as stock selection in certain geographic regions, detracted from the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. International Growth Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.

The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. International Growth Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Main Street Fund®
	Effective April 30, 2021, Invesco Oppenheimer V.I. Main Street Fund® was
	renamed Invesco V.I. Main Street Fund®.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIMST-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	16.18	%
Series II Shares	16.00
S&P 500 Indexq	15.25
Source(s): qRIMES Technologies Corp. The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (7/5/95)	9.73	%
10 Years	13.67
5 Years	14.97
1 Year	40.19
Series II Shares
Inception (7/13/00)	6.41	%
10 Years	13.39
5 Years	14.68
1 Year	39.83

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Main Street Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Main Street Fund^® (renamed Invesco V.I. Main Street Fund^® on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Main Street Fund^®, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Main Street Fund^®

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Main Street Fund^®

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.98%
Aerospace & Defense–1.79%
Raytheon Technologies Corp.		253,371	$	21,615,080
Air Freight & Logistics–2.75%
United Parcel Service, Inc., Class B		159,906		33,255,651
Application Software–1.37%
Manhattan Associates, Inc.(b)		8,329		1,206,372
Workday, Inc., Class A(b)		64,543		15,408,996
				16,615,368
Automobile Manufacturers–1.23%
General Motors Co.(b)		250,866		14,843,741
Automotive Retail–1.92%
CarMax, Inc.(b)		93,878		12,124,344
O’Reilly Automotive, Inc.(b)		19,643		11,122,063
				23,246,407
Biotechnology–0.59%
Neurocrine Biosciences, Inc.(b)		28,684		2,791,527
Seagen, Inc.(b)		27,240		4,300,651
				7,092,178
Cable & Satellite–1.72%
Comcast Corp., Class A		365,794		20,857,574
Commodity Chemicals–0.51%
Valvoline, Inc.		191,178		6,205,638
Communications Equipment–1.47%
Motorola Solutions, Inc.		82,033		17,788,856
Construction Machinery & Heavy Trucks–0.94%
Caterpillar, Inc.		52,319		11,386,184
Construction Materials–1.15%
Vulcan Materials Co.		80,067		13,937,263
Consumer Finance–2.19%
Capital One Financial Corp.		171,366		26,508,607
Data Processing & Outsourced Services–2.88%
Fiserv, Inc.(b)		154,427		16,506,702
Mastercard, Inc., Class A		50,052		18,273,485
				34,780,187
Distillers & Vintners–1.51%
Constellation Brands, Inc., Class A		78,041		18,253,009
Diversified Banks–3.11%
JPMorgan Chase & Co.		241,484		37,560,421
Electric Utilities–1.46%
FirstEnergy Corp.		474,990		17,674,378
Electrical Components & Equipment–1.29%
Hubbell, Inc.		32,414		6,056,232
Rockwell Automation, Inc.		33,581		9,604,837
				15,661,069

	Shares		Value
Environmental & Facilities Services–0.72%
Waste Connections, Inc.		73,352	$	8,760,429
Financial Exchanges & Data–1.69%
Intercontinental Exchange, Inc.		172,384		20,461,981
Food Distributors–0.96%
Sysco Corp.		149,275		11,606,131
General Merchandise Stores–1.34%
Target Corp.		67,163		16,235,984
Health Care Facilities–2.45%
HCA Healthcare, Inc.		143,145		29,593,797
Health Care Services–1.87%
CVS Health Corp.		271,216		22,630,263
Health Care Supplies–0.77%
Alcon, Inc. (Switzerland)		33,431		2,348,862
Cooper Cos., Inc. (The)		17,612		6,979,107
				9,327,969
Home Improvement Retail–2.01%
Home Depot, Inc. (The)		76,175		24,291,446
Homebuilding–0.91%
D.R. Horton, Inc.		121,334		10,964,954
Hotels, Resorts & Cruise Lines–1.06%
Airbnb, Inc., Class A(b)		50,044		7,663,738
Booking Holdings, Inc.(b)		2,330		5,098,250
				12,761,988
Household Products–2.31%
Procter & Gamble Co. (The)		177,079		23,893,270
Reckitt Benckiser Group PLC (United Kingdom)		45,331		4,011,848
				27,905,118
Industrial Machinery–1.69%
Otis Worldwide Corp.		250,035		20,445,362
Industrial REITs–2.54%
Prologis, Inc.		257,039		30,723,872
Integrated Telecommunication Services–1.77%
Verizon Communications, Inc.		382,807		21,448,676
Interactive Home Entertainment–0.95%
Zynga, Inc., Class A(b)		1,083,346		11,515,968
Interactive Media & Services–4.36%
Facebook, Inc., Class A(b)		135,697		47,183,204
Snap, Inc., Class A(b)		81,662		5,564,449
				52,747,653
Internet & Direct Marketing Retail–5.98%
Amazon.com, Inc.(b)		21,010		72,277,762
Internet Services & Infrastructure–0.34%
Snowflake, Inc., Class A(b)		17,017		4,114,711

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Fund^®

	Shares		Value
IT Consulting & Other Services–2.14%
Accenture PLC, Class A		62,931	$	18,551,429
Amdocs Ltd.		94,882		7,340,072
				25,891,501
Life Sciences Tools & Services–0.97%
Avantor, Inc.(b)		229,366		8,144,787
Thermo Fisher Scientific, Inc.		7,122		3,592,835
				11,737,622
Managed Health Care–2.94%
UnitedHealth Group, Inc.		88,654		35,500,608
Movies & Entertainment–1.60%
Netflix, Inc.(b)		30,435		16,076,071
Warner Music Group Corp., Class A		91,553		3,299,570
				19,375,641
Oil & Gas Exploration & Production–0.61%
Cabot Oil & Gas Corp.		424,074		7,404,332
Oil & Gas Refining & Marketing–0.57%
Valero Energy Corp.		88,110		6,879,629
Oil & Gas Storage & Transportation–0.67%
Magellan Midstream Partners L.P.		164,644		8,052,738
Other Diversified Financial Services–1.95%
Equitable Holdings, Inc.		774,232		23,575,364
Packaged Foods & Meats–1.27%
a2 Milk Co. Ltd. (The) (New Zealand)(b)		289,855		1,304,078
Mondelez International, Inc., Class A		224,757		14,033,827
				15,337,905
Pharmaceuticals–4.39%
AstraZeneca PLC, ADR (United Kingdom)(c)		442,732		26,519,647
Bayer AG (Germany)		46,069		2,798,309
Eli Lilly and Co.		103,643		23,788,141
				53,106,097
Property & Casualty Insurance–1.75%
Allstate Corp. (The)		76,125		9,929,745
Progressive Corp. (The)		114,383		11,233,554
				21,163,299
Railroads–1.14%
Union Pacific Corp.		62,616		13,771,137
Regional Banks–0.58%
CIT Group, Inc.		136,097		7,021,244

	Shares		Value
Semiconductor Equipment–2.25%
Applied Materials, Inc.		191,171	$	27,222,750
Semiconductors–4.32%
QUALCOMM, Inc.		211,850		30,279,720
Texas Instruments, Inc.		114,352		21,989,890
				52,269,610
Systems Software–8.53%
Microsoft Corp.		335,901		90,995,581
VMware, Inc., Class A(b)		75,859		12,135,164
				103,130,745
Technology Hardware, Storage & Peripherals–1.74%
Apple, Inc.		153,573		21,033,358
Thrifts & Mortgage Finance–0.52%
Rocket Cos., Inc., Class A		326,174		6,311,467
Water Utilities–0.44%
American Water Works Co., Inc.		34,595		5,332,127
Total Common Stocks & Other Equity Interests (Cost $758,167,306)				1,209,212,849
Money Market Funds–0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		586,688		586,688
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		334,280		334,414
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		670,501		670,501
Total Money Market Funds (Cost $1,591,603)				1,591,603
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $759,758,909)				1,210,804,452
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.13%
Invesco Private Government Fund, 0.02%(d)(e)(f)		7,714,625		7,714,625
Invesco Private Prime Fund, 0.12%(d)(e)(f)		17,993,594		18,000,791
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,715,416)				25,715,416
TOTAL INVESTMENTS IN SECURITIES–102.24% (Cost $785,474,325)				1,236,519,868
OTHER ASSETS LESS LIABILITIES–(2.24)%				(27,037,081	)
NET ASSETS–100.00%				$1,209,482,787

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street 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 June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,204,226		$  26,849,185			$(27,466,723	)		$-			$  -			$     586,688			$   210
Invesco Liquid Assets Portfolio, Institutional Class		860,151		19,093,348			(19,619,171	)		-			86			334,414			86
Invesco Treasury Portfolio, Institutional Class		1,376,258		30,684,783			(31,390,540	)		-			-			670,501			83
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		35,670,016			(27,955,391	)		-			-			7,714,625			118	*
Invesco Private Prime Fund		-		61,234,710			(43,233,919	)		-			-			18,000,791			2,212	*
Total		$3,440,635		$173,532,042		$	(149,665,744	)		$-		$	86		$	27,307,019		$	2,709

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1K.

Portfolio Composition

By sector, based on Net Assets

as of

June 30, 2021

Information Technology	25.04	%
Consumer Discretionary	14.45
Health Care	13.98
Financials	11.79
Communication Services	10.40
Industrials	10.32
Consumer Staples	6.05
Real Estate	2.54
Other Sectors, Each Less than 2% of Net Assets	5.41
Money Market Funds Plus Other Assets Less Liabilities	0.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Fund^®

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $758,167,306)*	$	1,209,212,849
Investments in affiliated money market funds, at value (Cost $27,307,019)		27,307,019
Cash		750,000
Foreign currencies, at value (Cost $65,284)		63,972
Receivable for: Investments sold		1,298,047
Fund shares sold		55,149
Dividends		268,648
Investment for trustee deferred compensation and retirement plans		168,703
Total assets		1,239,124,387
Liabilities:
Payable for:
Investments purchased		1,638,524
Fund shares reacquired		844,472
Collateral upon return of securities loaned		25,715,416
Accrued fees to affiliates		958,644
Accrued other operating expenses		315,841
Trustee deferred compensation and retirement plans		168,703
Total liabilities		29,641,600
Net assets applicable to shares outstanding	$	1,209,482,787
Net assets consist of:
Shares of beneficial interest	$	593,234,663
Distributable earnings		616,248,124
	$1,209,482,787
Net Assets:
Series I	$	563,277,604
Series II	$	646,205,183
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		16,210,194
Series II		18,883,659
Series I:
Net asset value per share	$	34.75
Series II:
Net asset value per share	$	34.22

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $6,592)	$	9,550,734
Dividends from affiliates (includes securities lending income of $5,608)		5,987
Total investment income		9,556,721
Expenses:
Advisory fees		3,774,928
Administrative services fees		783,469
Custodian fees		6,228
Distribution fees - Series II		777,326
Transfer agent fees		27,570
Trustees’ and officers’ fees and benefits		12,369
Reports to shareholders		88,729
Professional services fees		26,695
Taxes		2,378
Other		9,497
Total expenses		5,509,189
Less: Fees waived		(122,325	)
Net expenses		5,386,864
Net investment income		4,169,857
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		87,669,810
Affiliated investment securities		86
Foreign currencies		1,366
		87,671,262
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		80,921,356
Foreign currencies		(1,288	)
		80,920,068
Net realized and unrealized gain		168,591,330
Net increase in net assets resulting from operations	$	172,761,187

* At June 30, 2021, security with a value of $25,038,440 was on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	4,169,857		$	7,142,961
Net realized gain		87,671,262			72,217,855
Change in net unrealized appreciation		80,920,068			46,843,579
Net increase in net assets resulting from operations		172,761,187			126,204,395
Distributions to shareholders from distributable earnings:
Series I		—			(52,173,015	)
Series II		—			(60,587,458	)
Total distributions from distributable earnings		—			(112,760,473	)
Share transactions–net:
Series I		(22,390,773	)		(70,040,502	)
Series II		(43,500,529	)		(143,073,768	)
Net increase (decrease) in net assets resulting from share transactions		(65,891,302	)		(213,114,270	)
Net increase (decrease) in net assets		106,869,885			(199,670,348	)
Net assets:
Beginning of period		1,102,612,902			1,302,283,250
End of period	$	1,209,482,787		$	1,102,612,902

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Fund^®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Series I
Six months ended 06/30/21	$	29.91	$	0.14	$	4.70		$	4.84			$     –			$    –			$     –		$	34.75		16.18	%	$	563,278		0.80	%(e)		0.82	%(e)		0.86	%(e)		18	%
Year ended 12/31/20		29.44		0.22		3.63			3.85			(0.45	)		(2.93	)		(3.38	)		29.91		13.94			505,877		0.80			0.84			0.78			46
Year ended 12/31/19		26.82		0.32		7.73			8.05			(0.34	)		(5.09	)		(5.43	)		29.44		32.03			570,821		0.80			0.82			1.11			43
Year ended 12/31/18		32.25		0.32		(2.55	)		(2.23	)		(0.38	)		(2.82	)		(3.20	)		26.82		(7.89	)		485,230		0.80			0.80			1.03			65
Year ended 12/31/17		28.41		0.34		4.41			4.75			(0.39	)		(0.52	)		(0.91	)		32.25		16.91			561,555		0.78			0.78			1.12			35
Year ended 12/31/16		29.24		0.33		2.76			3.09			(0.34	)		(3.58	)		(3.92	)		28.41		11.62			485,196		0.79			0.79			1.16			33
Series II
Six months ended 06/30/21		29.49		0.10		4.63			4.73			–			–			–			34.22		16.04			646,205		1.05	(e)		1.07	(e)		0.61	(e)		18
Year ended 12/31/20		29.05		0.15		3.57			3.72			(0.35	)		(2.93	)		(3.28	)		29.49		13.65			596,736		1.05			1.09			0.53			46
Year ended 12/31/19		26.51		0.25		7.64			7.89			(0.26	)		(5.09	)		(5.35	)		29.05		31.74			731,463		1.05			1.07			0.86			43
Year ended 12/31/18		31.91		0.24		(2.53	)		(2.29	)		(0.29	)		(2.82	)		(3.11	)		26.51		(8.10	)		631,398		1.05			1.05			0.78			65
Year ended 12/31/17		28.12		0.26		4.37			4.63			(0.32	)		(0.52	)		(0.84	)		31.91		16.63			785,379		1.03			1.03			0.87			35
Year ended 12/31/16		28.98		0.26		2.72			2.98			(0.26	)		(3.58	)		(3.84	)		28.12		11.30			772,594		1.04			1.04			0.94			33

^(a)  Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c) Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $534,643 and $627,014 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Fund^®

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Main Street Fund^® , formerly Invesco Oppenheimer V.I. Main Street Fund, (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Main Street Fund^®

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. Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Master Limited Partnerships - The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

H. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Return of Capital - Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

K. 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 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.

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

Invesco V.I. Main Street Fund^®

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

N. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $200 million		0.600	%
Next $4 billion		0.580	%
Over $5 billion		0.560	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.66%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $122,325.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $81,915 for accounting and fund administrative services and was reimbursed $701,554 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Main Street Fund^®

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $1,228 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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	$	1,201,098,614	$	8,114,235		$–	$	1,209,212,849
Money Market Funds		1,591,603		25,715,416		–		27,307,019
Total Investments	$	1,202,690,217	$	33,829,651		$–	$	1,236,519,868

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities purchases of $2,149,966.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

Invesco V.I. Main Street Fund^®

The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $203,150,389 and $263,545,176, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	453,413,368
Aggregate unrealized (depreciation) of investments		(3,890,101	)
Net unrealized appreciation of investments	$	449,523,267
Cost of investments for tax purposes is	$	786,996,601.

NOTE 9–Share Information

				Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		249,754		$	8,158,475			488,428		$	13,734,224
Series II		358,315			11,325,305			1,712,042			44,161,406
Issued as reinvestment of dividends:
Series I		-			-			1,877,403			52,173,014
Series II		-			-			2,210,414			60,587,455
Reacquired:
Series I		(951,250	)		(30,549,248	)		(4,843,261	)		(135,947,740	)
Series II		(1,706,500	)		(54,825,834	)		(8,868,684	)		(247,822,629	)
Net increase (decrease) in share activity		(2,049,681	)	$	(65,891,302	)		(7,423,658	)	$	(213,114,270	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Main Street Fund^®

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value   (01/01/21)	Ending Account Value   (06/30/21)1	Expenses Paid During   Period2	Ending Account Value   (06/30/21)	Expenses Paid During   Period2	Annualized   Expense Ratio
Series I	$1,000.00	$1,161.80	$4.29	$1,020.83	$4.01	0.80%
Series II	1,000.00	1,160.00	5.62	1,019.59	5.26	1.05

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Main Street Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Main Street Fund^®’s (formerly, Invesco Oppenheimer V.I. Main Street Fund^®) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the S&P 500^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight or lack of exposure to certain sectors and names detracted from the Fund’s relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

Invesco V.I. Main Street Fund^®

performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of

scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Main Street Fund^®

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Main Street Mid Cap Fund®
	Effective April 30, 2021, Invesco V.I. Mid Cap Core Equity Fund was renamed
	Invesco V.I. Main Street Mid Cap Fund® .

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VIMCCE-SAR-1                                  

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	15.89%
Series II Shares	15.72
S&P 500 Indexq (Broad Market Index)	15.25
Russell Midcap Indexq (Style-Specific Index)	16.25
Lipper VUF Mid-Cap Core Funds Index∎ (Peer Group Index)	16.58
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

  The Russell Midcap^® Index is an unmanaged index considered representative of midcap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper VUF Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core variable insurance underlying funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (9/10/01)	8.17	%
10 Years	8.74
5 Years	11.94
1 Year	42.53
Series II Shares
Inception (9/10/01)	7.90	%
10 Years	8.46
5 Years	11.65
1 Year	42.23

Effective April 30, 2021 the Invesco V.I. Mid Cap Core Equity Fund was renamed Invesco V.I. Main Street Mid Cap Fund^®.

