AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS) (Form: N-CSR, Received: 02/26/2021 14:54:50)

Office of the Fund
11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Investment Adviser
Invesco Advisers, Inc. 1555

Peachtree Street, N.E.

Atlanta, GA 30309

Distributor
Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors
PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund
Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Counsel to the Independent Trustees
Goodwin Procter LLP

901 New York Avenue, N.W. Washington, D.C. 20001

Transfer Agent
Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173

Custodian
State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07452

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/20

Item 1.

Report to Stockholders.



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. American Franchise Fund

LOGO

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

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Invesco Distributors, Inc.

VK-VIAMFR-AR-1

Management’s Discussion of Fund Performance


Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. American Franchise Fund (the Fund) outperformed the Russell 1000 Growth Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	42.35	%
Series II Shares	41.99
S&P 500 Index^q(Broad Market Index)	18.40
Russell 1000 Growth Index^q(Style-Specific Index)	38.49
Lipper VUF Large-Cap Growth Funds Index^∎(Peer Group Index)	37.38

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though equity markets stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (the Fed) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Data for both manufacturing and services indicated expansion, a reversal from significant declines

earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner.

US equity markets posted gains in the fourth quarter, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising coronavirus infections nationwide. Cyclical sectors like energy and financials lead the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with estimates for employment gains and GDP growth down from the third quarter. However, stocks were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. Despite massive volatility and one of the worst bear markets in decades for the major stock indices in the US and globally, the S&P 500 Index returned 18.40% for the year.³

Given this landscape, the Fund produced a strong, double digit return and outperformed its style-specific benchmark, the Russell 1000 Growth Index, during the year. Performance was primarily driven by stock selection with the health care, industrials, communication services and materials sectors being key relative contributors. Market allocation also had a positive effect with an overweight in consumer discretionary and lack of real estate exposure proving beneficial to relative re-

turns. Conversely, an underweight exposure in information technology (IT) and stock selection in consumer discretionary were relative detractors.

Top individual contributors to the Fund’s absolute performance during the year included Farfetch, Amazon.com and Moderna.

We believe Farfetch is positioned toward becoming the dominant online luxury retail destination aggregating over 1,000 luxury sellers and offering over 3,000 luxury brands with over 6 million SKUs (stock-keeping units), which is 10 times more than its nearest online competitor.⁴ Farfetch has a new global partnership which allowed it to expand into the China market. We believe this strong position has enabled the company to outgrow the overall online luxury market and become the partner of choice for luxury vendors.

The COVID-19 event has accelerated some of the long-term shifts driven by technological changes and increased connectivity that we seek to capture. eCommerce platforms have seen substantial growth in demand from new users, as well as for the previously underpenetrated categories of food and consumables. An overweight allocation in Amazon was beneficial to both absolute and relative performance during the year.

We originally purchased Moderna in the summer of 2019 given its promising new messenger-RNA platform which uses genetic material to produce vaccines to provoke an immune response. Its speed of delivery and portability was an important part of our original investment thesis. Having the position and access to the company also gave us confidence around a vaccination timeline at the height of uncertainty in March and April. Moderna made a COVID-19 prototype at an all-time record pace. Also, we think it can pivot quickly to handle virus mutations. Moderna contributed to both absolute and relative performance during the year. Following material gains, the shares were sold given their rich valuation.

Top individual absolute detractors from Fund performance during the year included Royal Caribbean, Tyson Foods and Airbus.

Cruise line stocks like Royal Caribbean sold off deeply in the first quarter. Early in the year, we had kept exposure thinking COVID-19 might be contained within Asia, which is not yet a major cruising market. Once the virus appeared in Europe, the largest cruise destination market, we reduced exposure significantly and eventually phased out exposure completely as we believed their path to growth would be slow and uncertain.

Tyson Foods suffered during the year as almost one-third of its business supplies food to restaurants, which were forced to close in lockdowns and operate at reduced capacity once allowed to open back up. COVID-19 infections also caused major disruptions to Tyson Food’s meat processing plants, forcing closures and causing protein shortages. We

Invesco V.I. American Franchise Fund

significantly reduced our exposure throughout the year.

Going into the COVID-19 crisis, Airbus held what we believed to be an unparalleled position in aerospace with an order backlog, a competitor whose main product was deficient and grounded, as well as a strong balance sheet with plenty of liquidity. Global air travel was grounded to a halt this year and has yet to recover fully. We sold Airbus as it seems unlikely that struggling airlines will be able to purchase new aircrafts anytime soon.

Our fundamental bottom-up research led us to overweight exposures in communication services, consumer discretionary and financials at year end, relative to the Fund’s style-specific index. Within consumer discretionary, we were focused on technology-driven share shift, demographics and changing behaviors. Despite being a small position overall, the Fund was overweight in financials given the potential to benefit from economic recovery supported by the vaccine rollout. Underweight exposures included IT, real estate, consumer staples and health care. Within IT, semiconductors were the only overweight industry, given a current

preference for technology-driven companies within the communication services and consumer discretionary sectors. Within health care, we have a preference for life sciences & tools, the “arms dealers” in the biopharma complex, and health care equipment & supplies, with a focus on secular trends such as robotics and disruptive innovators.

At the close of the year, we continued to expect volatility as the global economy ebbs and flows between high COVID-19 infection rates with lockdowns and vaccinations supporting reopenings with a return to normalcy. Interest rates are likely to remain low by historic standards and economic growth is likely to remain muted on a full year basis, although we expect some quarters will benefit from easy comparisons versus the lockdowns of 2020. We believe this is a ripe environment for equities in general as pent up demand further propels the cyclical recovery. However, value industries lack pricing power in the face of globalization, overcapacity and increased efficiencies mostly due to technological changes. Therefore, we believe growth will continue to outperform. As ever, we believe change is the fuel for growth and we expect our positioning will be active within the unfolding vaccine-related opportunities to go back outside yet balanced with secular growers. We continue to seek to identify “share-takers,” companies that can gain market share through technology-enabled advantages in their business models and from disruptive shifts in enterprise and consumer behavior.

Thank you for your commitment to the Invesco V.I. American Franchise Fund and for sharing our long-term investment horizon.

1	Source: US Federal Reserve

2	Source: US Bureau of Economic Analysis

3	Source: Lipper Inc.

4	Source: Morningstar

Portfolio manager(s):

Ido Cohen

Erik Voss (Lead)

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. American Franchise Fund

Your Fund’s Long – Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (7/3/95)			11.02%
10 Years			15.32
5 Years			19.56
1 Year			42.35

Series II Shares
Inception (9/18/00)			4.72%
10 Years			15.03
5 Years			19.26
1 Year			41.99

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

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. American Franchise Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

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

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

Invesco V.I. American Franchise Fund

Supplemental Information

Invesco V.I. American Franchise Fund’s investment objective is to seek capital growth.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

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

∎

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

∎

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

∎

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

Invesco V.I. American Franchise Fund

Fund Information


Portfolio Composition
By sector		% of total net assets

Information Technology		33.09%

Consumer Discretionary		22.78

Communication Services		16.72

Health Care		11.98

Industrials		5.92

Financials		4.10

Consumer Staples		2.77

Other Sectors, Each Less than 2% of Net Assets		2.62

Money Market Funds Plus Other Assets Less Liabilities		0.02


Top 10 Equity Holdings*
% of total net assets

1. Amazon.com, Inc.		9.42%

2. Alphabet, Inc., Class A		4.78

3. Facebook, Inc., Class A		4.67

4. Microsoft Corp.		4.66

5. QUALCOMM, Inc.		3.56

6. Alibaba Group Holding Ltd., ADR		2.94

7. PayPal Holdings, Inc.		2.81

8. Apple, Inc.		2.80

9. Visa, Inc., Class A		2.74

10. Booking Holdings, Inc.		2.73

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. American Franchise Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–99.98%
Aerospace & Defense–0.64%
Textron, Inc.		109,671	$	5,300,399


Agricultural Products–0.12%
Darling Ingredients, Inc.^(b)		17,095		986,040


Application Software–7.13%
Adobe, Inc.^(b)		19,908		9,956,389

Paycom Software, Inc.^(b)		7,508		3,395,493

RingCentral, Inc., Class A^(b)		45,945		17,411,777

salesforce.com, inc.^(b)		54,726		12,178,177

Splunk, Inc.^(b)		18,826		3,198,349

Synopsys, Inc.^(b)		39,142		10,147,172

Unity Software, Inc.^(b)(c)		18,975		2,912,093

				59,199,450


Asset Management & Custody Banks–3.22%
Apollo Global Management, Inc.		258,349		12,653,934

KKR & Co., Inc., Class A		348,555		14,112,992

				26,766,926


Automotive Retail–0.30%
CarMax, Inc.^(b)		26,275		2,481,936


Biotechnology–1.86%
Alnylam Pharmaceuticals, Inc.^(b)		16,871		2,192,724

Argenx SE, ADR (Netherlands)^(b)		8,424		2,477,414

BeiGene Ltd., ADR (China)^(b)		16,363		4,228,035

C4 Therapeutics, Inc.^(b)		11,625		385,136

Ionis Pharmaceuticals, Inc.^(b)		38,815		2,194,600

Sarepta Therapeutics, Inc.^(b)		12,583		2,145,276

uniQure N.V. (Netherlands)^(b)		51,005		1,842,811

				15,465,996


Casinos & Gaming–0.74%
Penn National Gaming, Inc.^(b)		71,004		6,132,615


Construction Machinery & Heavy Trucks–0.12%
Nikola Corp.^(b)(c)		66,070		1,008,228


Consumer Electronics–1.43%
Sony Corp. (Japan)		117,900		11,854,100


Copper–1.25%
Freeport-McMoRan, Inc.		398,154		10,359,967


Data Processing & Outsourced Services–6.75%
FleetCor Technologies, Inc.^(b)		10,974		2,994,036

Mastercard, Inc., Class A		19,572		6,986,030

PayPal Holdings, Inc.^(b)		99,625		23,332,175

Visa, Inc., Class A		103,893		22,724,516

				56,036,757


Diversified Support Services–0.44%
Cintas Corp.		10,409		3,679,165


Environmental & Facilities Services–0.49%
GFL Environmental, Inc. (Canada)		138,451		4,040,000


	Shares		Value
Financial Exchanges & Data–0.18%
S&P Global, Inc.		4,571	$	1,502,625


Food Distributors–1.48%
US Foods Holding Corp.^(b)		369,577		12,310,610


Health Care Equipment–3.32%
Abbott Laboratories		20,499		2,244,436

DexCom, Inc.^(b)		5,688		2,102,967

Intuitive Surgical, Inc.^(b)		9,961		8,149,094

Teleflex, Inc.		17,469		7,189,716

Zimmer Biomet Holdings, Inc.		51,049		7,866,141

				27,552,354


Health Care Services–0.25%
Amedisys, Inc.^(b)		7,021		2,059,470


Health Care Supplies–0.45%
Align Technology, Inc.^(b)		4,002		2,138,589

West Pharmaceutical Services, Inc.		5,796		1,642,065

				3,780,654


Health Care Technology–0.28%
GoodRx Holdings, Inc., Class A^(b)(c)		46,817		1,888,598

Teladoc Health, Inc.^(b)		2,044		408,718

				2,297,316


Home Improvement Retail–2.20%
Lowe’s Cos., Inc.		113,572		18,229,442


Industrial Conglomerates–0.50%
Roper Technologies, Inc.		9,574		4,127,256


Industrial Gases–0.38%
Air Products and Chemicals, Inc.		11,591		3,166,893


Integrated Oil & Gas–0.62%
Occidental Petroleum Corp.		297,745		5,153,966


Interactive Home Entertainment–5.45%
Activision Blizzard, Inc.		210,260		19,522,641

Electronic Arts, Inc.		46,807		6,721,485

Nintendo Co. Ltd. (Japan)		25,000		15,954,730

Take-Two Interactive Software, Inc.^(b)		14,644		3,042,877

				45,241,733


Interactive Media & Services–10.06%
Alphabet, Inc., Class A^(b)		22,656		39,707,812

Facebook, Inc., Class A^(b)		141,786		38,730,264

ZoomInfo Technologies, Inc., Class A^(b)		105,361		5,081,561

				83,519,637


Internet & Direct Marketing Retail–18.12%
Alibaba Group Holding Ltd., ADR (China)^(b)		104,895		24,412,213

Amazon.com, Inc.^(b)		24,000		78,166,320

Booking Holdings, Inc.^(b)		10,184		22,682,518

DoorDash, Inc., Class A^(b)		15,595		2,226,186

Farfetch Ltd., Class A (United Kingdom)^(b)		244,904		15,627,324

HelloFresh SE (Germany)^(b)		94,788		7,325,035

				150,439,596

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

Invesco V.I. American Franchise Fund


	Shares		Value
Life & Health Insurance–0.70%
Athene Holding Ltd., Class A^(b)		133,965	$	5,779,250


Life Sciences Tools & Services–3.45%
10X Genomics, Inc., Class A^(b)		19,682		2,786,971

Avantor, Inc.^(b)		387,143		10,898,075

IQVIA Holdings, Inc.^(b)		66,052		11,834,537

Thermo Fisher Scientific, Inc.		6,751		3,144,481

				28,664,064


Managed Health Care–1.14%
UnitedHealth Group, Inc.		27,126		9,512,546


Movies & Entertainment–1.20%
Netflix, Inc.^(b)		11,541		6,240,565

Walt Disney Co. (The)^(b)		20,742		3,758,035

				9,998,600


Oil & Gas Equipment & Services–0.09%
Baker Hughes Co., Class A		34,804		725,663


Packaged Foods & Meats–0.17%
Tyson Foods, Inc., Class A		22,242		1,433,274


Pharmaceuticals–1.22%
Reata Pharmaceuticals, Inc., Class A^(b)		63,291		7,824,033

Zoetis, Inc.		13,859		2,293,665

				10,117,698


Railroads–0.35%
Union Pacific Corp.		14,086		2,932,987


Research & Consulting Services–0.91%
CoStar Group, Inc.^(b)		8,177		7,557,838


Semiconductor Equipment–3.06%
Applied Materials, Inc.		237,143		20,465,441

ASML Holding N.V., New York Shares (Netherlands)		10,103		4,927,435

				25,392,876


Semiconductors–5.51%
Monolithic Power Systems, Inc.		7,247		2,654,069

NVIDIA Corp.		25,933		13,542,213

QUALCOMM, Inc.		193,816		29,525,929

				45,722,211


Specialty Chemicals–0.28%
Sherwin-Williams Co. (The)		3,138		2,306,148


Systems Software–7.85%
Microsoft Corp.		173,969		38,694,185


	Shares		Value
Systems Software–(continued)
Palo Alto Networks, Inc.^(b)		40,765	$	14,487,473

ServiceNow, Inc.^(b)		21,769		11,982,311

				65,163,969


Technology Hardware, Storage & Peripherals–2.80%
Apple, Inc.		174,979		23,217,963


Tobacco–1.00%
Philip Morris International, Inc.		100,172		8,293,240


Trading Companies & Distributors–1.49%
Fastenal Co.		83,119		4,058,701

United Rentals, Inc.^(b)		35,856		8,315,365

				12,374,066


Trucking–0.98%
Knight-Swift Transportation Holdings, Inc.		39,822		1,665,356

Lyft, Inc., Class A^(b)		104,252		5,121,901

Uber Technologies, Inc.^(b)		26,381		1,345,431

				8,132,688

Total Common Stocks & Other Equity Interests (Cost $350,694,180)				830,018,212


Money Market Funds–0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		339,535		339,535

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(d)(e)		241,078		241,150

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		388,040		388,040

Total Money Market Funds (Cost $968,725)				968,725

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $351,662,905)				830,986,937

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.67%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		2,232,586		2,232,586

Invesco Private Prime Fund, 0.12%^(d)(e)(f)		3,347,874		3,348,878

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,581,464)				5,581,464

TOTAL INVESTMENTS IN SECURITIES–100.77% (Cost $357,244,369)				836,568,401

OTHER ASSETS LESS LIABILITIES–(0.77)%				(6,426,496	)

NET ASSETS–100.00%			$	830,141,905

Investment Abbreviations:

ADR – American Depositary Receipt

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

Invesco V.I. American Franchise Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2020.

^(d)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2020.


