The financial highlights table is intended to help you understand the financial performance of the fund's Series I shares. Certain information reflects financial results for a single fund share.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all dividends and distributions).

The table shows the financial highlights for a share of the fund outstanding during the fiscal years (or period) indicated.

This information has been audited by [Fund's auditor], independent accountants, whose report, along with the fund's financial statements, is included in the fund's annual report, which is available upon request.

                                                                                   YEAR ENDED DECEMBER 31,
                                                              ------------------------------------------------------------------
                                                                2003          2002           2001           2000          1999
                                                              --------      --------       --------       --------       -------
Per Share Data
Net asset value, beginning of period                                        $   9.97       $  10.15       $   7.91       $  8.22
--------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
  Net investment income                                                         0.14           0.20           0.15          0.29
--------------------------------------------------------------------------------------------------------------------------------
  Net gains (losses) on securities (both realized and
    unrealized)                                                                 0.50          (0.28)          2.11         (0.28)
================================================================================================================================
    Total from investment operations                                            0.64          (0.08)          2.26          0.01
================================================================================================================================
Less distributions
Dividends from net investment income                                            0.12           0.10           0.02          0.32
________________________________________________________________________________________________________________________________
================================================================================================================================
Net asset value, end of period                                              $  10.49       $   9.97       $  10.15       $  7.91
________________________________________________________________________________________________________________________________
================================================================================================================================
Total return(a)                                                                6.37%          (0.76)%       28.63%         0.35%
________________________________________________________________________________________________________________________________
================================================================================================================================
Ratios
Net asset value, end of period ($000 Omitted)                               $ 12,869       $  4,723       $  2,456       $   625
________________________________________________________________________________________________________________________________
================================================================================================================================
Ratio of expenses to average net assets(b)(c)                                   1.36%          1.38%          1.73%         1.92%
--------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets(c)                         4.53%          4.35%          3.96%         4.25%
________________________________________________________________________________________________________________________________
================================================================================================================================
Portfolio turnover rate                                                          191%           163%           168%          465%(d)
________________________________________________________________________________________________________________________________
================================================================================================================================

(a) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(b) Ratios are based on Total Expenses of the fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(c) Various expenses of the fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.89%, 2.70%, 5.28% and 9.72% (annualized), respectively, and ratio of net investment income (loss) to average net assets would have been 4.00%, 3.03%, 0.41% and (3.55%) (annualized), respectively.
(d) Portfolio Turnover was greater than expected due to active trading undertaken in response to market conditions.

More information may be obtained free of charge upon request. The Statement of Additional Information (SAI), a current version of which is on file with the Securities and Exchange Commission (SEC), contains more details about the fund and is incorporated by reference into the prospectus (is legally a part of this prospectus). Annual and semiannual reports to shareholders contain additional information about the fund's investments. The fund's annual report also discusses the market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year.

If you wish to obtain free copies of the fund's current SAI, please send a written request to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173 or call (800) 410-4246.

You also can review and obtain copies of the fund's SAI, reports and other information at the SEC's Public Reference Room in Washington, DC; on the EDGAR database on the SEC's Internet website (http://www.sec.gov); or, after paying a duplication fee, by sending a letter to the SEC's Public Reference Section, Washington, DC 20549-0102 or by sending an electronic mail request to publicinfo@sec.gov. Please call the SEC at 1-202-942-8090 for information about the Public Reference Room.

AIMinvestments.com

AIM V.I. REAL ESTATE FUND

April 30, 2004

Prospectus
Series II shares

Shares of the fund are currently offered only to insurance company separate accounts. AIM V.I. Real Estate Fund seeks to achieve long-term growth of capital.

This prospectus contains important information about the Series II class shares ("Series II shares") of the fund. Please read it before investing and keep it for future reference.

As with all other mutual fund securities, the Securities and Exchange Commission has not approved or disapproved these securities or determined whether the information in this prospectus is adequate or accurate. Anyone who tells you otherwise is committing a crime.

An investment in the fund:
- is not FDIC insured;
- may lose value; and
- is not guaranteed by a bank.

YOUR GOALS. OUR SOLUTIONS.   [AIM INVESTMENTS LOGO APPEARS HERE]
     --Servicemark--                   --Servicemark--

           --------------------------

INVESTMENT OBJECTIVE AND STRATEGIES                  1
------------------------------------------------------
PRINCIPAL RISKS OF INVESTING IN THE FUND             1
------------------------------------------------------
PERFORMANCE INFORMATION                              2
------------------------------------------------------
Annual Total Returns                                 2

Performance Table                                    3

FEE TABLE AND EXPENSE EXAMPLE                        4
------------------------------------------------------
Fees and Expenses of the Fund                        4

Expense Example                                      4

FUND MANAGEMENT                                      5
------------------------------------------------------
The Advisors                                         5

Advisor Compensation                                 5

Portfolio Managers                                   5

OTHER INFORMATION                                    6
------------------------------------------------------
Purchase and Redemption of Shares                    6

Pricing of Shares                                    6

Taxes                                                6

Dividends and Distributions                          6

Share Classes                                        6

Distribution Plan                                    6

FINANCIAL HIGHLIGHTS                                 7
------------------------------------------------------
OBTAINING ADDITIONAL INFORMATION            Back Cover
------------------------------------------------------

The AIM Family of Funds, AIM and Design, AIM, AIM Funds, AIM Funds and Design, AIM Investor, AIM Lifetime America, AIM LINK, AIM Institutional Funds, aimfunds.com, La Familia AIM de Fondos, La Familia AIM de Fondos and Design, Invierta con DISCIPLINA and Invest with DISCIPLINE are registered service marks and AIM Bank Connection, AIM Internet Connect, AIM Private Asset Management, AIM Private Asset Management and Design, AIM stylized and/or Design, AIM Alternative Assets and Design, AIM Investments, AIM Investments and Design, myaim.com, The AIM College Savings Plan, AIM Solo 401(k) and Your goals. Our solutions. are service marks of A I M Management Group Inc. AIM Trimark is a service mark of A I M Management Group Inc. and AIM Funds Management Inc.

No dealer, salesperson or any other person has been authorized to give any information or to make any representations other than those contained in this prospectus, and you should not rely on such other information or representations.

The financial highlights table is intended to help you understand the financial performance of the fund's Series II shares. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. Certain information reflects financial results for a single Series I share.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all dividends and distributions).

The table shows the financial highlights for a share of the fund outstanding during the fiscal year (or period) indicated.

This information has been audited by [Fund's auditor], independent accounts, whose report, along with the fund's financial statements, is included in the fund's annual report, which is available upon request.

                                                                             YEAR ENDED DECEMBER 31,
                                                ---------------------------------------------------------------------------------
                                                 2003            2002                2001              2000             1999
                                                -------    ----------------    ----------------    ------------    --------------
Per share data
  Net asset value, beginning of period                         $  9.97              $10.15            $ 7.91            $8.22
---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
  Net investment income                                           0.14                0.20              0.15            0.29
---------------------------------------------------------------------------------------------------------------------------------
  Net gains (losses) on securities (both
    realized and unrealized)                                      0.50               (0.28)             2.11           (0.28)
=================================================================================================================================
    Total from investment operations                              0.64               (0.08)             2.26            0.01
=================================================================================================================================
Less distributions:
  Dividends from net investment income                            0.12                0.10              0.02            0.32
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                                 $ 10.49              $ 9.97            $10.15            $7.91
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(a)                                                   6.37%              (0.76)%           28.63%           0.35%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios
Net assets, end of period ($000 omitted)                       $12,869              $4,723            $2,456            $625
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net assets(b)(c)                     1.36%               1.38%             1.73%           1.92%
Ratio of net investment income to average net
  assets(c)                                                       4.53%               4.35%             3.96%           4.25%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Portfolio turnover rate                                            191%                163%              168%            465%(d)
_________________________________________________________________________________________________________________________________
=================================================================================================================================

(a) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(b) Ratio is based on Total Expenses of the fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(c) Various expenses of the fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001, 2000 and 1999 and the period ended December 31, 1998. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.89%, 2.70%, 5.28%, 9.72% and 8.54% (annualized), respectively, and ratio of net investment income
(loss) to average net assets would have been 4.00%, 3.03%, 0.41% (3.55%) and (1.70%) (annualized), respectively.
(d) Portfolio Turnover was greater than expected due to active trading undertaken in response to market conditions.

More information may be obtained free of charge upon request. The Statement of Additional Information (SAI), a current version of which is on file with the Securities and Exchange Commission (SEC), contains more details about the fund and is incorporated by reference into the prospectus (is legally a part of this prospectus). Annual and semiannual reports to shareholders contain additional information about the fund's investments. The fund's annual report also discusses the market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year.

If you wish to obtain free copies of the fund's current SAI, please send a written request to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173 or call (800) 410-4246.

You also can review and obtain copies of the fund's SAI, reports and other information at the SEC's Public Reference Room in Washington, DC; on the EDGAR database on the SEC's Internet website (http://www.sec.gov); or, after paying a duplication fee, by sending a letter to the SEC's Public Reference Section, Washington, DC 20549-0102 or by sending an electronic mail request to publicinfo@sec.gov. Please call the SEC at 1-202-942-8090 for information about the Public Reference Room.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks... 2
Fund Performance.......................... 3
Fees Table And Expenses Example........... 4
Investment Risks.......................... 4
Principal Risks Associated With The Fund.. 5
Temporary Defensive Positions............. 6
Fund Management........................... 7
Portfolio Managers........................ 7
Share Price............................... 7
Taxes..................................... 8
Dividends And Capital Gain Distributions.. 8
Voting Rights............................. 8
Share Classes............................. 8
Financial Highlights...................... 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS/SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC]  Investment Goals & Strategies

[GRAPHIC]  Potential Investment Risks

[GRAPHIC]  Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT The Fund seeks to provide a high total return THE FUND'S CURRENT through both growth and current income. It is INVESTMENTS AND MARKET actively managed. The Fund invests in a mix of OUTLOOK, PLEASE SEE THE equity securities and debt securities, as well as MOST RECENT ANNUAL OR in options and other investments whose value is SEMIANNUAL REPORT. based on the values of these securities.

The Fund normally invests at least 80% of its net assets in common and preferred stocks. At least 50% of stocks which the Fund holds will be dividend-paying common and preferred stocks. Stocks selected for the Fund generally are expected to produce income and consistent, stable returns. Although the Fund focuses on the stocks of larger companies with a history of paying dividends, it also may invest in companies that have not paid regular dividends. The Fund's equity investments are limited to stocks that can be traded easily in the United States. It may, however, invest in foreign securities in the form of American Depository Receipts ("ADRs").

The Fund will be primarily invested in large-capitalization stocks that possess one of three attributes that are attractive relative to the Standard & Poor's 500 Composite Stock Price Index (the "S&P 500"): (i) a low price-to-earnings ratio, (ii) a high dividend yield, or (iii) consistent growth.

The Fund is managed in a blend of the growth and value investing styles. To be managed in the growth investing style means that we focus on company fundamentals and growth prospects. Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. To be managed in the value investing style means that we seek securities, particularly stocks, that are currently undervalued by the market -- companies that are performing well, or have solid management and products, but whose stock prices do not reflect that value.

Because the Fund invests primarily in the securities of larger companies, the Fund's share price tends to rise and fall with the up and down price movements of larger company stocks. Due to its investment strategy, the Fund's portfolio includes relatively few smaller companies, which may be a disadvantage if smaller companies outperform the broad market.

Investing in preferred stocks often is more costly than investing in common stock of the same company. The additional cost of investing in preferred stock may outweigh the benefit of dividend payments if the market value of the preferred stock does not sufficiently appreciate.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is market risk -- that is, that the price of the securities in its portfolio will rise and fall due to price movements in the securities markets, and the securities held in the Fund's portfolio may decline in value more than the overall securities markets.

At any given time, the Fund may be subject to sector risk. Companies that have similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio managers allocate more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, credit, debt securities, foreign securities, interest rate, liquidity, counterparty, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

    VIF -- CORE EQUITY FUND (SERIES I)
     ACTUAL ANNUAL TOTAL RETURN/1,2/
-------------------------------------------

                 [CHART]

            1995        29.25%
            1996        22.28%
            1997        28.17%
            1998        15.30%
            1999        14.84%
            2000         4.67%
            2001        (8.97%)
            2002       (19.11%)
            2003

-------------------------------------------
 Best Calendar Qtr.  [12/98]  [13.17%]
 Worst Calendar Qtr.  [9/02] [(17.53%)]

--------------------------------------------------------------------
                                      AVERAGE ANNUAL TOTAL RETURN
                                      FOR THE PERIODS ENDED 12/31/03
--------------------------------------------------------------------
                                                           SINCE
                                      1 YEAR   5 YEARS   INCEPTION
VIF -- Core Equity Fund (Series I)/1/  (--%)     --%      --%/2/
S&P 500 Index/3/                       (--%)    (--%)     --%/2/

/1/ For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
/2/ The Fund commenced investment operations on August 10, 1994. Index comparison begins on August 31, 1994.
/3/ The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                              YEAR ENDED DECEMBER 31
---------------------------------------------------------------------------------------------
                                                     2003   2002     2001      2000    1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                     $18.58    $20.71    $21.01  $18.61
---------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                        0.21      0.20      0.23    0.26
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                             (3.76)    (2.06)     0.72    2.50
---------------------------------------------------------------------------------------------
Total from Investment Operations                            (3.55)    (1.86)     0.95    2.76
---------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                         0.26      0.21      0.02    0.25
Distributions from Capital Gains                             0.00      0.06      1.23    0.11
---------------------------------------------------------------------------------------------
Total Distributions                                          0.26      0.27      1.25    0.36
---------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                           $14.77    $18.58    $20.71  $21.01
=============================================================================================

TOTAL RETURN/(a)/                                         (19.11%)   (8.97%)    4.87%  14.84%

RATIOS
Net Assets -- End of Period ($000 Omitted)                $95,531  $133,754  $126,683 $79,893
Ratio of Expenses to Average Net Assets/(b)/                1.12%     1.09%     1.08%   1.05%
Ratio of Net Investment Income to Average Net Assets        0.99%     1.27%     1.37%   1.38%
Portfolio Turnover Rate                                       49%       29%       69%     86%

/(a)/Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
/(b)/Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- CORE EQUITY FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

PROSPECTUS | April 30, 2004

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks................ 2
Fund Performance....................................... 3
Fees Table And Expenses Example........................ 4
Investment Risks....................................... 4
Principal Risks Associated With The Fund............... 5
Temporary Defensive Positions.......................... 6
Fund Management........................................ 7
Portfolio Managers..................................... 7
Share Price............................................ 7
Taxes.................................................. 8
Dividends And Capital Gain Distributions............... 8
Voting Rights.......................................... 8
Share Classes.......................................... 8
Distribution Plan...................................... 8
Financial Highlights................................... 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS               Your goals          [LOGO]
                                       Our solutions sm         AIM
                                                             Investments

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks to provide a high total return
THE FUND'S CURRENT      through both growth and current income. It is
INVESTMENTS AND MARKET  actively managed. The Fund invests in a mix of

OUTLOOK, PLEASE SEE THE equity securities and debt securities, as well as MOST RECENT ANNUAL OR in options and other investments whose value is SEMIANNUAL REPORT. based on the values of these securities.

The Fund normally invests at least 80% of its net assets in common and preferred stocks. At least 50% of stocks which the Fund holds will be dividend-paying common and preferred stocks. Stocks selected for the Fund generally are expected to produce income and consistent, stable returns. Although the Fund focuses on the stocks of larger companies with a history of paying dividends, it also may invest in companies that have not paid regular dividends. The Fund's equity investments are limited to stocks that

can be traded easily in the United States. It may, however, invest in foreign securities in the form of American Depository Receipts ("ADRs").