    The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Main Street Mid Cap Fund^®, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are

determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Main Street Mid Cap Fund^®

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Main Street Mid Cap Fund®

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.54%
Aerospace & Defense–0.70%
Curtiss-Wright Corp.		15,034	$	1,785,438
Apparel Retail–1.42%
Ross Stores, Inc.		29,194		3,620,056
Apparel, Accessories & Luxury Goods–1.07%
Tapestry, Inc.(b)		62,585		2,721,196
Application Software–7.09%
Aspen Technology, Inc.(b)		11,665		1,604,404
Citrix Systems, Inc.		23,090		2,707,764
Manhattan Associates, Inc.(b)		26,219		3,797,560
Paylocity Holding Corp.(b)		14,939		2,850,361
Q2 Holdings, Inc.(b)		18,956		1,944,507
Synopsys, Inc.(b)		18,523		5,108,458
				18,013,054
Asset Management & Custody Banks–0.74%
Northern Trust Corp.		16,355		1,890,965
Auto Parts & Equipment–1.02%
Visteon Corp.(b)		21,327		2,579,287
Automotive Retail–2.76%
CarMax, Inc.(b)		25,321		3,270,207
O’Reilly Automotive, Inc.(b)		6,621		3,748,877
				7,019,084
Biotechnology–1.74%
Neurocrine Biosciences, Inc.(b)		23,274		2,265,026
Seagen, Inc.(b)		13,614		2,149,378
				4,414,404
Building Products–1.63%
Trane Technologies PLC		22,430		4,130,260
Cable & Satellite–1.71%
Liberty Broadband Corp., Class C(b)		25,082		4,355,740
Construction Materials–1.80%
Vulcan Materials Co.		26,301		4,578,215
Data Processing & Outsourced Services–1.83%
Fiserv, Inc.(b)		43,527		4,652,601
Distillers & Vintners–1.61%
Constellation Brands, Inc., Class A		17,444		4,079,977
Diversified Chemicals–1.07%
Eastman Chemical Co.		23,210		2,709,768
Drug Retail–0.49%
Walgreens Boots Alliance, Inc.		23,678		1,245,700
Electric Utilities–0.80%
American Electric Power Co., Inc.		24,082		2,037,096
Electrical Components & Equipment–3.38%
Hubbell, Inc.		21,447		4,007,157

	Shares		Value
Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.		15,982	$	4,571,172
				8,578,329
Electronic Equipment & Instruments–1.88%
Keysight Technologies, Inc.(b)		30,877		4,767,718
Environmental & Facilities Services–1.43%
Republic Services, Inc.		33,117		3,643,201
Financial Exchanges & Data–1.44%
Intercontinental Exchange, Inc.		30,878		3,665,219
Food Distributors–1.37%
Sysco Corp.		44,771		3,480,945
Gas Utilities–2.01%
Atmos Energy Corp.		37,049		3,560,779
Southwest Gas Holdings, Inc.		23,413		1,549,707
				5,110,486
General Merchandise Stores–1.05%
Dollar General Corp.		12,277		2,656,620
Health Care Equipment–4.09%
Boston Scientific Corp.(b)		54,358		2,324,348
Edwards Lifesciences Corp.(b)		14,612		1,513,365
Hill-Rom Holdings, Inc.		23,532		2,673,000
Teleflex, Inc.		9,660		3,881,291
				10,392,004
Health Care Facilities–1.00%
HCA Healthcare, Inc.		12,271		2,536,907
Health Care Services–2.19%
Guardant Health, Inc.(b)		13,787		1,712,208
LHC Group, Inc.(b)		19,240		3,853,002
				5,565,210
Health Care Supplies–1.08%
Cooper Cos., Inc. (The)		6,937		2,748,925
Health Care Technology–0.95%
Veeva Systems, Inc., Class A(b)		7,768		2,415,460
Homebuilding–1.61%
D.R. Horton, Inc.		45,295		4,093,309
Hotels, Resorts & Cruise Lines–1.46%
Choice Hotels International, Inc.		15,976		1,898,908
Expedia Group, Inc.(b)		11,068		1,811,942
				3,710,850
Human Resource & Employment Services–1.49%
ASGN, Inc.(b)		24,979		2,421,214
Korn Ferry		18,767		1,361,546
				3,782,760
Hypermarkets & Super Centers–1.13%
BJ’s Wholesale Club Holdings, Inc.(b)		60,271		2,867,694

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Mid Cap Fund®

	Shares		Value
Industrial Machinery–4.50%
Evoqua Water Technologies Corp.(b)		113,751	$	3,842,509
ITT, Inc.		34,224		3,134,576
Stanley Black & Decker, Inc.		21,703		4,448,898
				11,425,983
Industrial REITs–1.30%
Duke Realty Corp.		69,741		3,302,236
Insurance Brokers–1.19%
Arthur J. Gallagher & Co.		21,573		3,021,946
Interactive Home Entertainment–2.55%
Electronic Arts, Inc.		20,918		3,008,636
Zynga, Inc., Class A(b)		327,406		3,480,326
				6,488,962
Interactive Media & Services–0.84%
Snap, Inc., Class A(b)		31,481		2,145,115
Internet & Direct Marketing Retail–0.82%
eBay, Inc.		29,486		2,070,212
Investment Banking & Brokerage–1.43%
Raymond James Financial, Inc.		27,916		3,626,288
IT Consulting & Other Services–0.88%
Amdocs Ltd.		28,813		2,228,974
Leisure Products–1.18%
Peloton Interactive, Inc., Class A(b)		24,252		3,007,733
Managed Health Care–0.92%
Humana, Inc.		5,300		2,346,416
Metal & Glass Containers–1.25%
Silgan Holdings, Inc.		76,502		3,174,833
Movies & Entertainment–0.59%
Endeavor Group Holdings, Inc., Class A(b)(c)		54,409		1,507,673
Multi-Utilities–0.99%
CMS Energy Corp.		42,622		2,518,108
Office REITs–1.98%
Alexandria Real Estate Equities, Inc.		27,650		5,030,641
Oil & Gas Equipment & Services–1.59%
Baker Hughes Co., Class A		102,018		2,333,152
Schlumberger Ltd.		53,465		1,711,414
				4,044,566
Oil & Gas Refining & Marketing–0.63%
Valero Energy Corp.		20,497		1,600,406
Oil & Gas Storage & Transportation–0.98%
Magellan Midstream Partners L.P.		50,906		2,489,812
Pharmaceuticals–1.33%
Catalent, Inc.(b)		31,293		3,383,399
Property & Casualty Insurance–0.91%
Progressive Corp. (The)		23,534		2,311,274
Regional Banks–3.41%
First Citizens BancShares, Inc., Class A(c)		3,470		2,889,608
PNC Financial Services Group, Inc. (The)		12,623		2,407,963

	Shares		Value
Regional Banks–(continued)
Webster Financial Corp.		63,047	$	3,362,927
				8,660,498
Research & Consulting Services–2.99%
CACI International, Inc., Class A(b)		20,242		5,164,139
TransUnion		22,105		2,427,350
				7,591,489
Residential REITs–1.27%
American Homes 4 Rent, Class A		82,767		3,215,498
Semiconductor Equipment–3.01%
KLA Corp.		13,871		4,497,117
MKS Instruments, Inc.		17,749		3,158,434
				7,655,551
Semiconductors–1.85%
Analog Devices, Inc.		27,275		4,695,664
Soft Drinks–0.85%
Coca-Cola Europacific Partners PLC (United Kingdom)		36,208		2,147,859
Specialized REITs–1.11%
Lamar Advertising Co., Class A		27,035		2,822,995
Specialty Chemicals–0.94%
PPG Industries, Inc.		14,041		2,383,741
Specialty Stores–1.25%
Tractor Supply Co.		17,032		3,168,974
Thrifts & Mortgage Finance–0.68%
Rocket Cos., Inc., Class A		88,626		1,714,913
Trading Companies & Distributors–1.28%
Fastenal Co.		62,757		3,263,364
Total Common Stocks & Other Equity Interests (Cost $183,754,046)				252,893,601
Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		447,047		447,047
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		380,746		380,898
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		510,911		510,911
Total Money Market Funds (Cost $1,338,800)				1,338,856
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $185,092,846)				254,232,457
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.31%
Invesco Private Government Fund, 0.02%(d)(e)(f)		1,001,995		1,001,995

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Mid Cap Fund®

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%(d)(e)(f)		2,337,052	$	2,337,987
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,339,982)				3,339,982
TOTAL INVESTMENTS IN SECURITIES–101.38% (Cost $188,432,828)				257,572,439
OTHER ASSETS LESS LIABILITIES–(1.38)%				(3,496,603	)
NET ASSETS–100.00%			$	254,075,836

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$   664,176		$11,460,245		$(11,677,374)			$      -			$      -		$  447,047		$ 121
Invesco Liquid Assets Portfolio, Institutional Class		585,249		8,185,889		(8,390,298)			(117	)		175		380,898		68
Invesco Treasury Portfolio, Institutional Class		759,058		13,097,423		(13,345,570	)		-			-		510,911		48
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		743,763		7,453,825		(7,195,593	)		-			-		1,001,995		26	*
Invesco Private Prime Fund		1,115,645		10,552,839		(9,330,607	)		-			110		2,337,987		461	*
Total		$3,867,891		$50,750,221		$(49,939,442	)		$(117	)		$285		$4,678,838		$724

   * Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1J.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Industrials	17.40	%
Information Technology	16.54
Consumer Discretionary	13.64
Health Care	13.30
Financials	9.80
Communication Services	5.69
Real Estate	5.66
Consumer Staples	5.45
Materials	5.06
Utilities	3.80
Energy	3.20
Money Market Funds Plus Other Assets Less Liabilities	0.46

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Mid Cap Fund®

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 183,754,046)*	$	252,893,601
Investments in affiliated money market funds, at value (Cost $ 4,678,782)		4,678,838
Cash		13,234
Receivable for: Fund shares sold		40,513
Dividends		122,096
Investment for trustee deferred compensation and retirement plans		114,794
Total assets		257,863,076
Liabilities:
Payable for:
Fund shares reacquired		61,835
Collateral upon return of securities loaned		3,339,982
Accrued fees to affiliates		223,484
Accrued other operating expenses		37,933
Trustee deferred compensation and retirement plans		124,006
Total liabilities		3,787,240
Net assets applicable to shares outstanding	$	254,075,836
Net assets consist of:
Shares of beneficial interest	$	164,514,191
Distributable earnings		89,561,645
	$	254,075,836
Net Assets:
Series I	$	155,976,291
Series II	$	98,099,545
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		12,732,858
Series II		8,277,797
Series I:
Net asset value per share	$	12.25
Series II:
Net asset value per share	$	11.85

* At June 30, 2021, securities with an aggregate value of $3,276,112 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $376)	$  1,505,571
Dividends from affiliated money market funds (includes securities lending income of $6,167)	6,404
Total investment income	1,511,975
Expenses:
Advisory fees	899,501
Administrative services fees	203,620
Custodian fees	3,341
Distribution fees - Series II	119,462
Transfer agent fees	16,917
Trustees’ and officers’ fees and benefits	10,193
Reports to shareholders	7,006
Professional services fees	18,347
Other	2,707
Total expenses	1,281,094
Less: Fees waived	(648	)
Net expenses	1,280,446
Net investment income	231,529
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities	25,004,926
Affiliated investment securities	285
	25,005,211
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities	11,260,212
Affiliated investment securities	(117	)
Foreign currencies	(16	)
	11,260,079
Net realized and unrealized gain	36,265,290
Net increase in net assets resulting from operations	$36,496,819

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Mid Cap Fund®

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	231,529		$	865,205
Net realized gain (loss)		25,005,211			(5,498,191	)
Change in net unrealized appreciation		11,260,079			24,445,678
Net increase in net assets resulting from operations		36,496,819			19,812,692
Distributions to shareholders from distributable earnings:
Series I		–			(28,871,670	)
Series II		–			(17,431,471	)
Total distributions from distributable earnings		–			(46,303,141	)
Share transactions–net:
Series I		(17,542,162	)		9,496,489
Series II		(6,656,668	)		11,755,405
Net increase (decrease) in net assets resulting from share transactions		(24,198,830	)		21,251,894
Net increase (decrease) in net assets		12,297,989			(5,238,555	)
Net assets:
Beginning of period		241,777,847			247,016,402
End of period	$	254,075,836		$	241,777,847

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Mid Cap Fund®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																											Ratio of			Ratio of
																											expenses			expenses
					Net gains																						to average			to average net
					(losses)																						net assets			assets without			Ratio of net
	Net asset				on securities						Dividends			Distributions													with fee waivers			fee waivers			investment
	value,		Net		(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income
	beginning		investment		realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income(a)		unrealized)			operations			income			gains			distributions			of period		return (b)			(000’s omitted)		absorbed			absorbed			net assets			turnover (c)
Series I
Six months ended 06/30/21		$10.57		$0.02		$ 1.66			$ 1.68			$    –			$    –			$    –			$12.25		15.89	%		$155,976		0.94	%(d)		0.94	%(d)		0.28	%(d)		30	%
Year ended 12/31/20		12.18		0.05		0.80			0.85			(0.08	)		(2.38	)		(2.46	)		10.57		9.25			150,990		0.94			0.94			0.49			75
Year ended 12/31/19		10.97		0.09		2.57			2.66			(0.06	)		(1.39	)		(1.45	)		12.18		25.28			157,959		0.93			0.94			0.70			114
Year ended 12/31/18		14.41		0.06		(1.39	)		(1.33	)		(0.07	)		(2.04	)		(2.11	)		10.97		(11.35	)		148,078		0.91			0.94			0.46			27
Year ended 12/31/17		12.87		0.05		1.85			1.90			(0.07	)		(0.29	)		(0.36	)		14.41		14.92			192,277		0.94			0.96			0.37			45
Year ended 12/31/16		12.12		0.07		1.54			1.61			(0.01	)		(0.85	)		(0.86	)		12.87		13.43			195,464		0.98			1.00			0.57			29
Series II
Six months ended 06/30/21		10.24		0.00		1.61			1.61			–			–			–			11.85		15.72			98,100		1.19	(d)		1.19	(d)		0.03	(d)		30
Year ended 12/31/20		11.88		0.02		0.78			0.80			(0.06	)		(2.38	)		(2.44	)		10.24		8.94			90,788		1.19			1.19			0.24			75
Year ended 12/31/19		10.72		0.05		2.53			2.58			(0.03	)		(1.39	)		(1.42	)		11.88		25.04			89,057		1.18			1.19			0.45			114
Year ended 12/31/18		14.11		0.03		(1.36	)		(1.33	)		(0.02	)		(2.04	)		(2.06	)		10.72		(11.60	)		71,829		1.16			1.19			0.21			27
Year ended 12/31/17		12.61		0.02		1.81			1.83			(0.04	)		(0.29	)		(0.33	)		14.11		14.65			141,120		1.19			1.21			0.12			45
Year ended 12/31/16		11.91		0.04		1.51			1.55			–			(0.85	)		(0.85	)		12.61		13.16			130,118		1.23			1.25			0.32			29

^(a) Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $153,833 and $96,362 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Mid Cap Fund®

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Main Street Mid Cap Fund^®, formerly Invesco V.I. Mid Cap Core Equity Fund, (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Main Street Mid Cap Fund®

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.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. 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 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.

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

Invesco V.I. Main Street Mid Cap Fund®

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

M. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.725	%
Next $500 million		0.700	%
Next $500 million		0.675	%
Over $1.5 billion		0.650	%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.725% .

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $648.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $17,641 for accounting and fund administrative services and was reimbursed $185,979 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the

Invesco V.I. Main Street Mid Cap Fund®

annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2021, the Fund incurred $930 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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		$252,893,601		$              –		$–		$252,893,601
Money Market Funds		1,338,856		3,339,982		–		4,678,838
Total Investments		$254,232,457		$3,339,982		$–		$257,572,439

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of December 31, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,457,970		$–	$	4,457,970

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

Invesco V.I. Main Street Mid Cap Fund®

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $73,906,771 and $97,326,809, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	70,830,752
Aggregate unrealized (depreciation) of investments		(2,127,515	)
Net unrealized appreciation of investments	$	68,703,237

    Cost of investments for tax purposes is $188,869,202.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		181,802		$	2,131,581			650,434		$	6,303,263
Series II		341,968			3,805,303			1,003,597			10,172,288
Issued as reinvestment of dividends:
Series I		-			-			3,035,927			28,871,668
Series II		-			-			1,890,615			17,431,471
Reacquired:
Series I		(1,731,998	)		(19,673,743	)		(2,371,419	)		(25,678,442	)
Series II		(930,416	)		(10,461,971	)		(1,527,486	)		(15,848,354	)
Net increase (decrease) in share activity		(2,138,644	)	$	(24,198,830	)		2,681,668		$	21,251,894

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Main Street Mid Cap Fund®

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value (01/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized         Expense         Ratio
			Ending     Account Value     (06/30/21)1		Expenses     Paid During     Period2		Ending     Account Value     (06/30/21)		Expenses     Paid During     Period2
Series I	$	1,000.00	$	1,158.90	$	5.03	$	1,020.13	$	4.71		0.94%
Series II		1,000.00		1,157.20		6.36		1,018.89		5.96		1.19

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Main Street Mid Cap Fund®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Main Street Mid Cap Fund^®’s (formerly, Invesco V.I. Mid Cap Core Equity Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are

negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the

benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one, three and five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board further noted that the Fund underwent a portfolio management team change in June 2019, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. Main Street Mid Cap Fund®

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in

business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the

fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Main Street Mid Cap Fund®

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Main Street Small Cap Fund®
	Effective April 30, 2021, Invesco Oppenheimer V.I. Main Street Small Cap Fund® was renamed Invesco V.I. Main Street Small Cap Fund®.

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIMSS-SAR-1                                 

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	17.91%
Series II Shares	17.76
Russell 2000 Indexq	17.54
Source(s): qRIMES Technologies Corp.

The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Rus-sell^® is a trademark of the Frank Russell Co.

    The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/1/98)	9.45	%
10 Years	13.15
5 Years	16.00
1 Year	59.53
Series II Shares
Inception (7/16/01)	10.27	%
10 Years	12.87
5 Years	15.70
1 Year	59.10

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Main Street Small Cap Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Main Street Small Cap Fund^® (renamed Invesco V.I. Main Street Small Cap Fund^® on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Main Street Small Cap Fund^®, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and

fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Main Street Small Cap Fund^®

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from Janu-ary 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was oper- ated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Main Street Small Cap Fund^®

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.89%
Aerospace & Defense–0.69%
Curtiss Wright Corp.		49,769	$	5,910,566
Air Freight & Logistics–0.62%
Hub Group, Inc., Class A(b)		79,414		5,239,736
Aluminum–1.31%
Kaiser Aluminum Corp.		90,503		11,176,215
Apparel Retail–0.67%
Foot Locker, Inc.		92,959		5,729,063
Apparel, Accessories & Luxury Goods–0.53%
Carter’s, Inc.		44,074		4,547,115
Application Software–6.40%
Bottomline Technologies (DE), Inc.(b)		216,709		8,035,570
Envestnet, Inc.(b)		67,437		5,115,771
Everbridge, Inc.(b)(c)		29,302		3,987,416
J2 Global, Inc.(b)(c)		146,173		20,106,096
Olo, Inc., Class A(b)		145,411		5,436,917
Q2 Holdings, Inc.(b)		115,258		11,823,166
				54,504,936
Asset Management & Custody Banks–2.25%
Federated Hermes, Inc., Class B		229,843		7,793,976
Focus Financial Partners, Inc., Class A(b)		233,528		11,326,108
				19,120,084
Auto Parts & Equipment–2.50%
Dorman Products, Inc.(b)		99,357		10,300,340
Visteon Corp.(b)		90,876		10,990,544
				21,290,884
Automotive Retail–3.38%
AutoNation, Inc.(b)		174,556		16,549,655
Monro, Inc.		192,777		12,243,267
				28,792,922
Biotechnology–1.76%
ADC Therapeutics S.A. (Switzerland)(b)		61,368		1,494,311
Avid Bioservices, Inc.(b)(c)		225,319		5,779,432
Twist Bioscience Corp.(b)(c)		58,024		7,731,698
				15,005,441
Building Products–1.06%
Masonite International Corp.(b)		80,957		9,050,183
Communications Equipment–0.70%
EchoStar Corp., Class A(b)(c)		247,032		6,000,407
Construction & Engineering–1.45%
Comfort Systems USA, Inc.		71,314		5,618,830
Valmont Industries, Inc.		28,527		6,733,798
				12,352,628
Construction Machinery & Heavy Trucks–0.51%
Allison Transmission Holdings, Inc.		108,881		4,326,931

	Shares		Value
Construction Materials–1.37%
Summit Materials, Inc., Class A(b)		334,319	$	11,651,017
Data Processing & Outsourced Services–0.40%
Paya Holdings, Inc., Class A(b)(c)		307,721		3,391,085
Diversified Banks–0.91%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		218,186		7,734,694
Diversified Metals & Mining–0.96%
Compass Minerals International, Inc.		138,024		8,179,302
Electrical Components & Equipment–2.31%
Atkore, Inc.(b)		160,975		11,429,225
EnerSys		83,958		8,205,215
				19,634,440
Gas Utilities–3.04%
National Fuel Gas Co.		224,665		11,738,746
Northwest Natural Holding Co.		100,431		5,274,636
Suburban Propane Partners L.P.		579,199		8,884,913
				25,898,295
Health Care Equipment–4.83%
AtriCure, Inc.(b)		146,833		11,648,262
CryoPort, Inc.(b)(c)		149,651		9,442,978
Heska Corp.(b)(c)		35,723		8,206,645
Ortho Clinical Diagnostics Holdings PLC(b)		229,619		4,916,143
Tandem Diabetes Care, Inc.(b)		70,661		6,882,381
				41,096,409
Health Care Facilities–1.76%
Tenet Healthcare Corp.(b)		223,368		14,963,422
Health Care Services–3.25%
1Life Healthcare, Inc.(b)(c)		176,474		5,834,230
Addus HomeCare Corp.(b)		102,271		8,922,122
LHC Group, Inc.(b)		64,569		12,930,588
				27,686,940
Health Care Supplies–0.69%
BioLife Solutions, Inc.(b)		131,506		5,853,332
Health Care Technology–1.46%
Inspire Medical Systems, Inc.(b)		64,322		12,430,870
Homebuilding–1.22%
TopBuild Corp.(b)		52,415		10,366,639
Hotel & Resort REITs–0.89%
DiamondRock Hospitality Co.(b)		779,590		7,562,023
Household Products–0.84%
Energizer Holdings, Inc.		166,461		7,154,494
Human Resource & Employment Services–4.15%
ASGN, Inc.(b)		170,448		16,521,525
Korn Ferry		259,341		18,815,189
				35,336,714