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value December 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$293,529		$ 40,524,411		$(40,478,405)			$-		$-			$339,535		$3,936

Invesco Liquid Assets Portfolio, Institutional Class		209,582		29,131,423		(29,098,113	)		-		(1,742	)		241,150		4,580

Invesco Treasury Portfolio, Institutional Class		335,461		46,313,613		(46,261,034	)		-		-			388,040		4,059
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Government & Agency Portfolio, Institutional Class		-		5,182,077		(5,182,077	)		-		-			-		270	*

Invesco Liquid Assets Portfolio, Institutional Class		-		969,176		(969,306	)		-		130			-		136	*

Invesco Private Government Fund		-		35,474,066		(33,241,480	)		-		-			2,232,586		455	*

Invesco Private Prime Fund		-		23,817,229		(20,468,498	)		-		147			3,348,878		1,320	*
Total		$838,572		$181,411,995		$(175,698,913)			$-		$(1,465)			$6,550,189		$14,756

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

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

Invesco V.I. American Franchise Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $350,694,180)*	$	830,018,212

Investments in affiliated money market funds, at value (Cost $6,550,189)		6,550,189

Foreign currencies, at value (Cost $185,524)		187,241

Receivable for:
Investments sold		2,279,177

Fund shares sold		246,995

Dividends		163,753

Investment for trustee deferred compensation and retirement plans		349,476

Total assets		839,795,043


Liabilities:
Payable for:
Investments purchased		1,478,559

Fund shares reacquired		1,264,651

Amount due custodian		513,096

Collateral upon return of securities loaned		5,581,464

Accrued fees to affiliates		384,716

Accrued other operating expenses		60,117

Trustee deferred compensation and retirement plans		370,535

Total liabilities		9,653,138

Net assets applicable to shares outstanding	$	830,141,905


Net assets consist of:
Shares of beneficial interest	$	258,745,972

Distributable earnings		571,395,933

	$	830,141,905


Net Assets:
Series I	$	611,333,514

Series II	$	218,808,391


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		6,861,441

Series II		2,595,234

Series I:
Net asset value per share	$	89.10

Series II:
Net asset value per share	$	84.31

*	At December 31, 2020, securities with an aggregate value of $5,297,335 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $53,688)	$	4,680,325

Dividends from affiliated money market funds (includes securities lending income of $21,380)		33,955

Total investment income		4,714,280


Expenses:
Advisory fees		4,628,535

Administrative services fees		1,149,195

Custodian fees		22,934

Distribution fees - Series II		439,996

Transfer agent fees		73,362

Trustees’ and officers’ fees and benefits		30,409

Reports to shareholders		10,355

Professional services fees		33,686

Other		5,651

Total expenses		6,394,123

Less: Fees waived		(2,549	)
Net expenses		6,391,574

Net investment income (loss)		(1,677,294	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		99,292,170

Affiliated investment securities		(1,465	)

Foreign currencies		10,065

	99,300,770

Change in net unrealized appreciation of: Unaffiliated investment securities		152,264,028
Foreign currencies		2,818

	152,266,846

Net realized and unrealized gain		251,567,616

Net increase in net assets resulting from operations	$	249,890,322

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

Invesco V.I. American Franchise Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income (loss)	$	(1,677,294	)	$	502,933

Net realized gain		99,300,770			54,063,192

Change in net unrealized appreciation		152,266,846			132,918,929

Net increase in net assets resulting from operations		249,890,322			187,485,054


Distributions to shareholders from distributable earnings:
Series I		(38,450,337	)		(64,492,029	)

Series II		(13,951,148	)		(21,911,152	)

Total distributions from distributable earnings		(52,401,485	)		(86,403,181	)


Share transactions–net:
Series I		(26,428,995	)		8,287,794

Series II		6,495,285			4,809,729

Net increase (decrease) in net assets resulting from share transactions		(19,933,710	)		13,097,523

Net increase in net assets		177,555,127			114,179,396


Net assets:
Beginning of year		652,586,778			538,407,382

End of year	$	830,141,905		$	652,586,778

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

Invesco V.I. American Franchise Fund

Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $512,534 and $175,998 for Series I and Series II shares, respectively.

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

Invesco V.I. American Franchise Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Invesco V.I. American Franchise Fund

returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

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

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

Invesco V.I. American Franchise Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $250 million		0.695%

Next $250 million		0.670%

Next $500 million		0.645%

Next $550 million		0.620%

Next $3.45 billion		0.600%

Next $250 million		0.595%

Next $2.25 billion		0.570%

Next $2.5 billion		0.545%

Over $10 billion		0.520%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.67%.

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

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

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2020, the Adviser waived advisory fees of $2,549.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $99,038 for accounting and fund administrative services and was reimbursed $1,050,157 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2020, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2020, the Fund incurred $2,102 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Invesco V.I. American Franchise Fund

market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -

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

Level 2 -

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

Level 3 -

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks & Other Equity Interests	$	794,884,347	$	35,133,865		$–	$	830,018,212

Money Market Funds		968,725		5,581,464		–		6,550,189

Total Investments	$	795,853,072	$	40,715,329		$–	$	836,568,401

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2020, the Fund engaged in securities purchases of $204,510.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	365,024	$	1,304,602

Long-term capital gain		52,036,461		85,098,579

Total distributions	$	52,401,485	$	86,403,181

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020
Undistributed ordinary income	$	19,502,461

Undistributed long-term capital gain		77,145,118

Net unrealized appreciation – investments		475,003,379

Net unrealized appreciation (depreciation) - foreign currencies		(199	)

Temporary book/tax differences		(254,826	)

Shares of beneficial interest		258,745,972

Total net assets	$	830,141,905

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and straddles.

Invesco V.I. American Franchise Fund

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $370,667,500 and $445,748,983, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	477,239,400

Aggregate unrealized (depreciation) of investments		(2,236,021	)

Net unrealized appreciation of investments	$	475,003,379

Cost of investments for tax purposes is $361,565,022.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and short term capital gains, on December 31, 2020, undistributed net investment income (loss) was increased by $1,655,530 and undistributed net realized gain was decreased by $1,655,530. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended December 31, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Series I		358,250		$	27,495,024			288,463		$	19,234,264

Series II		382,659			27,974,194			178,715			11,199,246


Issued as reinvestment of dividends:
Series I		473,119			38,450,334			1,061,073			64,492,029

Series II		181,325			13,951,148			378,562			21,911,152


Reacquired:
Series I		(1,272,230	)		(92,374,353	)		(1,137,749	)		(75,438,499	)

Series II		(507,251	)		(35,430,057	)		(445,184	)		(28,300,669	)

Net increase (decrease) in share activity		(384,128	)	$	(19,933,710	)		323,880		$	13,097,523

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

Effective April 30, 2021, the Fund’s sub-classification under the Investment Company Act of 1940 will change from “diversified” to “non-diversified” and a related fundamental investment restriction will be eliminated.

Invesco V.I. American Franchise Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. American Franchise Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. American Franchise Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

Invesco V.I. American Franchise Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2020 through December 31, 2020.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,275.60	$4.92	$1,020.81	$4.37	0.86%
Series II	1,000.00	1,273.80	6.34	1,019.56	5.63	1.11

The actual ending account value is based on the actual total return of the Fund for the period July 1, 2020 through December 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. American Franchise Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	52,036,461
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		99.92	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. American Franchise Fund

Trustees and Officers

The address of each trustee and officer is AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett - 1944 Trustee and Chair	1993	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	229	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	229	None

Invesco V.I. American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	229	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None

Invesco V.I. American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	229	Federal Reserve Bank of Dallas
Robert C. Troccoli - 1949 Trustee	2016	Retired	229	None
Daniel S. Vandivort -1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	229	ISO New England, Inc. (non-profit organization managing regional electricity market)

Invesco V.I. American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. American Franchise Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers—(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246.

Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Invesco V.I. American Franchise Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. American Value Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


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

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2020, Series I shares of Invesco V.I. American Value Fund (the Fund) underperformed the Russell Midcap Value Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.


Series I Shares	1.12	%
Series II Shares	0.86
S&P 500 Index^q(Broad Market Index)	18.40
Russell Midcap Value Index^q(Style-Specific Index)	4.96
Lipper VUF Mid Cap Value Funds Index^∎(Peer Group Index)	1.61
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

All but two sectors within the Russell Midcap Value Index had positive returns for the year. Materials was the best performing sector in the Russell Midcap Value Index posting a double-digit gain, while energy and real estate incurred losses.

Stock selection in the consumer discretionary sector was the largest detractor from the Fund’s return relative to the Russell Midcap Value Index, driven primarily by Norwegian Cruise Lines and Royal Caribbean. Shares of

both companies declined sharply following news of COVID-19 infections on cruise ships, and the industry was also hurt by the suspension of cruise travel that resulted from the virus outbreak. We believed the companies made prudent decisions with regard to their balance sheets and future opportunities in light of the pandemic related headwinds; however, we eliminated our position in both stocks given significant uncertainty about when travel activity would return to normal levels.

Security selection in the energy sector also detracted from relative performance as oil prices declined sharply due to an ongoing supply/demand imbalance, exacerbated by the sharp deceleration in demand due to COVID-19. The sector included several of the Fund’s largest detractors, Marathon Oil, Technip FMC and Noble Energy. Given headwinds facing the sector, we sold these positions during the year and redeployed the capital in more attractive opportunities in the energy space.

Security selection in the utilities sector was another detractor from relative returns, due primarily to FirstEnergy. Shares of the stock dropped sharply after the announcement of an investigation into bribery allegations connected to energy legislation in Ohio. FirstEnergy was not explicitly named but was presumed to be related to the events. Given the potential for prolonged uncertainty created by the investigation, we sold our position in the company.

Security selection and an overweight position in information technology (IT) was the largest contributor to the Fund’s relative performance, driven by strong performance from Ciena and KLA Corporation.Ciena released better than expected earnings results for the year, driven by higher revenue. In our view, the company has executed well in a challenging environment, with minimal supply chain disruption. KLA also reported solid results, beating revenue and earnings estimates. The company continues to benefit from improving demand, even amid an uncertain environment. We sold our position in KLA as our investment thesis had largely been realized. We maintained our position in Ciena at end of the year.

Given declines in real estate during the year, the Fund’s lack of exposure to some of the weaker REITs in the sector also benefited returns relative to the Russell Mid Cap Value Index.

Stock selection in financials also benefited the Fund’s relative return. Within the sector, strong individual contributors included Ally Financial, an auto and mortgage finance company, and Ares Management, and asset management firm. A strong rebound in auto lending following the initial downturn in March and April boosted Ally’s earnings during the year. Ares has benefited from the low interest rate environment as intuitional investors

Invesco V.I. American Value Fund

sought higher yielding investment alternatives. Both companies were new purchases during the year, and we maintained our positions at year end.

During the year, we reduced the Fund’s exposures to the financials, consumer discretionary and energy sectors and increased exposures to the industrials, utilities, health care and communication services sectors. At year end, the Fund’s largest overweight allocations relative to the Russell Mid Cap Value index were in financials, health care and consumer staples sectors, while the largest underweight allocations were in the industrials, real estate and communication services sectors.

Market volatility increased during the year given the significant economic impact of the COVID-19 pandemic. While coronavirus vaccines should provide a measure of stability, we believe equity markets may experience continued volatility due to the leadership transition in Washington and an uneven economic recovery. We believe market volatility creates opportunities to invest in companies with attractive valuations and strong fundamentals. We believe that ultimately those valuations and fundamentals will be reflected in those companies’ stock prices.

As always, we are committed to working to achieve positive returns for the Fund’s shareholders through an entire market cycle.

Thank you for your continued investment in the Invesco V.I. American Value Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Jeffrey Vancavage

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. American Value Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (1/2/97)	9.04	%
10 Years	8.32
5 Years	7.00
1 Year	1.12

Series II Shares
Inception (5/5/03)	9.27	%
10 Years	8.07
5 Years	6.73
1 Year	0.86

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

Invesco V.I. American Value Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. American Value Fund

Supplemental Information

Invesco V.I. American Value Fund’s investment objective is long-term capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

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

Invesco V.I. American Value Fund

Fund Information

Portfolio Composition


By sector		% of total net assets
Financials		20.86%
Industrials		13.73
Consumer Discretionary		11.49
Information Technology		10.45
Health Care		9.17
Real Estate		7.35
Utilities		7.30
Materials		6.53
Consumer Staples		4.59
Energy		4.13
Communication Services		2.63
Money Market Funds Plus Other Assets Less Liabilities		1.77

Top 10 Equity Holdings*


		% of total net assets
1.	Science Applications International Corp.	3.14%
2.	Ciena Corp.	2.90
3.	Tapestry, Inc.	2.84
4.	Johnson Controls International PLC	2.66
5.	Ally Financial, Inc.	2.59
6.	Kirby Corp.	2.54
7.	Encompass Health Corp.	2.52
8.	Knight-Swift Transportation Holdings, Inc.	2.48
9.	W.R. Grace & Co.	2.47
10.	Arthur J. Gallagher & Co.	2.37

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. American Value Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–98.23%

Agricultural & Farm Machinery–2.23%

AGCO Corp.		52,254	$	5,386,865

Apparel, Accessories & Luxury Goods–2.84%

Tapestry, Inc.		219,867		6,833,466

Asset Management & Custody Banks–1.19%

Ares Management Corp., Class A		61,187		2,878,848

Automotive Retail–1.87%

Advance Auto Parts, Inc.		28,686		4,518,332

Broadcasting–1.39%

Nexstar Media Group, Inc., Class A		30,629		3,344,381

Building Products–4.65%
Johnson Controls International PLC		137,329		6,398,158
Owens Corning		63,394		4,802,730
				11,200,888

Communications Equipment–2.90%

Ciena Corp.^(b)		132,462		7,000,617

Consumer Finance–2.59%

Ally Financial, Inc.		175,314		6,251,697

Copper–1.83%

Freeport-McMoRan, Inc.		169,248		4,403,833

Data Processing & Outsourced Services–1.30%

Sabre Corp.		259,818		3,123,012

Distributors–2.24%

LKQ Corp.^(b)		152,890		5,387,844

Diversified Chemicals–2.24%

Eastman Chemical Co.		53,866		5,401,682

Electric Utilities–7.31%

Edison International		72,442		4,550,807

Entergy Corp.		48,454		4,837,647

Evergy, Inc.		90,161		5,004,837

Exelon Corp.		76,229		3,218,388

				17,611,679

Electronic Equipment & Instruments–3.11%

Keysight Technologies, Inc.^(b)		16,214		2,141,707

Vontier Corp.^(b)		160,567		5,362,938

				7,504,645

Food Distributors–2.21%

Performance Food Group Co.^(b)		112,126		5,338,319

Food Retail–2.37%

Casey’s General Stores, Inc.		13,303		2,376,182

Kroger Co. (The)		105,206		3,341,342

				5,717,524

General Merchandise Stores–2.17%

Dollar Tree, Inc.^(b)		48,508		5,240,804


	Shares		Value

Health Care Distributors–1.67%

Henry Schein, Inc.^(b)		60,144	$	4,021,228

Health Care Facilities–2.52%

Encompass Health Corp.		73,595		6,085,571

Health Care Technology–2.87%

Cerner Corp.		35,103		2,754,883
HMS Holdings Corp.^(b)		113,486		4,170,611
				6,925,494

Hotels, Resorts & Cruise Lines–2.37%

Wyndham Hotels & Resorts, Inc.		96,073		5,710,579

Industrial Machinery–1.83%

Kennametal, Inc.		121,475		4,402,254

Industrial REITs–1.86%

First Industrial Realty Trust, Inc.		106,308		4,478,756

Insurance Brokers–3.91%

Arthur J. Gallagher & Co.		46,240		5,720,350
Willis Towers Watson PLC		17,582		3,704,176
				9,424,526

Interactive Home Entertainment–1.24%

Take-Two Interactive Software, Inc.^(b)		14,393		2,990,721

Investment Banking & Brokerage–1.64%

Stifel Financial Corp.		78,435		3,957,830

IT Consulting & Other Services–3.14%

Science Applications International Corp.		80,027		7,573,755

Life & Health Insurance–1.93%

Athene Holding Ltd., Class A^(b)		108,092		4,663,089

Managed Health Care–2.10%

Centene Corp.^(b)		84,417		5,067,553

Marine–2.54%

Kirby Corp.^(b)		118,355		6,134,340

Oil & Gas Exploration & Production–4.13%

Devon Energy Corp.		275,977		4,363,197
Parsley Energy, Inc., Class A		393,271		5,584,448
				9,947,645