The Fund will be primarily invested in large-capitalization stocks that possess one of three attributes that are attractive relative to the Standard & Poor's 500 Composite Stock Price Index (the "S&P 500"): (i) a low price-to-earnings ratio, (ii) a high dividend yield, or (iii) consistent growth.

The Fund is managed in a blend of the growth and value investing styles. To be managed in the growth investing style means that we focus on company fundamentals and growth prospects. Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. To be managed in the value investing style means that we seek securities, particularly stocks, that are currently undervalued by the market -- companies that are performing well, or have solid management and products, but whose stock prices do not reflect that value.

Because the Fund invests primarily in the securities of larger companies, the Fund's share price tends to rise and fall with the up and down price movements of larger company stocks. Due to its investment strategy, the Fund's portfolio includes relatively few smaller companies, which may be a disadvantage if smaller companies outperform the broad market.

Investing in preferred stocks often is more costly than investing in common stock of the same company. The additional cost of investing in preferred stock may outweigh the benefit of dividend payments if the market value of the preferred stock does not sufficiently appreciate.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is market risk -- that is, that the price of the securities in its portfolio will rise and fall due to price movements in the securities markets, and the securities held in the Fund's portfolio may decline in value more than the overall securities markets.

At any given time, the Fund may be subject to sector risk. Companies that have similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio managers allocate more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, credit, debt securities, foreign securities, interest rate, liquidity, counterparty, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

         VIF -- CORE EQUITY FUND
      ACTUAL ANNUAL TOTAL RETURN 1,2
-------------------------------------------
                                  [CHART]
 1995     1996      1997     1998     1999     2000     2001     2002      2003
------   ------    ------   ------   ------   ------   ------   ------    ------
29.25%   22.28%    28.17%   15.30%   14.64%    4.67%  (8.97%)  (19.11%)

--------------------------------------------------------------------------------
 Best Calendar Qtr.  [12/98]  [13.17%]
 Worst Calendar Qtr.  [9/02] [(17.53%)]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

---------------------------------------------------------
                           AVERAGE ANNUAL TOTAL RETURN
                           FOR THE PERIODS ENDED 12/31/03
---------------------------------------------------------
                                                SINCE
                           1 YEAR   5 YEARS   INCEPTION
VIF -- Core Equity Fund 1   (--%)     --%      --% 2
S&P 500 Index 3             (--%)    (--%)     --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.

2 The Fund commenced investment operations on August 10, 1994. Index comparison begins on August 31, 1994.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                              YEAR ENDED DECEMBER 31
---------------------------------------------------------------------------------------------
                                                     2003   2002     2001      2000    1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                     $18.58    $20.71    $21.01  $18.61
---------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                        0.21      0.20      0.23    0.26
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                             (3.76)    (2.06)     0.72    2.50
---------------------------------------------------------------------------------------------
Total from Investment Operations                            (3.55)    (1.86)     0.95    2.76
---------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                         0.26      0.21      0.02    0.25
Distributions from Capital Gains                             0.00      0.06      1.23    0.11
---------------------------------------------------------------------------------------------
Total Distributions                                          0.26      0.27      1.25    0.36
---------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                           $14.77    $18.58    $20.71  $21.01
=============================================================================================

TOTAL RETURN a                                            (19.11%)   (8.97%)    4.87%  14.84%

RATIOS
Net Assets -- End of Period ($000 Omitted)                $95,531  $133,754  $126,683 $79,893
Ratio of Expenses to Average Net Assets b                   1.12%     1.09%     1.08%   1.05%
Ratio of Net Investment Income to Average Net Assets        0.99%     1.27%     1.37%   1.38%
Portfolio Turnover Rate                                       49%       29%       69%     86%

(a)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(b)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF -- CORE EQUITY FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks..2
Fund Performance.........................3
Fee Table and Expense Example............4
Investment Risks........................ 4
Principal Risks Associated With The Fund 5
Temporary Defensive Positions........... 6
Portfolio Turnover...................... 6
Fund Management......................... 6
Portfolio Manager....................... 6
Share Price............................. 7
Taxes................................... 7
Dividends And Capital Gain Distributions 7
Voting Rights........................... 7
Share Classes............................7
Financial Highlights.................... 8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO] Your goals
Our solutions sm
AIM
Investments

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

     Investment Goals & Strategies  [GRAPHIC]


[LOGO]Potential Investment Risks

     Past Performance               [GRAPHIC]


                 --------------------------------------------

[GRAPHIC]

[LOGO]

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                             YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------------------------------------
                                                                   2003   2002      2001      2000     1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                                    $12.54    $18.21    $18.90   $12.15
-------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) (a)                                           (0.00)    (0.00)    (0.00)    0.00
Net Gains or (Losses) on Securities (Both Realized and Unrealized)         (4.00)    (5.67)    (0.67)    6.75
-------------------------------------------------------------------------------------------------------------
Total from Investment Operations                                           (4.00)    (5.67)    (0.67)    6.75
-------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
-------------------------------------------------------------------------------------------------------------
Dividends from Net Investment Income (b)                                    0.00      0.00      0.00     0.00
Distributions from Capital Gains                                            0.00      0.00      0.02     0.00
-------------------------------------------------------------------------------------------------------------
Total Distributions                                                         0.00      0.00      0.02     0.00
-------------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                           $8.54    $12.54    $18.21   $18.90
=============================================================================================================

TOTAL RETURN (c)                                                         (31.90%)  (31.14%)   (3.55%)  55.60%

RATIOS
Net Assets -- End of Period ($000 Omitted)                              $116,135  $174,716  $170,610  $29,667
Ratio of Expenses to Average Net Assets (d)(e)                             1.12%     1.08%     1.09%    1.26%
Ratio of Net Investment Income (Loss) to Average Net Assets (e)           (0.75%)   (0.54%)   (0.24%)   0.04%
Portfolio Turnover Rate                                                     110%       62%       58%      70%

(a) Net Investment Income (Loss) aggregated less than $0.01 on a per share basis for the years ended December 31, 2003, 2002, 2001, 2000 and 1999.

(b) Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 1999.
(c) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).

(e) Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.09% and 2.25%, respectively, and ratio of net investment loss to average net assets would have been (0.24%) and (0.95%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF -- DYNAMICS FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks.................. 2
Fund Performance......................................... 3
Fee Table and Expense Example............................ 4
Investment Risks......................................... 4
Principal Risks Associated With The Fund................. 5
Temporary Defensive Positions............................ 6
Portfolio Turnover....................................... 6
Fund Management.......................................... 6
Portfolio Manager........................................ 6
Share Price.............................................. 7
Taxes.................................................... 7
Dividends And Capital Gain Distributions................. 7
Voting Rights............................................ 7
Share Classes............................................ 7
Distribution Plan........................................ 7
Financial Highlights..................................... 8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks long-term capital growth. It is
THE FUND'S CURRENT IN-  actively managed. The Fund invests primarily in
VESTMENTS AND MARKET    equity securities that the Advisor believes will

OUTLOOK, PLEASE SEE THE rise in price faster than other securities, as MOST RECENT ANNUAL OR well as in options and other investments whose SEMIANNUAL REPORT. values are based upon the values of equity securities.

The Fund normally invests at least 65% of its net assets in common stocks of mid-size companies. The Fund considers a company to be a mid-capitalization company if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized companies included in the Russell MidCap(R) Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. The Fund also has the flexibility to invest in other types of securities in-cluding preferred stocks, convertible securities, and bonds.

The core of the Fund's portfolio is invested in securities of established companies that are leaders in attractive growth markets with a history of strong returns. The remainder of the portfolio is invested in securities of companies that show accelerating growth, driven by product cycles, favorable industry or sector conditions, and other factors that the Advisor believes will lead to rapid sales or earnings growth.

The Fund's strategy relies on many short-term factors including current information about a company, investor interest, price movements of a company's securities, and general market and monetary conditions. Consequently, the Fund's investments may be bought and sold relatively frequently.

The Fund is managed in the growth style. The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio focusing on company fundamentals and growth prospects when selecting securities.

We seek securities for the Fund that meet the following standards:
. Exceptional growth: The markets and industries they represent are growing significantly faster than the economy as a whole.
. Leadership: They are leaders -- or emerging leaders -- in these markets, securing their positions through technology, marketing, distribution, or some other innovative means.
. Financial validation: Their returns -- in the form of sales unit growth, rising operating margins, internal funding and other factors -- demonstrate exceptional growth and leadership.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

While the Fund generally invests in mid-sized companies, the Fund sometimes invests in the securities of smaller companies. The prices of these securities tend to move up and down more rapidly than the securities prices of larger, more established companies, and the price of Fund shares tends to fluctuate more than it would if the Fund invested in the securities of larger companies.

At any given time, the Fund may be subject to sector risk. Companies with similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio manager allocates more of his Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, market, liquidity, counterparty, foreign securities, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the Russell Midcap Growth Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

    1998    1999     2000     2001      2002    2003
    ----    ----     ----     ----      ----    ----
   19.35%  55.60%  (3.55%)  (31.14%)  (31.90%)

-----------------------------------------------------

Best Calendar Qtr. [12/99] [33.23%]
Worst Calendar Qtr. [9/01] ([34.19%)]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

--------------------------------------------------------------
                                  AVERAGE ANNUAL TOTAL RETURN
                                FOR THE PERIODS ENDED 12/31/03
--------------------------------------------------------------
                                                     SINCE
                                1 YEAR    5 YEARS  INCEPTION
 VIF - Dynamics Fund/1/         (    %)   (    %)   (    %) 2
 Russell Midcap Growth Index/3/ (    %)   (    %)     % 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on August 25, 1997. Index comparison begins on August 31, 1997.
3 The Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                             YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------------------------------------
                                                                   2003   2002      2001      2000     1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                                    $12.54    $18.21    $18.90   $12.15
-------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) (a)                                           (0.00)    (0.00)    (0.00)    0.00
Net Gains or (Losses) on Securities (Both Realized and Unrealized)         (4.00)    (5.67)    (0.67)    6.75
-------------------------------------------------------------------------------------------------------------
Total from Investment Operations                                           (4.00)    (5.67)    (0.67)    6.75
-------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
-------------------------------------------------------------------------------------------------------------
Dividends from Net Investment Income (b)                                    0.00      0.00      0.00     0.00
Distributions from Capital Gains                                            0.00      0.00      0.02     0.00
-------------------------------------------------------------------------------------------------------------
Total Distributions                                                         0.00      0.00      0.02     0.00
-------------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                           $8.54    $12.54    $18.21   $18.90
=============================================================================================================

TOTAL RETURN (c)                                                         (31.90%)  (31.14%)   (3.55%)  55.60%

RATIOS
Net Assets -- End of Period ($000 Omitted)                              $116,135  $174,716  $170,610  $29,667
Ratio of Expenses to Average Net Assets (d)(e)                             1.12%     1.08%     1.09%    1.26%
Ratio of Net Investment Income (Loss) to Average Net Assets (e)           (0.75%)   (0.54%)   (0.24%)   0.04%
Portfolio Turnover Rate                                                     110%       62%       58%      70%

(a)Net Investment Income (Loss) aggregated less than $0.01 on a per share basis for the years ended December 31, 2003, 2002, 2001, 2000 and 1999.
(b)Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 1999.
(c)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(e)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.09% and 2.25%, respectively, and ratio of net investment loss to average net assets would have been (0.24%) and (0.95%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- DYNAMICS FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks... 2
Fund Performance.......................... 3
Fee Table and Expense Example............. 4
Investment Risks.......................... 4
Principal Risks Associated With The Fund.. 5
Temporary Defensive Positions............. 6
Fund Management........................... 6
Portfolio Manager......................... 6
Share Price............................... 6
Taxes..................................... 7
Dividends And Capital Gain Distributions.. 7
Voting Rights............................. 7
Share Classes............................. 7
Financial Highlights...................... 8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It is actively
THE FUND'S CURRENT IN-  managed. The Fund invests primarily in equity
VESTMENTS AND MARKET    securities that the Advisor believes will rise in

OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other invest-ments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies involved in the financial services sector. These companies include, but are not lim-ited to, banks (regional and money-centers), insurance companies (life, property and casualty, and multiline), investment and miscellaneous industries (asset managers, brokerage firms, and government-sponsored agencies), and suppliers to financial services companies. At any given time, 20% of the Fund's assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the financial services sector, a company must meet at least one of the following tests:
. At least 50% of its gross income or its net sales must come from activities in the financial services sector;
. At least 50% of its assets must be devoted to producing revenues from the financial services sector; or
. Based on other available information, we determine that its primary business is within the financial services sector. The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We place a greater emphasis on companies that are increasing their revenue streams along with their earnings. We seek companies that we believe can grow their revenues and earnings in a variety of interest rate environments - although securities prices of financial services companies generally are interest rate sensitive. We seek companies with successful sales and marketing cultures that leverage technologies in their operations and distribution. We adjust portfolio weightings depending on current economic conditions and relative valuations of securities.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

This sector generally is subject to extensive government regulation, which may change frequently. In addition, the profitability of businesses in these industries depends heavily upon the availability and cost of money, and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. From time to time, severe competition may also affect the profitability of these industries.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, counterparty, and lack of timely information risks. These risks are described and discussed later in this Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the period since inception. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                                YEAR ENDED DECEMBER 31
----------------------------------------------------------------------------------------------------------------------
                                                                    2003        2002      2001      2000    1999 (a)
PER SHARE DATA
Net Asset Value -- Beginning of Period                                          $12.42    $13.84    $11.10    $10.00
----------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                                             0.08      0.06      0.03      0.01
Net Gains or (Losses) on Securities (Both Realized and Unrealized)               (1.93)    (1.43)     2.72      1.09
----------------------------------------------------------------------------------------------------------------------
Total from Investment Operations                                                 (1.85)    (1.37)     2.75      1.10
----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income (b)                                          0.07      0.04      0.00      0.00
Distributions from Capital Gains                                                  0.00      0.01      0.01      0.00
----------------------------------------------------------------------------------------------------------------------
Total Distributions                                                               0.07      0.05      0.01      0.00
----------------------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                                $10.50    $12.42    $13.84    $11.10
===================================================================================================================

TOTAL RETURN (c)                                                                  (14.90%)   (9.88%)   24.80% 11.00% (d)

RATIOS
Net Assets -- End of Period ($000 Omitted)                                    $142,403  $183,084  $220,316    $9,179
Ratio of Expenses to Average Net Assets (e) (f)                                     1.09%     1.07%     1.09%  1.39% (g)
Ratio of Net Investment Income to Average Net Assets                                0.57%     0.46%     0.66%  0.67% (g)
Portfolio Turnover Rate                                                               72%      132%      114%    37% (d)

(a) From September 21, 1999, commencement of investment operations, to December 31, 1999.
(b) Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 2000.
(c) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d) Based on operations for the period shown and, accordingly, is not representative of a full year.
(e) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(f) Various expenses of the Fund were voluntarily absorbed by INVESCO for the year ended December 31, 2000 and the period ended December 31, 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.09% and 2.48% (annualized), respectively, and ratio of net investment income (loss) to average net assets would have been 0.66% and (0.42%) (annualized), respectively.
(g) Annualized