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

	Shares		Value
Hypermarkets & Super Centers–1.42%
BJ’s Wholesale Club Holdings, Inc.(b)(c)		254,206	$	12,095,121
Industrial Machinery–4.77%
EnPro Industries, Inc.		109,527		10,640,548
Evoqua Water Technologies Corp.(b)		363,116		12,266,059
Rexnord Corp.		353,706		17,699,448
				40,606,055
Internet & Direct Marketing Retail–1.50%
Overstock.com, Inc.(b)		138,382		12,758,820
Investment Banking & Brokerage–1.65%
Stifel Financial Corp.		216,739		14,057,692
Leisure Facilities–0.64%
Cedar Fair L.P.(b)		121,528		5,448,100
Life Sciences Tools & Services–2.76%
Adaptive Biotechnologies Corp.(b)(c)		140,618		5,745,651
Berkeley Lights, Inc.(b)(c)		89,329		4,002,833
NeoGenomics, Inc.(b)		184,486		8,333,233
Repligen Corp.(b)		27,352		5,460,006
				23,541,723
Metal & Glass Containers–0.72%
Silgan Holdings, Inc.		148,484		6,162,086
Multi-Utilities–1.30%
Avista Corp.		260,450		11,113,402
Office Services & Supplies–0.88%
ACCO Brands Corp.		863,755		7,454,206
Oil & Gas Exploration & Production–0.89%
CNX Resources Corp.(b)		554,529		7,574,866
Packaged Foods & Meats–1.60%
Simply Good Foods Co. (The)(b)		372,553		13,601,910
Personal Products–2.16%
BellRing Brands, Inc., Class A(b)		374,261		11,729,340
Honest Co., Inc. (The)(b)(c)		409,650		6,632,233
				18,361,573
Pharmaceuticals–0.88%
Axsome Therapeutics, Inc.(b)(c)		41,701		2,813,150
Collegium Pharmaceutical, Inc.(b)		197,452		4,667,765
				7,480,915
Regional Banks–8.43%
BankUnited, Inc.		235,323		10,045,939
Berkshire Hills Bancorp, Inc.		200,833		5,504,833
Cathay General Bancorp		196,993		7,753,644
FB Financial Corp.		108,651		4,054,855
Heritage Financial Corp.		235,491		5,891,985
OceanFirst Financial Corp.		290,114		6,045,976
Pacific Premier Bancorp, Inc.		244,957		10,359,231
Signature Bank		30,157		7,408,067
Silvergate Capital Corp., Class A(b)		29,143		3,302,485
Sterling Bancorp		459,397		11,388,452
				71,755,467
Research & Consulting Services–2.54%
CACI International, Inc., Class A(b)		41,289		10,533,650

	Shares		Value
Research & Consulting Services–(continued)
KBR, Inc.		290,448	$	11,080,591
				21,614,241
Restaurants–3.29%
Denny’s Corp.(b)		515,840		8,506,202
Jack in the Box, Inc.		96,255		10,726,657
Texas Roadhouse, Inc.		91,410		8,793,642
				28,026,501
Semiconductor Equipment–3.03%
Brooks Automation, Inc.		155,791		14,843,767
MKS Instruments, Inc.		61,632		10,967,414
				25,811,181
Semiconductors–1.69%
Allegro MicroSystems, Inc. (Japan)(b)		171,896		4,761,519
Semtech Corp.(b)		140,051		9,635,509
				14,397,028
Specialized REITs–3.39%
EPR Properties(b)		131,871		6,946,964
Four Corners Property Trust, Inc.		410,321		11,328,963
National Storage Affiliates Trust		208,816		10,557,737
				28,833,664
Specialty Chemicals–1.71%
Amyris, Inc.(b)(c)		310,486		5,082,656
Diversey Holdings Ltd.(b)		288,275		5,163,005
NewMarket Corp.		13,476		4,339,003
				14,584,664
Thrifts & Mortgage Finance–1.73%
WSFS Financial Corp.		316,619		14,751,279
Total Common Stocks & Other Equity Interests (Cost $530,562,882)				842,017,281
Money Market Funds–1.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		3,374,494		3,374,494
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		2,186,344		2,187,218
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		3,856,565		3,856,565
Total Money Market Funds (Cost $9,418,277)				9,418,277
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $539,981,159)				851,435,558
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.23%
Invesco Private Government Fund, 0.02%(d)(e)(f)		21,021,805		21,021,805
Invesco Private Prime Fund, 0.12%(d)(e)(f)		49,031,266		49,050,879
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $70,072,684)				70,072,684
TOTAL INVESTMENTS IN SECURITIES–108.22% (Cost $610,053,843)				921,508,242
OTHER ASSETS LESS LIABILITIES-(8.22)%				(70,015,491	)
NET ASSETS-100.00%				$851,492,751

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at June 30, 2021.

^(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 six months ended June 30, 2021.

	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$   1,875,710		$   39,138,026		$   (37,639,242)			$   -		$   -		$  3,374,494		$    469
Invesco Liquid Assets Portfolio, Institutional Class		1,339,636		27,364,310		(26,516,862	)		92		42		2,187,218		211
Invesco Treasury Portfolio, Institutional Class		2,143,668		44,729,173		(43,016,276	)		-		-		3,856,565		189
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		2,231,743		47,811,178		(29,021,116	)		-		-		21,021,805		217	*
Invesco Private Prime Fund		3,347,614		77,389,085		(31,686,141	)		-		321		49,050,879		3,675	*
Total		$10,938,371		$236,431,772		$(167,879,637	)		$92		$363		$79,490,961		$4,761

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. 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 June 30, 2021.

^(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. See Note 1K.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Industrials	18.98	%
Health Care	17.39
Financials	14.97
Consumer Discretionary	13.73
Information Technology	12.22
Materials	6.07
Consumer Staples	6.02
Utilities	4.34
Real Estate	4.28
Energy	0.89
Money Market Funds Plus Other Assets Less Liabilities	1.11

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value   (Cost $ 530,562,882)*	$	842,017,281
Investments in affiliated money market funds, at value (Cost $ 79,490,961)		79,490,961
Cash		1,000,000
Receivable for:
Fund shares sold		492,420
Dividends		311,953
Investment for trustee deferred compensation and retirement plans		90,890
Total assets		923,403,505
Liabilities:
Payable for:
Fund shares reacquired		537,735
Collateral upon return of securities loaned		70,072,684
Accrued fees to affiliates		802,011
Accrued other operating expenses		407,434
Trustee deferred compensation and retirement plans		90,890
Total liabilities		71,910,754
Net assets applicable to shares outstanding	$	851,492,751
Net assets consist of:
Shares of beneficial interest	$	439,398,028
Distributable earnings		412,094,723
	$	851,492,751
Net Assets:
Series I	$	139,189,220
Series II	$	712,303,531
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,305,701
Series II		22,478,101
Series I:
Net asset value per share	$	32.33
Series II:
Net asset value per share	$	31.69

* At June 30, 2021, securities with an aggregate value of $68,003,098 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends	$	4,122,506
Dividends from affiliated money market funds (includes securities lending income of $8,575)		9,444
Total investment income		4,131,950
Expenses:
Advisory fees		2,858,340
Administrative services fees		684,187
Custodian fees		619
Distribution fees - Series II		872,661
Transfer agent fees		27,433
Trustees’ and officers’ fees and benefits		11,573
Reports to shareholders		94,602
Professional services fees		23,070
Taxes		2,378
Other		7,830
Total expenses		4,582,693
Less: Fees waived		(375,322	)
Net expenses		4,207,371
Net investment income (loss)		(75,421	)
Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $6,166,991)		56,091,766
Affiliated investment securities		363
		56,092,129
Change in net unrealized appreciation of:
Unaffiliated investment securities		77,475,033
Affiliated investment securities		92
		77,475,125
Net realized and unrealized gain		133,567,254
Net increase in net assets resulting from operations	$	133,491,833

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(75,421	)	$	1,268,260
Net realized gain		56,092,129			49,208,743
Change in net unrealized appreciation		77,475,125			81,826,822
Net increase in net assets resulting from operations		133,491,833			132,303,825
Distributions to shareholders from distributable earnings:
Series I		-			(1,994,674	)
Series II		-			(9,921,357	)
Total distributions from distributable earnings		-			(11,916,031	)
Share transactions–net:
Series I		(1,617,896	)		(7,562,317	)
Series II		(50,143,987	)		(58,085,112	)
Net increase (decrease) in net assets resulting from share transactions		(51,761,883	)		(65,647,429	)
Net increase in net assets		81,729,950			54,740,365
Net assets:
Beginning of period		769,762,801			715,022,436
End of period	$	851,492,751		$	769,762,801

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Series I
Six months ended 06/30/21		$27.42		$0.03			$4.88			$4.91			$     –			$     –			$     –			$32.33		17.91	%		$139,189		0.80	%(e)		0.89	%(e)		0.19	%(e)		18	%
Year ended 12/31/20		23.32		0.09			4.47			4.56			(0.14	)		(0.32	)		(0.46	)		27.42		19.93			119,377		0.80			0.91			0.41			35
Year ended 12/31/19		20.36		0.11			5.06			5.17			(0.05	)		(2.16	)		(2.21	)		23.32		26.47			109,695		0.80			0.86			0.49			36
Year ended 12/31/18		25.79		0.07			(2.07	)		(2.00	)		(0.08	)		(3.35	)		(3.43	)		20.36		(10.32	)		123,962		0.80			0.83			0.28			45
Year ended 12/31/17		24.08		0.07			3.22			3.29			(0.22	)		(1.36	)		(1.58	)		25.79		14.15			152,617		0.80			0.80			0.28			42
Year ended 12/31/16		21.32		0.16			3.55			3.71			(0.11	)		(0.84	)		(0.95	)		24.08		18.05			145,428		0.80			0.81			0.74			65
Series II
Six months ended 06/30/21		26.91		(0.01	)		4.79			4.78			–			–			–			31.69		17.76			712,304		1.05	(e)		1.14	(e)		(0.06	)(e)		18
Year ended 12/31/20		22.89		0.03			4.39			4.42			(0.08	)		(0.32	)		(0.40	)		26.91		19.63			650,386		1.05			1.16			0.16			35
Year ended 12/31/19		20.03		0.05			4.97			5.02			0.00			(2.16	)		(2.16	)		22.89		26.13			605,327		1.05			1.11			0.25			36
Year ended 12/31/18		25.42		0.01			(2.03	)		(2.02	)		(0.02	)		(3.35	)		(3.37	)		20.03		(10.54	)		735,969		1.05			1.08			0.03			45
Year ended 12/31/17		23.75		0.01			3.18			3.19			(0.16	)		(1.36	)		(1.52	)		25.42		13.91			935,793		1.05			1.05			0.03			42
Year ended 12/31/16		21.05		0.10			3.49			3.59			(0.05	)		(0.84	)		(0.89	)		23.75		17.67			922,037		1.05			1.06			0.49			65

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $136,701 and $703,914 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Main Street Small Cap Fund^®, formerly Invesco Oppenheimer V.I. Main Street Small Cap Fund^®, (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Main Street Small Cap Fund^®

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.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital – Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

H. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

I. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

J. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

K. 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 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.

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply

Invesco V.I. Main Street Small Cap Fund^®

chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $200 million		0.600	%
Next $4 billion		0.580	%
Over $5 billion		0.560	%

* The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $375,322.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $59,325 for accounting and fund administrative services and was reimbursed $624,862 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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.

Invesco V.I. Main Street Small Cap Fund^®

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 June 30, 2021. 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	$	842,017,281	$	-		$-	$	842,017,281
Money Market Funds		9,418,277		70,072,684		-		79,490,961
Total Investments	$	851,435,558	$	70,072,684		$-	$	921,508,242

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities purchases of $776,123 and securities sales of $10,067,723, which resulted in net realized gains of $6,166,991.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $145,734,015 and $201,606,226, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	322,960,770
Aggregate unrealized (depreciation) of investments		(19,324,914	)
Net unrealized appreciation of investments	$	303,635,856

    Cost of investments for tax purposes is $617,872,386.

Invesco V.I. Main Street Small Cap Fund^®

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		486,777		$	15,023,842			768,674		$	16,458,610
Series II		1,184,937			36,487,086			2,822,113			51,901,552
Issued as reinvestment of dividends:
Series I		-			-			85,498			1,994,674
Series II		-			-			433,058			9,921,357
Reacquired:
Series I		(534,302	)		(16,641,738	)		(1,204,533	)		(26,015,601	)
Series II		(2,871,475	)		(86,631,073	)		(5,530,234	)		(119,908,021	)
Net increase (decrease) in share activity		(1,734,063	)	$	(51,761,883	)		(2,625,424	)	$	(65,647,429	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Main Street Small Cap Fund^®

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value   (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Series I	$1,000.00	$1,179.10	$4.32	$1,020.83	$4.01	0.80%
Series II	1,000.00	1,177.60	5.67	1,019.59	5.26	1.05

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Main Street Small Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Main Street Small Cap Fund^®’s (formerly, Invesco Oppenheimer V.I. Main Street Small Cap Fund^®) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic

period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and above the performance of the Index for the three year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. Main Street Small Cap Fund^®

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.

The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Main Street Small Cap Fund^®

	Semiannual Report to Shareholders	June 30, 2021
	Invesco Oppenheimer V.I. International
	Growth Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIIGR-SAR-1

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	6.87	%
Series II Shares	6.91
MSCI All Country World ex-USA Indexq	9.16
Source(s): qRIMES Technologies Corp.
The MSCI All Country World ex-USA® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/13/92)	7.72	%
10 Years	7.76
5 Years	11.30
1 Year	35.38
Series II Shares
Inception (3/19/01)	6.87	%
10 Years	7.51
5 Years	10.99
1 Year	34.66

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer International Growth Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. International Growth Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product

performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco Oppenheimer V.I. International Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges,

expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco Oppenheimer V.I. International Growth Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco Oppenheimer V.I. International Growth Fund

Schedule of Investments

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.51%
Australia–1.15%
CSL Ltd.		28,738	$	6,147,854
Belgium–0.27%
Galapagos N.V.(a)		20,772		1,440,386
Canada–4.72%
Alimentation Couche-Tard, Inc., Class B		201,470		7,403,161
CAE, Inc.(a)		232,458		7,159,767
Dollarama, Inc.		111,798		5,117,311
ECN Capital Corp.		61,586		462,044
Shopify, Inc., Class A(a)		3,429		5,014,788
				25,157,071
China–3.32%
Alibaba Group Holding Ltd., ADR(a)		34,047		7,721,179
Tencent Holdings Ltd.		132,800		9,989,101
				17,710,280
Denmark–2.58%
Ascendis Pharma A/S, ADR(a)		22,891		3,011,311
Novo Nordisk A/S, Class B		128,259		10,730,408
				13,741,719
France–16.90%
Adevinta ASA, Class B(a)		225,314		4,319,244
Airbus SE(a)		61,111		7,869,905
Dassault Systemes SE		24,480		5,938,845
Edenred		86,778		4,946,031
EssilorLuxottica S.A.		15,921		2,939,771
Hermes International		12,088		17,624,877
Kering S.A.		6,330		5,539,197
L’Oreal S.A.		12,341		5,502,994
LVMH Moet Hennessy Louis Vuitton SE		17,333		13,609,298
Sartorius Stedim Biotech		13,944		6,596,422
SEB S.A.		25,075		4,533,033
Worldline S.A.(a)(b)		113,345		10,619,609
				90,039,226
Germany–5.00%
CTS Eventim AG & Co. KGaA(a)		92,800		5,799,985
Infineon Technologies AG		186,302		7,470,872
SAP SE		19,443		2,743,358
Siemens AG		25,530		4,045,226
Siemens Healthineers AG(b)		107,198		6,573,586
				26,633,027
Hong Kong–0.68%
WH Group Ltd.		4,019,000		3,613,109
India–2.82%
Dr Lal PathLabs Ltd.(b)		94,316		4,157,606
Reliance Industries Ltd.		382,841		10,887,387
				15,044,993
Ireland–1.81%
Flutter Entertainment PLC(a)		53,116		9,660,828

	Shares		Value
Italy–1.52%
Davide Campari-Milano N.V.		601,782	$	8,071,881
Japan–7.72%
Daikin Industries Ltd.		34,500		6,422,208
Hitachi Ltd.		58,300		3,336,559
Hoya Corp.		35,693		4,730,709
Keyence Corp.		13,924		7,023,875
Kobe Bussan Co. Ltd.		130,600		4,113,303
Nidec Corp.		63,700		7,377,753
Nihon M&A Center, Inc.		205,600		5,335,188
Nitori Holdings Co. Ltd.		15,900		2,814,626
				41,154,221
Netherlands–6.38%
Aalberts N.V.		161,169		8,663,278
Adyen N.V.(a)(b)		2,915		7,124,033
ASML Holding N.V.		20,750		14,286,404
Boskalis Westminster		30,582		981,719
Shop Apotheke Europe N.V.(a)(b)		15,791		2,967,097
				34,022,531
New Zealand–1.11%
Xero Ltd.(a)		57,448		5,900,744
Spain–1.40%
Amadeus IT Group S.A.(a)		86,248		6,065,504
Prosegur Cash S.A.(b)		1,348,827		1,370,508
				7,436,012
Sweden–6.46%
Atlas Copco AB, Class A		136,598		8,368,280
Epiroc AB, Class A		470,573		10,723,849
SKF AB, Class B		300,027		7,643,289
Swedish Match AB		900,750		7,682,713
				34,418,131
Switzerland–5.86%
Barry Callebaut AG		2,046		4,753,959
IWG PLC(a)		867,354		3,610,013
Lonza Group AG		4,682		3,319,036
Sika AG		23,536		7,695,890
STMicroelectronics N.V.		111,459		4,046,197
Temenos AG		16,732		2,688,513
VAT Group AG(b)		15,393		5,119,609
				31,233,217
Taiwan–2.10%
Taiwan Semiconductor Manufacturing Co. Ltd.		525,000		11,211,305
United Kingdom–15.32%
Blue Prism Group PLC(a)		9,547		107,040
boohoo Group PLC(a)		1,731,745		7,442,461
Britvic PLC		417,968		5,422,783
Compass Group PLC(a)		331,157		6,984,455
ConvaTec Group PLC(b)		577,094		1,921,767
Electrocomponents PLC		260,947		3,719,691
Entain PLC(a)		401,798		9,709,433

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

	Shares		Value
United Kingdom–(continued)
Legal & General Group PLC		1,140,021	$	4,057,656
London Stock Exchange Group PLC		76,426		8,429,623
Melrose Industries PLC		3,752,226		8,073,642
Next PLC(a)		94,168		10,248,524
Ocado Group PLC(a)		238,311		6,603,272
Rightmove PLC		594,538		5,347,163
Trainline PLC(a)(b)		879,354		3,571,538
				81,639,048
United States–8.39%
Atlassian Corp. PLC, Class A(a)		17,853		4,585,722
EPAM Systems, Inc.(a)		21,015		10,737,824
Ferguson PLC		42,466		5,911,220
James Hardie Industries PLC, CDI		270,720		9,194,649
Medtronic PLC		34,164		4,240,777
ResMed, Inc.		40,824		10,063,933
				44,734,125
Total Common Stocks & Other Equity Interests (Cost $270,305,117)				509,009,708

	Shares		Value
Preferred Stocks–0.00%
India–0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		599,541	$	16,051
Money Market Funds–2.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		4,075,951		4,075,951
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		2,947,936		2,949,115
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		4,658,230		4,658,230
Total Money Market Funds (Cost $11,683,223)				11,683,296
TOTAL INVESTMENTS IN SECURITIES–97.70% (Cost $281,988,340)				520,709,055
OTHER ASSETS LESS LIABILITIES–2.30%				12,241,554
NET ASSETS–100.00%			$	532,950,609

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Pfd. – Preferred

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2021 was $43,425,353, which represented 8.15% of the Fund’s Net Assets.