Other Diversified Financial Services–2.33%

Voya Financial, Inc.		95,551		5,619,354

Regional Banks–7.26%
KeyCorp		269,086		4,415,701
TCF Financial Corp.		131,319		4,861,429
Wintrust Financial Corp.		65,008		3,971,339
Zions Bancorporation N.A.		97,720		4,244,957
				17,493,426

Residential REITs–3.68%

American Homes 4 Rent, Class A		146,768		4,403,040
UDR, Inc.		115,951		4,455,997
				8,859,037

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

Invesco V.I. American Value Fund


	Shares		Value
Specialized REITs–1.82%

Life Storage, Inc.		36,703	$	4,381,971

Specialty Chemicals–2.47%

W.R. Grace & Co.		108,469		5,946,271

Trucking–2.48%

Knight-Swift Transportation Holdings, Inc.		142,772		5,970,725
Total Common Stocks & Other Equity Interests (Cost $170,514,668)				236,798,561

Money Market Funds–2.02%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		1,623,654		1,623,654


	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		1,390,273	$	1,390,691

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		1,855,604		1,855,604

Total Money Market Funds (Cost $4,869,152)				4,869,949

TOTAL INVESTMENTS IN SECURITIES-100.25% (Cost $175,383,820)				241,668,510

OTHER ASSETS LESS LIABILITIES–(0.25)%				(595,862	)

NET ASSETS–100.00%			$	241,072,648

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value December 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$2,646,182		$ 36,898,887		$ (37,921,415)			$ -		$ -		$1,623,654		$7,783
Invesco Liquid Assets Portfolio, Institutional Class		2,085,220		26,390,658		(27,086,725	)		831		707		1,390,691		9,540
Invesco Treasury Portfolio, Institutional Class		3,024,207		42,170,157		(43,338,760	)		-		-		1,855,604		8,387
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		9,489,618		(9,489,618	)		-		-		-		155	*
Invesco Private Prime Fund		-		1,118,647		(1,118,826	)		-		179		-		76	*
Total		$7,755,609		$116,067,967		$(118,955,344	)		$831		$886		$4,869,949		$25,941

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

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

Invesco V.I. American Value Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:

Investments in securities, at value (Cost $170,514,668)	$	236,798,561


Investments in affiliated money market funds, at value (Cost $4,869,152)		4,869,949

Receivable for:
Investments sold		604,869

Fund shares sold		52,143

Dividends		208,594

Investment for trustee deferred compensation and retirement plans		65,775

Total assets		242,599,891


Liabilities:

Payable for:
Fund shares reacquired		971,809

Amount due custodian		295,567

Accrued fees to affiliates		138,936

Accrued other operating expenses		46,513

Trustee deferred compensation and retirement plans		74,418

Total liabilities		1,527,243

Net assets applicable to shares outstanding	$	241,072,648


Net assets consist of:

Shares of beneficial interest	$	193,035,164

Distributable earnings		48,037,484

	$	241,072,648


Net Assets:
Series I	$	73,098,232

Series II	$	167,974,416


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,626,444

Series II		10,753,314

Series I:
Net asset value per share	$	15.80

Series II:
Net asset value per share	$	15.62

Statement of Operations

For the year ended December 31, 2020


Investment income:

Dividends	$	4,078,982

Dividends from affiliated money market funds (includes securities lending income of $1,462)		27,173

Total investment income		4,106,155


Expenses:

Advisory fees		1,768,389

Administrative services fees		403,606

Custodian fees		12,124

Distribution fees - Series II		441,903

Transfer agent fees		25,091

Trustees’ and officers’ fees and benefits		23,956

Reports to shareholders		9,571

Professional services fees		35,739

Other		3,343

Total expenses		2,723,722

Less: Fees waived		(6,975	)

Net expenses		2,716,747

Net investment income		1,389,408


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(9,456,701	)

Affiliated investment securities		886

		(9,455,815	)

Change in net unrealized appreciation of:
Unaffiliated investment securities		3,359,012

Affiliated investment securities		831

		3,359,843

Net realized and unrealized gain (loss)		(6,095,972	)

Net increase (decrease) in net assets resulting from operations	$	(4,706,564	)

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

Invesco V.I. American Value Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:

Net investment income	$	1,389,408		$	1,733,036

Net realized gain (loss)		(9,455,815	)		(3,087,063	)

Change in net unrealized appreciation		3,359,843			59,462,462

Net increase (decrease) in net assets resulting from operations		(4,706,564	)		58,108,435


Distributions to shareholders from distributable earnings:

Series I		(1,301,570	)		(6,549,244	)

Series II		(3,011,200	)		(16,801,199	)

Total distributions from distributable earnings		(4,312,770	)		(23,350,443	)


Share transactions–net:

Series I		(10,241,455	)		(4,634,059	)

Series II		(58,356,016	)		42,039,405

Net increase (decrease) in net assets resulting from share transactions		(68,597,471	)		37,405,346

Net increase (decrease) in net assets		(77,616,805	)		72,163,338


Net assets:

Beginning of year		318,689,453			246,526,115

End of year	$	241,072,648		$	318,689,453

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

Invesco V.I. American Value Fund

Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $68,848 and $176,761 for Series I and Series II shares, respectively.

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

Invesco V.I. American Value Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. American Value Fund

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $1 billion		0.720%

Over $1 billion		0.650%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.72%.

Invesco V.I. American Value Fund

For the year ended December 31, 2020, the Adviser waived advisory fees of $6,975.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $35,366 for accounting and fund administrative services and was reimbursed $368,240 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $4,369 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 –

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

Level 2 –

Level 3 –

As of December 31, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

Invesco V.I. American Value Fund

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	1,822,784	$	2,371,325

Long-term capital gain		2,489,986		20,979,118

Total distributions	$	4,312,770	$	23,350,443

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	1,149,908

Net unrealized appreciation – investments		56,417,614

Temporary book/tax differences		(52,449	)

Capital loss carryforward		(9,477,589	)

Shares of beneficial interest		193,035,164

Total net assets	$	241,072,648

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


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

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

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $141,150,602 and $209,117,243, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	56,809,256

Aggregate unrealized (depreciation) of investments		(391,642	)

Net unrealized appreciation of investments	$	56,417,614

Cost of investments for tax purposes is $185,250,896.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of real estate investment trust distributions, on December 31, 2020, undistributed net investment income was decreased by $101,163 and undistributed net realized gain (loss) was increased by $101,163. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 9–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019

	Shares		Amount		Shares		Amount

Sold:
Series I		1,298,052	$	17,013,794		160,277	$	2,482,112

Series II		3,049,679		38,448,474		7,353,290		115,776,084


Issued as reinvestment of dividends:
Series I		94,316		1,301,570		444,318		6,549,244

Series II		220,601		3,011,200		1,152,345		16,801,199

Invesco V.I. American Value Fund


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount

Reacquired:
Series I		(2,091,708	)	$	(28,556,819	)		(867,811	)	$	(13,665,415	)

Series II		(7,374,909	)		(99,815,690	)		(5,973,505	)		(90,537,878	)

Net increase (decrease) in share activity		(4,803,969	)	$	(68,597,471	)		2,268,914		$	37,405,346

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

NOTE 11–Subsequent Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco V.I. Value Opportunities Fund (the “Target Fund”) in exchange for shares of the Fund.

The Agreement requires approval of the Target Fund’s shareholders and will be submitted to the Target Fund shareholders for their consideration at a meeting to be held in or around April 2021. The reorganization is expected to be consummated shortly thereafter. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations.

Invesco V.I. American Value Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. American Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. American Value Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. American Value Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,263.60	$5.35	$1,020.41	$4.77	0.94%
Series II	1,000.00	1,261.90	6.77	1,019.15	6.04	1.19

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. American Value Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,489,986
Corporate Dividends Received Deduction*		100.00	%
Qualified Dividend Income*		0.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. American Value Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹ - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. American Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. American Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. American Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. American Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. American Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. American Value Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Invesco V.I. American Value Fund



		Annual Report to Shareholders		December 31, 2020
		Invesco V.I. Balanced-Risk Allocation Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIIBRA-AR-1

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2020, Series I shares of Invesco V.I. Balanced-Risk Allocation Fund (the Fund) underperformed the Custom Invesco V.I. Balanced-Risk Allocation Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.



Series I Shares	10.22	%

Series II Shares	9.99
MSCI World Index^q(Broad Market Index)	15.90
Custom Invesco V.I. Balanced-Risk Allocation Index^∎(Style-Specific Index)	13.72
Lipper VUF Absolute Return Funds Classification Average^◆(Peer Group)	-7.27

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

Market conditions and your Fund

For the year ended December 31, 2020, the Fund reported positive absolute performance as all three of the asset classes in which the Fund invests (stocks, bonds and commodities) contributed to Fund performance. The Fund invests in derivatives, such as swaps and futures, which, depending upon the type of derivative and its purpose, are generally expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic allocation portion of the investment process involves first selecting representative assets for each asset class (equities, fixed income and commodities) from a universe of more than 50 investments. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our equity, fixed income and commodity allocations. In the third step of the investment process, using a systematic approach based on fundamental principles, the portfolio management team analyzes the asset classes and investments, considering the following factors: valuation, economic environment and historic price movements. Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try and take advantage of short-term market dynamics.

The Fund’s strategic exposure to developed government bond markets, obtained through the use of futures, contributed to results for the year with all markets in which the Fund was invested delivering positive returns. Yields broadly fell over the course of the year on central bank assurances that rates will be held at exceptionally low levels for the foreseeable future. Canadian bonds led results as the Bank of Canada cut rates to 0.25%¹ and began weekly asset purchases of Canadian government and corporate bonds at the onset of the recovery. US Treasuries also contributed to performance as the Federal Reserve cut interest rates to zero² and, like Canada, implemented expanded asset purchases of government and corporate bonds. Australian bonds gained as the Reserve Bank of Australia announced an expansion of the

term funding facility to approximately $200 billion Australia dollars at a fixed rate of 25 basis points for three years in order to keep funding costs low and bolster the supply of credit to lenders.³ UK Gilts also aided results as the Bank of England (BoE) cut interest rates from 0.75% to 0.10%⁴ and provided loans directly to businesses. The UK was hit harder by the Coronavirus (“COVID-19”) pandemic than many other developed regions with multiple strict lockdowns leading the BoE to announce in November that it would further boost government bond purchases and would support negative interest rates if necessary. Germany and Japan were absent from the portfolio throughout the year due to the portfolio’s yield skew adjustments. Tactical positioning in bonds benefited from overweight exposure relative to the strategic positioning during the February-March 2020 sell-off.

The Fund’s strategic exposure to developed market equities, obtained through the use of swaps and futures, contributed to Fund performance for the year. The magnitude of recovery varied across regions, largely depending on sector exposure. US equities were the top contributor due primarily to the high allocation to technology and low energy exposure. US small-cap equities outperformed large-caps due to the late year rally in risky assets as increasing rates of growth and inflation was a good environment for small company stocks. Japanese equities were also a top contributor as investors cheered the election of Yoshihide Suga to the post of prime minister, replacing Shinzo Abe who retired for health reasons. A Suga administration is widely believed to be an extension of the Abe government, thus removing fears of Abe’s policies being reversed. European equities posted subdued, but positive, performance after a second wave of infections reversed the recovery. European markets remain suppressed as lockdown measures remained more restricted while the scale of their fiscal and monetary response also lagged China and the US. UK equities were the sole market to deliver negative returns. The UK was slow

to contain the first and second wave of the COVID-19 and implemented extensive lockdowns too late, causing the economy to suffer more relative to other countries. The uncertainty around Brexit further compounded losses. The Fund’s tactical positioning in equities contributed to Fund performance and also provided gains as overweights during the second half of the year proved timely.

The Fund’s strategic exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, also added to Fund performance for the year despite commodity indexes declining. Energy was the sole complex to finish the year negative. The Fund’s diversification within commodities and lower energy exposure helped buffer the losses. Commodities struggled to recover compared to stocks and bonds because prices are based on the current environment, whereas stocks and bonds are priced by discounting future cash flows. Performance across complexes was not uniform as evidenced by gold hitting all-time highs and crude reaching all-time lows, even dipping into negative territory for a brief period. Agriculture was the largest contributor to Fund performance with gains concentrated in grains (soymeal and soybeans) and softs, most notably cotton. The primary catalysts for the broad-based increase in prices included a weakening US dollar and improved demand from China along with some challenges in growing conditions. Precious metals were another top contributor with silver outpacing gold. Seen as a store of value, gold began to rise as economic growth slowed in 2019 and surged to a record high in August 2020 on a combination of a weakening US dollar, central bank promises of “lower for longer” policy rates and investor concerns of monetary debasement. Silver benefited for similar reasons along with its crossover use as an industrial metal. Industrial metals prices rose on increased manufacturing activity and demand resulting from projects related to fiscal stimulus. Exposure to energy detracted from Fund performance due to a combination of falling demand caused by COVID-19 containment efforts and rising supply triggered by an oil price war between Saudi Arabia and Russia. The Fund’s tactical positioning in commodities benefited from our underweight exposure for the majority of the year and overweight exposure during the fourth quarter.

Please note that our strategy is principally implemented with derivative instruments that include futures, commodity-linked notes and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Invesco V.I. Balanced-Risk Allocation Fund

Thank you for your continued investment in Invesco V.I. Balanced-Risk Allocation Fund.

1 Source: Bank of Canada

2 Source: US Federal Reserve

3 Source: Reserve Bank of Australia

4 Source: Bank of England

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Balanced-Risk Allocation Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.

Due to changes within the Lipper VUF Absolute Return Funds Classification Average, certain components do not have 10 years of

historical data. As such, the benchmark has not been included within the chart above.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (1/23/09)	8.37	%
10 Years	6.39
5 Years	7.87
1 Year	10.22

Series II Shares
Inception (1/23/09)	8.09	%
10 Years	6.12
5 Years	7.62
1 Year	9.99

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be

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

Invesco V.I. Balanced-Risk Allocation Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Balanced-Risk Allocation Fund

Supplemental Information

Invesco V.I. Balanced-Risk Allocation Fund’s investment objective is total return with a low to moderate correlation to traditional financial market indices.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎

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

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of December 31, 2020


Asset Class	Target Risk Contribution*			Notional Asset Weights**
Equities		43.74	%		42.29	%
Fixed Income		20.75			58.49
Commodities		35.51			36.40
Total		100.00	%		137.18	%

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

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

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

December 31, 2020


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-11.10%^(a)
U.S. Treasury Bills-11.10%
U.S. Treasury Bills		0.16%		01/07/2021	$	42,000	$ 41,998,908
U.S. Treasury Bills		0.11%		02/25/2021		43,800	43,792,438
U.S. Treasury Bills		0.09%		06/03/2021		11,500	11,496,514
U.S. Treasury Bills		0.08%		06/10/2021		11,500	11,496,352
Total U.S. Treasury Securities (Cost $108,782,801)							108,784,212

			Expiration Date
Commodity-Linked Securities-3.20%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)^(b)(c)				10/25/2021		7,800	11,586,481
Cargill, Inc., Commodity-Linked Notes, one mo. USD LIBOR minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)^(b)(c)				04/21/2021		11,180	19,825,869
Total Commodity-Linked Securities (Cost $18,980,000)							31,412,350

					Shares
Money Market Funds-78.23%^(d)
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)						217,347,590	217,347,590
Invesco Government Money Market Fund, Cash Reserve Shares, 0.01%^(e)						66,946,656	66,946,656
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%^(e)						88,804,736	88,804,736
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.07%^(e)						59,779,663	59,779,663
Invesco Treasury Obligations Portfolio, Institutional Class, 0.01%^(e)						171,324,067	171,324,067
Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)						146,283,230	146,283,230
Invesco V.I. Government Money Market Fund, Series I, 0.01%^(e)						16,640,310	16,640,310
Total Money Market Funds (Cost $767,126,252)							767,126,252
TOTAL INVESTMENTS IN SECURITIES-92.53% (Cost $894,889,053)							907,322,814
OTHER ASSETS LESS LIABILITIES-7.47%							73,300,833
NET ASSETS-100.00%							$980,623,647

Investment Abbreviations:


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

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

Invesco V.I. Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $31,412,350, which represented 3.20% of the Fund’s Net Assets.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(e)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	229,550,075		$	269,940,826		$	(282,143,311	)		$	-		$	-		$	217,347,590		$	853,258
Invesco Government Money Market Fund, Cash Reserve Shares			82,795,364			58,165,411			(74,014,119	)			-			-			66,946,656			153,166
Invesco Premier U.S. Government Money Portfolio, Institutional Class			126,387,049			80,785,056			(118,367,369	)			-			-			88,804,736			396,121
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			67,396,463			342,286,446			(349,903,246	)			-			-			59,779,663			294,517
Invesco Treasury Obligations Portfolio, Institutional Class			171,324,067			-			-				-			-			171,324,067			664,318
Invesco Treasury Portfolio, Institutional Class			141,286,416			304,462,523			(299,465,709	)			-			-			146,283,230			529,048
Invesco V.I. Government Money Market Fund, Series I			16,640,310			-			-				-			-			16,640,310			43,575
Total		$	835,379,744		$	1,055,640,262		$	(1,123,893,754	)		$	-		$	-		$	767,126,252		$	2,934,003

Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Brent Crude		447		June-2021	$	22,953,450	$	1,662,568		$	1,662,568

Gasoline Reformulated Blendstock Oxygenate Blending		420		January-2021		24,874,164		1,168,593			1,168,593

New York Harbor Ultra-Low Sulfur Diesel		126		March-2021		7,859,149		578,329			578,329

Silver		250		March-2021		33,015,000		3,235,470			3,235,470

WTI Crude		232		June-2021		11,256,640		786,020			786,020

Subtotal								7,430,980			7,430,980

Equity Risk

E-Mini Russell 2000 Index		565		March-2021		55,788,100		1,686,998			1,686,998

E-Mini S&P 500 Index		289		March-2021		54,170,160		1,219,911			1,219,911

EURO STOXX 50 Index		1,495		March-2021		64,836,024		855,474			855,474

FTSE 100 Index		890		March-2021		78,136,260		(733,986	)		(733,986	)

Hang Seng Index		336		January-2021		58,985,121		1,739,281			1,739,281

Tokyo Stock Price Index		569		March-2021		99,439,301		1,686,027			1,686,027

Subtotal								6,453,705			6,453,705

Interest Rate Risk

Australia 10 Year Bonds		1,979		March-2021		224,630,409		930,705			930,705

Canada 10 Year Bonds		1,732		March-2021		202,876,267		727,481			727,481

Long Gilt		228		March-2021		42,260,041		489,401			489,401

U.S. Treasury Long Bonds		461		March-2021		79,839,438		(471,252	)		(471,252	)

Subtotal								1,676,335			1,676,335

Total Futures Contracts							$	15,561,020		$	15,561,020

^(a)	Futures contracts collateralized by $63,795,000 cash held with Goldman Sachs & Co., the futures commission merchant.