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF -- FINANCIAL SERVICES FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks................. 2
Fund Performance........................................ 3
Fee Table and Expense Example........................... 4
Investment Risks........................................ 4
Principal Risks Associated With The Fund................ 5
Temporary Defensive Positions........................... 6
Fund Management......................................... 6
Portfolio Manager....................................... 6
Share Price............................................. 6
Taxes................................................... 7
Dividends And Capital Gain Distributions................ 7
Voting Rights........................................... 7
Share Classes........................................... 7
Distribution Plan....................................... 7
Financial Highlights.................................... 8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It is actively
THE FUND'S CURRENT IN-  managed. The Fund invests primarily in equity
VESTMENTS AND MARKET    securities that the Advisor believes will rise in

OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other investments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instruments of companies involved in the financial services sector. These companies include, but are not limited to, banks (regional and money-centers), insurance companies (life, property and casualty, and multiline), investment and miscellaneous industries (asset managers, brokerage firms, and government-sponsored agencies), and suppliers to financial services companies. At any given time, 20% of the Fund's assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the financial services sector, a company must meet at least one of the following tests:
. At least 50% of its gross income or its net sales must come from activities in the financial services sector;
. At least 50% of its assets must be devoted to producing revenues from the financial services sector; or
. Based on other available information, we determine that its primary business is within the financial services sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We place a greater emphasis on companies that are increasing their revenue streams along with their earnings. We seek companies that we believe can grow their revenues and earnings in a variety of interest rate environments - although securities prices of financial services companies generally are interest rate sensitive. We seek companies with successful sales and marketing cultures that leverage technologies in their operations and distribution. We adjust portfolio weightings depending on current economic conditions and relative valuations of securities.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

This sector generally is subject to extensive government regulation, which may change frequently. In addition, the profitability of businesses in these industries depends heavily upon the availability and cost of money, and may fluctuate significantly in re-

sponse to changes in interest rates, as well as changes in general economic conditions. From time to time, severe competition may also affect the profitability of these industries.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, counterparty, and lack of timely information risks. These risks are described and discussed later in this Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index and the S&P 500 Financials Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

                                    [CHART]

   '00      '01       '02        '03
  ------  --------  --------   --------
   24.80%  (9.88%)  (14.90%)


-------------------------------------------

Best Calendar Qtr. [9/00] [22.11%]
Worst Calendar Qtr. [9/02] [(15.56%)]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

-----------------------------------------------------------------
                                   AVERAGE ANNUAL TOTAL RETURN
                                   FOR THE PERIODS ENDED 12/31/03
-----------------------------------------------------------------
                                   1 YEAR     SINCE INCEPTION
 VIF -- Financial Services Fund 1  (--%)          --% 2
 S&P 500 Index 3                   (--%)          --% 2
 S&P 500 Financials Index 3        (--%)          --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.

2 The Fund commenced investment operations on September 21, 1999. Index comparisons begin on September 30, 1999.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. The S&P 500 Financials Index is an unmanaged index that contains companies involved in activities such as banking, consumer finance, investment banking and brokerage, asset management, insurance and investment, and real estate, including REITs. Please keep in mind that the indexes do not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the period since inception. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                                YEAR ENDED DECEMBER 31
----------------------------------------------------------------------------------------------------------------------
                                                                    2003        2002      2001      2000    1999 (A)
PER SHARE DATA
Net Asset Value -- Beginning of Period                                          $12.42    $13.84    $11.10    $10.00
----------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                                             0.08      0.06      0.03      0.01
Net Gains or (Losses) on Securities (Both Realized and Unrealized)               (1.93)    (1.43)     2.72      1.09
----------------------------------------------------------------------------------------------------------------------
Total from Investment Operations                                                 (1.85)    (1.37)     2.75      1.10
----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income (b)                                          0.07      0.04      0.00      0.00
Distributions from Capital Gains                                                  0.00      0.01      0.01      0.00
----------------------------------------------------------------------------------------------------------------------
Total Distributions                                                               0.07      0.05      0.01      0.00
----------------------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                                $10.50    $12.42    $13.84    $11.10
===================================================================================================================

TOTAL RETURN (c)                                                               (14.90%)   (9.88%)   24.80% 11.00% (d)

RATIOS
Net Assets -- End of Period ($000 Omitted)                                    $142,403  $183,084  $220,316    $9,179
Ratio of Expenses to Average Net Assets (e)(f)                                   1.09%     1.07%     1.09%  1.39% (g)
Ratio of Net Investment Income to Average Net Assets (f)                         0.57%     0.46%     0.66%  0.67% (g)
Portfolio Turnover Rate                                                            72%      132%      114%    37% (d)

(a) From September 21, 1999, commencement of investment operations, to December 31, 1999.
(b) Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 2000.
(c) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d) Based on operations for the period shown and, accordingly, is not representative of a full year.
(e) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(f) Various expenses of the Fund were voluntarily absorbed by INVESCO for the year ended December 31, 2000 and the period ended December 31, 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.09% and 2.48% (annualized), respectively, and ratio of net investment income (loss) to average net assets would have been 0.66% and (0.42%) (annualized), respectively.
(g) Annualized

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF -- FINANCIAL SERVICES FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks...  2
Fund Performance. ........................  4
Fee Table and Expense Example ............  5
Investment Risks. ........................  5
Principal Risks Associated With The Fund..  6
Temporary Defensive Positions ............  7
Portfolio Turnover........................  7
Fund Management...........................  7
Portfolio Managers........................  8
Share Price...............................  8
Taxes.....................................  8
Dividends And Capital Gain Distributions..  9
Voting Rights.............................  9
Share Classes.............................  9
Financial Highlights...................... 10

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC]  Investment Goals & Strategies


[GRAPHIC]  Potential Investment Risks


[GRAPHIC]  Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks long-term capital growth. It also
THE FUND'S CURRENT      seeks current income. The Fund is actively
INVESTMENTS AND MARKET  managed. It invests primarily in equity

OUTLOOK, PLEASE SEE THE securities that the Advisor believes will rise in MOST RECENT ANNUAL OR price faster than other securities, as well as in SEMIANNUAL REPORT. options and other investments whose values are based upon the values of equity securities.

The Fund normally invests at least 65% of its net assets in common stocks of large companies. We define large companies as companies that are included in the Russell 1000 Growth Index at the time of pur-chase, or if not included in that Index, have market capitalizations of at least $5 billion at the time of pur-chase. At March 31, 2003, there were approximately 572 companies represented in the Index. The scope

of the Index varies with market performance of the companies in the Index. At March 31, 2003, the smallest company in the Index had a market capitalization of $246.6 million and the largest company had a market capitalization of $259.0 billion. In addition, the Advisor tries to identify companies that have -- or are expected to have -- growing earnings, revenues, and strong cash flows. the Advisor also examines a variety of industries and businesses, and seeks to purchase the securities of

companies that we believe are best situated to grow in their industry categories. We also consider the dividend payment record or potential future capacity to pay dividends of the companies whose securities the Fund buys. The Fund may invest in preferred stocks (which generally pay higher dividends than common stocks) and debt instruments that are convertible into common stocks, as well as in securities of foreign companies. In recent years, the core of the Fund's investments has been concentrated in the securities of five or six dozen large companies. Investing in preferred stock often is more costly than investing in common stocks of the same company. The additional cost of investing in preferred stock may outweigh the benefit of dividend payments if the market value of the preferred stock does not sufficiently appreciate.

The Fund is managed in the growth style. The Advisor uses a research-oriented "bottom-up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities.

We seek securities for the Fund that meet the following standards:
. Exceptional growth: The markets and industries they represent are growing significantly faster than the economy as a whole.
. Leadership: They are leaders -- or emerging leaders -- in these markets, securing their positions through technology, marketing, distribution, or some other innovative means.
. Financial validation: Their returns -- in the form of sales unit growth, rising operating margins, internal funding, and other factors -- demonstrate exceptional growth and leadership.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is market risk -- that is, that the prices of the securities in its portfolio will rise and fall due to price movements in the securities markets, and that the securities held in the Fund's portfolio may decline in value more than the overall securities markets. The Fund's portfolio is presently concentrated in 63 companies. Although the Advisor believes that this level of diversification is appropriate, the Fund is not as diversified as some other mutual funds.

At any given time, the Fund may be subject to sector risk. Companies with similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio manager allocates more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, liquidity, counterparty, foreign securities, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the S&P 500 Index and Russell 1000 Growth Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

1998        38.99%
1999        29.17%
2000       (23.24%)
2001       (44.27%)
2002       (38.94%)
2003


-------------------------------------------

Best Calendar Qtr. [12/01] [33.74%]
Worst Calendar Qtr. [9/01] [(40.41%)]

--------------------------------------------------------------
                                AVERAGE ANNUAL TOTAL RETURN
                                FOR THE PERIODS ENDED 12/31/03
--------------------------------------------------------------
                                                    SINCE
                                1 YEAR   5 YEARS  INCEPTION
VIF - Growth Fund (Series I) 1   (  %)    (  %)      (  %) 2
S&P 500 Index 3                  (  %)    (  %)          % 2
Russell 1000 Growth Index 3      (  %)    (  %)      (  %) 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.

2 The Fund commenced investment operations on August 25, 1997. Index comparisons begin on August 31, 1997.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and lower forecasted growth values. The Russell 1000 Growth Index is the most representative index for the Fund and the S&P 500 Index is included to provide additional comparison information. Please keep in mind that the indexes do not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                               YEAR ENDED DECEMBER 31
------------------------------------------------------------------------------
                                       2003   2002     2001     2000    1999
PER SHARE DATA
Net Asset Value -- Beginning of Period        $7.73   $13.87   $18.45  $14.49
------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS (a)
Net Investment Loss (b)                       (0.00)   (0.00)   (0.11)  (0.00)
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)               (3.01)   (6.14)   (4.16)   4.21
------------------------------------------------------------------------------
Total from Investment Operations              (3.01)   (6.14)   (4.27)   4.21
------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income           0.00     0.00     0.00    0.00
Distributions from Capital Gains               0.00     0.00     0.31    0.25
------------------------------------------------------------------------------
Total Distributions                            0.00     0.00     0.31    0.25
------------------------------------------------------------------------------
Net Asset Value -- End of Period              $4.72    $7.73   $13.87  $18.45
==============================================================================

TOTAL RETURN (c)                            (38.94%) (44.27%) (23.24%) 29.17%

RATIOS
Net Assets -- End of Period
 ($000 Omitted)                              $4,558   $5,010   $3,741  $1,032
Ratio of Expenses to Average
 Net Assets (d)(e)                            1.51%    1.52%    1.85%   1.87%
Ratio of Net Investment Loss to
 Average Net Assets (e)                      (0.70%)  (0.96%)  (0.58%) (0.38%)
Portfolio Turnover Rate                        153%     120%     148%    114%

(a) The per share information was computed based on average shares for the year ended December 31, 2000.

(b) Net Investment Loss aggregated less than $0.01 on a per share basis for the years ended December 31, 2002, 2001 and 1999.

(c) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).

(e) Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 2.37%, 2.32%, 2.88% and 8.99%, respectively, and ratio of net investment loss to average net assets would have been (1.56%), (1.76%), (1.61%) and (7.50%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF -- GROWTH FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks..2
Fund Performance.........................4
Fee Table and Expense Example............5
Investment Risks.........................5
Principal Risks Associated With The Fund.6
Temporary Defensive Positions............7
Portfolio Turnover.......................7
Fund Management..........................7
Portfolio Managers.......................8
Share Price..............................8
Taxes....................................8
Dividends And Capital Gain Distributions.9
Voting Rights............................9
Share Classes............................9
Distribution Plan........................9
Financial Highlights....................10

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS                         Your goals        [LOGO]
                                                   Our solutions sm     AIM
                                                                     Investments

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHICS] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks long-term capital growth. It also
THE FUND'S CURRENT      seeks current income. The Fund is actively
INVESTMENTS AND MARKET  managed. It invests primarily in equity

OUTLOOK, PLEASE SEE THE securities that the Advisor believes will rise in MOST RECENT ANNUAL OR price faster than other securities, as well as in SEMIANNUAL REPORT. options and other investments whose values are based upon the values of equity securities.

The Fund normally invests at least 65% of its net assets in common stocks of large companies. We define large companies as companies that are included in the Russell 1000 Growth Index at the time of pur-chase, or if not included in that Index, have market capitalizations of at least $5 billion at the time of pur-chase. At March 31, 2003, there were approximately 572 companies represented in the Index. The scope of the Index varies with market performance of the companies in the Index. At March 31, 2003, the smallest company in the Index had a market capitalization of $246.6 million and the largest company had a market capitalization of $259.0 billion. In addition, the Advisor tries to identify companies that have -- or are expected to have -- growing earnings, revenues, and strong cash flows. the Advisor also examines a variety of industries and businesses, and seeks to purchase the securities of companies that we believe are best situated to grow in their industry categories. We also consider the dividend payment record or potential future capacity to pay dividends of the companies whose securities the Fund buys. The Fund may invest in preferred stocks (which generally pay higher dividends than common stocks) and debt instruments that are convertible into common stocks, as well as in securities of foreign companies. In recent years, the core of the Fund's investments has been concentrated in the securities of five or six dozen large companies. Investing in preferred stock often is more costly than investing in common stocks of the same company. The additional cost of investing in preferred stock may outweigh the benefit of dividend payments if the market value of the preferred stock does not sufficiently appreciate.

The Fund is managed in the growth style. The Advisor uses a research-oriented "bottom-up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities.

We seek securities for the Fund that meet the following standards:
. Exceptional growth: The markets and industries they represent are growing significantly faster than the economy as a whole.
. Leadership: They are leaders -- or emerging leaders -- in these markets, securing their positions through technology, marketing, distribution, or some other innovative means.
. Financial validation: Their returns -- in the form of sales unit growth, rising operating margins, internal funding, and other factors -- demonstrate exceptional growth and leadership.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is market risk -- that is, that the prices of the securities in its portfolio will rise and fall due to price movements in the securities markets, and that the securities held in the Fund's portfolio may decline in value more than the overall securities markets. The Fund's portfolio is presently concentrated in 63 companies. Although the Advisor believes that this level of diversification is appropriate, the Fund is not as diversified as some other mutual funds.