^(c)  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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,150,830		$	16,686,431		$	(15,761,310	)		$	-		$	-		$	4,075,951		$	509
Invesco Liquid Assets Portfolio, Institutional Class			2,250,059			11,918,879			(11,220,047	)			216			8			2,949,115			253
Invesco Treasury Portfolio, Institutional Class			3,600,948			19,070,206			(18,012,924	)			-			-			4,658,230			210
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			1,167,080			(1,167,080	)			-			-			-			3	*
Invesco Private Prime Fund			-			2,075,824			(2,075,824	)			-			-			-			76	*
Total		$	9,001,837		$	50,918,420		$	(48,237,185	)		$	216		$	8		$	11,683,296		$	1,051

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

^(d)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

Open Forward Foreign Currency Contracts
						Unrealized Appreciation (Depreciation)
Settlement Date		Contract to
	Counterparty	Deliver		Receive
Currency Risk
07/02/2021	State Street Bank & Trust Co.		USD 38,591		CAD 47,826		$(10)

Abbreviations:

CAD – Canadian Dollar

USD – U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Consumer Discretionary	21.97	%
Information Technology	20.75
Industrials	19.16
Health Care	11.81
Consumer Staples	8.74
Communication Services	4.77
Materials	3.16
Financials	2.43
Energy	2.04
Other Sectors, Each Less than 2% of Net Assets	0.68
Money Market Funds Plus Other Assets Less Liabilities	4.49

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $270,305,117)	$	509,025,759
Investments in affiliated money market funds, at value (Cost $11,683,223)		11,683,296
Cash		500,000
Foreign currencies, at value (Cost $190,241)		189,575
Receivable for:
Investments sold		160,872
Fund shares sold		11,207,975
Dividends		1,846,033
Investment for trustee deferred compensation and retirement plans		51,686
Total assets		534,665,196
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		10
Payable for:
Investments purchased		353,483
Fund shares reacquired		634,260
Accrued foreign taxes		132,866
Accrued fees to affiliates		448,011
Accrued other operating expenses		94,271
Trustee deferred compensation and retirement plans		51,686
Total liabilities		1,714,587
Net assets applicable to shares outstanding	$	532,950,609
Net assets consist of:
Shares of beneficial interest	$	215,608,243
Distributable earnings		317,342,366
	$	532,950,609
Net Assets:
Series I	$	242,924,783
Series II	$	290,025,826
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		78,180,062
Series II		89,292,698
Series I:
Net asset value per share	$	3.11
Series II:
Net asset value per share	$	3.25

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $211,066)	$	3,130,926
Dividends from affiliated money market funds		972
Total investment income		3,131,898
Expenses:
Advisory fees		2,355,203
Administrative services fees		413,812
Custodian fees		17,682
Distribution fees - Series II		345,825
Transfer agent fees		23,051
Trustees’ and officers’ fees and benefits		10,945
Reports to shareholders		13,837
Professional services fees		39,372
Taxes		2,952
Other		3,891
Total expenses		3,226,570
Less: Fees waived		(359,067	)
Net expenses		2,867,503
Net investment income		264,395
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		35,000,345
Affiliated investment securities		8
Foreign currencies		(249	)
		35,000,104
Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (net of foreign taxes of $132,866)		(1,559,422	)
Affiliated investment securities		216
Foreign currencies		(101,005	)
Forward foreign currency contracts		(10	)
		(1,660,221	)
Net realized and unrealized gain		33,339,883
Net increase in net assets resulting from operations	$	33,604,278

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	264,395		$	(604,947	)
Net realized gain		35,000,104			47,589,964
Change in net unrealized appreciation (depreciation)		(1,660,221	)		42,465,384
Net increase in net assets resulting from operations		33,604,278			89,450,401
Distributions to shareholders from distributable earnings:
Series I		–			(4,813,313	)
Series II		–			(4,638,613	)
Total distributions from distributable earnings		–			(9,451,926	)
Share transactions–net:
Series I		(2,918,388	)		(28,064,430	)
Series II		380,996			(24,747,573	)
Net increase (decrease) in net assets resulting from share transactions		(2,537,392	)		(52,812,003	)
Net increase in net assets		31,066,886			27,186,472
Net assets:
Beginning of period		501,883,723			474,697,251
End of period	$	532,950,609		$	501,883,723

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Series I
Six months ended 06/30/21		$	2.91		$	0.00			$	0.20			$	0.20			$	–			$	–			$	–			$	3.11		6.87	%		$	242,925		1.00	%(e)		1.14	%(e)		0.24	%(e)		11	%
Year ended 12/31/20			2.45			(0.00	)			0.52				0.52				(0.02	)			(0.04	)			(0.06	)			2.91		21.50				230,463		1.00			1.15			(0.01	)		37
Year ended 12/31/19			2.03			0.02				0.54				0.56				(0.02	)			(0.12	)			(0.14	)			2.45		28.60				221,944		1.00			1.13			0.91			51
Year ended 12/31/18			2.59			0.02				(0.51	)			(0.49	)			(0.02	)			(0.05	)			(0.07	)			2.03		(19.42	)			267,220		1.00			1.10			0.83			25
Year ended 12/31/17			2.08			0.02				0.52				0.54				(0.03	)			–				(0.03	)			2.59		26.29				360,417		1.00			1.08			0.87			27
Year ended 12/31/16			2.20			0.03				(0.08	)			(0.05	)			(0.02	)			(0.05	)			(0.07	)			2.08		(2.12	)			301,559		1.00			1.09			1.24			15
Series II
Six months ended 06/30/21			3.04			(0.00	)			0.21				0.21				–				–				–				3.25		6.91				290,026		1.25	(e)		1.39	(e)		(0.01	)(e)		11
Year ended 12/31/20			2.56			(0.01	)			0.55				0.54				(0.02	)			(0.04	)			(0.06	)			3.04		21.04				271,421		1.25			1.40			(0.26	)		37
Year ended 12/31/19			2.12			0.02				0.56				0.58				(0.02	)			(0.12	)			(0.14	)			2.56		27.95				252,753		1.25			1.38			0.67			51
Year ended 12/31/18			2.70			0.01				(0.52	)			(0.51	)			(0.02	)			(0.05	)			(0.07	)			2.12		(19.55	)			199,636		1.25			1.35			0.58			25
Year ended 12/31/17			2.16			0.01				0.56				0.57				(0.03	)			–				(0.03	)			2.70		26.44				239,042		1.25			1.33			0.60			27
Year ended 12/31/16			2.29			0.02				(0.08	)			(0.06	)			(0.02	)			(0.05	)			(0.07	)			2.16		(2.72	)			175,633		1.25			1.34			0.99			15

^(a) Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

(^c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018, 2017, and 2016, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $229,490 and $278,953 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. International Growth Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is to seek capital appreciation.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

    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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco Oppenheimer V.I. International Growth Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

    The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

    The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

    The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco Oppenheimer V.I. International Growth Fund

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

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

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

M. Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $ 250 million		1.000	%
Next $250 million		0.900	%
Next $500 million		0.850	%
Over $1 billion		0.820	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.93%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

    The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 1.00% and Series II shares to 1.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $359,067.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $35,866 for accounting and fund administrative services and was reimbursed $377,946 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase

Invesco Oppenheimer V.I. International Growth Fund

and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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		$                  –		$     6,147,854		$–		$    6,147,854
Belgium		1,440,386		–		–		1,440,386
Canada		25,157,071		–		–		25,157,071
China		7,721,179		9,989,101		–		17,710,280
Denmark		3,011,311		10,730,408		–		13,741,719
France		–		90,039,226		–		90,039,226
Germany		–		26,633,027		–		26,633,027
Hong Kong		–		3,613,109		–		3,613,109
India		16,051		15,044,993		–		15,061,044
Ireland		–		9,660,828		–		9,660,828
Italy		–		8,071,881		–		8,071,881
Japan		–		41,154,221		–		41,154,221
Netherlands		–		34,022,531		–		34,022,531
New Zealand		–		5,900,744		–		5,900,744
Spain		–		7,436,012		–		7,436,012
Sweden		–		34,418,131		–		34,418,131
Switzerland		–		31,233,217		–		31,233,217
Taiwan		11,211,305		–		–		11,211,305
United Kingdom		–		81,639,048		–		81,639,048
United States		29,628,256		15,105,869		–		44,734,125
Money Market Funds		11,683,296		–		–		11,683,296
Total Investments in Securities		89,868,855		430,840,200		–		520,709,055
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(10	)	–		(10	)
Total Investments		$89,868,855		$430,840,190		$–		$520,709,045

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Invesco Oppenheimer V.I. International Growth Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding		$	(10	)
Derivatives not subject to master netting agreements			-
Total Derivative Liabilities subject to master netting agreements		$	(10	)

Offsetting Assets and Liabilities

	Financial Derivative Assets			Financial Derivative Liabilities								Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts			Forward Foreign Currency Contracts				Net Value of Derivatives				Non-Cash			Cash			Net Amount
State Street Bank & Trust Co.		$	–		$	(10	)		$	(10	)		$	–		$	–		$	(10	)

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		$	(10	)

    The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency
	Contracts
Average notional value		$	38,582

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

Invesco Oppenheimer V.I. International Growth Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $56,453,075 and $72,559,818, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	243,625,173
Aggregate unrealized (depreciation) of investments		(6,554,020	)
Net unrealized appreciation of investments	$	237,071,153

Cost of investments for tax purposes is $283,637,892.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		7,435,746		$	22,673,332			12,200,099		$	28,925,077
Series II		5,928,844			18,657,914			9,099,234			22,431,074
Issued as reinvestment of dividends:
Series I		-			-			1,865,625			4,813,313
Series II		-			-			1,718,005			4,638,613
Reacquired:
Series I		(8,513,204	)		(25,591,720	)		(25,538,177	)		(61,802,820	)
Series II		(5,819,327	)		(18,276,918	)		(20,462,841	)		(51,817,260	)
Net increase (decrease) in share activity		(967,941	)	$	(2,537,392	)		(21,118,055	)	$	(52,812,003	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco Oppenheimer V.I. International Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

										HYPOTHETICAL
										(5% annual return before
				ACTUAL						expenses)
	Beginning			Ending			Expenses			Ending			Expenses			Annualized
	Account Value			Account Value			Paid During			Account Value			Paid During			Expense
	(01/01/21)			(06/30/21)1			Period2			(06/30/21)			Period2			Ratio
Series I		$	1,000.00		$	1,068.70		$	5.13		$	1,019.84		$	5.01		1.00%
Series II			1,000.00			1,069.10			6.41			1,018.60			6.26		1.25

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. International Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer V.I. International Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are

negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the

benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-U.S.^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one year period, the third quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight exposure to certain sectors and geographic regions detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different

Invesco Oppenheimer V.I. International Growth Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees were in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used

by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco Oppenheimer V.I. International Growth Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. S&P 500 Index Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. MS-VISPI-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	15.08	%
Series II Shares	14.89
S&P 500 Indexq (Broad Market/Style-Specific Index)	15.25
Lipper VUF S&P 500 Funds Index ∎ (Peer Group Index)	14.83
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Lipper VUF S&P 500® Funds Index is an unmanaged index considered representative of S&P 500 variable insurance underlying funds tracked by Lipper.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/18/98)	7.70	%
10 Years	14.41
5 Years	17.15
1 Year	40.28
Series II Shares
Inception (6/5/00)	6.67	%
10 Years	14.11
5 Years	16.86
1 Year	39.88

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Variable Investment Series S&P 500 Index Portfolio advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. S&P 500 Index Fund. Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for

the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. S&P 500 Index Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. S&P 500 Index Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. S&P 500 Index Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.38%
Advertising–0.08%
Interpublic Group of Cos., Inc. (The)		1,071	$	34,797
Omnicom Group, Inc.		589		47,114
				81,911
Aerospace & Defense–1.61%
Boeing Co. (The)(b)		1,495		358,142
General Dynamics Corp.		622		117,098
Howmet Aerospace, Inc.(b)		1,070		36,883
Huntington Ingalls Industries, Inc.		110		23,182
L3Harris Technologies, Inc.		557		120,396
Lockheed Martin Corp.		665		251,603
Northrop Grumman Corp.		407		147,916
Raytheon Technologies Corp.		4,119		351,392
Teledyne Technologies, Inc.(b)		126		52,773
Textron, Inc.		622		42,775
TransDigm Group, Inc.(b)		150		97,093
				1,599,253
Agricultural & Farm Machinery–0.30%
Deere & Co.		848		299,098
Agricultural Products–0.09%
Archer-Daniels-Midland Co.		1,532		92,839
Air Freight & Logistics–0.70%
C.H. Robinson Worldwide, Inc.		367		34,377
Expeditors International of Washington, Inc.		465		58,869
FedEx Corp.		664		198,091
United Parcel Service, Inc., Class B		1,967		409,077
				700,414
Airlines–0.27%
Alaska Air Group, Inc.(b)		340		20,506
American Airlines Group, Inc.(b)		1,754		37,202
Delta Air Lines, Inc.(b)		1,750		75,705
Southwest Airlines Co.(b)		1,620		86,006
United Airlines Holdings, Inc.(b)		873		45,649
				265,068
Alternative Carriers–0.04%
Lumen Technologies, Inc.		2,707		36,788
Apparel Retail–0.41%
Gap, Inc. (The)		564		18,979
L Brands, Inc.		641		46,190
Ross Stores, Inc.		976		121,024
TJX Cos., Inc. (The)		3,292		221,947
				408,140
Apparel, Accessories & Luxury Goods–0.18%
Hanesbrands, Inc.		957		17,867
PVH Corp.(b)		195		20,980
Ralph Lauren Corp.		133		15,669
Tapestry, Inc.(b)		762		33,132
Under Armour, Inc., Class A(b)		517		10,935

	Shares		Value
Apparel, Accessories & Luxury Goods–(continued)
Under Armour, Inc., Class C(b)		534	$	9,916
VF Corp.		881		72,277
				180,776
Application Software–2.41%
Adobe, Inc.(b)		1,300		761,332
ANSYS, Inc.(b)		238		82,600
Autodesk, Inc.(b)		598		174,556
Cadence Design Systems, Inc.(b)		765		104,667
Citrix Systems, Inc.		337		39,520
Intuit, Inc.		743		364,196
Paycom Software, Inc.(b)		135		49,069
PTC, Inc.(b)		288		40,683
salesforce.com, inc.(b)		2,516		614,584
Synopsys, Inc.(b)		418		115,280
Tyler Technologies, Inc.(b)		111		50,213
				2,396,700
Asset Management & Custody Banks–0.85%
Ameriprise Financial, Inc.		315		78,397
Bank of New York Mellon Corp. (The)		2,213		113,372
BlackRock, Inc.		386		337,738
Franklin Resources, Inc.		748		23,929
Invesco Ltd.(c)		1,032		27,586
Northern Trust Corp.		572		66,135
State Street Corp.		946		77,837
T. Rowe Price Group, Inc.		617		122,147
				847,141
Auto Parts & Equipment–0.15%
Aptiv PLC(b)		740		116,424
BorgWarner, Inc.		655		31,794
				148,218
Automobile Manufacturers–1.80%
Ford Motor Co.(b)		10,714		159,210
General Motors Co.(b)		3,477		205,734
Tesla, Inc.(b)		2,095		1,423,972
				1,788,916
Automotive Retail–0.29%
Advance Auto Parts, Inc.		179		36,720
AutoZone, Inc.(b)		59		88,041
CarMax, Inc.(b)		446		57,601
O’Reilly Automotive, Inc.(b)		192		108,712
				291,074
Biotechnology–1.76%
AbbVie, Inc.		4,802		540,897
Alexion Pharmaceuticals, Inc.(b)		603		110,777
Amgen, Inc.		1,562		380,737
Biogen, Inc.(b)		409		141,624
Gilead Sciences, Inc.		3,410		234,813
Incyte Corp.(b)		512		43,075
Regeneron Pharmaceuticals, Inc.(b)		285		159,184

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Biotechnology–(continued)
Vertex Pharmaceuticals, Inc.(b)		704	$	141,948
				1,753,055
Brewers–0.03%
Molson Coors Beverage Co., Class B(b)		516		27,704
Broadcasting–0.16%
Discovery, Inc., Class A(b)		446		13,684
Discovery, Inc., Class C(b)		794		23,010
Fox Corp., Class A		917		34,048
Fox Corp., Class B		421		14,819
ViacomCBS, Inc., Class B		1,556		70,331
				155,892
Building Products–0.51%
A.O. Smith Corp.		372		26,806
Allegion PLC		249		34,686
Carrier Global Corp.		2,240		108,864
Fortune Brands Home & Security, Inc.		380		37,852
Johnson Controls International PLC		1,949		133,760
Masco Corp.		705		41,531
Trane Technologies PLC		654		120,428
				503,927
Cable & Satellite–1.01%
Charter Communications, Inc., Class A(b)		374		269,822
Comcast Corp., Class A		12,466		710,812
DISH Network Corp., Class A(b)		679		28,382
				1,009,016
Casinos & Gaming–0.22%
Caesars Entertainment, Inc.(b)		571		59,241
Las Vegas Sands Corp.(b)		901		47,474
MGM Resorts International		1,127		48,066
Penn National Gaming, Inc.(b)		408		31,208
Wynn Resorts Ltd.(b)		289		35,345
				221,334
Commodity Chemicals–0.20%
Dow, Inc.		2,043		129,281
LyondellBasell Industries N.V., Class A		706		72,626
				201,907
Communications Equipment–0.82%
Arista Networks, Inc.(b)		150		54,347
Cisco Systems, Inc.		11,458		607,274
F5 Networks, Inc.(b)		162		30,239
Juniper Networks, Inc.		900		24,615
Motorola Solutions, Inc.		464		100,618
				817,093
Computer & Electronics Retail–0.07%
Best Buy Co., Inc.		606		69,678
Construction & Engineering–0.03%
Quanta Services, Inc.		379		34,326
Construction Machinery & Heavy Trucks–0.55%
Caterpillar, Inc.		1,489		324,051
Cummins, Inc.		398		97,036
PACCAR, Inc.		951		84,877

	Shares		Value
Construction Machinery & Heavy Trucks–(continued)
Wabtec Corp.		487	$	40,080
				546,044
Construction Materials–0.12%
Martin Marietta Materials, Inc.		171		60,160
Vulcan Materials Co.		364		63,361
				123,521
Consumer Electronics–0.06%
Garmin Ltd.		410		59,302
Consumer Finance–0.66%
American Express Co.		1,769		292,292
Capital One Financial Corp.		1,228		189,959
Discover Financial Services		829		98,062
Synchrony Financial		1,490		72,295
				652,608
Copper–0.15%
Freeport-McMoRan, Inc.		3,999		148,403
Data Processing & Outsourced Services–3.95%
Automatic Data Processing, Inc.		1,157		229,803
Broadridge Financial Solutions, Inc.		318		51,367
Fidelity National Information Services, Inc.		1,686		238,856
Fiserv, Inc.(b)		1,578		168,672
FleetCor Technologies, Inc.(b)		228		58,382
Global Payments, Inc.		803		150,595
Jack Henry & Associates, Inc.		202		33,029
Mastercard, Inc., Class A		2,379		868,549
Paychex, Inc.		880		94,424
PayPal Holdings, Inc.(b)		3,194		930,987
Visa, Inc., Class A		4,600		1,075,572
Western Union Co. (The)		1,127		25,887
				3,926,123
Distillers & Vintners–0.15%
Brown-Forman Corp., Class B		500		37,470
Constellation Brands, Inc., Class A		460		107,589
				145,059
Distributors–0.14%
Genuine Parts Co.		396		50,082
LKQ Corp.(b)		765		37,653
Pool Corp.		110		50,453
				138,188
Diversified Banks–3.26%
Bank of America Corp.		20,504		845,380
Citigroup, Inc.		5,620		397,615
JPMorgan Chase & Co.		8,231		1,280,250
U.S. Bancorp		3,686		209,991
Wells Fargo & Co.		11,239		509,014
				3,242,250
Diversified Chemicals–0.04%
Eastman Chemical Co.		373		43,548
Diversified Support Services–0.17%
Cintas Corp.		242		92,444
Copart, Inc.(b)		571		75,275
				167,719