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

Invesco V.I. Balanced-Risk Allocation Fund


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

Counterparty	Pay/ Receive		Reference Entity^(c)	Fixed Rate		Payment Frequency	Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Barclays Bank PLC		Receive	Barclays Commodity Strategy 1745 Excess Return Index		0.45%	Monthly		44,000		November-2021	$	11,529,540	$–	$	868,837		$	868,837

Cargill, Inc.		Receive	Monthly Rebalance Commodity Excess Return Index		0.47	Monthly		31,700		February-2021		24,612,717	–		2,429,009			2,429,009

Cargill, Inc.		Receive	Single Commodity Index Excess Return		0.12	Monthly		13,900		December-2021		16,307,869	–		502,054			502,054

Goldman Sachs International		Receive	Goldman Sachs Commodity i-Select Strategy 1121		0.40	Monthly		313,500		December-2021		25,905,511	–		1,155,389			1,155,389

JPMorgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25	Monthly		55,200		April-2021		7,532,885	–		34,875			34,875

JPMorgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09	Monthly		102,000		October-2021		14,190,005	–		188,170			188,170

Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14	Monthly		81,500		June-2021		18,004,817	–		0			0

Merrill Lynch International		Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25	Monthly		2,350		September-2021		1,678,967	–		0			0

Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25	Monthly		86,500		November-2021		3,920,275	–		0			0

Subtotal													–		5,178,334			5,178,334

Equity Risk

Goldman Sachs International		Receive	Hang Seng Index Futures		–	Monthly		107		January-2021		18,189,401	–		590,724			590,724

Subtotal – Appreciation													–		5,769,058			5,769,058

Commodity Risk

Barclays Bank PLC		Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26	Monthly		32,000		November-2021		19,668,464	–		(39,581	)		(39,581	)

Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30	Monthly		208,500		April-2021		19,653,898	–		(13,427	)		(13,427	)

Macquarie Bank Ltd.		Receive	Macquarie Aluminium Dynamic Selection Index		0.30	Monthly		262,000		December-2021		12,194,711	–		(69,509	)		(69,509	)

Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30	Monthly		146,000		July-2021		13,375,326	–		(351,895	)		(351,895	)

Subtotal – Depreciation													–		(474,412	)		(474,412	)

Total – Total Return Swap Agreements													$–	$	5,294,646		$	5,294,646

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $5,071,596.

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

Reference Entity Components

Reference Entity

Underlying Components

Percentage

Canadian Imperial Bank of Commerce Custom 7

Agriculture Commodity Index


Long Futures Contracts
Coffee ‘C’	5.71	%
Corn	5.63
Cotton No. 2	22.87
Lean Hogs	0.57
Live Cattle	0.51
Soybean Meal	23.14
Soybean Oil	5.31
Soybeans	22.24
Sugar No. 11	7.29
Wheat	6.73
Total	100.00	%

Monthly Rebalance Commodity Excess Return Index


Long Futures Contracts
Coffee ’C’	5.71	%
Corn	5.63
Cotton No. 2	22.87
Lean Hogs	0.57
Live Cattle	0.51
Soybean Meal	23.14
Soybean Oil	5.31
Soybeans	22.24
Sugar No. 11	7.29
Wheat	6.73
Total	100.00	%

Barclays Commodity Strategy 1745 Excess Return Index


Long Futures Contracts
Coffee ’C’	5.71	%
Corn	5.63
Cotton No. 2	22.87
Lean Hogs	0.57
Live Cattle	0.51
Soybean Meal	23.14
Soybean Oil	5.31
Soybeans	22.24
Sugar No. 11	7.29
Wheat	6.73
Total	100.00	%

Single Commodity Index Excess Return


Long Futures Contracts
Gold	100.00	%

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

Invesco V.I. Balanced-Risk Allocation Fund

Reference Entity Components–(continued)

Reference Entity

Underlying Components

Percentage

Goldman Sachs Commodity i-Select Strategy 1121


Long Futures Contracts
Coffee ’C’	5.71	%
Corn	5.63
Cotton No. 2	22.87
Lean Hogs	0.57
Live Cattle	0.51
Soybean Meal	23.14
Soybean Oil	5.31
Soybeans	22.24
Sugar No. 11	7.29
Wheat	6.73
Total	100.00	%

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


Long Futures Contracts
Gas Oil	100.00	%

S&P GSCI Gold Index Excess Return


Long Futures Contracts
Gold	100.00	%

Merrill Lynch Gold Excess Return Index


Long Futures Contracts
Gold	100.00	%

MLCX Dynamic Enhanced Copper Excess Return Index


Long Futures Contracts
Copper	100.00	%

MLCX Natural Gas Annual Excess Return Index


Long Futures Contracts
Natural Gas	100.00	%

Barclays Commodity Strategy 1452 Excess Return Index


Long Futures Contracts
Copper	100.00	%

Canadian Imperial Bank of Commerce Dynamic Roll LME

Copper Excess Return Index 2


Long Futures Contracts
Copper	100.00	%

Macquarie Aluminium Dynamic Selection Index


Long Futures Contracts
Aluminum	100.00	%

S&P GSCI Aluminum Dynamic Roll Index Excess Return


Long Futures Contracts
Aluminum	100.00	%

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

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $127,762,801)		$140,196,562
Investments in affiliated money market funds, at value (Cost $767,126,252)		767,126,252
Other investments:
Swaps receivable – OTC		1,124,211
Unrealized appreciation on swap agreements – OTC		5,769,058
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		63,795,000
Cash collateral – OTC Derivatives		5,071,596
Foreign currencies, at value (Cost $1,438)		1,513
Receivable for:
Investments sold		6,740
Fund shares sold		866,499
Dividends		11,604
Investment for trustee deferred compensation and retirement plans		120,740
Total assets		984,089,775

Liabilities:
Other investments:
Variation margin payable - futures contracts		102,599
Swaps payable – OTC		335,414
Unrealized depreciation on swap agreements–OTC		474,412
Payable for:
Investments purchased		6,774
Fund shares reacquired		1,117,453
Amount due custodian		74,662
Accrued fees to affiliates		764,998
Accrued other operating expenses		453,935
Trustee deferred compensation and retirement plans		135,881
Total liabilities		3,466,128
Net assets applicable to shares outstanding		$980,623,647

Net assets consist of:
Shares of beneficial interest		$902,957,206
Distributable earnings		77,666,441
		$980,623,647

Net Assets:
Series I		$ 46,853,302
Series II		$933,770,345

Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,471,723
Series II		90,770,070
Series I:
Net asset value per share		$ 10.48
Series II:
Net asset value per share		$ 10.29

Consolidated Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends from affiliated money market funds	$	2,934,003

Interest		884,014

Total investment income		3,818,017


Expenses:
Advisory fees		8,629,571

Administrative services fees		1,541,058

Custodian fees		25,709

Distribution fees - Series II		2,234,751

Transfer agent fees		24,730

Trustees’ and officers’ fees and benefits		34,302

Reports to shareholders		9,896

Professional services fees		57,924

Other		7,165

Total expenses		12,565,106

Less: Fees waived		(4,140,286	)

Net expenses		8,424,820

Net investment income (loss)		(4,606,803	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(2,697,969	)

Foreign currencies		282,678

Futures contracts		34,459,890

Swap agreements		22,524,945

		54,569,544

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		11,694,438

Foreign currencies		(97,168	)

Futures contracts		20,386,389

Swap agreements		3,821,719

		35,805,378

Net realized and unrealized gain		90,374,922

Net increase in net assets resulting from operations	$	85,768,119

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

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income (loss)	$	(4,606,803	)	$	11,730,695

Net realized gain		54,569,544			128,339,153

Change in net unrealized appreciation		35,805,378			2,732,689

Net increase in net assets resulting from operations		85,768,119			142,802,537


Distributions to shareholders from distributable earnings:
Series I		(5,885,904	)		–

Series II		(113,684,097	)		–

Total distributions from distributable earnings		(119,570,001	)		–


Share transactions-net:
Series I		2,911,262			2,158,487

Series II		(10,389,997	)		(128,836,261	)

Net increase (decrease) in net assets resulting from share transactions		(7,478,735	)		(126,677,774	)

Net increase (decrease) in net assets		(41,280,617	)		16,124,763


Net assets:
Beginning of year		1,021,904,264			1,005,779,501

End of year	$	980,623,647		$	1,021,904,264

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

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $44,107 and $893,900 for Series I and Series II shares, respectively.

^(e)

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

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

Invesco V.I. Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

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

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

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

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

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

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

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

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

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Other Risks – The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities,

Invesco V.I. Balanced-Risk Allocation Fund

such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

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

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

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

P.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate

First $250 million		0.950%

Next $250 million		0.925%

Next $500 million		0.900%

Next $1.5 billion		0.875%

Next $2.5 billion		0.850%

Next $2.5 billion		0.825%

Next $2.5 billion		0.800%

Over $10 billion		0.775%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.92%.

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

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.15% and excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, the Adviser waived advisory fees of $4,140,286.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $134,962 for accounting and fund administrative services and was reimbursed $1,406,096 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Balanced-Risk Allocation Fund

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

Level 3 -

The following is a summary of the tiered valuation input levels, as of December 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total

Investments in Securities

U.S. Treasury Securities	$	–		$	108,784,212			$–	$	108,784,212

Commodity-Linked Securities		–			31,412,350			–		31,412,350

Money Market Funds		767,126,252			–			–		767,126,252

Total Investments in Securities		767,126,252			140,196,562			–		907,322,814


Other Investments - Assets*

Futures Contracts		16,766,258			–			–		16,766,258

Swap Agreements		–			5,769,058			–		5,769,058

		16,766,258			5,769,058			–		22,535,316


Other Investments - Liabilities*

Futures Contracts		(1,205,238	)		–			–		(1,205,238	)

Swap Agreements		–			(474,412	)		–		(474,412	)

		(1,205,238	)		(474,412	)		–		(1,679,650	)

Total Other Investments		15,561,020			5,294,646			–		20,855,666

Total Investments	$	782,687,272		$	145,491,208			$–	$	928,178,480

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
	Commodity			Equity			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	7,430,980		$	7,187,691		$	2,147,587		$	16,766,258

Unrealized appreciation on swap agreements – OTC		5,178,334			590,724			-			5,769,058

Total Derivative Assets		12,609,314			7,778,415			2,147,587			22,535,316

Derivatives not subject to master netting agreements		(7,430,980	)		(7,187,691	)		(2,147,587	)		(16,766,258	)

Total Derivative Assets subject to master netting agreements	$	5,178,334		$	590,724		$	-		$	5,769,058

Invesco V.I. Balanced-Risk Allocation Fund


	Value
	Commodity			Equity			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(733,986	)	$	(471,252	)	$	(1,205,238	)

Unrealized depreciation on swap agreements – OTC		(474,412	)		-			-			(474,412	)

Total Derivative Liabilities		(474,412	)		(733,986	)		(471,252	)		(1,679,650	)

Derivatives not subject to master netting agreements		-			733,986			471,252			1,205,238

Total Derivative Liabilities subject to master netting agreements	$	(474,412	)	$	-		$	-		$	(474,412	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.


	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount^(a)

Fund
Goldman Sachs International	$	590,724	$	(130,469	)	$	460,255			$-	$	-		$	460,255

Subtotal-Fund		590,724		(130,469	)		460,255			-		-			460,255

Subsidiary
Barclays Bank PLC		868,837		(44,289	)		824,548			-		(824,548	)		-

Canadian Imperial Bank of Commerce		-		(16,755	)		(16,755	)		-		16,755			-

Cargill, Inc.		2,931,063		(8,984	)		2,922,079			-		(2,750,000	)		172,079

Goldman Sachs International		1,155,389		(2,785	)		1,152,604			-		-			1,152,604

JPMorgan Chase Bank, N.A.		223,045		(849	)		222,196			-		-			222,196

Macquarie Bank Ltd.		-		(69,804	)		(69,804	)		-		69,804			-

Merrill Lynch International		1,124,211		(182,259	)		941,952			-		-			941,952

Morgan Stanley Capital Services LLC		-		(353,632	)		(353,632	)		-		260,000			(93,632	)

Subtotal-Subsidiary		6,302,545		(679,357	)		5,623,188			-		(3,227,989	)		2,395,199

Total	$	6,893,269	$	(809,826	)	$	6,083,443			$-	$	(3,227,989	)	$	2,855,454

^(a)	The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty.

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity			Equity		Interest
	Risk			Risk		Rate Risk		Total

Realized Gain (Loss):
Futures contracts	$	(8,300,730	)	$	9,869,856	$	32,890,764	$	34,459,890

Swap agreements		21,689,437			835,508		-		22,524,945

Change in Net Unrealized Appreciation:
Futures contracts		3,057,581			3,762,180		13,566,628		20,386,389

Swap agreements		3,230,995			590,724		-		3,821,719

Total	$	19,677,283		$	15,058,268	$	46,457,392	$	81,192,943

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


	Futures		Swap
	Contracts		Agreements

Average notional value	$	1,084,018,110	$	191,607,640

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Invesco V.I. Balanced-Risk Allocation Fund

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets


Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:
	2020		2019

Ordinary income*	$	89,338,290		$–

Long-term capital gain		30,231,711		–

Total distributions	$	119,570,001		$–

* Includes short-term capital gain distributions, if any.