At any given time, the Fund may be subject to sector risk. Companies with similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio manager allocates more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, liquidity, counterparty, foreign securities, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index and Russell 1000 Growth Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

     1998     1999     2000      2001     2002    2003
     ----     ----     ----      ----     ----    ----
    38.99%   29.17%  (23.24%)  (44.27%)  (38.94%)

-------------------------------------------------------

Best Calendar Qtr. [12/01] [33.74%]
Worst Calendar Qtr. [9/01] [(40.41%)]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

-----------------------------------------------------------
                             AVERAGE ANNUAL TOTAL RETURN
                             FOR THE PERIODS ENDED 12/31/03
-----------------------------------------------------------
                                                 SINCE
                             1 YEAR   5 YEARS  INCEPTION
VIF - Growth Fund 1           (  %)   (  %)     (  %) 2
S&P 500 Indexv3               (  %)   (  %)        %  2
Russell 1000 Growth Index 3   (  %)   (  %)     (  %) 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on August 25, 1997. Index comparisons begin on August 31, 1997.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and lower forecasted growth values. The Russell 1000 Growth Index is the most representative index for the Fund and the S&P 500 Index is included to provide additional comparison information. Please keep in mind that the indexes do not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                               YEAR ENDED DECEMBER 31
------------------------------------------------------------------------------
                                       2003   2002     2001     2000    1999
PER SHARE DATA
Net Asset Value -- Beginning of Period        $7.73   $13.87   $18.45  $14.49
------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS (a)
Net Investment Loss (b)                       (0.00)   (0.00)   (0.11)  (0.00)
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)               (3.01)   (6.14)   (4.16)   4.21
------------------------------------------------------------------------------
Total from Investment Operations              (3.01)   (6.14)   (4.27)   4.21
------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income           0.00     0.00     0.00    0.00
Distributions from Capital Gains               0.00     0.00     0.31    0.25
------------------------------------------------------------------------------
Total Distributions                            0.00     0.00     0.31    0.25
------------------------------------------------------------------------------
Net Asset Value -- End of Period              $4.72    $7.73   $13.87  $18.45
==============================================================================

TOTAL RETURN (c)                            (38.94%) (44.27%) (23.24%) 29.17%

RATIOS
Net Assets -- End of Period
 ($000 Omitted)                              $4,558   $5,010   $3,741  $1,032
Ratio of Expenses to Average
 Net Assets (d)(e)                            1.51%    1.52%    1.85%   1.87%
Ratio of Net Investment Loss to
 Average Net Assets (e)                      (0.70%)  (0.96%)  (0.58%) (0.38%)
Portfolio Turnover Rate                        153%     120%     148%    114%

(a) The per share information was computed based on average shares for the year ended December 31, 2000.
(b) Net Investment Loss aggregated less than $0.01 on a per share basis for the years ended December 31, 2002, 2001 and 1999.
(c) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(e) Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 2.37%, 2.32%, 2.88% and 8.99%, respectively, and ratio of net investment loss to average net assets would have been (1.56%), (1.76%), (1.61%) and (7.50%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- GROWTH FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks. 2
Fund Performance........................ 3
Fee Table and Expense Example........... 4
Investment Risks........................ 4
Principal Risks Associated With The Fund 5
Temporary Defensive Positions........... 6
Portfolio Turnover...................... 6
Fund Management......................... 6
Portfolio Manager....................... 6
Share Price............................. 7
Taxes................................... 7
Dividends And Capital Gain Distributions 7
Voting Rights........................... 7
Share Classes........................... 7
Financial Highlights.................... 8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004,the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC] Investment Goals & Strategies



[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It is actively
THE FUND'S CURRENT      managed. The Fund invests primarily in equity
INVESTMENTS AND MARKET  securities that the Advisor believes will rise in

OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other investments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instruments of companies that develop, produce, or distribute products or services related to health care. These companies include, but are not limited to, medical equipment or supplies, pharmaceuticals, bio-technology, and health care providers and services companies. At any given time, 20% of the Fund's

assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the health sciences sector, a company must meet at least one of the following tests:

. At least 50% of its gross income or its net sales must come from activities in the health sciences sector;
. At least 50% of its assets must be devoted to producing revenues from the health sciences sector; or
. Based on other available information, we determine that its primary business is within the health sciences sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We focus on the dominant players in fast-growing therapeutic areas or companies on the verge of exciting medical breakthroughs. We seek companies with strong, commercially successful products as well as promising product pipelines. This strategy may lead us to invest in both well-established health care firms and faster-growing, more dynamic entities. Well-established health care companies typically provide liquidity and earnings visibility for the portfolio and represent core holdings in the Fund. The Fund also may invest in high growth, earlier stage companies whose future profitability could be dependent upon increasing market shares from one or a few key products. Some companies often have limited operating histories and their potential profitability may be dependent on regulatory approval of their products, which increases the volatility of these companies' securities prices and could have an adverse impact upon the companies' future growth and profitability.

Changes in government regulation could also have an adverse impact. Continuing technological advances may mean rapid obsolescence of products and services.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, counterparty, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

1998        42.85%
1999         4.86%
2000        30.54%
2001       (12.59%)
2002       (24.45%)
2003

-------------------------------------------

Best Calendar Qtr. [12/98] [15.79%]
Worst Calendar Qtr. [3/01] [(21.45%)]

---------------------------------------------------------------------
                                       AVERAGE ANNUAL TOTAL RETURN
                                       FOR THE PERIODS ENDED 12/31/03
---------------------------------------------------------------------
                                                            SINCE
                                       1 YEAR   5 YEARS   INCEPTION
VIF-Health Sciences Fund (Series I) 1   (--%)     --%      --% 2
S&P 500 Index 3                         (--%)    (--%)     --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.

2 The Fund commenced investment operations on May 22, 1997. Index comparisons begin on May 31, 1997.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                         YEAR ENDED DECEMBER 31
-----------------------------------------------------------------------------------------
                                                2003   2002      2001      2000    1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                 $18.20    $20.89    $16.02  $15.29
-----------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) (a)                        (0.00)    (0.01)     0.05    0.02
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                         (4.45)    (2.62)     4.84    0.72
-----------------------------------------------------------------------------------------
Total from Investment Operations                        (4.45)    (2.63)     4.89    0.74
-----------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income (b)                 0.00      0.06      0.00    0.01
Distributions from Capital Gains                         0.00      0.00      0.02    0.00
-----------------------------------------------------------------------------------------
Total Distributions                                      0.00      0.06      0.02    0.01
-----------------------------------------------------------------------------------------
Net Asset Value -- End of Period                       $13.75    $18.20    $20.89  $16.02
=========================================================================================

TOTAL RETURN (c)                                      (24.45%)  (12.59%)   30.54%   4.86%

RATIOS
Net Assets -- End of Period ($000 Omitted)           $232,681  $343,304  $353,398 $11,652
Ratio of Expenses to Average Net Assets (d)(e)          1.07%     1.06%     1.07%   1.48%
Ratio of Net Investment Income (Loss) to
 Average Net Assets (e)                                (0.43%)   (0.38%)    0.68%   0.36%
Portfolio Turnover Rate                                  130%       88%      145%    173%

(a)Net Investment Loss aggregated less than $0.01 on a per shares basis for the year ended December 31, 2002.

(b)Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 2000.

(c)Total return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.

(d)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).

(e)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.07% and 2.85%, respectively, and ratio of net investment income
(loss) to average net assets would have been 0.68% and (1.01%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF -- HEALTH SCIENCES FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, SAI, annual report, and semiannual report of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information on duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks...............  2
Fund Performance......................................  3
Fee Table and Expense Example.........................  4
Investment Risks......................................  4
Principal Risks Associated With The Fund..............  5
Temporary Defensive Positions.........................  6
Portfolio Turnover....................................  6
Fund Management.......................................  6
Portfolio Manager.....................................  6
Share Price...........................................  7
Taxes.................................................  7
Dividends And Capital Gain Distributions..............  7
Voting Rights.........................................  7
Share Classes.........................................  7
Distribution Plan.....................................  7
Financial Highlights..................................  8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS
[LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS/SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It is actively
THE FUND'S CURRENT      managed. The Fund invests primarily in equity
INVESTMENTS AND MARKET  securities that the Advisor believes will rise in

OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other invest-ments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies that develop, produce, or distribute products or services related to health care. These companies include, but are not limited to, medical equipment or supplies, pharmaceuticals, bio-technology, and health care providers and services companies. At any given time, 20% of the Fund's
assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the health sciences sector, a company must meet at least one of the following tests:

. At least 50% of its gross income or its net sales must come from activities in the health sciences sector;
. At least 50% of its assets must be devoted to producing revenues from the health sciences sector; or
. Based on other available information, we determine that its primary business is within the health sciences sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We focus on the dominant players in fast-growing therapeutic areas or companies on the verge of exciting medical breakthroughs. We seek companies with strong, commercially successful products as well as promising product pipelines. This strategy may lead us to invest in both well-established health care firms and faster-growing, more dynamic entities. Well-established health care companies typically provide liquidity and earnings visibility for the portfolio and represent core holdings in the Fund. The Fund also may invest in high growth, earlier stage companies whose future profitability could be dependent upon increasing market shares from one or a few key products. Some companies often have limited operating histories and their potential profitability may be dependent on regulatory approval of their products, which increases the volatility of these companies' securities prices and could have an adverse impact upon the companies' future growth and profitability.

Changes in government regulation could also have an adverse impact. Continuing technological advances may mean rapid obsolescence of products and services.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, counterparty, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

 1998     1999      2000      2001      2002      2003
------   ------    ------    ------    ------    ------
42.85%    4.86%    30.54%   (12.59%)  (24.45%)

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

----------------------------------------------------------
                            AVERAGE ANNUAL TOTAL RETURN
                            FOR THE PERIODS ENDED 12/31/03
----------------------------------------------------------
                                                 SINCE
                            1 YEAR   5 YEARS   INCEPTION
VIF-Health Sciences Fund 1   (--%)     --%      --% 2
S&P 500 Index 3              (--%)    (--%)     --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on May 22, 1997. Index comparisons begin on May 31, 1997.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                         YEAR ENDED DECEMBER 31
-----------------------------------------------------------------------------------------
                                                2003   2002      2001      2000    1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                 $18.20    $20.89    $16.02  $15.29
-----------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) (a)                        (0.00)    (0.01)     0.05    0.02
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                         (4.45)    (2.62)     4.84    0.72
-----------------------------------------------------------------------------------------
Total from Investment Operations                        (4.45)    (2.63)     4.89    0.74
-----------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income (b)                 0.00      0.06      0.00    0.01
Distributions from Capital Gains                         0.00      0.00      0.02    0.00
-----------------------------------------------------------------------------------------
Total Distributions                                      0.00      0.06      0.02    0.01
-----------------------------------------------------------------------------------------
Net Asset Value -- End of Period                       $13.75    $18.20    $20.89  $16.02
=========================================================================================

TOTAL RETURN (c)                                       (24.45%)  (12.59%)   30.54%   4.86%

RATIOS
Net Assets -- End of Period ($000 Omitted)           $232,681  $343,304  $353,398 $11,652
Ratio of Expenses to Average Net Assets (d)(e)           1.07%     1.06%     1.07%   1.48%
Ratio of Net Investment Income (Loss) to
 Average Net Assets (e)                                 (0.43%)   (0.38%)    0.68%   0.36%
Portfolio Turnover Rate                                  130%       88%      145%    173%

(a)Net Investment Loss aggregated less than $0.01 on a per shares basis for the year ended December 31, 2002.
(b)Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 2000.
(c)Total return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(e)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.07% and 2.85%, respectively, and ratio of net investment income
(loss) to average net assets would have been 0.68% and (1.01%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- HEALTH SCIENCES FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, SAI, annual report, and semiannual report of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information on duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks... 2
Fund Performance.......................... 3
Fee Table and Expense Example............. 3
Investment Risks.......................... 4
Principal Risks Associated With The Fund.. 5
Temporary Defensive Positions............. 7
Fund Management........................... 7
Portfolio Manager......................... 7
Share Price............................... 7
Taxes..................................... 8
Dividends And Capital Gain Distributions.. 8
Voting Rights............................. 8
Share Classes............................. 8
Financial Highlights...................... 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS/SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT The Fund seeks to provide a high level of current THE FUND'S CURRENT IN- income by investing primarily in bonds and other VESTMENTS AND MARKET debt securities. It also seeks capital MOST RECENT ANNUAL OR appreciation.
SEMIANNUAL REPORT.
The Fund normally invests at least 80% of its net assets in a diversified portfolio of high yield corporate bonds rated below investment grade or bonds deemed by the Advisor to be of comparable quality, com-monly known as "junk bonds," and preferred stock with below investment grade ratings or those deemed by the Advisor to be of comparable quality. These investments generally offer higher rates of return, but are riskier than investments in securities of issuers with higher credit ratings.

A portion of the Fund's assets may be invested in other securities such as corporate short-term notes, repurchase agreements, and money market funds.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is interest rate risk -- that is, the value of the securities in its portfolio will rise and fall due to changes in interest rates. In general, as interest rates rise, the resale value of debt securities decreases; as interest rates decline, the resale value of debt securities generally increases. Debt securities with longer maturities are usually more sensitive to interest rate movements. There are no limitations on the maturities of the securities held by the Fund, and the Fund's average maturity will vary as the Advisor responds to changes in interest rates.

At any given time, the Fund may be subject to sector risk. Companies with similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio manager allocates more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, credit, debt securities, duration, liquidity, counterparty, foreign securities, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the Merrill Lynch High Yield Master Trust Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

1995        19.76%
1996        16.59%
1997        17.33%
1998         1.42%
1999         9.20%
2000       (11.65%)
2001       (14.93%)
2002        (1.30%)
2003

-------------------------------------------

Best Calendar Qtr. [9/96] [6.96%]
Worst Calendar Qtr. [9/01] [(11.18%)]

-----------------------------------------------------------------------------
                                                AVERAGE ANNUAL TOTAL RETURN
                                               FOR THE PERIODS ENDED 12/31/03
-----------------------------------------------------------------------------
                                               1 YEAR 5 YEARS SINCE INCEPTION
VIF-High Yield Fund (Series I) 1                (--%)  (--%)      --% 2
Merrill Lynch High Yield Master Trust Index 3   (--%)   --%       --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on May 27, 1994. Index comparison begins on May 31, 1994.
3 The Merrill Lynch High Yield Trust Master Index is an unmanaged index indicative of the broad high-yield bond market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                              YEAR ENDED DECEMBER 31
----------------------------------------------------------------------------------------------
                                                     2003   2002     2001      2000     1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                    $  7.64  $  10.07     11.51  $ 11.31
----------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                        0.46      0.67      1.12     0.93
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                             (0.56)    (2.17)    (2.46)    0.11
----------------------------------------------------------------------------------------------
Total from Investment Operations                            (0.10)    (1.50)    (1.34)    1.04
----------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                         0.81      0.93      0.10     0.84
Distributions from Capital Gains                             0.00      0.00      0.00        0
----------------------------------------------------------------------------------------------
Total Distributions                                          0.81      0.93      0.10     0.84
----------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                          $  6.73  $   7.64     10.07  $ 11.51
==============================================================================================

TOTAL RETURN (a)                                           (1.30%)  (14.93%)  (11.68%)  9.20 %

RATIOS
Net Assets -- End of Period ($000 Omitted)                $55,642  $ 53,228  $ 51,401  $58,379
Ratio of Expenses to Average Net Assets (b)                 1.05%     1.02%     1.05%    1.05%
Ratio of Net Investment Income to Average Net Assets        7.28%     9.56%     9.94%    8.81%
Portfolio Turnover Rate                                       95%      109%      118%     143%

(a) Total return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(b) Ratio is based on Total Expenses of the Fund, which is before any expense offset arrangements (which may include custodian fees).

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- HIGH YIELD FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, SAI, annual report, and semiannual report of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information on duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks.2
Fund Performance........................3
Fee Table and Expense Example...........3
Investment Risks........................4
Principal Risks Associated With The Fund5
Temporary Defensive Positions...........7
Fund Management.........................7
Portfolio Manager.......................7
Share Price.............................7
Taxes...................................8
Dividends And Capital Gain Distributions8
Voting Rights...........................8
Share Classes...........................8
Distribution Plan.......................8
Financial Highlights....................9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

   Your goals             [LOGO]
Our solutions sm           AIM
                        Investments

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT The Fund seeks to provide a high level of current THE FUND'S CURRENT IN- income by investing primarily in bonds and other VESTMENTS AND MARKET debt securities. It also seeks capital MOST RECENT ANNUAL OR appreciation.
SEMIANNUAL REPORT.
The Fund normally invests at least 80% of its net assets in a diversified portfolio of high yield corporate bonds rated below investment grade or bonds deemed by the Advisor to be of comparable quality, commonly known as "junk bonds," and preferred stock with below investment grade ratings or those deemed by the Advisor to be of comparable quality. These investments generally offer higher rates of return, but are riskier than investments in securities of issuers with higher credit ratings.