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Drug Retail–0.10%
Walgreens Boots Alliance, Inc.		1,966	$	103,431
Electric Utilities–1.54%
Alliant Energy Corp.		685		38,196
American Electric Power Co., Inc.		1,362		115,211
Duke Energy Corp.		2,091		206,423
Edison International		1,040		60,133
Entergy Corp.		551		54,935
Evergy, Inc.		622		37,587
Eversource Energy		941		75,506
Exelon Corp.		2,677		118,618
FirstEnergy Corp.		1,489		55,406
NextEra Energy, Inc.		5,333		390,802
NRG Energy, Inc.		671		27,041
Pinnacle West Capital Corp.		309		25,329
PPL Corp.		2,109		58,989
Southern Co. (The)		2,878		174,148
Xcel Energy, Inc.		1,474		97,107
				1,535,431
Electrical Components & Equipment–0.57%
AMETEK, Inc.		633		84,506
Eaton Corp. PLC		1,091		161,664
Emerson Electric Co.		1,631		156,968
Generac Holdings, Inc.(b)		173		71,821
Rockwell Automation, Inc.		319		91,240
				566,199
Electronic Components–0.20%
Amphenol Corp., Class A		1,625		111,166
Corning, Inc.		2,107		86,177
				197,343
Electronic Equipment & Instruments–0.21%
Keysight Technologies, Inc.(b)		501		77,359
Trimble, Inc.(b)		689		56,381
Zebra Technologies Corp., Class A(b)		147		77,835
				211,575
Electronic Manufacturing Services–0.14%
IPG Photonics Corp.(b)		99		20,866
TE Connectivity Ltd.		898		121,419
				142,285
Environmental & Facilities Services–0.23%
Republic Services, Inc.		578		63,586
Rollins, Inc.		608		20,794
Waste Management, Inc.		1,056		147,956
				232,336
Fertilizers & Agricultural Chemicals–0.19%
CF Industries Holdings, Inc.		587		30,201
Corteva, Inc.		2,004		88,877
FMC Corp.		355		38,411
Mosaic Co. (The)		946		30,187
				187,676
Financial Exchanges & Data–1.08%
Cboe Global Markets, Inc.		294		35,001
CME Group, Inc., Class A		976		207,575
Intercontinental Exchange, Inc.		1,530		181,611

	Shares		Value
Financial Exchanges & Data–(continued)
MarketAxess Holdings, Inc.		105	$	48,677
Moody’s Corp.		441		159,805
MSCI, Inc.		224		119,410
Nasdaq, Inc.		316		55,553
S&P Global, Inc.		655		268,845
				1,076,477
Food Distributors–0.11%
Sysco Corp.		1,400		108,850
Food Retail–0.08%
Kroger Co. (The)		2,059		78,880
Footwear–0.54%
NIKE, Inc., Class B		3,467		535,617
Gas Utilities–0.03%
Atmos Energy Corp.		352		33,831
General Merchandise Stores–0.53%
Dollar General Corp.		642		138,922
Dollar Tree, Inc.(b)		631		62,785
Target Corp.		1,345		325,140
				526,847
Gold–0.14%
Newmont Corp.		2,178		138,042
Health Care Distributors–0.20%
AmerisourceBergen Corp.		404		46,254
Cardinal Health, Inc.		806		46,015
Henry Schein, Inc.(b)		390		28,934
McKesson Corp.		430		82,233
				203,436
Health Care Equipment–3.31%
Abbott Laboratories		4,831		560,058
ABIOMED, Inc.(b)		124		38,702
Baxter International, Inc.		1,367		110,044
Becton, Dickinson and Co.		791		192,363
Boston Scientific Corp.(b)		3,886		166,165
Danaher Corp.		1,726		463,189
DexCom, Inc.(b)		264		112,728
Edwards Lifesciences Corp.(b)		1,690		175,033
Hologic, Inc.(b)		706		47,104
IDEXX Laboratories, Inc.(b)		232		146,520
Intuitive Surgical, Inc.(b)		323		297,044
Medtronic PLC		3,658		454,068
ResMed, Inc.		399		98,362
STERIS PLC		266		54,876
Stryker Corp.		891		231,419
Teleflex, Inc.		128		51,429
Zimmer Biomet Holdings, Inc.		570		91,667
				3,290,771
Health Care Facilities–0.18%
HCA Healthcare, Inc.		715		147,819
Universal Health Services, Inc., Class B		214		31,336
				179,155
Health Care REITs–0.20%
Healthpeak Properties, Inc.		1,477		49,169

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Health Care REITs–(continued)
Ventas, Inc.		1,027	$	58,642
Welltower, Inc.		1,145		95,149
				202,960
Health Care Services–0.67%
Cigna Corp.		933		221,186
CVS Health Corp.		3,580		298,715
DaVita, Inc.(b)		198		23,845
Laboratory Corp. of America Holdings(b)		268		73,928
Quest Diagnostics, Inc.		355		46,850
				664,524
Health Care Supplies–0.29%
Align Technology, Inc.(b)		196		119,756
Cooper Cos., Inc. (The)		135		53,497
DENTSPLY SIRONA, Inc.		601		38,019
West Pharmaceutical Services, Inc.		203		72,897
				284,169
Health Care Technology–0.06%
Cerner Corp.		819		64,013
Home Furnishings–0.05%
Leggett & Platt, Inc.		365		18,910
Mohawk Industries, Inc.(b)		162		31,135
				50,045
Home Improvement Retail–1.30%
Home Depot, Inc. (The)		2,891		921,911
Lowe’s Cos., Inc.		1,922		372,810
				1,294,721
Homebuilding–0.24%
D.R. Horton, Inc.		892		80,610
Lennar Corp., Class A		753		74,811
NVR, Inc.(b)		9		44,760
PulteGroup, Inc.		729		39,781
				239,962
Hotel & Resort REITs–0.03%
Host Hotels & Resorts, Inc.(b)		1,934		33,052
Hotels, Resorts & Cruise Lines–0.64%
Booking Holdings, Inc.(b)		112		245,066
Carnival Corp.(b)		2,188		57,676
Expedia Group, Inc.(b)		380		62,210
Hilton Worldwide Holdings, Inc.(b)		761		91,792
Marriott International, Inc., Class A(b)		730		99,659
Norwegian Cruise Line Holdings Ltd.(b)		996		29,292
Royal Caribbean Cruises Ltd.(b)		600		51,168
				636,863
Household Appliances–0.04%
Whirlpool Corp.		172		37,499
Household Products–1.33%
Church & Dwight Co., Inc.		673		57,353
Clorox Co. (The)		338		60,810
Colgate-Palmolive Co.		2,300		187,105
Kimberly-Clark Corp.		917		122,676
Procter & Gamble Co. (The)		6,657		898,229
				1,326,173

	Shares		Value
Housewares & Specialties–0.03%
Newell Brands, Inc.		1,036	$	28,459
Human Resource & Employment Services–0.03%
Robert Half International, Inc.		310		27,581
Hypermarkets & Super Centers–1.01%
Costco Wholesale Corp.		1,202		475,595
Walmart, Inc.		3,733		526,428
				1,002,023
Independent Power Producers & Energy Traders–0.05%
AES Corp. (The)		1,832		47,760
Industrial Conglomerates–1.19%
3M Co.		1,576		313,041
General Electric Co.		23,869		321,277
Honeywell International, Inc.		1,888		414,133
Roper Technologies, Inc.		288		135,417
				1,183,868
Industrial Gases–0.59%
Air Products and Chemicals, Inc.		602		173,183
Linde PLC (United Kingdom)		1,414		408,788
				581,971
Industrial Machinery–0.81%
Dover Corp.		395		59,487
Fortive Corp.		927		64,649
IDEX Corp.		208		45,770
Illinois Tool Works, Inc.		782		174,824
Ingersoll Rand, Inc.(b)		1,022		49,884
Otis Worldwide Corp.		1,097		89,702
Parker-Hannifin Corp.		351		107,796
Pentair PLC		455		30,708
Snap-on, Inc.		148		33,068
Stanley Black & Decker, Inc.		441		90,400
Xylem, Inc.		495		59,380
				805,668
Industrial REITs–0.29%
Duke Realty Corp.		1,026		48,581
Prologis, Inc.		2,011		240,375
				288,956
Insurance Brokers–0.50%
Aon PLC, Class A		614		146,599
Arthur J. Gallagher & Co.		532		74,523
Marsh & McLennan Cos., Inc.		1,383		194,560
Willis Towers Watson PLC		355		81,657
				497,339
Integrated Oil & Gas–1.36%
Chevron Corp.		5,255		550,408
Exxon Mobil Corp.		11,511		726,114
Occidental Petroleum Corp.		2,299		71,890
				1,348,412
Integrated Telecommunication Services–1.20%
AT&T, Inc.		19,413		558,706
Verizon Communications, Inc.		11,257		630,730
				1,189,436

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Interactive Home Entertainment–0.37%
Activision Blizzard, Inc.		2,124	$     202,715
Electronic Arts, Inc.		778	111,900
Take-Two Interactive Software, Inc.(b)		317	56,115
			370,730
Interactive Media & Services–6.38%
Alphabet, Inc., Class A(b)		818	1,997,384
Alphabet, Inc., Class C(b)		774	1,939,892
Facebook, Inc., Class A(b)		6,515	2,265,330
Twitter, Inc.(b)		2,170	149,318
			6,351,924
Internet & Direct Marketing Retail–4.23%
Amazon.com, Inc.(b)		1,166	4,011,227
eBay, Inc.		1,773	124,482
Etsy, Inc.(b)		345	71,015
			4,206,724
Internet Services & Infrastructure–0.12%
Akamai Technologies, Inc.(b)		448	52,237
VeriSign, Inc.(b)		273	62,159
			114,396
Investment Banking & Brokerage–1.07%
Charles Schwab Corp. (The)		4,078	296,919
Goldman Sachs Group, Inc. (The)		925	351,065
Morgan Stanley		4,047	371,070
Raymond James Financial, Inc.		336	43,646
			1,062,700
IT Consulting & Other Services–1.05%
Accenture PLC, Class A		1,728	509,397
Cognizant Technology Solutions Corp., Class A		1,434	99,319
DXC Technology Co.(b)		698	27,180
Gartner, Inc.(b)		234	56,675
International Business Machines Corp.		2,429	356,067
			1,048,638
Leisure Products–0.03%
Hasbro, Inc.		350	33,082
Life & Health Insurance–0.44%
Aflac, Inc.		1,719	92,241
Globe Life, Inc.		260	24,765
Lincoln National Corp.		495	31,106
MetLife, Inc.		2,023	121,077
Principal Financial Group, Inc.		695	43,917
Prudential Financial, Inc.		1,071	109,745
Unum Group		559	15,876
			438,727
Life Sciences Tools & Services–1.27%
Agilent Technologies, Inc.		825	121,943
Bio-Rad Laboratories, Inc., Class A(b)		60	38,657
Charles River Laboratories International, Inc.(b)		137	50,679
Illumina, Inc.(b)		397	187,864
IQVIA Holdings, Inc.(b)		525	127,218
Mettler-Toledo International, Inc.(b)		63	87,277
PerkinElmer, Inc.		307	47,404
Thermo Fisher Scientific, Inc.		1,069	539,279

	Shares		Value
Life Sciences Tools & Services–(continued)
Waters Corp.(b)		171	$       59,099
			1,259,420
Managed Health Care–1.56%
Anthem, Inc.		666	254,279
Centene Corp.(b)		1,595	116,323
Humana, Inc.		353	156,280
UnitedHealth Group, Inc.		2,566	1,027,529
			1,554,411
Metal & Glass Containers–0.07%
Ball Corp.		900	72,918
Movies & Entertainment–1.55%
Live Nation Entertainment, Inc.(b)		394	34,510
Netflix, Inc.(b)		1,206	637,021
Walt Disney Co. (The)(b)		4,940	868,304
			1,539,835
Multi-line Insurance–0.20%
American International Group, Inc.		2,333	111,051
Assurant, Inc.		159	24,833
Hartford Financial Services Group, Inc. (The)		980	60,730
			196,614
Multi-Sector Holdings–1.44%
Berkshire Hathaway, Inc., Class B(b)(d)		5,153	1,432,122
Multi-Utilities–0.74%
Ameren Corp.		695	55,628
CenterPoint Energy, Inc.		1,513	37,099
CMS Energy Corp.		792	46,791
Consolidated Edison, Inc.		939	67,345
Dominion Energy, Inc.		2,193	161,339
DTE Energy Co.		532	68,947
NiSource, Inc.		1,075	26,337
Public Service Enterprise Group, Inc.		1,386	82,800
Sempra Energy		830	109,958
WEC Energy Group, Inc.		866	77,031
			733,275
Office REITs–0.13%
Alexandria Real Estate Equities, Inc.		348	63,315
Boston Properties, Inc.		389	44,576
Vornado Realty Trust		430	20,068
			127,959
Oil & Gas Equipment & Services–0.24%
Baker Hughes Co., Class A		1,999	45,717
Halliburton Co.		2,437	56,343
NOV, Inc.(b)		1,064	16,301
Schlumberger Ltd.		3,835	122,758
			241,119
Oil & Gas Exploration & Production–0.69%
APA Corp.		1,036	22,409
Cabot Oil & Gas Corp.		1,095	19,119
ConocoPhillips		3,669	223,442
Devon Energy Corp.		1,624	47,404
Diamondback Energy, Inc.		495	46,475
EOG Resources, Inc.		1,600	133,504
Hess Corp.		749	65,403

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Marathon Oil Corp.		2,164	$     29,474
Pioneer Natural Resources Co.		628	102,062
			689,292
Oil & Gas Refining & Marketing–0.30%
Marathon Petroleum Corp.		1,786	107,910
Phillips 66		1,198	102,812
Valero Energy Corp.		1,121	87,528
			298,250
Oil & Gas Storage & Transportation–0.26%
Kinder Morgan, Inc.		5,338	97,312
ONEOK, Inc.		1,220	67,881
Williams Cos., Inc. (The)		3,328	88,358
			253,551
Packaged Foods & Meats–0.83%
Campbell Soup Co.		557	25,394
Conagra Brands, Inc.		1,305	47,476
General Mills, Inc.		1,658	101,022
Hershey Co. (The)		402	70,020
Hormel Foods Corp.		771	36,815
JM Smucker Co. (The)		300	38,871
Kellogg Co.		697	44,838
Kraft Heinz Co. (The)		1,778	72,507
Lamb Weston Holdings, Inc.		401	32,345
McCormick & Co., Inc.		683	60,323
Mondelez International, Inc., Class A		3,819	238,458
Tyson Foods, Inc., Class A		808	59,598
			827,667
Paper Packaging–0.26%
Amcor PLC		4,283	49,083
Avery Dennison Corp.		227	47,725
International Paper Co.		1,078	66,092
Packaging Corp. of America		260	35,209
Sealed Air Corp.		424	25,122
Westrock Co.		723	38,478
			261,709
Personal Products–0.20%
Estee Lauder Cos., Inc. (The), Class A		630	200,390
Pharmaceuticals–3.61%
Bristol-Myers Squibb Co.		6,074	405,865
Catalent, Inc.(b)		467	50,492
Eli Lilly and Co.		2,164	496,681
Johnson & Johnson		7,160	1,179,538
Merck & Co., Inc.		6,885	535,447
Organon & Co.(b)		693	20,970
Perrigo Co. PLC		365	16,735
Pfizer, Inc.		15,220	596,015
Viatris, Inc.		3,310	47,300
Zoetis, Inc.		1,291	240,591
			3,589,634
Property & Casualty Insurance–0.67%
Allstate Corp. (The)		814	106,178
Chubb Ltd.		1,223	194,384
Cincinnati Financial Corp.		411	47,931
Loews Corp.		622	33,992

	Shares		Value
Property & Casualty Insurance–(continued)
Progressive Corp. (The)		1,591	$     156,252
Travelers Cos., Inc. (The)		684	102,402
W.R. Berkley Corp.		384	28,581
			669,720
Publishing–0.04%
News Corp., Class A		1,072	27,625
News Corp., Class B		334	8,133
			35,758
Railroads–0.85%
CSX Corp.		6,177	198,158
Kansas City Southern		249	70,559
Norfolk Southern Corp.		680	180,479
Union Pacific Corp.		1,806	397,194
			846,390
Real Estate Services–0.08%
CBRE Group, Inc., Class A(b)		920	78,872
Regional Banks–1.01%
Citizens Financial Group, Inc.		1,166	53,484
Comerica, Inc.		381	27,181
Fifth Third Bancorp		1,914	73,172
First Republic Bank		483	90,403
Huntington Bancshares, Inc.		4,034	57,565
KeyCorp		2,656	54,846
M&T Bank Corp.		354	51,440
People’s United Financial, Inc.		1,167	20,002
PNC Financial Services Group, Inc. (The)		1,155	220,328
Regions Financial Corp.		2,634	53,154
SVB Financial Group(b)		143	79,570
Truist Financial Corp.		3,657	202,964
Zions Bancorporation N.A.		451	23,840
			1,007,949
Reinsurance–0.03%
Everest Re Group Ltd.		109	27,469
Research & Consulting Services–0.38%
Equifax, Inc.		334	79,996
IHS Markit Ltd.		1,022	115,138
Jacobs Engineering Group, Inc.		357	47,631
Leidos Holdings, Inc.		366	37,003
Nielsen Holdings PLC		981	24,201
Verisk Analytics, Inc., Class A		447	78,100
			382,069
Residential REITs–0.30%
AvalonBay Communities, Inc.		383	79,928
Equity Residential		941	72,457
Essex Property Trust, Inc.		178	53,402
Mid-America Apartment Communities, Inc.		314	52,884
UDR, Inc.		813	39,821
			298,492
Restaurants–1.15%
Chipotle Mexican Grill, Inc.(b)		77	119,376
Darden Restaurants, Inc.		357	52,119
Domino’s Pizza, Inc.		106	49,448
McDonald’s Corp.		2,029	468,679

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Restaurants–(continued)
Starbucks Corp.		3,204	$     358,239
Yum! Brands, Inc.		810	93,174
			1,141,035
Retail REITs–0.26%
Federal Realty Investment Trust		191	22,380
Kimco Realty Corp.		1,186	24,728
Realty Income Corp.		1,024	68,342
Regency Centers Corp.		433	27,742
Simon Property Group, Inc.		900	117,432
			260,624
Semiconductor Equipment–0.87%
Applied Materials, Inc.		2,495	355,288
Enphase Energy, Inc.(b)		354	65,005
KLA Corp.		417	135,195
Lam Research Corp.		388	252,472
Teradyne, Inc.		458	61,354
			869,314
Semiconductors–4.82%
Advanced Micro Devices, Inc.(b)		3,304	310,345
Analog Devices, Inc.		1,003	172,677
Broadcom, Inc.		1,110	529,292
Intel Corp.		10,979	616,361
Maxim Integrated Products, Inc.		735	77,440
Microchip Technology, Inc.		738	110,508
Micron Technology, Inc.(b)		3,049	259,104
Monolithic Power Systems, Inc.		118	44,067
NVIDIA Corp.		1,694	1,355,370
NXP Semiconductors N.V. (China)		750	154,290
Qorvo, Inc.(b)		311	60,847
QUALCOMM, Inc.		3,067	438,366
Skyworks Solutions, Inc.		453	86,863
Texas Instruments, Inc.		2,511	482,865
Xilinx, Inc.		674	97,487
			4,795,882
Soft Drinks–1.23%
Coca-Cola Co. (The)		10,551	570,915
Monster Beverage Corp.(b)		1,013	92,537
PepsiCo, Inc.		3,757	556,675
			1,220,127
Specialized REITs–1.26%
American Tower Corp.		1,218	329,031
Crown Castle International Corp.		1,175	229,242
Digital Realty Trust, Inc.		771	116,005
Equinix, Inc.		245	196,637
Extra Space Storage, Inc.		362	59,303
Iron Mountain, Inc.		791	33,475
Public Storage		416	125,087
SBA Communications Corp., Class A		300	95,610
Weyerhaeuser Co.		2,051	70,595
			1,254,985
Specialty Chemicals–0.75%
Albemarle Corp.		320	53,907
Celanese Corp.		313	47,451
DuPont de Nemours, Inc.		1,447	112,012
Ecolab, Inc.		676	139,236