Tax Components of Net Assets at Period-End:
	2020

Undistributed ordinary income	$	41,205,414

Undistributed long-term capital gain		18,480,023

Net unrealized appreciation – investments		18,107,984

Net unrealized appreciation (depreciation) - foreign currencies		(31,196	)

Temporary book/tax differences		(95,784	)

Shares of beneficial interest		902,957,206

Total net assets	$	980,623,647

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $18,980,000 and $17,545,113, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	19,787,634

Aggregate unrealized (depreciation) of investments		(1,679,650	)

Net unrealized appreciation of investments	$	18,107,984

Cost of investments for tax purposes is $910,070,496.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currencies, swap agreements and futures contracts, on December 31, 2020, undistributed net investment income (loss) was increased by $30,907,764 and undistributed net realized gain was decreased by $30,907,764. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

Invesco V.I. Balanced-Risk Allocation Fund

NOTE 10–Share Information


				Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Series I		379,236		$	3,960,734			479,777		$	4,939,090

Series II		3,857,886			39,526,525			4,284,767			43,466,506


Issued as reinvestment of dividends:
Series I		609,307			5,885,904			-			-

Series II		11,979,357			113,684,097			-			-


Reacquired:
Series I		(682,143	)		(6,935,376	)		(270,304	)		(2,780,603	)

Series II		(16,076,040	)		(163,600,619	)		(16,984,260	)		(172,302,767	)

Net increase (decrease) in share activity		67,603		$	(7,478,735	)		(12,490,020	)	$	(126,677,774	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

Invesco V.I. Balanced-Risk Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Balanced-Risk Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco V.I. Balanced-Risk Allocation Fund and its subsidiary (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related consolidated statement of operations for the year ended December 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes



	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,149.70	$3.67	$1,021.72	$3.46	0.68%
Series II	1,000.00	1,148.00	5.02	1,020.46	4.72	0.93

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Balanced-Risk Allocation Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	30,231,711
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.68	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Balanced-Risk Allocation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Balanced-Risk Allocation Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Comstock Fund

LOGO

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


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

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2020, Series I shares of Invesco V.I. Comstock Fund (the Fund) underperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.


Series I Shares	-0.85	%
Series II Shares	-1.09
S&P 500 Index^q(Broad Market Index)	18.40
Russell 1000 Value Index^q(Style-Specific Index)	2.80
Lipper VUF Large-Cap Value Funds Index^∎(Peer Group Index)	1.69
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

On the positive side, stock selection and an overweight within information technology was the largest contributor to Fund performance compared to the Russell 1000 Value Index, the Fund’s style-specific index, for the year. QUALCOMM and Microsoft were the largest contributors to the Fund’s performance. Large bellwether software and equipment technology companies benefited from increased demand as employees in most service sectors worked from home. Microsoft

beat earnings estimates in multiple quarters and provided strong guidance, as it has benefited from predictable growth in both its cloud business and Azure, as well as sustained demand for Office 365.

Strong security selection in the industrials sector was a key contributor to the Fund’s relative return. FedEx, a relatively new holding (purchased in the first quarter), was the largest individual contributor. We invested in FedEx based on its ability to charge higher prices amid a reduction in international air capacity, its lower cost structures resulting from a more efficient fleet and lower operating costs stemming from the integration of TNT Express, all of which we believe will contribute to an eventual recovery in profit margins.

A material underweight to real estate also benefited relative performance for the quarter. The real estate sector within the Russell 1000 Value Index declined more than 9% for the year.⁴

On the negative side, stock selection and a material overweight position in energy detracted the most from relative performance for the year as the sector was the worst performing sector within the Russell 1000 Value Index. Oil prices experienced an unprecedented “double black swan event” due to Saudi Arabia and Russia increasing supply to gain market share and global demand shocks from the COVID-19 virus. We believe COVID-19 implications should ease and business activity will resume, which should be supportive of demand. We continue to focus on balance sheets and debt levels for the energy holdings.

Within consumer discretionary, Carnival was a notable detractor as the cruise industry was hit particularly hard by the coronavirus outbreak, with cruises from the US canceled through spring of 2021. In early April, we exited the position because we believe cruise demand will be slower to recover than other areas within the consumer discretionary sector.

Stock selection in communication services also dampened relative performance. The Fund did not own Walt Disney, a large content provider and holding within the benchmark, and the stock rose over 25% for the year.⁴

Stock selection and material overweight exposure hindered relative performance within financials. The precipitous decline in interest rates during the first quarter of 2020, from already low levels, weighed heavily on the sector. Although financials have recovered significantly from their lows earlier in the year, large banks are trading at what we believe are extremely attractive valuations. We have invested in large banks based on sweeping changes such as improved balance sheets, lower leverage and solid capital positions.

We used currency forward contracts during the year for the purpose of hedging currency exposure of non-US-based companies held in

Invesco V.I. Comstock Fund

the Fund. Derivatives were used solely for the purpose of hedging. The use of currency forward contracts had a slight positive impact on the Fund’s performance relative to the Russell 1000 Value Index for the year.

At the end of the year, the Fund had a cyclical bias with overweight exposures to financial and energy companies. The Fund also was overweight technology stocks and healthcare. Conversely, the Fund was underweight real estate, utilities, communication services, consumer discretionary and consumer staples.

As we’ve seen a rotation towards value stocks towards the end of the year, we remain cautiously optimistic towards the longer-term outlook for the US and global economies. Though the distribution of coronavirus vaccines should provide a level of stability, we believe equity markets may experience continued volatility due to the leadership transition in Washington DC and rising COVID-19 infection rates.

Thank you for your investment in Invesco V.I. Comstock Fund and for sharing our long-term investment horizon.

1	Source: US Federal Reserve

2	Source: US Bureau of Economic Analysis

3	Source: Lipper Inc.

4	Source: FactSet Research Systems Inc.

Portfolio manager(s):

Devin Armstrong (Co-Lead)

Charles DyReyes

Kevin Holt (Co-Lead)

James Warwick

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Comstock Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (4/30/99)	6.85	%
10 Years	9.46
5 Years	8.57
1 Year	-0.85

Series II Shares
Inception (9/18/00)	6.82	%
10 Years	9.18
5 Years	8.30
1 Year	-1.09

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

Invesco V.I. Comstock Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Comstock Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

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

Invesco V.I. Comstock Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Financials		25.28	%
Health Care		14.95
Industrials		13.38
Information Technology		11.74
Energy		9.38
Consumer Staples		6.79
Materials		5.61
Consumer Discretionary		4.77
Communication Services		3.23
Utilities		2.81
Real Estate		1.34
Money Market Funds Plus Other Assets Less Liabilities		0.72

Top 10 Equity Holdings*


	% of total net assets
1. Citigroup, Inc.		4.14	%
2. Bank of America Corp.		3.69
3. Philip Morris International, Inc.		3.18
4. Anthem, Inc.		2.48
5. American International Group, Inc.		2.42
6. General Motors Co.		2.34
7. HCA Healthcare, Inc.		2.31
8. Morgan Stanley		2.30
9. Caterpillar, Inc.		2.13
10. QUALCOMM, Inc.		2.07

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Comstock Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–99.28%

Aerospace & Defense–1.59%

Textron, Inc.		436,577	$	21,099,766


Agricultural Products–0.53%

Archer-Daniels-Midland Co.		139,486		7,031,489


Air Freight & Logistics–1.69%

FedEx Corp.		86,106		22,354,840


Application Software–0.91%

CDK Global, Inc.		232,697		12,060,686


Asset Management & Custody Banks–2.57%

Bank of New York Mellon Corp. (The)		542,610		23,028,368

State Street Corp.		151,593		11,032,939

				34,061,307


Automobile Manufacturers–2.34%

General Motors Co.		743,838		30,973,414


Building Products–2.60%

Johnson Controls International PLC		477,382		22,241,227

Trane Technologies PLC		84,111		12,209,553

				34,450,780


Cable & Satellite–1.62%

Comcast Corp., Class A		410,282		21,498,777


Casinos & Gaming–0.73%

Las Vegas Sands Corp.		162,506		9,685,358


Communications Equipment–1.83%

Cisco Systems, Inc.		541,639		24,238,345


Construction Machinery & Heavy Trucks–2.13%

Caterpillar, Inc.		154,967		28,207,093


Consumer Finance–0.37%

Capital One Financial Corp.		49,377		4,880,916


Diversified Banks–11.08%

Bank of America Corp.		1,614,473		48,934,677

Citigroup, Inc.		891,284		54,956,571

JPMorgan Chase & Co.		166,756		21,189,685

Wells Fargo & Co.		727,313		21,950,306

				147,031,239


Electric Utilities–1.59%

Exelon Corp.		499,060		21,070,313


Electrical Components & Equipment–3.99%

Eaton Corp. PLC		223,976		26,908,477

Emerson Electric Co.		324,047		26,043,657

				52,952,134


Fertilizers & Agricultural Chemicals–3.03%

CF Industries Holdings, Inc.		496,542		19,221,141

Corteva, Inc.		541,116		20,952,011

				40,173,152


	Shares		Value

Health Care Distributors–2.25%

Henry Schein, Inc.^(b)		170,380	$	11,391,607

McKesson Corp.		105,791		18,399,171

				29,790,778


Health Care Facilities–3.09%

HCA Healthcare, Inc.		186,268		30,633,635

Universal Health Services, Inc., Class B		75,691		10,407,513

				41,041,148


Health Care Services–1.27%

CVS Health Corp.		247,566		16,908,758


Health Care Supplies–0.77%

DENTSPLY SIRONA, Inc.		196,002		10,262,665


Hotel & Resort REITs–0.84%

Host Hotels & Resorts, Inc.		761,602		11,142,237


Independent Power Producers & Energy Traders–1.22%

Vistra Corp.		822,010		16,160,717


Industrial Conglomerates–1.39%

General Electric Co.		1,703,963		18,402,800


Integrated Oil & Gas–2.96%

Chevron Corp.		288,312		24,347,948

Suncor Energy, Inc. (Canada)		886,432		14,874,329

				39,222,277


Integrated Telecommunication Services–1.21%

AT&T, Inc.		560,282		16,113,710


Internet & Direct Marketing Retail–1.71%

Booking Holdings, Inc.^(b)		6,667		14,849,209

eBay, Inc.		155,505		7,814,126

				22,663,335


Investment Banking & Brokerage–3.95%

Goldman Sachs Group, Inc. (The)		83,299		21,966,779

Morgan Stanley		445,000		30,495,850

				52,462,629


IT Consulting & Other Services–2.01%

Cognizant Technology Solutions Corp., Class A		325,357		26,663,006


Life & Health Insurance–1.03%

MetLife, Inc.		291,483		13,685,127


Managed Health Care–2.48%

Anthem, Inc.		102,452		32,896,313


Multi-line Insurance–2.42%

American International Group, Inc.		847,613		32,090,628


Oil & Gas Exploration & Production–6.42%

Canadian Natural Resources Ltd. (Canada)		531,399		12,770,442

ConocoPhillips		212,904		8,514,031

Devon Energy Corp.		857,850		13,562,608

Hess Corp.		348,572		18,401,116

Marathon Oil Corp.		2,069,877		13,806,079

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

Invesco V.I. Comstock Fund


	Shares		Value

Oil & Gas Exploration & Production–(continued)

Parsley Energy, Inc., Class A		763,419	$	10,840,550

Pioneer Natural Resources Co.		63,739		7,259,235

				85,154,061


Packaged Foods & Meats–1.53%

Kraft Heinz Co. (The)		305,781		10,598,369

Tyson Foods, Inc., Class A		151,274		9,748,097

				20,346,466


Paper Packaging–1.70%

International Paper Co.		453,484		22,547,225


Pharmaceuticals–5.08%

Bristol-Myers Squibb Co.		317,314		19,682,988

Johnson & Johnson		154,440		24,305,767

Sanofi, ADR (France)		482,322		23,436,026

				67,424,781


Property & Casualty Insurance–1.30%

Allstate Corp. (The)		157,235		17,284,844


Real Estate Services–0.50%

Jones Lang LaSalle, Inc.^(b)		44,589		6,615,670


Regional Banks–2.55%

Citizens Financial Group, Inc.		516,410		18,466,822

Fifth Third Bancorp		556,248		15,335,757

				33,802,579


Semiconductors–5.33%

Intel Corp.		418,263		20,837,863

NXP Semiconductors N.V. (Netherlands)		140,898		22,404,191


	Shares		Value

Semiconductors–(continued)

QUALCOMM, Inc.		180,210	$	27,453,191

				70,695,245


Specialty Chemicals–0.88%

DuPont de Nemours, Inc.		164,868		11,723,764


Systems Software–1.66%

Microsoft Corp.		99,221		22,068,735


Tobacco–4.73%

Altria Group, Inc.		502,655		20,608,855

Philip Morris International, Inc.		508,725		42,117,343

				62,726,198


Wireless Telecommunication Services–0.40%

Vodafone Group PLC (United Kingdom)		3,197,371		5,261,703

Total Common Stocks & Other Equity Interests (Cost $1,016,603,352)				1,316,927,008


Money Market Funds–2.45%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		11,190,529		11,190,529

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		8,568,151		8,570,721

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		12,789,175		12,789,175

Total Money Market Funds (Cost $32,547,088)				32,550,425

TOTAL INVESTMENTS IN SECURITIES–101.73% (Cost $1,049,150,440)				1,349,477,433

OTHER ASSETS LESS LIABILITIES–(1.73)%				(22,971,041	)

NET ASSETS–100.00%			$	1,326,506,392

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	21,797,514		$	104,378,222		$	(114,985,207	)		$	-		$	-			$	11,190,529		$	58,205
Invesco Liquid Assets Portfolio, Institutional Class			15,602,035			75,091,915			(82,132,288	)			3,336			5,723				8,570,721			61,906
Invesco Treasury Portfolio, Institutional Class			24,911,444			119,289,396			(131,411,665	)			-			-				12,789,175			62,925
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			-			18,534,173			(18,534,173	)			-			-				-			1,733*
Invesco Liquid Assets Portfolio, Institutional Class			-			5,397,578			(5,396,007	)			-			(1,571	)			-			1,122*
Invesco Private Government Fund			-			26,574,081			(26,574,081	)			-			-				-			180*
Invesco Private Prime Fund			-			14,887,430			(14,887,680	)			-			250				-			249*
Total		$	62,310,993		$	364,152,795		$	(393,921,101	)		$	3,336		$	4,402			$	32,550,425		$	186,320

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

Invesco V.I. Comstock Fund

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.


Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
01/07/2021	Deutsche Bank AG		EUR	227,083		USD	278,147		$ 715
01/07/2021	Deutsche Bank AG		USD	594,193		CAD	762,694		4,998
01/07/2021	Deutsche Bank AG		USD	249,358		EUR	206,318		2,705
01/07/2021	Deutsche Bank AG		USD	225,367		GBP	166,862		2,822
01/07/2021	Goldman Sachs International		USD	331,198		CAD	425,778		3,304
01/07/2021	Goldman Sachs International		USD	664,368		EUR	546,354		3,125
01/07/2021	Goldman Sachs International		USD	2,800,523		GBP	2,089,055		56,325
01/07/2021	Royal Bank of Canada		USD	391,631		GBP	290,391		5,488
Subtotal-Appreciation									79,482

Currency Risk
01/07/2021	Canadian Imperial Bank of Commerce		CAD	16,941,736		USD	13,068,506		(241,320	)
01/07/2021	Citibank N.A.		EUR	9,014,666		USD	10,814,161		(199,250	)
01/07/2021	Deutsche Bank AG		CAD	1,154,504		USD	901,885		(5,121	)
01/07/2021	Deutsche Bank AG		GBP	4,319,699		USD	5,762,953		(144,376	)
01/07/2021	Deutsche Bank AG		USD	332,528		CAD	423,151		(91	)
01/07/2021	Goldman Sachs International		GBP	108,906		USD	145,808		(3,124	)
01/07/2021	JP Morgan Chase Bank N.A.		CAD	562,620		USD	440,819		(1,188	)
01/07/2021	Royal Bank of Canada		CAD	1,176,967		USD	919,124		(5,529	)
01/07/2021	Royal Bank of Canada		GBP	87,922		USD	117,064		(3,172	)
01/07/2021	Royal Bank of Canada		USD	469,792		CAD	595,986		(1,572	)
01/07/2021	State Street Bank & Trust Co.		EUR	1,000,000		USD	1,199,597		(22,125	)
Subtotal-Depreciation									(626,868	)
Total Forward Foreign Currency Contracts									$(547,386	)

Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

Invesco V.I. Comstock Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:

Investments in securities, at value (Cost $1,016,603,352)	$	1,316,927,008
Investments in affiliated money market funds, at value (Cost $32,547,088)		32,550,425
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		79,482
Foreign currencies, at value (Cost $558)		563
Receivable for:
Fund shares sold		11,843
Dividends		2,303,293
Investment for trustee deferred compensation and retirement plans		227,783
Total assets		1,352,100,397

Liabilities:

Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		626,868
Payable for:
Fund shares reacquired		22,778,901
Amount due custodian		1,065,443
Accrued fees to affiliates		798,247
Accrued trustees’ and officers’ fees and benefits		948
Accrued other operating expenses		71,345
Trustee deferred compensation and retirement plans		252,253
Total liabilities		25,594,005
Net assets applicable to shares outstanding	$	1,326,506,392