A portion of the Fund's assets may be invested in other securities such as corporate short-term notes, repurchase agreements, and money market funds.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is interest rate risk -- that is, the value of the securities in its portfolio will rise and fall due to changes in interest rates. In general, as interest rates rise, the resale value of debt securities decreases; as interest rates decline, the resale value of debt securities generally increases. Debt securities with longer maturities are usually more sensitive to interest rate movements. There are no limitations on the maturities of the securities held by the Fund, and the Fund's average maturity will vary as the Advisor responds to changes in interest rates.

At any given time, the Fund may be subject to sector risk. Companies with similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio manager allocates more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, credit, debt securities, duration, liquidity, counterparty, foreign securities, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the Merrill Lynch High Yield Master Trust Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

1995        19.76%
1996        16.59%
1997        17.33%
1998         1.42%
1999         9.20%
2000       (11.65%)
2001       (14.93%)
2002        (1.30%)
2003

-------------------------------------------

Best Calendar Qtr. [9/96] [6.96%]
Worst Calendar Qtr. [9/01] [(11.18%)]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

-----------------------------------------------------------------------------
                                                AVERAGE ANNUAL TOTAL RETURN
                                               FOR THE PERIODS ENDED 12/31/03
-----------------------------------------------------------------------------
                                               1 YEAR 5 YEARS SINCE INCEPTION
VIF-High Yield Fund 1                           (--%)  (--%)      --% 2
Merrill Lynch High Yield Master Trust Index 3   (--%)   --%       --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.

2 The Fund commenced investment operations on May 27, 1994. Index comparison begins on May 31, 1994.
3 The Merrill Lynch High Yield Trust Master Index is an unmanaged index indicative of the broad high-yield bond market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                              YEAR ENDED DECEMBER 31
----------------------------------------------------------------------------------------------
                                                     2003   2002     2001      2000     1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                    $  7.64  $  10.07     11.51  $ 11.31
----------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                        0.46      0.67      1.12     0.93
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                             (0.56)    (2.17)    (2.46)    0.11
----------------------------------------------------------------------------------------------
Total from Investment Operations                            (0.10)    (1.50)    (1.34)    1.04
----------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                         0.81      0.93      0.10     0.84
Distributions from Capital Gains                             0.00      0.00      0.00        0
----------------------------------------------------------------------------------------------
Total Distributions                                          0.81      0.93      0.10     0.84
----------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                          $  6.73  $   7.64     10.07  $ 11.51
==============================================================================================

TOTAL RETURN  (a)                                          (1.30%)  (14.93%)  (11.68%)  9.20 %

RATIOS
Net Assets -- End of Period ($000 Omitted)                $55,642  $ 53,228  $ 51,401  $58,379
Ratio of Expenses to Average Net Assets (b)                 1.05%     1.02%     1.05%    1.05%
Ratio of Net Investment Income to Average Net Assets        7.28%     9.56%     9.94%    8.81%
Portfolio Turnover Rate                                       95%      109%      118%     143%

(a) Total return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(b) Ratio is based on Total Expenses of the Fund, which is before any expense offset arrangements (which may include custodian fees).

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF -- HIGH YIELD FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, SAI, annual report, and semiannual report of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, annual report, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information on duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks......2
Fund Performance.............................3
Fee Table and Expense Example................4
Investment Risks.............................4
Principal Risks Associated With The Fund.....5
Temporary Defensive Positions................6
Fund Management..............................6
Portfolio Manager............................6
Share Price..................................6
Taxes........................................7
Dividends And Capital Gain Distributions.....7
Voting Rights................................7
Share Classes................................7
Financial Highlights.........................8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM Investments SM

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It is actively
THE FUND'S CURRENT      managed. The Fund invests primarily in equity
INVESTMENTS AND MARKET  securities that the Advisor believes will rise in

OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other invest-ments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies engaged in the design, production, and distribution of products related to the leisure activities. These industries include, but are not limited to, hotels/gaming, publishing, advertising, bev-erages, audio/video, broadcasting-radio/TV, cable & satellite operators, cable & satellite programmers,
motion pictures & TV, recreation services/entertainment, retail, and toys. At any given time, 20% of the Fund's assets is not required to be invested in the sector.

To determine whether a potential investment is truly doing business in the leisure sector, a company must meet at least one of the following tests:
. At least 50% of its gross income or its net sales must come from activities in the leisure sector;
. At least 50% of its assets must be devoted to producing revenues from the leisure sector; or
. Based on other available information, we determine that its primary business is within the leisure sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We seek firms that can grow their businesses regardless of the economic environment. The Advisor attempts to keep the portfolio well-diversified across the leisure sector, adjusting portfolio weightings depending on prevailing economic conditions and relative valuations of securities. This sector depends on consumer discretionary spending, which generally falls during economic downturns. Securities of gambling casinos often are subject to high price volatility and are considered speculative. Video and electronic games are subject to risks of rapid obsolescence.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, counterparty, and lack of timely information risks. These risks are described and discussed later in this Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

[FUND'S BAR CHART]

-----------------------------------------------------------------
                                  AVERAGE ANNUAL TOTAL RETURN FOR
                                     THE PERIODS ENDED 12/31/03
-----------------------------------------------------------------
                                                 SINCE
                                  1 YEAR       INCEPTION
 VIF - Leisure Fund (Series I) 1   (--%)        --% 2
 S&P 500 Index 3                   (--%)        --% 2

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the period since inception. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                        PERIOD ENDED DECEMBER 31
--------------------------------------------------------------------------------
                                                        2003      2002 (A)
PER SHARE DATA
Net Asset Value -- Beginning of Period                            $10.00
--------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Loss/(b)/                                           (0.00)
Net Losses on Securities (Both Realized and Unrealized)            (1.48)
--------------------------------------------------------------------------------
Total from Investment Operations                                   (1.48)
--------------------------------------------------------------------------------
Net Asset Value -- End of Period                                   $8.52
================================================================================

TOTAL RETURN (c)                                                 (14.80%) (d)

RATIOS
Net Assets -- End of Period ($000 Omitted)                        $6,097
Ratio of Expenses to Average Net Assets (e)(f)                  1.29% (g)
Ratio of Net Investment Loss to Average Net Assets (f)            (0.30%) (g)
Portfolio Turnover Rate                                           15%/(d)/

(a)From May 1, 2002, commencement of investment operations, to December 31, 2002.
(b)Net Investment Loss aggregated less than $0.01 on a per share basis.
(c)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figure for the period shown.
(d)Based on operations for the period shown and, accordingly, is not representative of a full year.
(e)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(f)Various expenses of the Fund were voluntarily absorbed by INVESCO for the period ended December 31, 2002. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 3.96% (annualized), and ratio of net investment loss to average net assets would have been (2.97%) (annualized).
(g)Annualized

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- LEISURE FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address:
publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks................... 2
Fund Performance.......................................... 3
Fee Table and Expense Example............................. 4
Investment Risks.......................................... 4
Principal Risks Associated With The Fund.................. 5
Temporary Defensive Positions............................. 6
Fund Management........................................... 6
Portfolio Manager......................................... 6
Share Price............................................... 6
Taxes..................................................... 7
Dividends And Capital Gain Distributions.................. 7
Voting Rights............................................. 7
Share Classes............................................. 7
Distribution Plan......................................... 7
Financial Highlights...................................... 8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It is actively
THE FUND'S CURRENT      managed. The Fund invests primarily in equity
INVESTMENTS AND MARKET  securities that the Advisor believes will rise in

OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other invest-ments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies engaged in the design, production, and distribution of products related to the leisure activities. These industries include, but are not limited to, hotels/gaming, publishing, advertising, bev-erages, audio/video, broadcasting-radio/TV, cable & satellite operators, cable & satellite programmers,
motion pictures & TV, recreation services/entertainment, retail, and toys. At any given time, 20% of the Fund's assets is not required to be invested in the sector.

To determine whether a potential investment is truly doing business in the leisure sector, a company must meet at least one of the following tests:
. At least 50% of its gross income or its net sales must come from activities in the leisure sector;
. At least 50% of its assets must be devoted to producing revenues from the leisure sector; or
. Based on other available information, we determine that its primary business is within the leisure sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We seek firms that can grow their businesses regardless of the economic environment. The Advisor attempts to keep the portfolio well-diversified across the leisure sector, adjusting portfolio weightings depending on prevailing economic conditions and relative valuations of securities. This sector depends on consumer discretionary spending, which generally falls during economic downturns. Securities of gambling casinos often are subject to high price volatility and are considered speculative. Video and electronic games are subject to risks of rapid obsolescence.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, counterparty, and lack of timely information risks. These risks are described and discussed later in this Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

[Fund's Bar chart]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

-----------------------------------------------------
                       AVERAGE ANNUAL TOTAL RETURN
                       FOR THE PERIODS ENDED 12/31/03
-----------------------------------------------------
                                       SINCE
                       1 YEAR        INCEPTION
 VIF - Leisure Fund 1   (--%)         --% 2
 S&P 500 Index 3        (--%)         --% 2

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the period since inception. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                        PERIOD ENDED DECEMBER 31
--------------------------------------------------------------------------------
                                                        2003      2002 (a)
PER SHARE DATA
Net Asset Value -- Beginning of Period                            $10.00
--------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Loss (b)                                            (0.00)
Net Losses on Securities (Both Realized and Unrealized)            (1.48)
--------------------------------------------------------------------------------
Total from Investment Operations                                   (1.48)
--------------------------------------------------------------------------------
Net Asset Value -- End of Period                                   $8.52
================================================================================

TOTAL RETURN (c)                                                 (14.80%) (d)

RATIOS
Net Assets -- End of Period ($000 Omitted)                        $6,097
Ratio of Expenses to Average Net Assets (e)(f)                     1.29%  (g)
Ratio of Net Investment Loss to Average Net Assets (f)            (0.30%) (g)
Portfolio Turnover Rate                                           15% (d)

(a) From May 1, 2002, commencement of investment operations, to December 31, 2002.
(b) Net Investment Loss aggregated less than $0.01 on a per share basis.
(c) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figure for the period shown.
(d) Based on operations for the period shown and, accordingly, is not representative of a full year.
(e) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(f) Various expenses of the Fund were voluntarily absorbed by INVESCO for the period ended December 31, 2002. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 3.96% (annualized), and ratio of net investment loss to average net assets would have been (2.97%) (annualized).
(g) Annualized

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- LEISURE FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address:
publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks.......................  2
Fund Performance..............................................  3
Fee Table and Expense Example.................................  4
Investment Risks..............................................  4
Principal Risks Associated With The Fund......................  5
Temporary Defensive Positions.................................  5
Fund Management...............................................  6
Portfolio Manager.............................................  6
Share Price...................................................  6
Taxes.........................................................  7
Dividends And Capital Gain Distributions......................  7
Voting Rights.................................................  7
Share Classes.................................................  7
Financial Highlights..........................................  8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC]  Investment Goals & Strategies

[GRAPHIC]  Potential Investment Risks

[GRAPHIC]  Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT The Fund seeks long-term capital growth. It is EACH FUND'S CURRENT actively managed. The Fund invests primarily in INVESTMENTS AND MARKET equity secu-rities and equity-related instruments OUTLOOK, PLEASE SEE THE that the Advisor believes will rise in price MOST RECENT ANNUAL OR faster than other securities, as well as in SEMIANNUAL REPORT. options and other investments whose values are based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in small-capitalization companies. The Fund con-siders a company to be a small-capitalization company if it has a market capitalization, at the time of pur-chase, no larger than the largest capitalized company included in the Russell 2000(R) Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. We are primarily looking for companies in the developing stages of their life cycles, which are currently priced below our estimation of their potential, have earnings which may be expected to grow faster than the U.S. economy in general, and/or offer the potential for accelerated earnings growth due to rapid growth of sales, new products, management changes, and/or structural changes in the economy.

The Fund is managed in the growth style. The advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio focusing on company fundamentals and growth prospects when selecting securities.

We seek securities for the Fund that meet the following standards:

. Exceptional growth: The markets and industries they represent are growing significantly faster than the economy as a whole.
. Leadership: They are leaders -- or emerging leaders -- in these markets, securing their positions through technology, marketing, distribution or some other innovative means.
. Financial validation: Their returns -- in the form of sales unit growth, rising operating margins, internal funding and other factors -- demonstrate exceptional growth and leadership.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

Investments in small, developing companies carry greater risk than investments in larger, more established companies. Developing companies generally face intense competition and have a higher rate of failure than larger companies.

At any given time, the Fund may be subject to sector risk. Companies with similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio manager allocates more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, market, liquidity, counterparty, foreign securities, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the Russell 2000 Growth Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

                                    [CHART]

        '98         '99         '00         '01          '02         '03
       -----       -----       -----       -----        -----       -----
       16.38%      91.06%      (14.98%)    (18.54%)     (31.11%)
--------------------------------------------------------------------------------
Best Calendar Qtr.   [12/99] [47.92%]

Worst Calendar Qtr. [9/01] [(29.42%)]

--------------------------------------------------------------------------------
                                                  AVERAGE ANNUAL TOTAL RETURN
                                                         AS OF 12/31/03
--------------------------------------------------------------------------------
                                                 1 YEAR 5 YEARS SINCE INCEPTION
 VIF -- Small Company Growth Fund 1               (--%)   --%       --%  2
 Russell 2000 Growth Index 3                      (--%)  (--%)     (--%) 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on August 25, 1997. Index comparisons begin on August 31, 1997.
3 The Russell 2000 Growth Index is an unmanaged index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                  YEAR ENDED DECEMBER 31
---------------------------------------------------------------------------------------------------
                                                        2003   2002     2001     2000      1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                        $14.72   $18.07   $22.01  $11.51
---------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Loss (a)                                        (0.00)   (0.00)   (0.00)  (0.00)
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                                (4.58)   (3.35)   (3.35)  10.50
---------------------------------------------------------------------------------------------------
Total from Investment Operations                               (4.58)   (3.35)   (3.35)  10.50
---------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                            0.00     0.00     0.00    0.00
Distributions from Capital Gains                                0.00     0.00     0.59    0.00
---------------------------------------------------------------------------------------------------
Total Distributions                                             0.00     0.00     0.59    0.00
---------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                              $10.14   $14.72   $18.07  $22.01
===================================================================================================

TOTAL RETURN (b)                                             (31.11%) (18.54%) (14.98%) 91.06%

RATIOS
Net Assets -- End of Period ($000 Omitted)                   $32,990  $39,211  $24,765  $4,950
Ratio of Expenses to Average Net Assets (c)(d)                 1.25%    1.25%    1.37%   1.70%
Ratio of Net Investment Loss to Average Net Assets (d)        (0.87%)  (0.48%)  (0.64%) (0.71%)
Portfolio Turnover Rate                                          95%      88%     155%    201%/(e)/

(a)Net Investment Loss aggregated less than $0.01 on a per share basis for the years ended December 31, 2002, 2001, 2000 and 1999.
(b)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(c)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(d)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.31%, 1.29%, 1.43% and 4.05%, respectively, and ratio of net investment loss to average net assets would have been (0.93%), (0.52%), (0.70%) and (3.06%), respectively.
(e)Portfolio Turnover was greater than expected during this period due to active trading undertaken in response to market conditions.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- SMALL COMPANY GROWTH FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks.............. 2
Fund Performance..................................... 3
Fee Table and Expense Example........................ 4
Investment Risks..................................... 4
Principal Risks Associated With The Fund............. 5
Temporary Defensive Positions........................ 5
Fund Management...................................... 6
Portfolio Manager.................................... 6
Share Price.......................................... 6
Taxes................................................ 7
Dividends And Capital Gain Distributions............. 7
Voting Rights........................................ 7
Share Classes........................................ 7
Distribution Plan.................................... 7
Financial Highlights................................. 8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS/SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks long-term capital growth. It is
EACH FUND'S CURRENT     actively managed. The Fund invests primarily in
INVESTMENTS AND MARKET  equity secu-rities and equity-related instruments

OUTLOOK, PLEASE SEE THE that the Advisor believes will rise in price MOST RECENT ANNUAL OR faster than other securities, as well as in SEMIANNUAL REPORT. options and other investments whose values are based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in small-capitalization companies. The Fund con-siders a company to be a small-capitalization company if it has a market capitalization, at the time of pur-chase, no larger than the largest capitalized company included in the Russell 2000(R) Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. We are primarily looking for companies in the developing stages of their life cycles, which are currently priced below our estimation of their potential, have earnings which may be expected to grow faster than the U.S. economy in general, and/or offer the potential for accelerated earnings growth due to rapid growth of sales, new products, management changes, and/or structural changes in the economy.