	Shares		Value
Specialty Chemicals–(continued)
International Flavors & Fragrances, Inc.		682	$     101,891
PPG Industries, Inc.		650	110,350
Sherwin-Williams Co. (The)		651	177,365
			742,212
Specialty Stores–0.11%
Tractor Supply Co.		319	59,353
Ulta Beauty, Inc.(b)		149	51,520
			110,873
Steel–0.08%
Nucor Corp.		817	78,375
Systems Software–6.39%
Fortinet, Inc.(b)		372	88,607
Microsoft Corp.		20,478	5,547,490
NortonLifeLock, Inc.		1,596	43,443
Oracle Corp.		4,939	384,452
ServiceNow, Inc.(b)		537	295,108
			6,359,100
Technology Distributors–0.07%
CDW Corp.		386	67,415
Technology Hardware, Storage & Peripherals–6.18%
Apple, Inc.		42,651	5,841,480
Hewlett Packard Enterprise Co.		3,568	52,021
HP, Inc.		3,266	98,601
NetApp, Inc.		611	49,992
Seagate Technology Holdings PLC (Ireland)		551	48,449
Western Digital Corp.(b)		839	59,712
			6,150,255
Tobacco–0.66%
Altria Group, Inc.		5,032	239,926
Philip Morris International, Inc.		4,238	420,028
			659,954
Trading Companies & Distributors–0.20%
Fastenal Co.		1,576	81,952
United Rentals, Inc.(b)		198	63,164
W.W. Grainger, Inc.		121	52,998
			198,114
Trucking–0.11%
J.B. Hunt Transport Services, Inc.		229	37,316
Old Dominion Freight Line, Inc.		263	66,749
			104,065
Water Utilities–0.08%
American Water Works Co., Inc.		497	76,603
Wireless Telecommunication Services–0.23%
T-Mobile US, Inc.(b)		1,593	230,714
Total Common Stocks & Other Equity Interests (Cost $21,209,941)			98,878,122
Money Market Funds–0.82%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(e)		279,980	279,980
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(e)		211,082	211,165

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(e)		319,977	$319,977
Total Money Market Funds (Cost $811,118)			811,122
TOTAL INVESTMENTS IN SECURITIES–100.20% (Cost $22,021,059)			99,689,244
OTHER ASSETS LESS LIABILITIES–(0.20)%			(196,115)
NET ASSETS–100.00%			$99,493,129

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value June 30, 2021			Dividend Income
Invesco Ltd.		$	19,469		$	-		$	(2,163	)		$	10,306		$	(26	)		$	27,586		$	348
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			431,341			2,060,657			(2,212,018	)			-			-				279,980			67
Invesco Liquid Assets Portfolio, Institutional Class			321,504			1,469,642			(1,580,013	)			46			(14	)			211,165			42
Invesco Treasury Portfolio, Institutional Class			492,961			2,355,037			(2,528,021	)			-			-				319,977			26
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			625,638			(625,638	)			-			-				-			1	*
Invesco Private Prime Fund			-			938,425			(938,425	)			-			-				-			27	*
Total		$	1,265,275		$	7,449,399		$	(7,886,278	)		$	10,352		$	(40	)		$	838,708		$	511

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

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

^(e)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

Open Futures Contracts

Number of

Expiration

Notional

Unrealized

Long Futures Contracts

Contracts

Month

Value

Value

Appreciation

Equity Risk

E-Mini S&P 500 Index

4

September-2021

$

857,720

$

26,962

$

26,962

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	27.23	%
Health Care	12.91
Consumer Discretionary	12.21
Financials	11.21
Communication Services	11.06
Industrials	8.51
Consumer Staples	5.82
Energy	2.85
Materials	2.59
Real Estate	2.55
Utilities	2.44
Money Market Funds Plus Other Assets Less Liabilities	0.62

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 21,187,704)	$	98,850,536
Investments in affiliates, at value (Cost $ 833,355)		838,708
Other investments:
Variation margin receivable – futures contracts		1,336
Cash		476
Receivable for:
Fund shares sold		14,964
Dividends		57,582
Investment for trustee deferred compensation and retirement plans		40,670
Total assets		99,804,272
Liabilities:
Payable for:
Fund shares reacquired		161,194
Accrued fees to affiliates		83,228
Accrued other operating expenses		19,754
Trustee deferred compensation and retirement plans		46,967
Total liabilities		311,143
Net assets applicable to shares outstanding	$	99,493,129
Net assets consist of:
Shares of beneficial interest	$	8,169,573
Distributable earnings		91,323,556
	$	99,493,129
Net Assets:
Series I	$	42,729,906
Series II	$	56,763,223
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		1,829,992
Series II		2,451,684
Series I:
Net asset value per share	$	23.35
Series II:
Net asset value per share	$	23.15

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $64)	$	657,329
Dividends from affiliates (includes securities lending income of $43)		526
Total investment income		657,855
Expenses:
Advisory fees		56,715
Administrative services fees		77,654
Custodian fees		2,209
Distribution fees - Series II		67,795
Transfer agent fees		1,738
Trustees’ and officers’ fees and benefits		9,984
Licensing fees		8,106
Reports to shareholders		5,006
Professional services fees		18,801
Other		2,197
Total expenses		250,205
Less: Fees waived		(382	)
Net expenses		249,823
Net investment income		408,032
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		3,750,199
Affiliated investment securities		(40	)
Futures contracts		247,814
		3,997,973
Change in net unrealized appreciation of:
Unaffiliated investment securities		8,876,000
Affiliated investment securities		10,352
Futures contracts		627
		8,886,979
Net realized and unrealized gain		12,884,952
Net increase in net assets resulting from operations	$	13,292,984

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30,			December 31,
	2021			2020
Operations:
Net investment income	$	408,032		$	1,073,565
Net realized gain		3,997,973			10,364,311
Change in net unrealized appreciation		8,886,979			2,609,849
Net increase in net assets resulting from operations		13,292,984			14,047,725
Distributions to shareholders from distributable earnings:
Series I		–			(2,904,454	)
Series II		–			(3,939,993	)
Total distributions from distributable earnings		–			(6,844,447	)
Share transactions–net:
Series I		(1,770,567	)		(1,001,963	)
Series II		(3,933,536	)		(3,859,935	)
Net increase (decrease) in net assets resulting from share transactions		(5,704,103	)		(4,861,898	)
Net increase in net assets		7,588,881			2,341,380
Net assets:
Beginning of period		91,904,248			89,562,868
End of period	$	99,493,129		$	91,904,248

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$	20.29		$	0.11		$	2.95			$	3.06			$	–			$	–			$	–			$	23.35		15.08	%		$	42,730		0.39	%(d)		0.39	%(d)		1.00	%(d)		1	%
Year ended 12/31/20			18.71			0.26			2.96				3.22				(0.33	)			(1.31	)			(1.64	)			20.29		17.99				38,820		0.38			0.38			1.43			4
Year ended 12/31/19			16.12			0.29			4.51				4.80				(0.28	)			(1.93	)			(2.21	)			18.71		30.98				36,806		0.41			0.41			1.61			3
Year ended 12/31/18			18.53			0.26			(0.91	)			(0.65	)			(0.30	)			(1.46	)			(1.76	)			16.12		(4.86	)			33,758		0.51			0.51			1.41			3
Year ended 12/31/17			16.78			0.26			3.18				3.44				(0.31	)			(1.38	)			(1.69	)			18.53		21.26				38,450		0.48			0.48			1.46			3
Year ended 12/31/16			16.58			0.30			1.55				1.85				(0.31	)			(1.34	)			(1.65	)			16.78		11.45				34,812		0.41			0.41			1.81			4
Series II
Six months ended 06/30/21			20.15			0.08			2.92				3.00				–				–				–				23.15		14.89				56,763		0.64	(d)		0.64	(d)		0.75	(d)		1
Year ended 12/31/20			18.59			0.22			2.93				3.15				(0.28	)			(1.31	)			(1.59	)			20.15		17.70				53,084		0.63			0.63			1.18			4
Year ended 12/31/19			16.03			0.25			4.47				4.72				(0.23	)			(1.93	)			(2.16	)			18.59		30.62				52,757		0.66			0.66			1.36			3
Year ended 12/31/18			18.43			0.22			(0.91	)			(0.69	)			(0.25	)			(1.46	)			(1.71	)			16.03		(5.07	)			45,102		0.76			0.76			1.16			3
Year ended 12/31/17			16.69			0.22			3.17				3.39				(0.27	)			(1.38	)			(1.65	)			18.43		21.00				55,090		0.73			0.73			1.21			3
Year ended 12/31/16			16.49			0.26			1.54				1.80				(0.26	)			(1.34	)			(1.60	)			16.69		11.20				52,212		0.66			0.66			1.56			4

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $40,623 and $54,686 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. S&P 500 Index Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. S&P 500 Index Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is to provide investment results that, before expenses, correspond to the total return (i.e., the combination of capital changes and income) of the Standard & Poor’s 500^® Composite Stock Price Index.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

    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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

Invesco V.I. S&P 500 Index Fund

    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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

    Therefore, no provision for federal income taxes is recorded in the financial statements.

    The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

    The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

J. 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.

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply

Invesco V.I. S&P 500 Index Fund

chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

L. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.120%
Over $2 billion		0.100%

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.12%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $382.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $6,807 for accounting and fund administrative services and was reimbursed $70,847 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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. S&P 500 Index Fund

	Level 1		Level 2	Level 3	Total
Investments in Securities
Common Stocks & Other Equity Interests	$	98,878,122	$–	$–	$	98,878,122
Money Market Funds		811,122	–	–		811,122
Total Investments in Securities		99,689,244	–	–		99,689,244
Other Investments - Assets*
Futures Contracts		26,962	–	–		26,962
Total Investments	$	99,716,206	$–	$–	$	99,716,206

* Unrealized appreciation.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2021:

	Value
	Equity
Derivative Assets	Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	26,962
Derivatives not subject to master netting agreements		(26,962	)
Total Derivative Assets subject to master netting agreements	$	–

^(a)  The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended June 30, 2021

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

	Location of Gain on
	Statement of Operations
	Equity
	Risk
Realized Gain:
Futures contracts		$247,814
Change in Net Unrealized Appreciation:
Futures contracts		627
Total		$248,441

The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$	1,092,613

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

Invesco V.I. S&P 500 Index Fund

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $1,019,573 and $5,448,095, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	76,564,373
Aggregate unrealized (depreciation) of investments		(462,218	)
Net unrealized appreciation of investments	$	76,102,155

Cost of investments for tax purposes is $23,614,051.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		51,284		$	1,104,429			83,700		$	1,520,338
Series II		17,948			379,591			95,867			1,653,237
Issued as reinvestment of dividends:
Series I		–			–			156,018			2,903,491
Series II		–			–			213,088			3,939,993
Reacquired:
Series I		(134,237	)		(2,874,996	)		(293,468	)		(5,425,792	)
Series II		(201,113	)		(4,313,127	)		(512,091	)		(9,453,165	)
Net increase (decrease) in share activity		(266,118	)	$	(5,704,103	)		(256,886	)	$	(4,861,898	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 90% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. S&P 500 Index Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(01/01/21)	(06/30/21)1	Period2	(06/30/21)	Period2	Ratio
Series I	$1,000.00	$1,150.80	$2.08	$1,022.86	$1.96	0.39%
Series II	1,000.00	1,148.90	3.41	1,021.62	3.21	0.64

¹ The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. S&P 500 Index Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. S&P 500 Index Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement, as Invesco Capital Management LLC currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the S&P 500^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board noted that the Fund seeks to track the investment results of the Index, and that the Fund’s performance will typically lag the Index due to the fees associated with the Fund. The Board noted that the Fund is passively managed and discussed reasons for differences in the Fund’s performance versus its peers and the Index. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco V.I. S&P 500 Index Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

    The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

    The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual

management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed affiliated exchange traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it

grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending

Invesco V.I. S&P 500 Index Fund

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. S&P 500 Index Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Small Cap Equity Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. VISCE-SAR-1

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	17.94	%
Series II Shares	17.82
S&P 500 Indexq (Broad Market Index)	15.25
Russell 2000 Indexq (Style-Specific Index)	17.54
Lipper VUF Small-Cap Core Funds Index∎ (Peer Group Index)	19.48
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 2000® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper VUF Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core variable insurance underlying funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (8/29/03)	10.06	%
10 Years	10.87
5 Years	15.33
1 Year	63.24
Series II Shares
Inception (8/29/03)	9.80	%
10 Years	10.60
5 Years	15.05
1 Year	62.93

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Small Cap Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Small Cap Equity Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Small Cap Equity Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.87%
Air Freight & Logistics–0.57%
Air Transport Services Group, Inc.(b)		67,493	$	1,567,862
Alternative Carriers–0.81%
Iridium Communications, Inc.(b)		55,422		2,216,326
Apparel Retail–2.01%
American Eagle Outfitters, Inc.(c)		102,803		3,858,197
Children’s Place, Inc. (The)(b)(c)		17,920		1,667,635
				5,525,832
Application Software–6.35%
Avalara, Inc.(b)		13,810		2,234,458
Avaya Holdings Corp.(b)		107,314		2,886,747
Cognyte Software Ltd. (Israel)(b)		39,668		971,866
LivePerson, Inc.(b)(c)		42,304		2,675,305
Manhattan Associates, Inc.(b)		20,027		2,900,711
Nuance Communications, Inc.(b)		34,687		1,888,360
Q2 Holdings, Inc.(b)		20,530		2,105,967
Verint Systems, Inc.(b)(c)		39,669		1,787,882
				17,451,296
Asset Management & Custody Banks–0.35%
Blucora, Inc.(b)		55,429		959,476
Auto Parts & Equipment–1.06%
Visteon Corp.(b)		24,001		2,902,681
Automotive Retail–1.06%
Lithia Motors, Inc., Class A		8,454		2,905,133
Biotechnology–2.51%
CRISPR Therapeutics AG (Switzerland)(b)		10,075		1,631,042
Emergent BioSolutions, Inc.(b)		18,421		1,160,339
Natera, Inc.(b)(c)		26,566		3,016,038
TG Therapeutics, Inc.(b)(c)		28,133		1,091,279
				6,898,698
Building Products–3.06%
Masonite International Corp.(b)		23,612		2,639,585
Owens Corning		36,787		3,601,447
Trex Co., Inc.(b)(c)		21,317		2,178,811
				8,419,843
Casinos & Gaming–0.98%
Penn National Gaming, Inc.(b)		35,069		2,682,428
Communications Equipment–0.69%
Ciena Corp.(b)		33,364		1,898,078
Construction & Engineering–2.29%
NV5 Global, Inc.(b)		34,553		3,265,604
WillScot Mobile Mini Holdings Corp.(b)		108,863		3,034,012
				6,299,616
Construction Machinery & Heavy Trucks–1.01%
Manitowoc Co., Inc. (The)(b)		113,298		2,775,801

	Shares		Value
Construction Materials–2.74%
Eagle Materials, Inc.		24,238	$	3,444,462
Summit Materials, Inc., Class A(b)(c)		117,435		4,092,610
				7,537,072
Consumer Finance–1.72%
OneMain Holdings, Inc.		78,873		4,725,281
Diversified Metals & Mining–1.08%
MP Materials Corp.(b)(c)		80,270		2,958,752
Electrical Components & Equipment–2.19%
EnerSys		26,707		2,610,075
Vertiv Holdings Co.		125,085		3,414,821
				6,024,896
Electronic Equipment & Instruments–1.12%
Badger Meter, Inc.		31,243		3,065,563
Electronic Manufacturing Services–0.92%
Flex Ltd.(b)		141,948		2,536,611
Environmental & Facilities Services–0.78%
Casella Waste Systems, Inc., Class A(b)		33,768		2,141,904
Fertilizers & Agricultural Chemicals–0.82%
Scotts Miracle-Gro Co. (The)		11,736		2,252,373
Financial Exchanges & Data–1.00%
TMX Group Ltd. (Canada)		25,943		2,740,381
Food Retail–0.70%
Sprouts Farmers Market, Inc.(b)(c)		77,986		1,937,952
Footwear–2.70%
Crocs, Inc.(b)		37,677		4,390,124
Wolverine World Wide, Inc.		89,908		3,024,505
				7,414,629
Health Care Distributors–0.94%
Owens & Minor, Inc.(c)		61,292		2,594,490
Health Care Equipment–3.45%
AtriCure, Inc.(b)		49,837		3,953,569
CONMED Corp.(c)		23,055		3,168,449
Hill-Rom Holdings, Inc.		20,795		2,362,104
				9,484,122
Health Care Facilities–1.52%
Encompass Health Corp.		31,862		2,486,192
Pennant Group, Inc. (The)(b)		41,290		1,688,761
				4,174,953
Health Care Services–2.00%
Castle Biosciences, Inc.(b)(c)		38,379		2,814,332
LHC Group, Inc.(b)		13,417		2,686,888
				5,501,220
Health Care Supplies–1.85%
ICU Medical, Inc.(b)		8,727		1,796,017

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

	Shares		Value
Health Care Supplies–(continued)
OrthoPediatrics Corp.(b)(c)		52,231	$	3,299,954
				5,095,971
Health Care Technology–0.84%
Simulations Plus, Inc.(c)		42,032		2,307,977
Heavy Electrical Equipment–0.73%
TPI Composites, Inc.(b)(c)		41,168		1,993,355
Homebuilding–1.27%
Taylor Morrison Home Corp., Class A(b)		132,073		3,489,369
Hotel & Resort REITs–0.62%
Ryman Hospitality Properties, Inc.(b)		21,551		1,701,667
Hotels, Resorts & Cruise Lines–1.34%
Travel + Leisure Co.		62,111		3,692,499
Industrial Machinery–5.27%
Altra Industrial Motion Corp.		43,466		2,826,159
Gates Industrial Corp. PLC(b)		164,018		2,963,805
Helios Technologies, Inc.		44,966		3,509,596
ITT, Inc.		30,645		2,806,776
SPX Corp.(b)		38,706		2,364,163
				14,470,499
Industrial REITs–1.87%
EastGroup Properties, Inc.		15,841		2,605,052
STAG Industrial, Inc.		67,555		2,528,584
				5,133,636
Interactive Media & Services–0.96%
Eventbrite, Inc., Class A(b)(c)		139,592		2,652,248
Internet & Direct Marketing Retail–1.53%
Overstock.com, Inc.(b)		45,556		4,200,263
Investment Banking & Brokerage–2.86%
LPL Financial Holdings, Inc.		29,242		3,947,085
Piper Sandler Cos.		30,125		3,902,995
				7,850,080
Life & Health Insurance–0.92%
Primerica, Inc.		16,563		2,536,458
Life Sciences Tools & Services–2.56%
Medpace Holdings, Inc.(b)		18,759		3,313,402
NeoGenomics, Inc.(b)		82,120		3,709,361
				7,022,763
Multi-line Insurance–0.90%
Assurant, Inc.		15,883		2,480,607
Packaged Foods & Meats–0.53%
Calavo Growers, Inc.		22,846		1,448,893
Paper Packaging–0.72%
Graphic Packaging Holding Co.		108,765		1,972,997
Property & Casualty Insurance–0.66%
Hanover Insurance Group, Inc. (The)		13,453		1,824,765
Real Estate Services–0.54%
FirstService Corp. (Canada)		8,633		1,480,689

	Shares		Value
Regional Banks–6.23%
Columbia Banking System, Inc.(c)		59,405	$	2,290,657
Community Bank System, Inc.		30,030		2,271,770
Glacier Bancorp, Inc.		46,358		2,553,399
Pacific Premier Bancorp, Inc.		61,622		2,605,994
Pinnacle Financial Partners, Inc. (Acquired 10/28/2019-04/07/2020; Cost $1,972,808)(d)		32,928		2,907,213
South State Corp.(c)		23,774		1,943,762
Webster Financial Corp.		47,624		2,540,264
				17,113,059
Research & Consulting Services–0.76%
Huron Consulting Group, Inc.(b)		42,427		2,085,287
Restaurants–0.70%
Papa John’s International, Inc.		18,440		1,925,874
Semiconductor Equipment–2.03%
Brooks Automation, Inc.		29,176		2,779,889
Entegris, Inc.		22,696		2,790,927
				5,570,816
Semiconductors–5.55%
Diodes, Inc.(b)		35,789		2,854,888
Lattice Semiconductor Corp.(b)		54,701		3,073,102
MACOM Technology Solutions Holdings, Inc.(b)		54,432		3,488,003
Power Integrations, Inc.		35,093		2,879,732
Semtech Corp.(b)		42,856		2,948,493
				15,244,218
Specialized Consumer Services–0.82%
Terminix Global Holdings, Inc.(b)		47,529		2,267,609
Specialized REITs–2.09%
CoreSite Realty Corp.		21,810		2,935,626
Gaming and Leisure Properties, Inc.		60,331		2,795,135
				5,730,761
Specialty Chemicals–0.86%
Ashland Global Holdings, Inc.		27,074		2,368,975
Steel–1.12%
Cleveland-Cliffs, Inc.(b)(c)		142,509		3,072,494
Thrifts & Mortgage Finance–1.32%
Essent Group Ltd.		41,799		1,878,865
Radian Group, Inc.		78,003		1,735,567
				3,614,432
Tires & Rubber–0.33%
Goodyear Tire & Rubber Co. (The)(b)		53,589		919,051
Trading Companies & Distributors–2.05%
Applied Industrial Technologies, Inc.		31,260		2,846,536
Univar Solutions, Inc.(b)		114,456		2,790,437
				5,636,973
Trucking–0.71%
Knight-Swift Transportation Holdings, Inc.		43,096		1,959,144

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

	Shares		Value
Water Utilities–0.90%
California Water Service Group		44,751	$	2,485,470
Total Common Stocks & Other Equity Interests (Cost $174,468,037)				268,942,168
Money Market Funds–2.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)		2,019,473		2,019,473
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(e)(f)		1,447,654		1,448,233
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		2,307,969		2,307,969
Total Money Market Funds (Cost $5,775,675)				5,775,675
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $180,243,712)				274,717,843

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–15.84%
Invesco Private Government Fund, 0.02%(e)(f)(g)		13,056,856	$	13,056,856
Invesco Private Prime Fund, 0.12%(e)(f)(g)		30,453,815		30,465,996
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $43,522,852)				43,522,852
TOTAL INVESTMENTS IN SECURITIES–115.81% (Cost $223,766,564)				318,240,695
OTHER ASSETS LESS LIABILITIES–(15.81)%				(43,455,350	)
NET ASSETS–100.00%			$	274,785,345

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at June 30, 2021.