Net assets consist of:

Shares of beneficial interest	$	1,092,224,972
Distributable earnings		234,281,420
	$	1,326,506,392

Net Assets:

Series I	$	181,593,535
Series II	$	1,144,912,857

Shares outstanding, no par value, with an unlimited number of shares authorized:

Series I		11,256,933
Series II		71,245,370
Series I:
Net asset value per share	$	16.13
Series II:
Net asset value per share	$	16.07

Statement of Operations

For the year ended December 31, 2020


Investment income:

Dividends (net of foreign withholding taxes of $426,406)	$	35,216,211

Dividends from affiliated money market funds (includes securities lending income of $105,298)		288,334

Total investment income		35,504,545


Expenses:

Advisory fees		6,773,146

Administrative services fees		1,948,941

Custodian fees		46,816

Distribution fees - Series II		2,559,688

Transfer agent fees		39,521

Trustees’ and officers’ fees and benefits		39,147

Reports to shareholders		14,003

Professional services fees		46,544

Other		16,523

Total expenses		11,484,329

Less: Fees waived		(44,917	)

Net expenses		11,439,412

Net investment income		24,065,133


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(85,239,842	)

Affiliated investment securities		4,402

Foreign currencies		17,364

Forward foreign currency contracts		(849,911	)

		(86,067,987	)

Change in net unrealized appreciation of:
Unaffiliated investment securities		48,701,100

Affiliated investment securities		3,336

Foreign currencies		4,617

Forward foreign currency contracts		1,042,263

		49,751,316

Net realized and unrealized gain (loss)		(36,316,671	)

Net increase (decrease) in net assets resulting from operations	$	(12,251,538	)

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

Invesco V.I. Comstock Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:

Net investment income	$	24,065,133		$	26,005,428

Net realized gain (loss)		(86,067,987	)		42,110,638

Change in net unrealized appreciation		49,751,316			238,104,732

Net increase (decrease) in net assets resulting from operations		(12,251,538	)		306,220,798


Distributions to shareholders from distributable earnings:

Series I		(8,343,228	)		(27,866,941	)

Series II		(50,127,365	)		(173,615,673	)

Total distributions from distributable earnings		(58,470,593	)		(201,482,614	)


Share transactions–net:

Series I		(6,729,781	)		(32,488,395	)

Series II		(35,671,961	)		54,630,220

Net increase (decrease) in net assets resulting from share transactions		(42,401,742	)		22,141,825

Net increase (decrease) in net assets		(113,123,873	)		126,880,009


Net assets:

Beginning of year		1,439,630,265			1,312,750,256

End of year	$	1,326,506,392		$	1,439,630,265

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

Invesco V.I. Comstock Fund

Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $162,151 and $1,023,875 for Series I and Series II shares, respectively.

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

Invesco V.I. Comstock Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Comstock Fund

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Comstock Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.57%.

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

For the year ended December 31, 2020, the Adviser waived advisory fees of $44,917.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $170,989 for accounting and fund administrative services and was reimbursed $1,777,952 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

For the year ended December 31, 2020, the Fund incurred $4,366 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 –

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

Level 2 –

Invesco V.I. Comstock Fund

Level 3 –


	Level 1		Level 2			Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	1,311,665,305	$	5,261,703			$–	$	1,316,927,008

Money Market Funds		32,550,425		–			–		32,550,425

Total Investments in Securities		1,344,215,730		5,261,703			–		1,349,477,433


Other Investments - Assets*

Forward Foreign Currency Contracts		–		79,482			–		79,482


Other Investments - Liabilities*

Forward Foreign Currency Contracts		–		(626,868	)		–		(626,868	)

Total Other Investments		–		(547,386	)		–		(547,386	)

Total Investments	$	1,344,215,730	$	4,714,317			$–	$	1,348,930,047

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
	Currency
Derivative Assets	Risk

Unrealized appreciation on forward foreign currency contracts outstanding		$ 79,482

Derivatives not subject to master netting agreements		-

Total Derivative Assets subject to master netting agreements		$ 79,482


	Value
	Currency
Derivative Liabilities	Risk

Unrealized depreciation on forward foreign currency contracts outstanding		$(626,868	)

Derivatives not subject to master netting agreements		-

Total Derivative Liabilities subject to master netting agreements		$(626,868	)

Invesco V.I. Comstock Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.


	Financial		Financial
	Derivative		Derivative				Collateral
	Assets		Liabilities				(Received)/Pledged
	Forward Foreign		Forward Foreign	Net Value of					Net
Counterparty	Currency Contracts		Currency Contracts	Derivatives			Non-Cash	Cash	Amount

Canadian Imperial Bank of Commerce		$ –	$(241,320)		$(241,320	)	$–	$–		$(241,320	)

Citibank N.A.		–	(199,250)		(199,250	)	–	–		(199,250	)

Deutsche Bank AG		11,240	(149,588)		(138,348	)	–	–		(138,348	)

Goldman Sachs International		62,754	(3,124)		59,630		–	–		59,630

JP Morgan Chase Bank N.A.		–	(1,188)		(1,188	)	–	–		(1,188	)

Royal Bank of Canada		5,488	(10,273)		(4,785	)	–	–		(4,785	)

State Street Bank & Trust Co.		–	(22,125)		(22,125	)	–	–		(22,125	)

Total		$79,482	$(626,868)		$(547,386	)	$–	$–		$(547,386	)

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk

Realized Gain (Loss):
Forward foreign currency contracts		$ (849,911)

Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,042,263

Total		$ 192,352

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


		Forward
		Foreign Currency
		Contracts
Average notional value		$53,874,584

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020	2019
Ordinary income*	$26,325,878	$ 35,243,443
Long-term capital gain	32,144,715	166,239,171
Total distributions	$58,470,593	$201,482,614

*	Includes short-term capital gain distributions, if any.

Invesco V.I. Comstock Fund

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income		$ 24,230,463

Net unrealized appreciation – investments		278,676,888

Net unrealized appreciation - foreign currencies		10,634

Temporary book/tax differences		(177,385	)

Capital loss carryforward		(68,459,180	)

Shares of beneficial interest		1,092,224,972

Total net assets		$1,326,506,392

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


Capital Loss Carryforward*

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

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $438,959,150 and $473,849,962, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	329,815,880

Aggregate unrealized (depreciation) of investments		(51,138,992	)

Net unrealized appreciation of investments	$	278,676,888

Cost of investments for tax purposes is $1,070,253,159.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, fair fund GAAP adjustments and distribution redesignation, on December 31, 2020, undistributed net investment income was increased by $17,837 and undistributed net realized gain (loss) was decreased by $17,837. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019

	Shares		Amount		Shares		Amount

Sold:
Series I		1,063,167	$	14,212,924		531,077	$	9,046,219

Series II		9,025,347		114,751,533		6,503,571		116,600,521


Issued as reinvestment of dividends:
Series I		599,370		8,343,228		1,776,096		27,866,941

Series II		3,614,085		50,127,365		11,100,746		173,615,673

Invesco V.I. Comstock Fund


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount
Reacquired:
Series I		(2,029,930	)	$	(29,285,933	)		(3,961,633	)	$	(69,401,555	)

Series II		(13,940,262	)		(200,550,859	)		(13,487,073	)		(235,585,974	)

Net increase (decrease) in share activity		(1,668,223	)	$	(42,401,742	)		2,462,784		$	22,141,825

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 68% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Comstock Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Comstock Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Comstock Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Comstock Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,248.30	$4.24	$1,021.37	$3.81	0.75%
Series II	1,000.00	1,246.60	5.65	1,020.11	5.08	1.00

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Comstock Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	32,144,715
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Comstock Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Comstock Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Comstock Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Comstock Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Comstock Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Comstock Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Comstock Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Comstock Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Core Equity Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VICEQ-AR-1

Management’s Discussion of Fund Performance


Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Core Equity Fund (the Fund) underperformed the Russell 1000 Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	13.85	%
Series II Shares	13.57
S&P 500 Index^q (Broad Market Index)	18.40
Russell 1000 Index^q (Style-Specific Index)	20.96
Lipper VUF Large-Cap Core Funds Index^∎ (Peer Group Index)	13.94
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

During the year, stock selection in the real estate sector and a modest underweight to the utilities sector were the largest contributors to the Fund’s performance versus its style-specific benchmark, the Russell 1000 Index. This was offset by weaker stock selection in the information technology (IT), health care and energy sectors.

The largest individual contributors to the Fund’s performance relative to the style-specific benchmark during the year included

Microsoft, Amazon and QUALCOMM. Microsoft and Amazon were already benefiting from strong execution and various tailwinds that were accelerated due to the pandemic including the increased need and importance of technology to work from home. Microsoft has seen continued momentum for the company’s commercial cloud offerings while continuing to report strong revenue growth and operating margin expansion. Amazon continued to benefit from retail disruption in its e-commerce business, which drove market share gains in addition to the acceleration of digital transformation benefiting its AWS cloud services.

Qualcomm has reported solid business fundamentals and has been a beneficiary of 5G spending. Additionally, the company resolved its licensing dispute with Huawei and the FTC anti-competition ruling against Qualcomm was overturned on appeal.

The largest individual detractors from the Fund’s performance relative to the style-specific benchmark during the year included Suncor, Capital One Financial and Magellan Midstream. Suncor, an integrated energy company, and Magellan, which is primarily a refined products pipeline company, significantly underperformed along with the rest of the energy sector. The energy sector experienced significant negative returns despite the style-specific benchmark producing positive total returns during the year. We have exited our holding in Suncor.

Capital One Financial underperformed after the unemployment picture quickly deteriorated in March 2020 due to COVID-19-related concerns about consumers’ ability to make payments on their credit cards and other loans. Capital One Financial is generally considered the most exposed to the health of the consumer out of the larger US banks.

We continue to maintain our discipline around valuation and focus on companies which we believe have competitive advantages and skilled management teams that are out-executing peers. We believe this disciplined approach is essential to generating attractive long-term performance.

We thank you for your continued investment in Invesco V.I. Core Equity Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Manind (“Mani”) Govil (Lead)

Paul Larson

Benjamin Ram

Invesco V.I. Core Equity Fund

offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Core Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/2/94)	8.35	%
10 Years	9.55
5 Years	10.67
1 Year	13.85

Series II Shares
Inception (10/24/01)	7.17	%
10 Years	9.28
5 Years	10.40
1 Year	13.57

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

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

Invesco V.I. Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Perfor-

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

Invesco V.I. Core Equity Fund

Supplemental Information

Invesco V.I. Core Equity Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

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

Invesco V.I. Core Equity Fund

Fund Information


Portfolio Composition
By sector	% of total net assets

Information Technology		26.47%

Health Care		15.62

Consumer Discretionary		14.28

Financials		11.89

Industrials		9.42

Communication Services		8.56

Consumer Staples		6.43

Real Estate		2.45

Energy		2.23

Other Sectors, Each Less than 2% of Net Assets		2.49
Money Market Funds Plus Other Assets Less Liabilities		0.16

Top 10 Equity Holdings*


		% of total net assets
1.	Microsoft Corp.	7.93%
2.	Amazon.com, Inc.	6.30
3.	QUALCOMM, Inc.	3.78
4.	UnitedHealth Group, Inc.	3.43
5.	Facebook, Inc., Class A	3.36
6.	JPMorgan Chase & Co.	3.28
7.	Applied Materials, Inc.	2.82
8.	HCA Healthcare, Inc.	2.57
9.	Procter & Gamble Co. (The)	2.54
10.	Prologis, Inc.	2.45

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. * Excluding money market fund holdings, if any. Data presented here are as of December 31, 2020.

Invesco V.I. Core Equity Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–99.84%

Aerospace & Defense–1.56%
Lockheed Martin Corp.		33,615	$	11,932,653


Air Freight & Logistics–1.85%
C.H. Robinson Worldwide, Inc.		33,698		3,163,231

United Parcel Service, Inc., Class B		64,830		10,917,372

				14,080,603


Application Software–1.33%
Adobe, Inc.^(b)		8,475		4,238,517

Workday, Inc., Class A^(b)		24,635		5,902,792

				10,141,309


Automobile Manufacturers–0.76%
General Motors Co.		139,456		5,806,948


Automotive Retail–1.36%
CarMax, Inc.^(b)		51,687		4,882,354

O’Reilly Automotive, Inc.^(b)		12,141		5,494,652

				10,377,006


Biotechnology–0.36%
Neurocrine Biosciences, Inc.^(b)		28,469		2,728,754


Cable & Satellite–1.00%
Comcast Corp., Class A		145,881		7,644,164


Commodity Chemicals–0.53%
Valvoline, Inc.		173,243		4,008,843


Communications Equipment–1.27%
Motorola Solutions, Inc.		57,085		9,707,875


Construction Machinery & Heavy Trucks–0.84%
Caterpillar, Inc.		35,329		6,430,585


Construction Materials–0.81%
Vulcan Materials Co.		41,665		6,179,336


Consumer Finance–1.87%
Capital One Financial Corp.		144,062		14,240,529


Data Processing & Outsourced Services–3.26%
Fiserv, Inc.^(b)		100,813		11,478,568

Mastercard, Inc., Class A		37,538		13,398,814

				24,877,382


Distillers & Vintners–1.22%
Constellation Brands, Inc., Class A		42,355		9,277,863


Diversified Banks–3.28%
JPMorgan Chase & Co.		196,895		25,019,448


Electric Utilities–1.15%
Duke Energy Corp.		44,849		4,106,374

FirstEnergy Corp.		151,993		4,652,506

				8,758,880


Electrical Components & Equipment–0.86%
Hubbell, Inc.		12,040		1,887,752


	Shares		Value

Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.		18,510	$	4,642,493

				6,530,245


Environmental & Facilities Services–0.90%
Waste Connections, Inc.		67,128		6,885,319


Financial Exchanges & Data–2.02%
Intercontinental Exchange, Inc.		133,602		15,402,975


Food Distributors–1.02%
Sysco Corp.		104,817		7,783,710


General Merchandise Stores–1.27%
Target Corp.		54,782		9,670,667


Health Care Facilities–2.57%
HCA Healthcare, Inc.		119,300		19,620,078


Health Care Services–1.26%
CVS Health Corp.		140,488		9,595,330


Health Care Supplies–0.49%
Alcon, Inc. (Switzerland)^(b)		56,779		3,746,278


Home Improvement Retail–1.94%
Home Depot, Inc. (The)		55,665		14,785,737


Homebuilding–0.80%
D.R. Horton, Inc.		88,191		6,078,124


Hotels, Resorts & Cruise Lines–0.25%
Airbnb, Inc., Class A^(b)		13,035		1,913,538


Household Products–2.96%
Procter & Gamble Co. (The)		138,977		19,337,260

Reckitt Benckiser Group PLC (United Kingdom)		36,032		3,222,547

				22,559,807


Industrial Conglomerates–1.17%
Honeywell International, Inc.		41,921		8,916,597


Industrial Machinery–0.61%
Otis Worldwide Corp.		68,842		4,650,277


Industrial REITs–2.45%
Prologis, Inc.		187,728		18,708,973


Integrated Telecommunication Services–2.11%
Verizon Communications, Inc.		273,669		16,078,054


Interactive Home Entertainment–0.86%
Zynga, Inc., Class A^(b)		663,097		6,544,767


Interactive Media & Services–4.05%
Facebook, Inc., Class A^(b)		93,779		25,616,671

Snap, Inc., Class A^(b)		105,240		5,269,367

				30,886,038


Internet & Direct Marketing Retail–7.90%
Amazon.com, Inc.^(b)		14,742		48,013,662

Booking Holdings, Inc.^(b)		5,502		12,254,440

				60,268,102

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

Invesco V.I. Core Equity Fund


	Shares		Value

Internet Services & Infrastructure–0.16%
Snowflake, Inc., Class A^(b)		4,236	$	1,192,010


IT Consulting & Other Services–2.25%
Accenture PLC, Class A		46,378		12,114,397

Amdocs Ltd.		70,762		5,019,149

				17,133,546


Life Sciences Tools & Services–2.27%
Avantor, Inc.^(b)		139,063		3,914,623

Thermo Fisher Scientific, Inc.		28,684		13,360,434

				17,275,057


Managed Health Care–3.43%
UnitedHealth Group, Inc.		74,574		26,151,610


Movies & Entertainment–0.53%
Live Nation Entertainment, Inc.^(b)		26,608		1,955,156