The Fund is managed in the growth style. The advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio focusing on company fundamentals and growth prospects when selecting securities.

We seek securities for the Fund that meet the following standards:

. Exceptional growth: The markets and industries they represent are growing significantly faster than the economy as a whole.
. Leadership: They are leaders -- or emerging leaders -- in these markets, securing their positions through technology, marketing, distribution or some other innovative means.
. Financial validation: Their returns -- in the form of sales unit growth, rising operating margins, internal funding and other factors -- demonstrate exceptional growth and leadership.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

Investments in small, developing companies carry greater risk than investments in larger, more established companies. Developing companies generally face intense competition and have a higher rate of failure than larger companies.

At any given time, the Fund may be subject to sector risk. Companies with similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which it can invest. If the portfolio manager allocates more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, market, liquidity, counterparty, foreign securities, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the Russell 2000 Growth Index. The information in the chart and table illustrates the variability of the Fund's total return and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

 '98     '99      '00       '01       '02      '03
------  ------   ------    ------    ------   ------
16.38%  91.06%  (14.98%)  (18.54%)  (31.11%)

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

------------------------------------------------------------------------------
                                      AVERAGE ANNUAL TOTAL RETURN
                                     FOR THE PERIODS ENDED 12/31/03
------------------------------------------------------------------------------
                                     1 YEAR 5 YEARS SINCE INCEPTION
 VIF -- Small Company Growth Fund 1   (--%)   --%        --% 2
 Russell 2000 Growth Index 3          (--%)  (--%)      (--%) 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on August 25, 1997. Index comparisons begin on August 31, 1997.
3 The Russell 2000 Growth Index is an unmanaged index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                  YEAR ENDED DECEMBER 31
---------------------------------------------------------------------------------------------------
                                                        2003   2002     2001     2000      1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                        $14.72   $18.07   $22.01  $11.51
---------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Loss (a)                                        (0.00)   (0.00)   (0.00)  (0.00)
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                                (4.58)   (3.35)   (3.35)  10.50
---------------------------------------------------------------------------------------------------
Total from Investment Operations                               (4.58)   (3.35)   (3.35)  10.50
---------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                            0.00     0.00     0.00    0.00
Distributions from Capital Gains                                0.00     0.00     0.59    0.00
---------------------------------------------------------------------------------------------------
Total Distributions                                             0.00     0.00     0.59    0.00
---------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                              $10.14   $14.72   $18.07  $22.01
===================================================================================================

TOTAL RETURN (b)                                              (31.11%) (18.54%) (14.98%) 91.06%

RATIOS
Net Assets -- End of Period ($000 Omitted)                   $32,990  $39,211  $24,765  $4,950
Ratio of Expenses to Average Net Assets (c)(d)                  1.25%    1.25%    1.37%   1.70%
Ratio of Net Investment Loss to Average Net Assets (d)         (0.87%)  (0.48%)  (0.64%) (0.71%)
Portfolio Turnover Rate                                          95%      88%     155%    201% (e)

(a)Net Investment Loss aggregated less than $0.01 on a per share basis for the years ended December 31, 2002, 2001, 2000 and 1999.
(b)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(c)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(d)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.31%, 1.29%, 1.43% and 4.05%, respectively, and ratio of net investment loss to average net assets would have been (0.93%), (0.52%), (0.70%) and (3.06%), respectively.
(e)Portfolio Turnover was greater than expected during this period due to active trading undertaken in response to market conditions.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- SMALL COMPANY GROWTH FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

INVESCO VIF-TECHNOLOGY FUND
SERIES I SHARES

A mutual fund sold exclusively to insurance company separate accounts for variable annuity and variable life insurance contracts.

Investment Goals, Strategies, And Risks................... 2
Fund Performance.......................................... 3
Fee Table and Expense Example............................. 3
Investment Risks.......................................... 4
Principal Risks Associated With The Fund.................. 4
Temporary Defensive Positions............................. 6
Fund Management........................................... 7
Portfolio Manager......................................... 7
Share Price............................................... 7
Taxes..................................................... 8
Dividends And Capital Gain Distributions.................. 8
Voting Rights............................................. 8
Share Classes............................................. 8
Financial Highlights...................................... 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC]  Investment Goals & Strategies


[GRAPHIC]  Potential Investment Risks


[GRAPHIC]  Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT The Fund seeks capital growth. It is actively THE FUND'S CURRENT IN- managed. The Fund invests primarily in equity VESTMENTS AND MARKET securities that INVESCO believes will rise in OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other invest-ments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies engaged in technology-related industries. These include, but are not limited to, vari-ous applied technologies, hardware, software, semiconductors, telecommunications equipment and services, and service-related companies in information technology. Many of these products and services are subject to rapid obsolescence, which may lower the market value of the securities of the companies in this sector. At any given time, 20% of the Fund's assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the technology sector, a company must meet at least one of the following tests:

. At least 50% of its gross income or its net sales must come from activities in the technology sector;
. At least 50% of its assets must be devoted to producing revenues from the technology sector; or
. Based on other available information, we determine that its primary business is within the technology sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

A core portion of the Fund's portfolio is invested in market-leading technology companies among various subsectors in the technology universe that we believe will maintain or improve their market share regardless of overall economic conditions. These companies are leaders in their fields and are believed to have a strategic advantage over many of their competitors. The remainder of the Fund's portfolio consists of faster-growing, more volatile technology companies that the Advisor believes to be emerging leaders in their fields. The market prices of these companies tend to rise and fall more rapidly than those of larger, more established companies.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, derivatives, options and futures, counterparty, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

1998        25.69%
1999       158.93%
2000       (23.42%)
2001       (45.82%)
2002       (46.84%)
2003
-----------------------------------------------------

                                     AVERAGE ANNUAL TOTAL
                                        RETURN FOR THE
                                    PERIODS ENDED 12/31/03
                                  ----------------------
                                                   SINCE
                                  1 YEAR 5 YEARS INCEPTION
                                  ------ ------- ---------
VIF-Technology Fund (Series I)/1/  --%     --%    --% 2
------------------------------------------------------------
S&P 500 Index 3                    --%     --%    --% 2
------------------------------------------------------------

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on May 21, 1997. Index comparisons begin on May 31, 1997.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditors], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                     YEAR ENDED DECEMBER 31
--------------------------------------------------------------------------------------------------------
                                                          2003      2002      2001      2000      1999

PER SHARE DATA
Net Asset Value -- Beginning of Period                              $15.37    $28.37    $37.13   $14.34
INCOME FROM INVESTMENT OPERATIONS (a)
Net Investment Loss (b)                                              (0.00)    (0.12)    (0.01)   (0.00)
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                                      (7.20)   (12.88)    (8.68)   22.79
--------------------------------------------------------------------------------------------------------
Total from Investment Operations                                     (7.20)   (13.00)    (8.69)   22.79
--------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                                  0.00      0.00      0.00     0.00
Distributions from Capital Gains                                      0.00      0.00      0.07     0.00
--------------------------------------------------------------------------------------------------------
Total Distributions                                                   0.00      0.00      0.07     0.00
--------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                     $8.17    $15.37    $28.37   $37.13
========================================================================================================

TOTAL RETURN (c)                                                   (46.84%)  (45.82%)  (23.42%) 158.93%

RATIOS
Net Assets -- End of Period
 ($000 Omitted)                                                   $105,508  $240,253  $443,773  $93,992
Ratio of Expenses to Average Net Assets (d)(e)                       1.11%     1.07%     1.02%    1.31%
Ratio of Net Investment Loss to Average Net Assets (e)              (0.96%)   (0.66%)   (0.34%)  (0.40%)
Portfolio Turnover Rate                                                92%       88%       82%      95%

(a)The per share information was computed based on average shares for the year ended December 31, 2001.
(b)Net Investment Loss aggregated less than $0.01 on a per share basis for the years ended December 31, 2003, 2002 and 1999.
(c)Total return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(e)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.02% and 1.52%, respectively, and ratio of net investment loss to average net assets would have been (0.34%) and (0.61%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF-TECHNOLOGY FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address:
publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

INVESCO VIF-TECHNOLOGY FUND

SERIES II SHARES

A mutual fund sold exclusively to insurance company separate accounts for variable annuity and variable life insurance contracts.

Investment Goals, Strategies, And Risks..................... 2
Fund Performance............................................ 3
Fee Table and Expense Example............................... 3
Investment Risks............................................ 4
Principal Risks Associated With The Fund.................... 4
Temporary Defensive Positions............................... 6
Fund Management............................................. 7
Portfolio Manager........................................... 7
Share Price................................................. 7
Taxes....................................................... 8
Dividends And Capital Gain Distributions.................... 8
Voting Rights............................................... 8
Share Classes............................................... 8
Distribution Plan........................................... 8
Financial Highlights........................................ 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO] Your goals. Our solutions. SM AIM Investments SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC]  Investment Goals & Strategies


[GRAPHIC]  Potential Investment Risks

[GRAPHIC]  Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It is actively
THE FUND'S CURRENT IN-  managed. The Fund invests primarily in equity
VESTMENTS AND MARKET    securities that INVESCO believes will rise in

OUTLOOK, PLEASE SEE THE price faster than other securities, as well as in MOST RECENT ANNUAL OR options and other invest-ments whose values are SEMIANNUAL REPORT. based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies engaged in technology-related industries. These include, but are not limited to, vari-ous applied technologies, hardware, software, semiconductors, telecommunications equipment and services, and service-related companies in information technology. Many of these products and services are subject to rapid obsolescence, which may lower the market value of the securities of the companies in this sector. At any given time, 20% of the Fund's assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the technology sector, a company must meet at least one of the following tests:

. At least 50% of its gross income or its net sales must come from activities in the technology sector;
. At least 50% of its assets must be devoted to producing revenues from the technology sector; or
. Based on other available information, we determine that its primary business is within the technology sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

A core portion of the Fund's portfolio is invested in market-leading technology companies among various subsectors in the technology universe that we believe will maintain or improve their market share regardless of overall economic conditions. These companies are leaders in their fields and are believed to have a strategic advantage over many of their competitors. The remainder of the Fund's portfolio consists of faster-growing, more volatile technology companies that the Advisor believes to be emerging leaders in their fields. The market prices of these companies tend to rise and fall more rapidly than those of larger, more established companies.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, derivatives, options and futures, counterparty, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

1998        25.69%
1999       158.93%
2000       (23.42%)
2001       (45.82%)
2002       (46.84%)
2003
-----------------------------------------------------

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

                       AVERAGE ANNUAL TOTAL RETURN
                       FOR THE PERIODS ENDED 12/31/03
                       -------------------------
                                           SINCE
                       1 YEAR   5 YEARS  INCEPTION
                       ------   -------  ---------
VIF-Technology Fund 1   --%       --%     --% 2
-----------------------------------------------------
S&P 500 Index 3         --%       --%     --% 2
-----------------------------------------------------

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.

2 The Fund commenced investment operations on May 21, 1997. Index comparisons begin on May 31, 1997.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                     YEAR ENDED DECEMBER 31
--------------------------------------------------------------------------------------------------------
                                                          2003      2002      2001      2000      1999

PER SHARE DATA
Net Asset Value -- Beginning of Period                              $15.37    $28.37    $37.13   $14.34
INCOME FROM INVESTMENT OPERATIONS (a)
Net Investment Loss (b)                                              (0.00)    (0.12)    (0.01)   (0.00)
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                                      (7.20)   (12.88)    (8.68)   22.79
--------------------------------------------------------------------------------------------------------
Total from Investment Operations                                     (7.20)   (13.00)    (8.69)   22.79
--------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                                  0.00      0.00      0.00     0.00
Distributions from Capital Gains                                      0.00      0.00      0.07     0.00
--------------------------------------------------------------------------------------------------------
Total Distributions                                                   0.00      0.00      0.07     0.00
--------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                     $8.17    $15.37    $28.37   $37.13
========================================================================================================

TOTAL RETURN (c)                                                   (46.84%)  (45.82%)  (23.42%) 158.93%

RATIOS
Net Assets -- End of Period
 ($000 Omitted)                                                   $105,508  $240,253  $443,773  $93,992
Ratio of Expenses to Average Net Assets (d)(e)                       1.11%     1.07%     1.02%    1.31%
Ratio of Net Investment Loss to Average Net Assets (e)              (0.96%)   (0.66%)   (0.34%)  (0.40%)
Portfolio Turnover Rate                                                92%       88%       82%      95%

(a) The per share information was computed based on average shares for the year ended December 31, 2001.

(b) Net Investment Loss aggregated less than $0.01 on a per share basis for the years ended December 31, 2003, 2002 and 1999.

(c) Total return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(d) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).