^(d) Restricted security. The value of this security at June 30, 2021 represented 1.06% of the Fund’s Net Assets.

^(e) 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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	622,027		$	12,755,295		$	(11,357,849	)		$	-		$	-		$	2,019,473		$	201
Invesco Liquid Assets Portfolio, Institutional Class			398,835			9,110,925			(8,061,567	)			-			40			1,448,233			102
Invesco Treasury Portfolio, Institutional Class			710,888			14,577,481			(12,980,400	)			-			-			2,307,969			65
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			36,232,003			(23,175,147	)			-			-			13,056,856			151	*
Invesco Private Prime Fund			-			57,215,756			(26,749,760	)			-			-			30,465,996			2,455	*
Total		$	1,731,750		$	129,891,460		$	(82,324,723	)		$	-		$	40		$	49,298,527		$	2,974

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

^(f) The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(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 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Industrials	19.42	%
Information Technology	16.66
Financials	15.96
Health Care	15.67
Consumer Discretionary	13.80
Materials	7.34
Real Estate	5.12
Other Sectors, Each Less than 2% of Net Assets	3.90
Money Market Funds Plus Other Assets Less Liabilities	2.13

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $174,468,037)*	$	268,942,168
Investments in affiliated money market funds, at value (Cost $49,298,527)		49,298,527
Foreign currencies, at value (Cost $14,189)		13,849
Receivable for:
Investments sold		223,667
Fund shares sold		130,597
Dividends		109,325
Investment for trustee deferred compensation and retirement plans		72,834
Total assets		318,790,967
Liabilities:
Payable for:
Fund shares reacquired		121,359
Collateral upon return of securities loaned		43,522,852
Accrued fees to affiliates		241,221
Accrued other operating expenses		39,116
Trustee deferred compensation and retirement plans		81,074
Total liabilities		44,005,622
Net assets applicable to shares outstanding	$	274,785,345
Net assets consist of:
Shares of beneficial interest	$	146,419,670
Distributable earnings		128,365,675
	$	274,785,345
Net Assets:
Series I	$	144,083,376
Series II	$	130,701,969
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,924,041
Series II		5,781,854
Series I:
Net asset value per share	$	24.32
Series II:
Net asset value per share	$	22.61

* At June 30, 2021, securities with an aggregate value of $42,378,200 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $5,164)	$	1,293,835
Dividends from affiliated money market funds (includes securities lending income of $12,408)		12,776
Total investment income		1,306,611
Expenses:
Advisory fees		1,000,627
Administrative services fees		220,713
Custodian fees		3,633
Distribution fees - Series II		159,958
Transfer agent fees		13,370
Trustees’ and officers’ fees and benefits		10,213
Reports to shareholders		6,771
Professional services fees		19,548
Other		2,830
Total expenses		1,437,663
Less: Fees waived		(1,093	)
Net expenses		1,436,570
Net investment income (loss)		(129,959	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		20,977,833
Affiliated investment securities		40
Foreign currencies		(15	)
		20,977,858
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		22,058,516
Foreign currencies		(375	)
		22,058,141
Net realized and unrealized gain		43,035,999
Net increase in net assets resulting from operations	$	42,906,040

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income (loss)	$	(129,959	)	$	202,960
Net realized gain		20,977,858			13,012,954
Change in net unrealized appreciation		22,058,141			40,098,932
Net increase in net assets resulting from operations		42,906,040			53,314,846
Distributions to shareholders from distributable earnings:
Series I		–			(9,700,819	)
Series II		–			(8,807,533	)
Total distributions from distributable earnings		–			(18,508,352	)
Share transactions–net:
Series I		(8,359,952	)		(7,393,188	)
Series II		(4,048,485	)		623,910
Net increase (decrease) in net assets resulting from share transactions		(12,408,437	)		(6,769,278	)
Net increase in net assets		30,497,603			28,037,216
Net assets:
Beginning of period		244,287,742			216,250,526
End of period	$	274,785,345		$	244,287,742

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$	20.62		$	0.00			$	3.70			$	3.70			$	–			$	–			$	–			$	24.32		17.94	%		$	144,083		0.95	%(d)		0.95	%(d)		0.02	%(d)		10	%
Year ended 12/31/20			17.73			0.04				4.48				4.52				(0.06	)			(1.57	)			(1.63	)			20.62		27.25				129,881		0.96			0.96			0.21			45
Year ended 12/31/19			15.93			0.06				4.03				4.09				–				(2.29	)			(2.29	)			17.73		26.60				118,208		0.96			0.96			0.34			44
Year ended 12/31/18			20.02			0.02				(2.74	)			(2.72	)			–				(1.37	)			(1.37	)			15.93		(15.08	)			106,064		0.96			0.96			0.10			22
Year ended 12/31/17			18.38			(0.01	)			2.53				2.52				–				(0.88	)			(0.88	)			20.02		14.06				149,405		0.97			0.97			(0.02	)		20
Year ended 12/31/16			17.64			0.01				2.06				2.07				–				(1.33	)			(1.33	)			18.38		12.06				161,727		1.01			1.01			0.04			37
Series II
Six months ended 06/30/21			19.19			(0.02	)			3.44				3.42				–				–				–				22.61		17.82				130,702		1.20	(d)		1.20	(d)		(0.23	)(d)		10
Year ended 12/31/20			16.60			(0.01	)			4.17				4.16				(0.00	)			(1.57	)			(1.57	)			19.19		26.87				114,407		1.21			1.21			(0.04	)		45
Year ended 12/31/19			15.07			0.02				3.80				3.82				–				(2.29	)			(2.29	)			16.60		26.32				98,043		1.21			1.21			0.09			44
Year ended 12/31/18			19.05			(0.03	)			(2.58	)			(2.61	)			–				(1.37	)			(1.37	)			15.07		(15.27	)			119,664		1.21			1.21			(0.15	)		22
Year ended 12/31/17			17.58			(0.05	)			2.40				2.35				–				(0.88	)			(0.88	)			19.05		13.73				157,349		1.22			1.22			(0.27	)		20
Year ended 12/31/16			16.96			(0.03	)			1.98				1.95				–				(1.33	)			(1.33	)			17.58		11.84				148,883		1.26			1.26			(0.21	)		37

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $142,253 and $129,027 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Small Cap Equity Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

    The Fund’s investment objective is long-term growth of capital.

    The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

    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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Small Cap Equity Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

    The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

    The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

    The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. Small Cap Equity Fund

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

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

    The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.745	%
Next $250 million		0.730	%
Next $500 million		0.715	%
Next $1.5 billion		0.700	%
Next $2.5 billion		0.685	%
Next $2.5 billion		0.670	%
Next $2.5 billion		0.655	%
Over $10 billion		0.640	%

    For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.744%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended June 30, 2021, the Adviser waived advisory fees of $1,093.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $19,060 for accounting and fund administrative services and was reimbursed $201,653 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

    For the six months ended June 30, 2021, the Fund incurred $168 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Invesco V.I. Small Cap Equity Fund

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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	$	268,942,168	$	–		$–	$	268,942,168
Money Market Funds		5,775,675		43,522,852		–		49,298,527
Total Investments	$	274,717,843	$	43,522,852		$–	$	318,240,695

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $25,975,087 and $39,671,153, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	98,031,144
Aggregate unrealized (depreciation) of investments		(4,775,642	)
Net unrealized appreciation of investments	$	93,255,502

Cost of investments for tax purposes is $224,985,193.

Invesco V.I. Small Cap Equity Fund

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		637,987		$	14,884,553			1,036,038		$	15,659,643
Series II		686,563			14,675,701			1,139,291			16,592,309
Issued as reinvestment of dividends:
Series I		-			-			559,125			9,700,819
Series II		-			-			545,358			8,807,533
Reacquired:
Series I		(1,011,382	)		(23,244,505	)		(1,963,194	)		(32,753,650	)
Series II		(865,642	)		(18,724,186	)		(1,631,642	)		(24,775,932	)
Net increase (decrease) in share activity		(552,474	)	$	(12,408,437	)		(315,024	)	$	(6,769,278	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (01/01/21)	Ending     Account Value     (06/30/21)1	Expenses     Paid During     Period2	Ending     Account Value     (06/30/21)	Expenses Paid During     Period2	Annualized     Expense Ratio
Series I	$1,000.00	$1,179.40	$5.13	$1,020.08	$4.76	0.95%
Series II	1,000.00	1,178.20	6.48	1,018.84	6.01	1.20

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Small Cap Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Small Cap Equity Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund

Invesco V.I. Small Cap Equity Fund

was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that

Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

    The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the

Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Small Cap Equity Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. Technology Fund

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-PORT, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. I-VITEC-SAR-1                                 

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 12/31/20 to 6/30/21, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	11.46	%
Series II Shares	11.31
NASDAQ Composite Indexq (Broad Market/Style-Specific Index)	12.92
Lipper VUF Science & Technology Funds Classification Average∎ (Peer Group)	14.36
Source(s):q Bloomberg L.P.;∎ Lipper Inc.
The NASDAQ Composite Index is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market.
The Lipper VUF Science & Technology Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Science & Technology Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Average Annual Total Returns
As of 6/30/21
Series I Shares
Inception (5/20/97)	8.70	%
10 Years	15.96
5 Years	26.54
1 Year	40.35
Series II Shares
Inception (4/30/04)	11.41	%
10 Years	15.67
5 Years	26.22
1 Year	39.99

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Invesco V.I. Technology Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Technology Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 22-24, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Technology Fund

Schedule of Investments^(a)

June 30, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.97%
Application Software–5.56%
DocuSign, Inc.(b)		9,193	$    2,570,087
RingCentral, Inc., Class A(b)		22,479	6,531,948
Synopsys, Inc.(b)		7,908	2,180,947
			11,282,982
Automobile Manufacturers–0.98%
General Motors Co.(b)		33,651	1,991,130
Biotechnology–0.68%
BeiGene Ltd., ADR (China)(b)		4,031	1,383,399
Casinos & Gaming–1.71%
Penn National Gaming, Inc.(b)		45,323	3,466,756
Consumer Electronics–1.47%
Sony Group Corp. (Japan)		30,700	2,979,529
Data Processing & Outsourced Services–7.78%
Mastercard, Inc., Class A		12,415	4,532,592
PayPal Holdings, Inc.(b)		23,073	6,725,318
Square, Inc., Class A(b)(c)		8,464	2,063,523
StoneCo Ltd., Class A (Brazil)(b)		36,740	2,463,785
			15,785,218
Health Care Equipment–3.63%
Intuitive Surgical, Inc.(b)		4,493	4,131,943
Teleflex, Inc.		8,037	3,229,186
			7,361,129
Hotels, Resorts & Cruise Lines–2.47%
Booking Holdings, Inc.(b)		2,293	5,017,290
Interactive Home Entertainment–5.94%
Activision Blizzard, Inc.		39,356	3,756,137
Electronic Arts, Inc.		8,357	1,201,987
Nintendo Co. Ltd. (Japan)		4,700	2,734,648
Sea Ltd., ADR (Taiwan)(b)		15,885	4,362,021
			12,054,793
Interactive Media & Services–12.60%
Alphabet, Inc., Class A(b)		4,315	10,536,324
Facebook, Inc., Class A(b)		30,027	10,440,688
Kuaishou Technology (China)(b)(d)		30,200	719,809
Match Group, Inc.(b)		6,185	997,331
ZoomInfo Technologies, Inc., Class A(b)		54,995	2,869,089
			25,563,241
Internet & Direct Marketing Retail–8.90%
Alibaba Group Holding Ltd., ADR (China)(b)		15,819	3,587,433
Amazon.com, Inc.(b)		2,946	10,134,711
Farfetch Ltd., Class A (United Kingdom)(b)		45,892	2,311,121
MercadoLibre, Inc. (Argentina)(b)		1,300	2,025,127
			18,058,392

	Shares		Value
Internet Services & Infrastructure–2.97%
GDS Holdings Ltd., ADR (China)(b)		24,023	$    1,885,565
Twilio, Inc., Class A(b)		10,514	4,144,198
			6,029,763
Life Sciences Tools & Services–5.82%
10X Genomics, Inc., Class A(b)		17,882	3,501,653
Avantor, Inc.(b)		135,672	4,817,713
IQVIA Holdings, Inc.(b)		14,341	3,475,111
			11,794,477
Semiconductor Equipment–12.83%
Applied Materials, Inc.		107,515	15,310,136
ASML Holding N.V., New York Shares (Netherlands)		8,447	5,835,526
Lam Research Corp.		7,503	4,882,202
			26,027,864
Semiconductors–8.43%
NVIDIA Corp.		14,188	11,351,819
QUALCOMM, Inc.		40,279	5,757,077
			17,108,896
Systems Software–11.41%
KnowBe4, Inc., Class A(b)(c)		61,090	1,910,285
Microsoft Corp.		47,821	12,954,709
Palo Alto Networks, Inc.(b)		12,385	4,595,454
SentinelOne, Inc.		3,538	150,365
ServiceNow, Inc.(b)		6,442	3,540,201
			23,151,014
Technology Hardware, Storage & Peripherals–5.14%
Apple, Inc.		76,160	10,430,874
Trucking–1.65%
Uber Technologies, Inc.(b)		66,656	3,340,799
Total Common Stocks & Other Equity Interests (Cost $98,422,426)			202,827,546
Money Market Funds–0.44%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)		307,514	307,514
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(e)(f)		226,417	226,508
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		351,445	351,444
Total Money Market Funds (Cost $885,466)			885,466
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.41% (Cost $99,307,892)			203,713,012
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.88%
Invesco Private Government Fund, 0.02%(e)(f)(g)		1,147,861	1,147,861

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%(e)(f)(g)		2,677,272	$	2,678,343
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,826,204)				3,826,204
TOTAL INVESTMENTS IN SECURITIES–102.29% (Cost $103,134,096)				207,539,216
OTHER ASSETS LESS LIABILITIES–(2.29)%				(4,648,087	)
NET ASSETS–100.00%			$	202,891,129

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at June 30, 2021.

^(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 value of this security at June 30, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)  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 six months ended June 30, 2021.

	Value December 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,133,386		$	11,195,746		$	(12,021,618	)		$	-		$	-		$	307,514		$	73
Invesco Liquid Assets Portfolio, Institutional Class			617,507			7,996,961			(8,388,021	)			26			35			226,508			42
Invesco Treasury Portfolio, Institutional Class			1,295,298			12,795,138			(13,738,992	)			-			-			351,444			29
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			684,163			9,117,207			(8,653,509	)			-			-			1,147,861			39*
Invesco Private Prime Fund			1,026,245			14,069,179			(12,417,238	)			-			157			2,678,343			471*
Total		$	4,756,599		$	55,174,231		$	(55,219,378	)		$	26		$	192		$	4,711,670		$	654

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

^(f)  The rate shown is the 7-day SEC standardized yield as of June 30, 2021.