Warner Music Group Corp., Class A		55,700		2,116,043

				4,071,199


Oil & Gas Exploration & Production–0.44%
Cabot Oil & Gas Corp.		204,154		3,323,627


Oil & Gas Refining & Marketing–0.62%
Valero Energy Corp.		83,785		4,739,717


Oil & Gas Storage & Transportation–1.17%
Magellan Midstream Partners L.P.		210,153		8,918,893


Other Diversified Financial Services–1.90%
Equitable Holdings, Inc.		565,471		14,470,403


Packaged Foods & Meats–1.23%
a2 Milk Co. Ltd. (The) (New Zealand)^(b)		107,413		948,878

Mondelez International, Inc., Class A		144,142		8,427,983

				9,376,861


Pharmaceuticals–5.24%
AstraZeneca PLC, ADR (United Kingdom)		293,378		14,665,966

Eli Lilly and Co.		64,511		10,892,038

Merck & Co., Inc.		175,974		14,394,673

				39,952,677


	Shares		Value

Property & Casualty Insurance–1.79%
Progressive Corp. (The)		137,999	$	13,645,341


Railroads–1.62%
Union Pacific Corp.		59,374		12,362,854


Semiconductor Equipment–2.82%
Applied Materials, Inc.		248,912		21,481,106


Semiconductors–5.60%
QUALCOMM, Inc.		188,887		28,775,045

Texas Instruments, Inc.		84,591		13,883,921

				42,658,966


Systems Software–7.93%
Microsoft Corp.		271,840		60,462,653


Technology Hardware, Storage & Peripherals–1.86%
Apple, Inc.		106,868		14,180,315


Thrifts & Mortgage Finance–1.04%
Rocket Cos., Inc., Class A^(b)		390,560		7,897,123

Total Common Stocks & Other Equity Interests (Cost $537,552,744)				761,130,752


Money Market Funds–0.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		1,101,539		1,101,539

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		786,502		786,738

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		1,258,901		1,258,901

Total Money Market Funds (Cost $3,147,202)				3,147,178

TOTAL INVESTMENTS IN SECURITIES–100.25% (Cost $540,699,946)				764,277,930

OTHER ASSETS LESS LIABILITIES–(0.25)%				(1,923,969	)

NET ASSETS–100.00%			$	762,353,961

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

Invesco V.I. Core Equity Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value December 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 7,673,323		$ 50,089,174		$(56,660,958	)		$ -		$ -		$1,101,539		$14,557

Invesco Liquid Assets Portfolio, Institutional Class		5,580,713		35,778,020		(40,575,004	)		(24)		3,033		786,738		16,031

Invesco Treasury Portfolio, Institutional Class		8,769,511		57,244,770		(64,755,380	)		-		-		1,258,901		15,368
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		-		33,470,871		(33,470,871	)		-		-		-		695	*

Invesco Private Prime Fund		-		16,863,555		(16,863,881	)		-		326		-		1,356	*
Total		$22,023,547		$193,446,390		$(212,326,094	)		$(24)		$3,359		$3,147,178		$48,007

^(d) The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

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

Invesco V.I. Core Equity Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:

Investments in securities, at value (Cost $537,552,744)	$	761,130,752

Investments in affiliated money market funds, at value (Cost $3,147,202)		3,147,178

Foreign currencies, at value (Cost $1,377)		1,518

Receivable for:
Investments sold		5,834,461

Fund shares sold		24,381

Dividends		382,458

Investment for trustee deferred compensation and retirement plans		446,952

Total assets		770,967,700


Liabilities:

Payable for:
Investments purchased		7,019,562

Fund shares reacquired		421,183

Amount due custodian		322,527

Accrued fees to affiliates		321,991

Accrued trustees’ and officers’ fees and benefits		288

Accrued other operating expenses		49,368

Trustee deferred compensation and retirement plans		478,820

Total liabilities		8,613,739

Net assets applicable to shares outstanding	$	762,353,961


Net assets consist of:

Shares of beneficial interest	$	513,258,987

Distributable earnings		249,094,974

	$	762,353,961


Net Assets:

Series I	$	740,344,545

Series II	$	22,009,416


Shares outstanding, no par value, with an unlimited number of shares authorized:

Series I		24,330,387

Series II		726,998

Series I:
Net asset value per share	$	30.43

Series II:
Net asset value per share	$	30.27

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $61,162)	$	12,933,685

Dividends from affiliated money market funds (includes securities lending income of $31,081)		77,037

Total investment income		13,010,722


Expenses:

Advisory fees		4,711,990

Administrative services fees		1,328,463

Custodian fees		14,937

Distribution fees - Series II		51,498

Transfer agent fees		54,296

Trustees’ and officers’ fees and benefits		31,735

Reports to shareholders		8,448

Professional services fees		51,448

Other		3,361

Total expenses		6,256,176

Less: Fees waived		(10,953	)

Net expenses		6,245,223

Net investment income		6,765,499


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $2,716,347)		22,554,894

Affiliated investment securities		3,359

Foreign currencies		(31,695	)

		22,526,558

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		62,301,243

Affiliated investment securities		(24	)

Foreign currencies		10,148

		62,311,367

Net realized and unrealized gain		84,837,925

Net increase in net assets resulting from operations	$	91,603,424

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

Invesco V.I. Core Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	6,765,499		$	9,700,451

Net realized gain		22,526,558			165,048,967

Change in net unrealized appreciation		62,311,367			53,502,474

Net increase in net assets resulting from operations		91,603,424			228,251,892


Distributions to shareholders from distributable earnings:
Series I		(165,580,119	)		(102,597,293	)

Series II		(4,892,160	)		(2,536,276	)

Total distributions from distributable earnings		(170,472,279	)		(105,133,569	)


Share transactions–net:
Series I		(38,886,728	)		(123,248,676	)

Series II		1,713,650			(504,539	)

Net increase (decrease) in net assets resulting from share transactions		(37,173,078	)		(123,753,215	)

Net increase (decrease) in net assets		(116,041,933	)		(634,892	)


Net assets:
Beginning of year		878,395,894			879,030,786

End of year	$	762,353,961		$	878,395,894

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

Invesco V.I. Core Equity Fund

Financial Highlights

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


																																				Ratio of			Ratio of
																																				expenses			expenses
							Net gains																													to average			to average net
							(losses)																													net assets			assets without			Ratio of net
	Net asset						on securities								Dividends				Distributions																	with fee waivers			fee waivers			investment
	value,			Net			(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			income
	beginning			investment			realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income^(a)			unrealized)				operations				income				gains				distributions				of period			return ^(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover ^(c)
Series I
Year ended 12/31/20		$	34.95		$	0.29		$	3.89			$	4.18			$	(0.48	)		$	(8.22	)		$	(8.70	)		$	30.43		13.85	%		$	740,345		0.81	%^(d)		0.81	%^(d)		0.89	%^(d)		50	%
Year ended 12/31/19			30.94			0.38			8.22				8.60				(0.35	)			(4.24	)			(4.59	)			34.95		28.97				855,744		0.78			0.78			1.08			82
Year ended 12/31/18			36.72			0.25			(3.29	)			(3.04	)			(0.34	)			(2.40	)			(2.74	)			30.94		(9.40	)			858,828		0.79			0.80			0.70			46
Year ended 12/31/17			34.58			0.27			4.21				4.48				(0.39	)			(1.95	)			(2.34	)			36.72		13.17				1,054,802		0.79			0.80			0.74			30
Year ended 12/31/16			33.84			0.39			3.07				3.46				(0.28	)			(2.44	)			(2.72	)			34.58		10.26				1,033,700		0.84			0.85			1.11			38
Series II
Year ended 12/31/20			34.81			0.21			3.85				4.06				(0.38	)			(8.22	)			(8.60	)			30.27		13.53				22,009		1.06	^(d)		1.06	^(d)		0.64	^(d)		50
Year ended 12/31/19			30.66			0.29			8.16				8.45				(0.06	)			(4.24	)			(4.30	)			34.81		28.66				22,652		1.03			1.03			0.83			82
Year ended 12/31/18			36.18			0.16			(3.28	)			(3.12	)			-				(2.40	)			(2.40	)			30.66		(9.61	)			20,203		1.04			1.05			0.45			46
Year ended 12/31/17			34.11			0.18			4.14				4.32				(0.30	)			(1.95	)			(2.25	)			36.18		12.87				189,982		1.04			1.05			0.49			30
Year ended 12/31/16			33.40			0.30			3.03				3.33				(0.18	)			(2.44	)			(2.62	)			34.11		10.02				179,596		1.09			1.10			0.86			38

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $743,899 and $20,599 for Series I and Series II shares, respectively.

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

Invesco V.I. Core Equity Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Core Equity Fund

and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Core Equity Fund

acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $250 million		0.650	%
Over $250 million		0.600	%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.62%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $10,953.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $108,851 for accounting and fund administrative services and was reimbursed $1,219,612 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $408 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

Level 3 -

Invesco V.I. Core Equity Fund


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$756,959,327		$4,171,425		$–	$761,130,752
Money Market Funds		3,147,178		–		–	3,147,178
Total Investments		$760,106,505		$4,171,425		$–	$764,277,930

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	18,701,208	$ 7,836,902
Long-term capital gain		151,771,071	97,296,667
Total distributions	$	170,472,279	$105,133,569

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	5,875,347

Undistributed long-term capital gain		20,644,362

Net unrealized appreciation – investments		224,264,394

Net unrealized appreciation - foreign currencies		1,918

Temporary book/tax differences		(1,691,047	)

Shares of beneficial interest		513,258,987

Total net assets	$	762,353,961

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

Invesco V.I. Core Equity Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $373,692,011 and $561,995,156, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	230,556,741

Aggregate unrealized (depreciation) of investments		(6,292,347	)

Net unrealized appreciation of investments	$	224,264,394

Cost of investments for tax purposes is $540,013,536.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and partnership reclass, on December 31, 2020, undistributed net investment income was decreased by $277,383, undistributed net realized gain was increased by $278,476 and shares of beneficial interest was decreased by $1,093. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount

Sold:

Series I		698,021		$	20,672,935			435,385		$	14,832,571

Series II		44,947			1,413,543			38,664			1,330,035


Issued as reinvestment of dividends:

Series I		5,857,096			165,580,119			3,165,606			102,597,293

Series II		173,851			4,892,160			78,522			2,536,276


Reacquired:

Series I		(6,708,456	)		(225,139,782	)		(6,876,372	)		(240,678,540	)

Series II		(142,565	)		(4,592,053	)		(125,341	)		(4,370,850	)

Net increase (decrease) in share activity		(77,106	)	$	(37,173,078	)		(3,283,536	)	$	(123,753,215	)

^(a)

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

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Core Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Core Equity Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,207.20	$4.60	$1,020.96	$4.22	0.83%
Series II	1,000.00	1,206.10	5.99	1,019.71	5.48	1.08

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Core Equity Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Qualified Dividend Income*		0.00	%
Long-Term Capital Gain Distributions	$	151,771,071
Corporate Dividends Received Deduction*		67.15	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Core Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Core Equity Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Core Plus Bond Fund

LOGO

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VICPB-AR-1

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2020, Series I shares of Invesco V.I. Core

Plus Bond Fund (the Fund) outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, the Fund’s broad market/style-specific benchmark.

Your Fund’s long-term performance appears later in this report.



Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	9.72	%
Series II Shares	9.33
Bloomberg Barclays U.S. Aggregate Bond Index^q(Broad Market/Style-Specific Index)	7.51
Lipper VUF Core Plus Bond Funds Index^∎(Peer Group Index)	8.72

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Fixed income markets began the year buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the US Federal Reserve (the Fed) took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25%.¹ The unemployment rate reached a peak of 14.7%² while real gross domestic product decreased at an annual rate of 31.4%³ in the second quarter of 2020.

Many economies received fiscal stimulus and very significant monetary stimulus due to the impact of COVID-19. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first half of the year. Consequently, some countries were able to achieve some success in controlling the spread and were able to slowly reopen their economies in the third quarter. With a potential vaccine in sight for the end of 2020 or early 2021 the broader bond market, both developed and emerging, ended the year in positive territory.

The 10-year US Treasury yield continued to decline at the start of the year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the year at 0.88%, 85 basis points lower than at the beginning of the year.⁴ (A basis point is one one-hundredth of a percentage point.)

US corporate markets posted gains in the fourth quarter, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement

over a fiscal stimulus package and sharply rising coronavirus infections nationwide. Cyclical sectors like energy and financials lead the way, while real estate and consumer staples lagged. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with estimates for employment gains and GDP growth down from the third quarter. However, bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 7.51% for the year.⁵ Strong performance for the Fund’s broad market/style-specific benchmark was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index – government-related, corporate, securitized and treasury – posted positive returns for the year.

The Fund, at NAV, generated positive returns for the year, and outperformed its broad market/style-specific benchmark. Overweight exposure to investment grade was the most notable contributor to the Fund’s relative performance. Underperformance from the securitized sector was driven by slightly wider credit spreads and weaker technicals due in part to declining overseas demand for the asset class stemming from heightened foreign currency hedging costs. Security selection in the technology and consumer cyclical sectors also contributed to the Fund’s relative performance during the year but was slightly offset by security selection within the high yield media and high yield airlines sectors.

Overweight exposure to and security selection in commercial mortgage-backed securities, particularly conduit and single borrower issues, contributed to the Fund’s performance relative to the broad market/style-specific index during the year. The Fund’s out-of-index exposure to US dollar-denominated emerging

market (EM) corporate debt during the year also contributed to the Fund’s relative performance. Out-of-index exposure, such as high yield, provided subtle gains despite concerns over global growth. Helping to support returns in high yield and US dollar-denominated EM corporate debt were very accommodative central bank policies.

The Fund’s allocation to cash holdings detracted from relative Fund performance, as intermediate and long duration assets rallied during the year as a result of lower Treasury rates.

The Fund benefited from incremental income earned from transactions in the highly liquid to-be-announced (TBA) market for agency mortgage-backed securities (MBS). Such transactions involve the Fund selling an MBS to a financial institution, with an agreement to repurchase a substantially similar security at an agreed upon price and date. Cash received by the Fund as a result of this repurchase transaction may be invested in short-term instruments, and the income from these investments, together with any additional fee income received from this activity, generates income for the Fund.

The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus its broad market/style-specific benchmark. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. Duration of the portfolio was maintained close to that of the broad market/style-specific benchmark, on average, and the timing of changes and the degree of variance from the Fund’s broad market/style-specific benchmark during the year provided a small boost to relative returns. Buying and selling US Treasury futures and interest rate swaptions were important tools used for the management of interest rate risk and to maintain our targeted portfolio duration.

Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this was effective in managing the currency positioning within the Fund.

Invesco V.I. Core Plus Bond Fund

magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Thank you for investing in Invesco V.I. Core Plus Bond Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: Bureau of Labor Statistics

3 Source: Bureau of Economic Analysis

4 Source: U.S. Department of the Treasury

5 Source: RIMES Technologies Corp.

Portfolio manager(s):

Matthew Brill

Chuck Burge

Michael Hyman

Todd Schomberg

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Core Plus Bond Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: Lipper Inc.

2	Source: RIMES Technologies Corp.

Past performance cannot guarantee

future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/5/93)	4.62	%
10 Years	5.58
5 Years	6.18
1 Year	9.72

Series II Shares
Inception (3/14/02)	4.31	%
10 Years	5.31
5 Years	5.91
1 Year	9.33

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Core Plus Bond Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.

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

Invesco V.I. Core Plus Bond Fund

Supplemental Information

Invesco V.I. Core Plus Bond Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

∎

The Lipper VUF Core Plus Bond Funds Index is an unmanaged index considered representative of core plus bond variable insurance underlying funds tracked by Lipper.