(e) Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2000 and 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.02% and 1.52%, respectively, and ratio of net investment loss to average net assets would have been (0.34%) and (0.61%), respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF-TECHNOLOGY FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address:
publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks.........................  2
Fund Performance................................................  3
Fee Table and Expense Example...................................  4
Investment Risks................................................  4
Principal Risks Associated With The Fund                          5
Temporary Defensive Positions...................................  6
Portfolio Turnover..............................................  6
Fund Management.................................................  7
Portfolio Manager...............................................  7
Share Price.....................................................  7
Taxes...........................................................  8
Dividends And Capital Gain Distributions                          8
Voting Rights...................................................  8
Share Classes...................................................  8
Financial Highlights............................................  9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS/SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks capital growth. It also seeks
EACH FUND'S CURRENT     current income. The Fund is actively managed. It
INVESTMENTS AND MARKET  invests primarily in equity securities that the

OUTLOOK, PLEASE SEE THE Advisor believes will rise in price faster than MOST RECENT ANNUAL OR other securities, as well as in options and other SEMIANNUAL REPORT. investments whose values are based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies engaged in the design, development, manufacture, distribution, or sale of communi-cations services and equipment, and companies that are involved in supplying equipment or services to such companies. The telecommunications sector includes, but is not limited to, companies that offer telephone services, wireless communications, satellite communications, television and movie programming, broadcasting, and Internet access. Many of these products and services are subject to rapid obsolescence, which may lower the market value of the securities of the companies in this sector. At any given time, 20% of the Fund's assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the telecommunications sector, a company must meet at least one of the following tests:

. At least 50% of its gross income or its net sales must come from activities in the telecommunications sector;
. At least 50% of its assets must be devoted to producing revenues from the telecommunications sector; or
. Based on other available information, we determine that its primary business is within the telecommunications sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We select stocks based on projected total return for individual companies, while also analyzing country-specific factors that might affect stock performance or influence company valuation. Normally, the Fund will invest primarily in companies located in at least three different countries, although U.S. issuers will often dominate the portfolio. The Fund's portfolio emphasizes strongly managed market leaders, with a lesser weighting on small, faster-growing companies that offer new products or services and/or are increasing their market share.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, derivatives, options and futures, counterparty, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in this Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the period since inception. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                                                       PERIOD
                                                                                                        ENDED
                                                                       YEAR ENDED DECEMBER 31        DECEMBER 31
-----------------------------------------------------------------------------------------------------------------
                                                                  2003     2002     2001     2000     1999/(a)/
PER SHARE DATA
Net Asset Value -- Beginning of Period                                     $5.57   $12.11    $16.45      $10.00
-----------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)/(b)/                                          (0.00)   (0.00)    (0.00)       0.00
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                                            (2.83)   (6.54)    (4.30)       6.45
-----------------------------------------------------------------------------------------------------------------
Total from Investment Operations                                           (2.83)   (6.54)    (4.30)       6.45
-----------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income/(c)/                                   0.00     0.00      0.00        0.00
Distributions from Capital Gains                                            0.00     0.00      0.04        0.00
-----------------------------------------------------------------------------------------------------------------
Total Distributions                                                         0.00     0.00      0.04        0.00
-----------------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                           $2.74    $5.57    $12.11      $16.45
=================================================================================================================

TOTAL RETURN/(d)/                                                        (50.81%) (54.00%)  (26.17%)  64.50%/(e)/

RATIOS
Net Assets -- End of Period ($000 Omitted)                               $27,263  $73,767  $207,644     $67,650
Ratio of Expenses to Average Net Assets/(f)(g)/                            1.22%    1.09%     1.06%    1.27%/(h)/
Ratio of Net Investment Income (Loss) to Average Net Assets/(g)/          (0.08%)  (0.14%)   (0.16%)   0.11%/(h)/
Portfolio Turnover Rate                                                     149%      77%       51%      15%/(e)/

(a)From September 21, 1999, commencement of investment operations, to December 31, 1999.
(b)Net Investment Income (Loss) aggregated less than $0.01 on a per share basis for the years ended December 31, 2003, 2002, 2001 and 2000 and the period ended December 31, 1999.
(c)Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 2000.
(d)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(e)Based on operations for the period shown and, accordingly, is not representative of a full year.
(f)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(g)Various expenses of the Fund were voluntarily absorbed by INVESCO for the year ended December 31, 2000 and the period ended December 31, 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.06% and 1.28% (annualized) respectively, and ratio of net investment income (loss) to average net assets would have been (0.16%) and 0.10% (annualized), respectively.
(h)Annualized

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- TELECOMMUNICATIONS FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks. 2
Fund Performance........................ 3
Fee Table and Expense Example........... 4
Investment Risks........................ 4
Principal Risks Associated With The Fund 5
Temporary Defensive Positions........... 6
Portfolio Turnover...................... 6
Fund Management......................... 7
Portfolio Manager....................... 7
Share Price............................. 7
Taxes................................... 8
Dividends And Capital Gain Distributions 8
Voting Rights........................... 8
Share Classes........................... 8
Distribution Plan....................... 8
Financial Highlights.................... 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS/SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC]  Investment Goals & Strategies

[GRAPHIC]  Potential Investment Risks

[GRAPHIC]  Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT The Fund seeks capital growth. It also seeks EACH FUND'S CURRENT current income. The Fund is actively managed. It INVESTMENTS AND MARKET invests primarily in equity securities that the OUTLOOK, PLEASE SEE THE Advisor believes will rise in price faster than MOST RECENT ANNUAL OR other securities, as well as in options and other SEMIANNUAL REPORT. investments whose values are based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies engaged in the design, development, manufacture, distribution, or sale of communi-cations services and equipment, and companies that are involved in supplying equipment or services to such companies. The telecommunications sector includes, but is not limited to, companies that offer tele-
phone services, wireless communications, satellite communications, television and movie programming, broadcasting, and Internet access. Many of these products and services are subject to rapid obsolescence, which may lower the market value of the securities of the companies in this sector. At any given time, 20% of the Fund's assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in the telecommunications sector, a company must meet at least one of the following tests:

. At least 50% of its gross income or its net sales must come from activities in the telecommunications sector;
. At least 50% of its assets must be devoted to producing revenues from the telecommunications sector; or
. Based on other available information, we determine that its primary business is within the telecommunications sector.

The Advisor uses a research-oriented "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

We select stocks based on projected total return for individual companies, while also analyzing country-specific factors that might affect stock performance or influence company valuation. Normally, the Fund will invest primarily in companies located in at least three different countries, although U.S. issuers will often dominate the portfolio. The Fund's portfolio emphasizes strongly managed market leaders, with a lesser weighting on small, faster-growing companies that offer new products or services and/or are increasing their market share.

Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. Growth-oriented funds typically will underperform value-oriented funds when investor sentiment favors the value investing style.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently an investment in the Fund tend to go up and down more rapidly.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, derivatives, options and futures, counterparty, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in this Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any other mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

  '00       '01       '02      '03
--------  --------  --------  ------
(26.17%)  (54.00%)  (50.81%)
-------------------------------------------

Best Calendar Qtr. [3/00] [25.71%]
Worst Calendar Qtr. [9/01] [(42.32%)]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

-----------------------------------------------------------------
                                   AVERAGE ANNUAL TOTAL RETURN
                                   FOR THE PERIODS ENDED 12/31/03
-----------------------------------------------------------------
                                   1 YEAR     SINCE INCEPTION
 VIF -- Telecommunications Fund 1   (--%)          (--%) 2
 S&P 500 Index 3                    (--%)          (--%) 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on September 21, 1999. Index comparisons begin on September 30, 1999.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the period since inception. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                                                          PERIOD
                                                                                                           ENDED
                                                                       YEAR ENDED DECEMBER 31           DECEMBER 31
--------------------------------------------------------------------------------------------------------------------
                                                                  2003        2002     2001     2000     1999 (A)
PER SHARE DATA
Net Asset Value -- Beginning of Period                                        $5.57   $12.11    $16.45      $10.00
--------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income (Loss) (b)                                              (0.00)   (0.00)    (0.00)       0.00
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)                                               (2.83)   (6.54)    (4.30)       6.45
--------------------------------------------------------------------------------------------------------------------
Total from Investment Operations                                              (2.83)   (6.54)    (4.30)       6.45
--------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income (c)                                       0.00     0.00      0.00        0.00
Distributions from Capital Gains                                               0.00     0.00      0.04        0.00
--------------------------------------------------------------------------------------------------------------------
Total Distributions                                                            0.00     0.00      0.04        0.00
--------------------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                              $2.74    $5.57    $12.11      $16.45
=====================================================================================================================

TOTAL RETURN (d)                                                            (50.81%) (54.00%)  (26.17%)     64.50% (e)

RATIOS
Net Assets -- End of Period ($000 Omitted)                                  $27,263  $73,767  $207,644     $67,650
Ratio of Expenses to Average Net Assets (f)(g)                                1.22%    1.09%     1.06%       1.27% (h)
Ratio of Net Investment Income (Loss) to Average Net Assets (g)              (0.08%)  (0.14%)   (0.16%)      0.11% (h)
Portfolio Turnover Rate                                                        149%      77%       51%         15% (e)

(a) From September 21, 1999, commencement of investment operations, to December 31, 1999.
(b) Net Investment Income (Loss) aggregated less than $0.01 on a per share basis for the years ended December 31, 2003, 2002, 2001 and 2000 and the period ended December 31, 1999.
(c) Dividends from Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 2000.
(d) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(e) Based on operations for the period shown and, accordingly, is not representative of a full year.
(f) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(g) Various expenses of the Fund were voluntarily absorbed by INVESCO for the year ended December 31, 2000 and the period ended December 31, 1999. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.06% and 1.28% (annualized) respectively, and ratio of net investment income (loss) to average net assets would have been (0.16%) and 0.10% (annualized), respectively.
(h) Annualized

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- TELECOMMUNICATIONS FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks............ 2
Fund Performance .................................. 3
Fee Table and Expense Example ..................... 4
Investment Risks .................................. 4
Principal Risks Associated With The Fund .......... 5
Temporary Defensive Positions ..................... 6
Fund Management ................................... 7
Portfolio Managers ................................ 7
Share Price ....................................... 8
Taxes ............................................. 8
Dividends And Capital Gain Distributions .......... 8
Voting Rights ..................................... 8
Share Classes ..................................... 8
Financial Highlights .............................. 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions. SM AIM INVESTMENTS SM

PROSPECTUS | April 30, 2004

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks to provide high total return
THE FUND'S CURRENT      through both growth and current income. It is
INVESTMENTS AND MARKET  actively managed. The Fund invests in a mix of

OUTLOOK, PLEASE SEE THE equity securities and debt securities, as well as MOST RECENT ANNUAL OR in options and other investments whose values are SEMIANNUAL REPORT. based on the values of these securities. Often, but not always, when stock markets are up, debt markets are down and vice versa. By investing in both types of securities, the Fund attempts to cushion against sharp price movements in both equity and debt securities.

The Fund normally invests at least 65% of its net assets in a combination of common stocks of companies with a history of paying regular dividends and in debt securities. Debt securities include corporate obligations and obligations of the U.S. government and government agencies. Normally, at least 30% of the Fund's net assets will be invested in debt securities that are rated investment grade at the time of purchase and at least 30% of the Fund's net assets will be invested in equity securities. The remaining assets of the Fund are allocated to other investments at the Advisor's discretion, based upon current business, economic, and market conditions.

The portion of the Fund's portfolio invested in equity securities will be primarily invested in large-capitalization stocks that possess one of three attributes that are attractive relative to the S&P 500: (i) a low price-to-earnings ratio, (ii) a high dividend yield, or (iii) consistent growth.

The portion of the Fund's portfolio invested in equity securities is managed in a blend of the growth and value investing styles. To be managed in the growth investing style means that we focus on company fundamentals and growth prospects. Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. To be managed in the value investing style means that we seek securities, particularly stocks, that are currently undervalued by the market -- companies that are performing well, or have solid management and products, but whose stock prices do not reflect that value.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is market risk -- that is, that the price of the securities in its portfolio will rise and fall due to price movements in the securities markets, and the securities held in the Fund's portfolio may decline in value more than the overall securities markets. Since the Advisor has discretion to allocate the amounts of equity securities and debt securities held by the Fund, there is an additional risk that the portfolio of the Fund may not be allocated in the most advantageous way between equity and debt securities, particularly in times of significant market movements.

At any given time, the Fund may be subject to sector risk. Companies that have similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which they can invest. If the portfolio managers allocate more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, credit, debt securities, foreign securities, interest rate, liquidity, prepayment, counterparty, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the S&P 500 Index and the Lehman Government/Credit Bond Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

 '95     '96     '97     '98     '99      '00     '01      '02      '03
-----   -----   -----   -----   -----    -----   -----    -----    -----
22.79%  12.18%  22.91%  9.56%   (3.40%) (2.17%) (1.47%)  (10.22%)

----------------------------------------------------------------------
                                        AVERAGE ANNUAL TOTAL RETURN
                                        FOR THE PERIODS ENDED 12/31/03
----------------------------------------------------------------------
                                                             SINCE
                                        1 YEAR   5 YEARS   INCEPTION
 VIF-Total Return Fund (Series I) 1      (--%)    (--%)     --% 2
 S&P 500 Index 3                         (--%)    (--%)     --% 2
 Lehman Government/Credit Bond Index 3    --%      --%      --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.

2 The Fund commenced investment operations on June 2, 1994. Index comparisons begin on May 31, 1994.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. The Lehman Government/Credit Bond Index is an unmanaged index indicative of the broad domestic fixed-income market. Please keep in mind that the indexes do not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                            YEAR ENDED DECEMBER 31
-----------------------------------------------------------------------------------------------------------
                                                                   2003   2002     2001     2000     1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                                   $12.74   $13.21   $15.58   $16.58
-----------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                                      0.37     0.19     0.33     0.41
Net Gains or (Losses) on Securities (Both Realized and Unrealized)        (1.67)   (0.38)   (0.73)   (0.98)
-----------------------------------------------------------------------------------------------------------
Total from Investment Operations                                          (1.30)   (0.19)   (0.40)   (0.57)
-----------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                                       0.33     0.28     0.06     0.37
Distributions from Capital Gains                                           0.00     0.00     1.91     0.06
Total Distributions                                                        0.33     0.28     1.97     0.43
-----------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                         $11.11   $12.74   $13.21   $15.58
===========================================================================================================

TOTAL RETURN (a)                                                        (10.22%)  (1.47%)  (2.17%)  (3.40%)

RATIOS
Net Assets -- End of Period ($000 Omitted)                              $15,052  $23,171  $19,851  $27,739
Ratio of Expenses to Average Net Assets/(b)(c)/                           1.15%    1.15%    1.21%    1.17%
Ratio of Net Investment Income to Average Net Assets (c)                  1.86%    2.02%    2.38%    2.14%
Portfolio Turnover Rate                                                     61%      82%     103%      36%

(a)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(b)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).

(c)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001 and 2000. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.34%, 1.31% and 1.44%, respectively, and ratio of net investment income to average net assets would have been 1.67%, 1.86% and 2.15%, respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS

INVESCO VIF--TOTAL RETURN FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to AIM Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks........................ 2
Fund Performance............................................... 3
Fee Table and Expense Example.................................. 4
Investment Risks .............................................. 4
Principal Risks Associated With The Fund....................... 5
Temporary Defensive Positions.................................. 6
Fund Management ............................................... 7
Portfolio Managers............................................. 7
Share Price ................................................... 8
Taxes ......................................................... 8
Dividends And Capital Gain Distributions....................... 8
Voting Rights ................................................. 8
Share Classes ................................................. 8
Distribution Plan.............................................. 8
Financial Highlights........................................... 9

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of these Funds. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS /SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

THIS PROSPECTUS WILL TELL YOU MORE ABOUT:

[GRAPHIC] Investment Goals & Strategies

[GRAPHIC] Potential Investment Risks

[GRAPHIC] Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT  The Fund seeks to provide high total return
THE FUND'S CURRENT      through both growth and current income. It is
INVESTMENTS AND MARKET  actively man-aged. The Fund invests in a mix of

OUTLOOK, PLEASE SEE THE equity securities and debt securities, as well as MOST RECENT ANNUAL OR in options and other investments whose values are SEMIANNUAL REPORT. based on the values of these securities. Often, but not always, when stock markets are up, debt markets are down and vice versa. By investing in both types of securities, the Fund attempts to cushion against sharp price movements in both equity and debt securities.

The Fund normally invests at least 65% of its net assets in a combination of common stocks of companies with a history of paying regular dividends and in debt securities. Debt securities include corporate obligations and obligations of the U.S. government and government agencies. Normally, at least 30% of the Fund's net assets will be invested in debt securities that are rated investment grade at the time of purchase and at least 30% of the Fund's net assets will be invested in equity securities. The remaining assets of the Fund are allocated to other investments at the Advisor's discretion, based upon current business, economic, and market conditions.

The portion of the Fund's portfolio invested in equity securities will be primarily invested in large-capitalization stocks that possess one of three attributes that are attractive relative to the S&P 500: (i) a low price-to-earnings ratio, (ii) a high dividend yield, or (iii) consistent growth.

The portion of the Fund's portfolio invested in equity securities is managed in a blend of the growth and value investing styles. To be managed in the growth investing style means that we focus on company fundamentals and growth prospects. Growth investing may be more volatile than other investment styles because growth stocks are more sensitive to investor perceptions of an issuing company's growth potential. To be managed in the value investing style means that we seek securities, particularly stocks, that are currently undervalued by the market -- companies that are performing well, or have solid management and products, but whose stock prices do not reflect that value.