^(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 1I.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2021

Information Technology	54.12	%
Communication Services	18.54
Consumer Discretionary	15.53
Health Care	10.13
Industrials	1.65
Money Market Funds Plus Other Assets Less Liabilities	0.03

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Statement of Assets and Liabilities

June 30, 2021    

(Unaudited)    

Assets:
Investments in securities, at value (Cost $98,422,426)*	$	202,827,546
Investments in affiliated money market funds, at value (Cost $4,711,670)		4,711,670
Foreign currencies, at value (Cost $52,954)		52,692
Receivable for:
Fund shares sold		12,391
Dividends		12,567
Investment for trustee deferred compensation and retirement plans		59,844
Total assets		207,676,710
Liabilities:
Payable for:
Investments purchased		123,830
Fund shares reacquired		560,405
Collateral upon return of securities loaned		3,826,204
Accrued fees to affiliates		165,509
Accrued other operating expenses		42,383
Trustee deferred compensation and retirement plans		67,250
Total liabilities		4,785,581
Net assets applicable to shares outstanding	$	202,891,129
Net assets consist of:
Shares of beneficial interest	$	50,444,865
Distributable earnings		152,446,264
	$	202,891,129
Net Assets:
Series I	$	189,445,893
Series II	$	13,445,236
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,649,155
Series II		353,866
Series I:
Net asset value per share	$	40.75
Series II:
Net asset value per share	$	38.00

* At June 30, 2021, securities with an aggregate value of $3,601,644 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $10,429)	$	358,165
Dividends from affiliated money market funds (includes securities lending income of $12,533)		12,677
Total investment income		370,842
Expenses:
Advisory fees		752,716
Administrative services fees		165,522
Custodian fees		4,464
Distribution fees - Series II		16,273
Transfer agent fees		14,303
Trustees’ and officers’ fees and benefits		10,166
Reports to shareholders		23,103
Professional services fees		26,701
Other		2,131
Total expenses		1,015,379
Less: Fees waived		(391	)
Net expenses		1,014,988
Net investment income (loss)		(644,146	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(817,372))		31,523,150
Affiliated investment securities		192
Foreign currencies		16,853
		31,540,195
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(8,971,114	)
Affiliated investment securities		26
Foreign currencies		(431	)
		(8,971,519	)
Net realized and unrealized gain		22,568,676
Net increase in net assets resulting from operations	$	21,924,530

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30,			December 31,
	2021			2020
Operations:
Net investment income (loss)	$	(644,146	)	$	(869,121	)
Net realized gain		31,540,195			19,539,973
Change in net unrealized appreciation (depreciation)		(8,971,519	)		43,894,069
Net increase in net assets resulting from operations		21,924,530			62,564,921
Distributions to shareholders from distributable earnings:
Series I		-			(14,122,842	)
Series II		-			(1,087,242	)
Total distributions from distributable earnings		-			(15,210,084	)
Share transactions–net:
Series I		(18,881,040	)		16,335,060
Series II		(1,168,356	)		(165,991	)
Net increase (decrease) in net assets resulting from share transactions		(20,049,396	)		16,169,069
Net increase in net assets		1,875,134			63,523,906
Net assets:
Beginning of period		201,015,995			137,492,089
End of period	$	202,891,129		$	201,015,995

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Series I
Six months ended 06/30/21		$	36.55		$	(0.12	)		$	4.32			$	4.20			$	–			$	40.75		11.49	%		$	189,446		1.00	%(d)		1.00	%(d)		(0.63	)%(d)		37	%
Year ended 12/31/20			27.23			(0.17	)			12.49				12.32				(3.00	)			36.55		46.11				187,801		0.98			0.98			(0.53	)		56
Year ended 12/31/19			21.92			(0.09	)			7.71				7.62				(2.31	)			27.23		35.88				127,308		0.99			0.99			(0.36	)		46
Year ended 12/31/18			22.97			(0.12	)			0.22				0.10				(1.15	)			21.92		(0.45	)			109,596		1.03			1.03			(0.47	)		48
Year ended 12/31/17			17.89			(0.09	)			6.34				6.25				(1.17	)			22.97		35.13				113,352		1.06			1.06			(0.41	)		43
Year ended 12/31/16			18.83			(0.06	)			(0.06	)			(0.12	)			(0.82	)			17.89		(0.76	)			87,632		1.10			1.10			(0.33	)		52
Series II
Six months ended 06/30/21			34.13			(0.15	)			4.02				3.87				–				38.00		11.34				13,445		1.25	(d)		1.25	(d)		(0.88	)(d)		37
Year ended 12/31/20			25.63			(0.23	)			11.73				11.50				(3.00	)			34.13		45.79				13,215		1.23			1.23			(0.78	)		56
Year ended 12/31/19			20.79			(0.15	)			7.30				7.15				(2.31	)			25.63		35.56				10,184		1.24			1.24			(0.61	)		46
Year ended 12/31/18			21.89			(0.17	)			0.22				0.05				(1.15	)			20.79		(0.71	)			9,587		1.28			1.28			(0.72	)		48
Year ended 12/31/17			17.14			(0.14	)			6.06				5.92				(1.17	)			21.89		34.74				9,439		1.31			1.31			(0.66	)		43
Year ended 12/31/16			18.12			(0.10	)			(0.06	)			(0.16	)			(0.82	)			17.14		(1.01	)			6,799		1.35			1.35			(0.58	)		52

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $189,262 and $13,126 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Technology Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. The Fund is classified as non-diversified. The Fund’s classification changed from diversified to non-diversified on April 30, 2021. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

Invesco V.I. Technology Fund

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. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

Invesco V.I. Technology Fund

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

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

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

M. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector. The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.750%
Next $250 million		0.740%
Next $500 million		0.730%
Next $1.5 billion		0.720%
Next $2.5 billion		0.710%
Next $2.5 billion		0.700%
Next $2.5 billion		0.690%
Over $10 billion		0.680%

For the six months ended June 30, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2023, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2021, the Adviser waived advisory fees of $391.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $15,179 for accounting and fund administrative services and was reimbursed $150,343 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Invesco V.I. Technology Fund

For the six months ended June 30, 2021, the Fund incurred $1,238 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 June 30, 2021. 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	$	196,393,560	$	6,433,986		$–	$	202,827,546
Money Market Funds		885,466		3,826,204		–		4,711,670
Total Investments	$	197,279,026	$	10,260,190		$–	$	207,539,216

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2021, the Fund engaged in securities sales of $1,770,187, which resulted in net realized gains (losses) of $(817,372).

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2021 was $73,913,488 and $91,594,293, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Invesco V.I. Technology Fund

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	104,911,439
Aggregate unrealized (depreciation) of investments		(907,197	)
Net unrealized appreciation of investments	$	104,004,242

    Cost of investments for tax purposes is $103,534,974.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	June 30, 2021(a)						December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		486,668		$	18,615,622			1,316,336		$	40,969,639
Series II		23,124			815,818			91,668			2,566,999
Issued as reinvestment of dividends:
Series I		-			-			417,589			14,122,842
Series II		-			-			34,417			1,087,242
Reacquired:
Series I		(975,173	)		(37,496,662	)		(1,271,839	)		(38,757,421	)
Series II		(56,512	)		(1,984,174	)		(136,171	)		(3,820,232	)
Net increase (decrease) in share activity		(521,893	)	$	(20,049,396	)		452,000		$	16,169,069

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Technology Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

				ACTUAL						HYPOTHETICAL (5% annual return before expenses)
	Beginning   Account Value   (01/01/21)			Ending   Account Value   (06/30/21)1			Expenses   Paid During   Period2			Ending   Account Value   (06/30/21)			Expenses   Paid During   Period2			Annualized   Expense   Ratio
Series I		$	1,000.00		$	1,114.60		$	5.24		$	1,019.84		$	5.01		1.00	%
Series II			1,000.00			1,113.10			6.55			1,018.60			6.26		1.25

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Technology Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal     

process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the NASDAQ Composite Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile of its performance universe for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that the Fund’s peer group includes funds that are more narrowly focused on a sub-group or sub-groups of technology industries. The Board noted that overweight and underweight exposures to and security selection in certain technology industries negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different

Invesco V.I. Technology Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the

Board based on its determination that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

Invesco V.I. Technology Fund

Proxy Results

A Virtual Special Meeting (“Meeting”) of Shareholders of Invesco V.I. Technology Fund (the “Fund”) was held on January 22, 2021. The Meeting was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified’ to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against		Votes Abstain
	Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental
(1).	investment restriction		4,114,576.15		520,827.58		388,419.91

T-17                Invesco V.I. Technology Fund

	Semiannual Report to Shareholders	June 30, 2021
	Invesco V.I. U.S. Government Money Portfolio
	Effective April 30, 2021, Invesco Oppenheimer V.I. Government Money Fund was renamed Invesco V.I. U.S. Government Money Portfolio.

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The Fund’s Form N-MFP filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-MFP, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/ esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

This report must be accompanied or preceded by a currently effective Fund prospectus and variable product prospectus, which contain more complete information, including sales charges and expenses. Investors should read each carefully before investing.

NOT FDC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Invesco Distributors, Inc. O-VIGMKT-SAR-1                                 

About your Fund

Invesco Oppenheimer V.I. Government Money Fund (renamed Invesco V.I. U.S. Government Money Portfolio on April 30, 2021), a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent monthend performance including variable product charges, please contact your variable product issuer or financial adviser.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

Invesco V.I. U.S. Government Money Portfolio

Schedule of Investments

June 30, 2021

(Unaudited)

	Interest Rate			Maturity Date	Principal Amount (000)		Value
U.S. Treasury Securities-36.05%
U.S. Treasury Bills-30.30%(a)
U.S. Treasury Bills		0.01	%	07/06/2021	$	10,000	$	9,999,986
U.S. Treasury Bills		0.09	%	07/08/2021		4,000		3,999,930
U.S. Treasury Bills		0.05	%	07/13/2021		3,000		2,999,950
U.S. Treasury Bills		0.04	%	07/20/2021		4,000		3,999,915
U.S. Treasury Bills		0.01	%	07/27/2021		5,000		4,999,982
U.S. Treasury Bills		0.02	%	07/29/2021		5,000		4,999,922
U.S. Treasury Bills		0.01	%	08/03/2021		5,000		4,999,931
U.S. Treasury Bills		0.02	%	08/19/2021		5,000		4,999,898
U.S. Treasury Bills		0.02%-0.05	%	08/26/2021		9,000		8,999,603
U.S. Treasury Bills		0.02	%	09/02/2021		5,000		4,999,825
U.S. Treasury Bills		0.03	%	09/07/2021		5,000		4,999,764
U.S. Treasury Bills		0.03	%	09/09/2021		5,000		4,999,757
U.S. Treasury Bills		0.03	%	09/16/2021		8,000		7,999,572
U.S. Treasury Bills		0.01	%	09/21/2021		5,000		4,999,829
U.S. Treasury Bills		0.04	%	10/21/2021		3,000		2,999,627
U.S. Treasury Bills		0.05	%	11/02/2021		5,000		4,999,173
U.S. Treasury Bills		0.04	%	11/12/2021		5,000		4,999,349
U.S. Treasury Bills		0.03	%	11/18/2021		2,000		1,999,767
U.S. Treasury Bills		0.09	%	01/27/2022		2,000		1,998,950
U.S. Treasury Bills		0.06	%	02/24/2022		2,000		1,999,207
U.S. Treasury Bills		0.07	%	04/21/2022		6,000		5,996,815
U.S. Treasury Bills		0.07	%	06/16/2022		2,500		2,498,299
								105,489,051
U.S. Treasury Notes-5.75%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b)		0.35	%	10/31/2021		4,000		4,000,524
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b)		0.20	%	01/31/2022		2,000		1,999,803
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)		0.11	%	10/31/2022		1,000		999,933
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)		0.10	%	01/31/2023		2,000		2,000,064
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)		0.08	%	04/30/2023		11,000		11,000,519
								20,000,843
Total U.S. Treasury Securities (Cost $125,489,894)								125,489,894
U.S. Government Sponsored Agency Securities-33.03%
Federal Farm Credit Bank (FFCB)-6.89%
Federal Farm Credit Bank (SOFR + 0.08%)(b)		0.13	%	03/10/2022		3,000		3,000,000
Federal Farm Credit Bank (SOFR + 0.19%)(b)		0.24	%	07/14/2022		3,000		3,000,000
Federal Farm Credit Bank (SOFR + 0.07%)(b)		0.12	%	08/11/2022		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(b)		0.10	%	10/07/2022		5,000		5,000,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		0.08	%	10/12/2022		2,000		1,999,922
Federal Farm Credit Bank (SOFR + 0.06%)(b)		0.11	%	02/09/2023		1,000		1,000,000
Federal Farm Credit Bank (SOFR + 0.05%)(b)		0.10	%	02/17/2023		2,000		2,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		0.09	%	03/10/2023		1,000		1,000,000
Federal Farm Credit Bank (SOFR + 0.04%)(b)		0.09	%	05/19/2023		1,000		1,000,000
Federal Farm Credit Bank (SOFR + 0.03%)(b)		0.08	%	06/14/2023		1,000		1,000,000
								23,999,922
Federal Home Loan Bank (FHLB)-3.16%
Federal Home Loan Bank(a)		0.03	%	07/21/2021		6,000		5,999,917

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank (SOFR + 0.09%)(b)		0.14	%		09/10/2021	$	5,000	$	5,000,000
									10,999,917
Federal Home Loan Mortgage Corp. (FHLMC)-4.31%
Federal Home Loan Mortgage Corp. (SOFR + 0.18%)(b)		0.23	%		12/13/2021		15,000		15,000,000
Federal National Mortgage Association (FNMA)-18.67%
Federal National Mortgage Association (SOFR + 0.21%)(b)		0.23	%		07/01/2021		25,000		25,000,000
Federal National Mortgage Association (SOFR + 0.23%)(b)		0.25	%		07/06/2021		10,000		10,000,000
Federal National Mortgage Association (SOFR + 0.30%)(b)		0.32	%		01/07/2022		20,000		20,000,000
Federal National Mortgage Association (SOFR + 0.22%)(b)		0.27	%		03/16/2022		10,000		10,000,000
									65,000,000
Total U.S. Government Sponsored Agency Securities (Cost $114,999,839)									114,999,839
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.08% (Cost $240,489,733)									240,489,733
						Repurchase Amount
Repurchase Agreements-32.17%(c)
Credit Agricole Corporate & Investment Bank, agreement dated 06/30/2021, maturing value of $30,000,046 (collateralized by a domestic agency mortgage-backed security valued at $30,600,047; 2.00%; 01/20/2051)		0.06	%		07/01/2021		30,000,046		30,000,000
RBC Dominion Securities Inc., agreement dated 06/30/2021, maturing value of $27,000,038 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $27,540,060; 0.75% - 5.00%; 06/30/2026 - 07/01/2051)		0.05	%		07/01/2021		27,000,038		27,000,000
TD Securities (USA) LLC, term agreement dated 06/30/2021, maturing value of $55,000,535 (collateralized by a U.S. government sponsored agency obligation valued at $56,100,621; 0.06%; 06/21/2022)(d)		0.05	%		07/07/2021		55,000,535		55,000,000
Total Repurchase Agreements (Cost $112,000,000)									112,000,000
TOTAL INVESTMENTS IN SECURITIES(e)-101.25% (Cost $352,489,733)									352,489,733
OTHER ASSETS LESS LIABILITIES-(1.25)%									(4,366,694	)
NET ASSETS-100.00%								$	348,123,039

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

Notes to Schedule of Investments:

^(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2021.

^(c)  Principal amount equals value at period end. See Note 1I.

^(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 06/30/2021

1-7	43.7	%
8-30	7.8
31-60	5.5
61-90	9.5
91-180	9.8
181+	23.7

* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Statement of Assets and Liabilities

June 30, 2021

(Unaudited)

Assets:
Investments in securities, excluding repurchase agreements, at value and cost	$	240,489,733
Repurchase agreements, at value and cost		112,000,000
Cash		818,131
Receivable for:
Fund shares sold		45,640
Interest		46,597
Fund expenses absorbed		117,987
Total assets		353,518,088
Liabilities:
Payable for:
Investments purchased		4,999,174
Fund shares reacquired		149,986
Dividends		1,480
Accrued fees to affiliates		155,027
Accrued trustees’ and officers’ fees and benefits		1,320
Accrued operating expenses		88,062
Total liabilities		5,395,049
Net assets applicable to shares outstanding	$	348,123,039
Net assets consist of:
Shares of beneficial interest	$	348,026,105
Distributable earnings		96,934
	$	348,123,039
Net Assets:
Series I	$	348,112,685
Series II	$	10,354
Shares outstanding, no par value, unlimited number of shares authorized:
Series I		347,986,099
Series II		10,350
Series I:
Net asset value and offering price per share	$	1.00
Series II:
Net asset value and offering price per share	$	1.00

Statement of Operations

For the six months ended June 30, 2021

(Unaudited)

Investment income:
Interest	$	198,328
Expenses:
Advisory fees		768,069
Administrative services fees		96,022
Distribution fees - Series II		13
Transfer agent fees		2,652
Trustees’ and officers’ fees and benefits		13,969
Reports to shareholders		5,075
Professional services fees		19,347
Other		2,574
Total expenses		907,721
Less: Fees waived and expenses reimbursed		(724,899	)
Net expenses		182,822
Net investment income		15,506
Net increase in net assets resulting from operations	$	15,506

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Statement of Changes in Net Assets

For the six months ended June 30, 2021 and the year ended December 31, 2020

(Unaudited)

	June 30, 2021			December 31, 2020
Operations:
Net investment income	$	15,506		$	1,145,966
Net realized gain		-			90,321
Net increase in net assets resulting from operations		15,506			1,236,287
Distributions to shareholders from distributable earnings:
Series I		(15,504	)		(1,145,947	)
Series II		(2	)		(19	)
Total distributions from distributable earnings		(15,506	)		(1,145,966	)
Share transactions-net:
Series I		(16,492,569	)		(5,244,425	)
Series II		350			-
Net increase (decrease) in net assets resulting from share transactions		(16,492,219	)		(5,244,425	)
Net increase (decrease) in net assets		(16,492,219	)		(5,154,104	)
Net assets:
Beginning of period		364,615,258			369,769,362
End of period	$	348,123,039		$	364,615,258

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends from net investment income		Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets
Series I
Six months ended 06/30/21		$1.00		$0.00		$        -			$0.00		$(0.00)		$1.00		0.00	%		$   348,113		0.10	%(d)		0.52	%(d)		0.01	%(d)
Year ended 12/31/20		1.00		0.00		0.00			0.00		(0.00)		1.00		0.22			364,605		0.24			0.48			0.09
Year ended 12/31/19		1.00		0.02		0.00			0.02		(0.02)		1.00		1.71			369,759		0.50			0.54			1.82
Year ended 12/31/18		1.00		0.01		0.00			0.01		(0.01)		1.00		1.35			3,055,726		0.50			0.56			1.54
Year ended 12/31/17		1.00		0.00		(0.00	)		0.00		(0.00)		1.00		0.39			425,604		0.50			0.59			0.39
Year ended 12/31/16		1.00		0.00		(0.00	)		0.00		(0.00)		1.00		0.01			541,970		0.35			0.55			0.01
Series II
Six months ended 06/30/21		1.00		0.00		-			0.00		(0.00)		1.00		0.00			10		0.10	(d)		0.77	(d)		0.01	(d)
Year ended 12/31/20		1.00		0.00		0.00			0.00		(0.00)		1.00		0.17			10		0.29			0.73			0.04
Period ended 12/31/19(e)		1.00		0.01		0.00			0.01		(0.01)		1.00		0.78			10		0.72	(f)		0.72	(f)		1.61	(f)

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $355,406 and $10 for Series I and Series II shares, respectively.

^(e)  Commencement date after the close of business on May 24, 2019.

^(f)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Notes to Financial Statements

June 30, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. U.S. Government Money Portfolio, formerly Invesco Oppenheimer V.I. Government Money Fund, (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek income consistent with stability of principal.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown

Invesco V.I. U.S. Government Money Portfolio

as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

K. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $ 500 million		0.450%
Next $500 million		0.425
Next $500 million		0.400
Over $1.5 billion		0.375

*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2021, the effective advisory fees incurred by the Fund was 0.44%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to limit expenses (excluding certain items discussed below) of Series I shares to 0.50% and Series II shares to 0.75% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser and/or Invesco Distributors, Inc., (“IDI”) voluntarily agreed to waive fees and/or reimburse expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended June 30, 2021, Invesco contractually waived fund level advisory fees of $7,150, voluntarily waived advisory fees of $717,736 and reimbursed class level expenses of $13 for Series II shares in order to increase the Fund’s yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2021, Invesco was paid $77,918 for accounting and fund administrative services and was reimbursed $18,104 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with IDI to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2021, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Invesco V.I. U.S. Government Money Portfolio

NOTE 3–Additional Valuation Information

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

Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of June 30, 2021, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have any capital loss carryforward as of December 31, 2020.

NOTE 7–Share Information

	Summary of Share Activity
	Six months ended June 30, 2021(a)						Year ended December 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Series I		22,117,892		$	22,117,892			2,362,230,625		$	2,362,230,625
Series II		350			350			-			-
Issued as reinvestment of dividends:
Series I		15,503			15,503			1,144,201			1,144,201
Reacquired:
Series I		(38,625,964	)		(38,625,964	)		(2,368,619,251	)		(2,368,619,251	)
Net increase (decrease) in share activity		(16,492,219	)	$	(16,492,219	)		(5,244,425	)	$	(5,244,425	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 89% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially.

Invesco V.I. U.S. Government Money Portfolio

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2021 through June 30, 2021.

    The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

Class	Beginning   Account Value     (01/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense Ratio
			Ending   Account Value     (06/30/21)1		Expenses   Paid During     Period2		Ending   Account Value     (06/30/21)		Expenses   Paid During     Period2
Series I		$1,000.00		$1,000.00		$0.50		$1,024.30		$0.50		0.10%
Series II		1,000.00		1,000.00		0.50		1,024.30		0.50		0.10

¹  The actual ending account value is based on the actual total return of the Fund for the period January 1, 2021 through June 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. U.S. Government Money Portfolio

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. U.S. Government Money Portfolio’s (formerly, Invesco Oppenheimer V.I. Government Money Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the

Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the

sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe. The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was below the performance universe median for the one year period and reasonably comparable to the performance universe median for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Series I shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to

Invesco V.I. U.S. Government Money Portfolio

what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s contractual management fees was in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees. The Board also noted voluntary waivers to maintain a positive yield in effect for the Fund.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in

providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

Invesco V.I. U.S. Government Money Portfolio

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of August 10, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 10, 2021, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	August 20, 2021

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	August 20, 2021
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	August 20, 2021