Although the Fund is subject to a number of risks that could affect its performance, its principal risk is market risk -- that is, that the price of the securities in its portfolio will rise and fall due to price movements in the securities markets, and the securities held in the Fund's portfolio may decline in value more than the overall securities markets. Since the Advisor has discretion to allocate the amounts of equity securities and debt securities held by the Fund, there is an additional risk that the portfolio of the Fund may not be allocated in the most advantageous way between equity and debt securities, particularly in times of significant market movements.

At any given time, the Fund may be subject to sector risk. Companies that have similar lines of business (for example, financial services, health, or technology) are grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. The Fund is not limited with respect to sectors in which they can invest. If the portfolio managers allocate more of the Fund's portfolio holdings to a particular economic sector, the Fund's overall performance will be more susceptible to the economic, business, or other developments which generally affect that sector. The Fund can still be diversified, even if it is heavily weighted in one or more sectors.

The Fund is subject to other principal risks such as potential conflicts, credit, debt securities, foreign securities, interest rate, liquidity, prepayment, counterparty, and lack of timely information risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund compared to the S&P 500 Index and the Lehman Government/Credit Bond Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

Series II shares were first offered April 30, 2004. The performance shown for periods prior to that date reflects the historical results of the Series I class of shares ("Series I shares"), which are not offered by this prospectus. The Series I and Series II shares invest in the same portfolio of securities and will have substantially similar performance, except to the extent that the expenses borne by each share class differ. Series II shares have higher expenses (and therefore lower performance) resulting from its Rule 12b-1 plan, which provides for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the Fund). All performance shown assumes the reinvestment of dividends and capital gains.

                                    [CHART]
 '95     '96     '97     '98     '99       '00      '01      '02       '03
------  ------  ------  ------  -------  -------  -------  --------  -------
22.79%  12.18%  22.91%   9.56%  (3.40%)  (2.17%)  (1.47%)  (10.22%)
----------------------------------------------------------------------------

Best Calendar Qtr. [6/97] [10.73%]
Worst Calendar Qtr. [9/02] [(11.50%)]

The performance table reflects the historical results of the Series I shares, and not the Series II shares, which were first offered on April 30, 2004. The Series II shares have higher expenses resulting from its Rule 12b-1 plan, which would lower the performance shown.

----------------------------------------------------------------------
                                         AVERAGE ANNUAL TOTAL RETURN
                                        FOR THE PERIODS ENDED 12/31/03
----------------------------------------------------------------------
                                                             SINCE
                                        1 YEAR   5 YEARS   INCEPTION
 VIF-Total Return Fund 1                 (--%)    (--%)     --% 2
 S&P 500 Index 3                         (--%)    (--%)     --% 2
 Lehman Government/Credit Bond Index 3    --%      --%      --% 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on June 2, 1994. Index comparisons begin on May 31, 1994.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. The Lehman Government/Credit Bond Index is an unmanaged index indicative of the broad domestic fixed-income market. Please keep in mind that the indexes do not pay brokerage, management, or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund for the past five years. Certain information reflects the financial results for a single Series I Fund share. As of the date of this prospectus, the Series II shares had not yet commenced operations and, therefore, financial information for such shares is not available. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                                                            YEAR ENDED DECEMBER 31
-----------------------------------------------------------------------------------------------------------
                                                                   2003   2002     2001     2000     1999
PER SHARE DATA
Net Asset Value -- Beginning of Period                                   $12.74   $13.21   $15.58   $16.58
-----------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income                                                      0.37     0.19     0.33     0.41
Net Gains or (Losses) on Securities (Both Realized and Unrealized)        (1.67)   (0.38)   (0.73)   (0.98)
-----------------------------------------------------------------------------------------------------------
Total from Investment Operations                                          (1.30)   (0.19)   (0.40)   (0.57)
-----------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income                                       0.33     0.28     0.06     0.37
Distributions from Capital Gains                                           0.00     0.00     1.91     0.06
Total Distributions                                                        0.33     0.28     1.97     0.43
-----------------------------------------------------------------------------------------------------------
Net Asset Value -- End of Period                                         $11.11   $12.74   $13.21   $15.58
===========================================================================================================

TOTAL RETURN (a)                                                        (10.22%)  (1.47%)  (2.17%)  (3.40%)

RATIOS
Net Assets -- End of Period ($000 Omitted)                              $15,052  $23,171  $19,851  $27,739
Ratio of Expenses to Average Net Assets (b)(c)                            1.15%    1.15%    1.21%    1.17%
Ratio of Net Investment Income to Average Net Assets (c)                  1.86%    2.02%    2.38%    2.14%
Portfolio Turnover Rate                                                     61%      82%     103%      36%

(a)Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(b)Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, if applicable, which is before any expense offset arrangements (which may include custodian fees).
(c)Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001 and 2000. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.34%, 1.31% and 1.44%, respectively, and ratio of net investment income to average net assets would have been 1.67%, 1.86% and 2.15%, respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF--TOTAL RETURN FUND

You may obtain additional information about the Fund from several sources.

Financial Reports. Although this Prospectus describes the Fund's anticipated investments and operations, the Fund also prepares annual and semiannual reports that detail the Fund's actual investments at the report date. These reports include discussion of the Fund's recent performance, as well as the effect of market and general economic trends and the Fund's investment strategy on the Fund's performance. The annual report also includes the report of the Fund's independent accountants.

Statement of Additional Information. The SAI dated April 30, 2004 is a supplement to this Prospectus and has detailed information about the Fund and its investment policies and practices. A current SAI for the Fund is on file with the Securities and Exchange Commission and is incorporated in this Prospectus by reference; in other words, the SAI is legally a part of this Prospectus, and you are considered to be aware of the contents of the SAI.

Internet. The Prospectus, annual report, semiannual report, and SAI of the Fund are available on the SEC website at www.sec.gov.

To obtain a free copy of the current Prospectus, SAI, or semiannual report, write to A I M Distributors, Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173; or call 1-800-410-4246. Copies of these materials are also available (with a copying charge) from the SEC's Public Reference Section at 450 Fifth Street, N.W., Washington, D.C. 20549-0102. Information on the operation of the Public Reference Room, including information about duplicating fee charges, can be obtained by calling 1-202-942-8090 or by electronic request at the following E-mail address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-7452 and 033-57340.

TABLE OF CONTENTS
Investment Goals, Strategies, And Risks..2
Fund Performance.........................3
Fee Table and Expense Example............4
Investment Risks.........................4
Principal Risks Associated With The Fund 5
Temporary Defensive Positions ...........6
Portfolio Turnover ......................6
Fund Management .........................6
Portfolio Manager .......................6
Share Price .............................7
Taxes ...................................7
Dividends And Capital Gain Distributions.7
Voting Rights ...........................7
Share Classes............................7
Financial Highlights.....................8

No dealer, salesperson, or any other person has been authorized to give any information or to make any representations other than those contained in this Prospectus, and you should not rely on such other information or representations.

The Securities and Exchange Commission has not approved or disapproved the shares of this Fund. Likewise, the Commission has not determined if this Prospectus is truthful or complete. Anyone who tells you otherwise is committing a federal crime.

AIM VARIABLE INSURANCE FUNDS

[LOGO]

Your goals. Our solutions./SM/ AIM INVESTMENTS/SM/

A I M Advisors, Inc. ("AIM" or "Advisor") is the investment advisor for the Fund and INVESCO Institutional (N.A.), Inc. ("INVESCO Institutional"), is the sub-advisor for the Fund. Prior to April 30, 2004, the Fund was a series portfolio of INVESCO Variable Investment Funds, Inc., a Maryland corporation (the "Company"). On April 30, 2004, the Fund became a series portfolio of AIM Variable Insurance Funds, a Delaware statutory trust. Prior to April 30, 2004, INVESCO Funds Group, Inc. ("INVESCO") served as the investment advisor for the series portfolio of the Company. INVESCO Institutional is an affiliate of INVESCO.

The Fund is used solely as an investment vehicle for variable annuity or variable life insurance contracts issued by certain life insurance companies. You cannot purchase shares of the Fund directly. As an owner of a variable annuity or variable life insurance contract that offers the Fund as an investment option, however, you may allocate your contract values to a separate account of the insurance company that invests in shares of the Fund.

Your variable annuity or variable life insurance contract is offered through its own prospectus, which contains information about that contract, including how to purchase the contract and how to allocate contract values to the Fund.

[GRAPHIC]  Investment Goals & Strategies

[GRAPHIC]  Potential Investment Risks

[GRAPHIC]  Past Performance

[GRAPHIC] Investment Goals, Strategies, And Risks

FOR MORE DETAILS ABOUT The Fund seeks capital growth. It also seeks THE FUND'S CURRENT current income. The Fund is actively managed. The INVESTMENTS AND MARKET Fund invests primarily in equity securities that OUTLOOK, PLEASE SEE THE the Advisor believes will rise in price faster MOST RECENT ANNUAL OR than other securities, as well as in options and SEMIANNUAL REPORT other instruments whose values are based upon the values of equity securities.

The Fund normally invests at least 80% of its net assets in the equity securities and equity-related instru-ments of companies engaged in utilities-related industries. These include, but are not limited to, compa-nies that produce, generate, transmit, or distribute natural gas or electricity, as well as companies that provide telecommunications services, including local, long distance, and wireless. At any given time, 20%
of the Fund's assets is not required to be invested in the sector. To determine whether a potential investment is truly doing business in a particular sector, a company must meet at least one of the following tests:
. At least 50% of its gross income or its net sales must come from activities in the utilities sector;
. At least 50% of its assets must be devoted to producing revenues from the utilities sector; or
. Based on other available information, we determine that its primary business is within the utilities sector.

The Advisor uses a "bottom up" investment approach to create the Fund's investment portfolio, focusing on company fundamentals and growth prospects when selecting securities. In general, the Fund emphasizes companies that the Advisor believes are strongly managed and will generate above-average long-term capital appreciation.

As a sector fund, the portfolio is concentrated in a comparatively narrow segment of the economy. This means the Fund's investment concentration in a sector is higher than most mutual funds and the broad securities markets. Consequently, the Fund tends to be more volatile than other mutual funds, and the value of its portfolio investments and consequently the value of an investment in the Fund tend to go up and down more rapidly.

Governmental regulation, difficulties in obtaining adequate financing and investment return, environmental issues, prices of fuel for generation of electricity, availability of natural gas, risks associated with power marketing and trading, and risks associated with nuclear power facilities may adversely affect the market value of the Fund's holdings. The recent trend towards deregulation in the utility industries presents special risks. Some companies may be faced with increased competition and may become less profitable.

Normally, the Advisor seeks to keep the portfolio divided among the electric utilities, natural gas, and telecommunications industries. Weightings within the various industry segments are continually monitored, and the Advisor adjusts the portfolio weightings depending on the prevailing economic conditions.

The Fund is subject to other principal risks such as potential conflicts, market, foreign securities, liquidity, derivatives, options and futures, counterparty, lack of timely information, and portfolio turnover risks. These risks are described and discussed later in the Prospectus under the headings "Investment Risks" and "Principal Risks Associated With The Fund." An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. As with any mutual fund, there is always a risk that an investment in the Fund may lose money.

[GRAPHIC] Fund Performance

The bar chart below shows the Fund's Series I shares actual yearly performance (commonly known as its "total return") for the years ended December 31 since inception. The table below shows average annual total returns for various periods ended December 31, 2003 for the Fund's Series I shares compared to the S&P 500 Index. The information in the chart and table illustrates the variability of the Fund's total returns and how its performance compared to a broad measure of market performance. Remember, past performance does not indicate how the Fund will perform in the future.

The Fund's returns are net of its expenses, but do not reflect the additional fees and expenses of your variable annuity or variable life insurance contract. If those contract fees and expenses were included, the returns would be less than those shown.

                                    [CHART]

 '96     '97     '98     '99      '00     '01       '02       '03
------  ------  ------  ------   -----  --------  --------   ------
12.76%  23.41%  25.48%  19.13%   5.28%  (32.41%)  (20.32%)
-------------------------------------------------------------------

Best Calendar Qtr. [12/98] [17.18%]
Worst Calendar Qtr. [9/01] [(21.60%)]

-------------------------------------------------------------------
                                      AVERAGE ANNUAL TOTAL RETURN
                                    FOR THE PERIODS ENDED 12/31/03
-------------------------------------------------------------------
                                    1 YEAR  5 YEAR  SINCE INCEPTION
VIF -- Utilities Fund (Series I) 1  (    %) (    %)        % 2
S&P 500 Index 3                     (    %) (    %)        % 2

1 For periods prior to April 30, 2004, performance shown relates to a predecessor fund advised by INVESCO. Total return figures include reinvested dividends and capital gain distributions and the effect of the Fund's expenses.
2 The Fund commenced investment operations on January 3, 1995. Index comparisons begin on December 31, 1994.
3 The S&P 500 Index is an unmanaged index considered representative of the performance of the broad U.S. stock market. Please keep in mind that the index does not pay brokerage, management or administrative expenses, all of which are paid by the Fund and are reflected in its annual return.

Fee Table and Expense Example

Financial Highlights

The financial highlights table is intended to help you understand the financial performance of the Fund's Series I shares for the past five years. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the annual percentages that an investor would have earned (or lost) on an investment in a share of the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by [Fund's auditor], independent accountants, whose report, along with the financial statements, is included in the Fund's 2003 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information. This Report is available without charge by contacting ADI at the address or telephone number on the back cover of this Prospectus.

                                              YEAR ENDED DECEMBER 31
----------------------------------------------------------------------------
                                       2003   2002     2001    2000    1999
PER SHARE DATA
Net Asset Value -- Beginning of Period       $14.08   $21.06   $20.97 $17.78
----------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS              0.19     0.00     0.17   0.22
Net Investment Income (a)
Net Gains or (Losses) on Securities
 (Both Realized and Unrealized)               (3.05)   (6.83)    0.87   3.17
----------------------------------------------------------------------------
Total from Investment Operations              (2.86)   (6.83)    1.04   3.39
----------------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income           0.06     0.07     0.03   0.20
Distributions from Capital Gains               0.00     0.08     0.92   0.00
----------------------------------------------------------------------------
Total Distributions                            0.06     0.15     0.95   0.20
----------------------------------------------------------------------------
Net Asset Value -- End of Period             $11.16   $14.08   $21.06 $20.97
============================================================================

TOTAL RETURN (b)                            (20.32%) (32.41%)   5.28% 19.13%

RATIOS
Net Assets -- End of Period
 ($000 Omitted)                             $31,204  $20,947  $12,300 $9,137
Ratio of Expenses to Average
 Net Assets (c)(d)                            1.15%    1.15%    1.22%  1.20%
Ratio of Net Investment Income to
 Average Net Assets (d)                       2.59%    1.13%    0.94%  1.15%
Portfolio Turnover Rate                        102%      33%      50%    40%

(a) Net Investment Income aggregated less than $0.01 on a per share basis for the year ended December 31, 2001.
(b) Total Return does not reflect expenses that apply to the related insurance policies, and inclusion of these charges would reduce the total return figures for the periods shown.
(c) Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by INVESCO, which is before any expense offset arrangements (which may include custodian fees).
(d) Various expenses of the Fund were voluntarily absorbed by INVESCO for the years ended December 31, 2002, 2001, 2000, 1999, and 1998. If such expenses had not been voluntarily absorbed, ratio of expenses to average net assets would have been 1.18%, 1.37%, 1.41%, and 1.53%, 1.60%, respectively, and ratio of net investment income to average net assets would have been 2.56%, 0.91%, 0.75%, and 0.82%, 1.21%, respectively.

April 30, 2004

AIM VARIABLE INSURANCE FUNDS
INVESCO VIF -- UTILITIES FUND