∎

Invesco V.I. Core Plus Bond Fund

Fund Information

Portfolio Composition


By security type	% of total net assets

U.S. Dollar Denominated Bonds & Notes		46.18	%
U.S. Treasury Securities		21.66
Asset-Backed Securities		14.13
U.S. Government Sponsored Agency Mortgage-Backed Securities		8.65
Preferred Stocks		2.41
Security Types Each Less Than 1% of Portfolio		1.11
Money Market Funds Plus Other Assets Less Liabilities		5.86

Top Five Debt Issuers*


	% of total net assets
1. U.S. Treasury Notes		16.58	%
2. U.S. Treasury Bonds		4.88
3. Uniform Mortgage-Backed Securities		3.78
4. Federal National Mortgage Association		2.20
5. Government National Mortgage Association		1.31

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Core Plus Bond Fund

Schedule of Investments^(a)

December 31, 2020


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–46.18%
Advertising–0.13%
Lamar Media Corp., 3.75%, 02/15/2028	$	44,000	$	45,301



Aerospace & Defense–0.14%
Boeing Co. (The), 2.75%, 02/01/2026		47,000		49,446



Airlines–1.11%
British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class A, 3.35%, 06/15/2029^(b)		17,129		16,289


Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		10,000		9,869


Series 2020-1, Class AA, 2.00%, 06/10/2028		39,774		39,836


Delta Air Lines, Inc., 7.38%, 01/15/2026		7,000		8,001


Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025^(b)		55,000		58,806


4.75%, 10/20/2028^(b)		93,000		101,586


United Airlines Pass-Through Trust, Series 2014-2, Class B, 4.63%, 09/03/2022		26,765		26,963


Series 2020-1, Class A, 5.88%, 10/15/2027		94,000		101,822


Series 2018-1, Class AA, 3.50%, 03/01/2030		31,789		31,668


				394,840



Apparel Retail–0.08%
Ross Stores, Inc., 0.88%, 04/15/2026		21,000		21,013


4.70%, 04/15/2027		7,000		8,269


				29,282



Asset Management & Custody Banks–0.45%
Ameriprise Financial, Inc., 3.00%, 04/02/2025		37,000		40,336


Carlyle Holdings II Finance LLC, 5.63%, 03/30/2043^(b)		49,000		63,329


CI Financial Corp. (Canada), 3.20%, 12/17/2030		54,000		55,392


				159,057



Automobile Manufacturers–1.53%
Allison Transmission, Inc., 3.75%, 01/30/2031^(b)		28,000		28,700


Ford Motor Credit Co. LLC, 3.09%, 01/09/2023		200,000		203,864


3.38%, 11/13/2025		205,000		210,189


Hyundai Capital America, 5.75%, 04/06/2023^(b)		48,000		53,187


4.30%, 02/01/2024^(b)		16,000		17,562


5.88%, 04/07/2025^(b)		26,000		30,783


				544,285


	Principal Amount		Value


Biotechnology–0.59%
AbbVie, Inc., 2.30%, 11/21/2022	$	92,000	$	95,413


2.60%, 11/21/2024		106,000		113,692


				209,105



Brewers–0.12%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029		34,000		41,956



Broadcasting–0.31%
Discovery Communications LLC, 5.20%, 09/20/2047		11,000		14,330


4.00%, 09/15/2055^(b)		75,000		83,952


Fox Corp., 3.50%, 04/08/2030		11,000		12,508


				110,790



Building Products–0.33%
Carrier Global Corp., 2.72%, 02/15/2030		61,000		65,226


Standard Industries, Inc., 3.38%, 01/15/2031^(b)		52,000		52,325


				117,551



Cable & Satellite–0.66%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/2031^(b)		19,000		20,047


Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 3.85%, 04/01/2061		41,000		41,318


Comcast Corp., 3.95%, 10/15/2025		14,000		16,091


4.60%, 10/15/2038		23,000		30,308


3.25%, 11/01/2039		11,000		12,485


2.80%, 01/15/2051		37,000		38,539


4.95%, 10/15/2058		24,000		36,440


Cox Communications, Inc., 1.80%, 10/01/2030^(b)		14,000		13,996


2.95%, 10/01/2050^(b)		25,000		25,562


				234,786



Commodity Chemicals–0.03%
Valvoline, Inc., 3.63%, 06/15/2031^(b)		11,000		11,327



Computer & Electronics Retail–0.11%
Seagate HDD Cayman, 3.13%, 07/15/2029^(b)		28,000		28,055


3.38%, 07/15/2031^(b)		10,000		10,073


				38,128



Copper–0.34%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		57,000		60,621


4.38%, 08/01/2028		31,000		32,996


Southern Copper Corp. (Peru), 5.88%, 04/23/2045		18,000		26,007


				119,624

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Data Processing & Outsourced Services–0.17%
PayPal Holdings, Inc., 2.65%, 10/01/2026	$	32,000	$	35,184


2.85%, 10/01/2029		22,000		24,472


				59,656



Distributors–0.13%
Genuine Parts Co., 1.88%, 11/01/2030		46,000		45,682



Diversified Banks–4.48%
Australia & New Zealand Banking Group Ltd. (Australia), 2.57%, 11/25/2035^(b)(c)		81,000		82,694


Bank of America Corp., 2.59%, 04/29/2031^(c)		36,000		38,609


1.90%, 07/23/2031^(c)		86,000		86,915


1.92%, 10/24/2031^(c)		81,000		82,095


BBVA Bancomer S.A. (Mexico), 6.75%, 09/30/2022^(b)		150,000		162,300


Citigroup, Inc., 2.88%, 07/24/2023^(c)		15,000		15,585


3.11%, 04/08/2026^(c)		40,000		43,756


4.41%, 03/31/2031^(c)		33,000		40,019


2.57%, 06/03/2031^(c)		67,000		71,433


Corp. Andina de Fomento (Supranational), 4.38%, 06/15/2022		50,000		52,688


HSBC Holdings PLC (United Kingdom), 6.00%^(c)(d)		200,000		218,250


JPMorgan Chase & Co., 1.10% (3 mo. USD LIBOR + 0.89%), 07/23/2024^(e)		65,000		65,903


2.08%, 04/22/2026^(c)		52,000		54,953


3.63%, 12/01/2027		27,000		30,712


2.96%, 05/13/2031^(c)		37,000		40,611


3.11%, 04/22/2041^(c)		34,000		38,062


Series W, 1.22% (3 mo. USD LIBOR + 1.00%), 05/15/2047^(e)		54,000		44,415


Standard Chartered PLC (United Kingdom), 3.27%, 02/18/2036^(b)(c)		200,000		209,455


Sumitomo Mitsui Financial Group, Inc. (Japan), 2.14%, 09/23/2030		88,000		88,501


U.S. Bancorp, 1.38%, 07/22/2030		37,000		37,099


Wells Fargo & Co., 2.19%, 04/30/2026^(c)		19,000		20,022


3.07%, 04/30/2041^(c)		26,000		28,325


Westpac Banking Corp. (Australia), 2.67%, 11/15/2035^(c)		37,000		38,162


				1,590,564



Diversified Capital Markets–0.83%
Credit Suisse Group AG (Switzerland), 4.19%, 04/01/2031^(b)(c)		250,000		294,248



Diversified Metals & Mining–0.67%
Anglo American Capital PLC (South Africa), 5.38%, 04/01/2025^(b)		203,000		237,787



Diversified REITs–1.38%
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		33,000		37,916


Trust Fibra Uno (Mexico), 5.25%, 01/30/2026^(b)		200,000		225,850


4.87%, 01/15/2030^(b)		200,000		228,002


				491,768


	Principal Amount		Value


Drug Retail–0.40%
CVS Pass-Through Trust, 5.77%, 01/10/2033^(b)	$	121,955	$	143,302



Electric Utilities–0.41%
Consolidated Edison Co. of New York, Inc., Series C, 3.00%, 12/01/2060		33,000		33,593


Duke Energy Progress LLC, 2.50%, 08/15/2050		67,000		67,536


Eversource Energy, Series Q, 0.80%, 08/15/2025		6,000		5,994


NextEra Energy Capital Holdings, Inc., 2.75%, 05/01/2025		11,000		11,910


Southern Co. (The), Series B, 5.50%, 03/15/2057^(c)		22,000		22,878


Virginia Electric and Power Co., 2.45%,12/15/2050		2,000		2,011


				143,922



Electrical Components & Equipment–0.17%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		59,000		59,953



Electronic Components–0.78%
Corning, Inc., 5.45%, 11/15/2079		202,000		277,317



Electronic Manufacturing Services–0.15%
Jabil, Inc., 3.00%, 01/15/2031		49,000		52,208



Environmental & Facilities Services–0.21%
GFL Environmental, Inc. (Canada), 4.00%, 08/01/2028^(b)		17,000		17,159


3.50%, 09/01/2028^(b)		56,000		57,202


				74,361



Financial Exchanges & Data–0.47%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		32,000		33,604


Moody’s Corp., 5.25%, 07/15/2044		27,000		37,389


3.25%, 05/20/2050		14,000		15,585


2.55%, 08/18/2060		14,000		13,158


MSCI, Inc., 3.88%, 02/15/2031^(b)		36,000		38,115


S&P Global, Inc., 1.25%, 08/15/2030		28,000		27,612


				165,463



Food Retail–0.02%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 02/15/2023^(b)		8,000		8,208



Gas Utilities–0.10%
East Ohio Gas Co. (The), 1.30%, 06/15/2025^(b)		11,000		11,218


3.00%, 06/15/2050^(b)		21,000		22,900


				34,118



Health Care Facilities–0.17%
CommonSpirit Health, 1.55%, 10/01/2025		22,000		22,617


Universal Health Services, Inc., 2.65%, 10/15/2030^(b)		21,000		21,840


West Virginia United Health System Obligated Group, 3.13%, 06/01/2050		16,000		16,557


				61,014

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

Invesco V.I. Core Plus Bond Fund


	Principal
	Amount		Value


Health Care REITs–0.50%
Diversified Healthcare Trust, 6.75%, 12/15/2021	$	40,000	$	40,700


Healthcare Trust of America Holdings L.P., 2.00%, 03/15/2031		32,000		32,054


Healthpeak Properties, Inc., 2.88%, 01/15/2031		22,000		23,738


Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		39,000		41,036


Physicians Realty L.P., 4.30%, 03/15/2027		14,000		15,485


Welltower, Inc., 3.10%, 01/15/2030		24,000		26,291


				179,304



Health Care Services–0.87%
Cigna Corp., 1.13% (3 mo. USD LIBOR + 0.89%), 07/15/2023^(e)		43,000		43,508


CVS Health Corp., 1.30%, 08/21/2027		43,000		43,208


2.70%, 08/21/2040		19,000		19,251


DaVita, Inc., 3.75%, 02/15/2031^(b)		61,000		62,051


Sutter Health, Series 20A, 3.16%, 08/15/2040		75,000		79,717


3.36%, 08/15/2050		55,000		59,929


				307,664



Home Improvement Retail–0.09%
Lowe’s Cos., Inc., 1.30%, 04/15/2028		32,000		32,290



Homebuilding–0.21%
M.D.C. Holdings, Inc., 3.85%, 01/15/2030		67,000		74,617



Independent Power Producers & Energy Traders–0.93%
AES Corp. (The), 1.38%, 01/15/2026^(b)		20,000		20,193


2.45%, 01/15/2031^(b)		35,000		35,482


Calpine Corp., 3.75%, 03/01/2031^(b)		68,000		67,470


EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030^(b)		200,000		208,000


				331,145



Industrial REITs–0.06%
Lexington Realty Trust, 2.70%, 09/15/2030		17,000		17,724


Prologis L.P., 2.13%, 04/15/2027		4,000		4,294


				22,018



Integrated Oil & Gas–1.56%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		75,000		76,587


Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(b)		38,000		39,200


Petroleos Mexicanos (Mexico), 6.63%, 06/15/2035		23,000		22,806


Saudi Arabian Oil Co. (Saudi Arabia), 2.88%, 04/16/2024^(b)		200,000		212,432


3.50%, 11/24/2070^(b)		200,000		202,491


				553,516


	Principal
	Amount		Value


Integrated Telecommunication Services–1.59%
AT&T, Inc., 2.55%, 12/01/2033^(b)	$	20,000	$	20,610


3.10%, 02/01/2043		54,000		54,788


3.50%, 09/15/2053^(b)		79,000		79,005


3.55%, 09/15/2055^(b)		99,000		98,669


3.50%, 02/01/2061		34,000		33,865


Verizon Communications, Inc., 0.85%, 11/20/2025		51,000		51,413


4.81%, 03/15/2039		20,000		26,093


2.65%, 11/20/2040		54,000		54,615


2.88%, 11/20/2050		67,000		67,571


3.00%, 11/20/2060		78,000		78,542


				565,171



Interactive Home Entertainment–0.29%
Activision Blizzard, Inc., 2.50%, 09/15/2050		53,000		51,805


WMG Acquisition Corp., 3.00%, 02/15/2031^(b)		52,000		51,140


				102,945



Interactive Media & Services–0.94%
Alphabet, Inc., 1.90%, 08/15/2040		12,000		11,778


2.25%, 08/15/2060		49,000		47,446


Match Group Holdings II LLC, 5.63%, 02/15/2029^(b)		33,000		36,052


Tencent Holdings Ltd. (China), 2.39%, 06/03/2030^(b)		200,000		205,290


Twitter, Inc., 3.88%, 12/15/2027^(b)		31,000		33,054


				333,620



Internet & Direct Marketing Retail–0.75%
Expedia Group, Inc., 4.63%, 08/01/2027^(b)		34,000		38,016


Prosus N.V. (Netherlands), 3.83%, 02/08/2051^(b)		233,000		228,862


				266,878



Investment Banking & Brokerage–1.41%
Cantor Fitzgerald L.P., 6.50%, 06/17/2022^(b)		26,000		28,102


Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		33,000		36,725


3.27%, 09/29/2025^(c)		37,000		40,563


1.09%, 12/09/2026^(c)		51,000		51,574


0.87% (SOFR + 0.79%), 12/09/2026^(e)		100,000		100,689


Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		36,000		42,020


Morgan Stanley, 2.19%, 04/28/2026^(c)		32,000		33,821


2.70%, 01/22/2031^(c)		101,000		109,716


3.62%, 04/01/2031^(c)		33,000		38,352


Raymond James Financial, Inc., 4.65%, 04/01/2030		16,000		19,646


				501,208



Life & Health Insurance–1.71%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		31,000		35,048

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Life & Health Insurance–(continued)
Athene Global Funding, 1.20%, 10/13/2023^(b)	$	72,000	$	72,579


2.50%, 01/14/2025^(b)		42,000		44,014


Athene Holding Ltd., 4.13%, 01/12/2028		19,000		21,178


6.15%, 04/03/2030		37,000		46,089


3.50%, 01/15/2031		16,000		16,934


Belrose Funding Trust, 2.33%, 08/15/2030^(b)		39,000		40,199


Brighthouse Financial, Inc., 4.70%, 06/22/2047		10,000		10,571


Global Atlantic Fin Co., 4.40%, 10/15/2029^(b)		96,000		105,915


Nationwide Financial Services, Inc., 5.38%, 03/25/2021^(b)		136,000		137,481


3.90%, 11/30/2049^(b)		29,000		32,356


Pacific LifeCorp, 3.35%, 09/15/2050^(b)		41,000		45,688


				608,052



Managed Health Care–0.51%
Children’s Hospital, Series 2020, 2.93%, 07/15/2050		27,000		27,106


Community Health Network, Inc., Series 20-A, 3.10%, 05/01/2050		56,000		56,563


Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/2041		24,000		24,291


2.88%, 09/01/2050		24,000		24,788


New York and Presbyterian Hospital (The), 2.26%, 08/01/2040		18,000		17,635


UnitedHealth Group, Inc., 3.75%, 07/15/2025		27,000		30,775


				181,158



Movies & Entertainment–0.07%
Netflix, Inc., 5.38%, 11/15/2029^(b)		21,000		24,780



Multi-line Insurance–0.83%
AIG Global Funding, 2.70%, 12/15/2021^(b)		32,000		32,727


American Financial Group, Inc., 3.50%, 08/15/2026		14,000		15,290


American International Group, Inc., 3.40%, 06/30/2030		53,000		60,739


Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		27,000		30,243


4.63%, 04/29/2030		40,000		44,818


Nationwide Mutual Insurance Co., 4.95%, 04/22/2044^(b)		100,000		111,781


				295,598



Multi-Utilities–0.26%
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		29,000		33,055


WEC Energy Group, Inc., 1.38%, 10/15/2027		31,000		31,547


1.80%, 10/15/2030		27,000		27,123


				91,725



Office REITs–0.47%
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027		33,000		38,010


3.38%, 08/15/2031		19,000		21,776


	Principal
	Amount		Value


Office REITs–(continued)
Boston Properties L.P., 3.25%, 01/30/2031	$	26,000	$	28,698


Highwoods Realty L.P., 2.60%, 02/01/2031		11,000		11,239


Office Properties Income Trust, 4.50%, 02/01/2025		64,000		67,869


				167,592



Oil & Gas Exploration & Production–0.32%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		58,000		60,893


Concho Resources, Inc., 2.40%, 02/15/2031		12,000		12,580


Pioneer Natural Resources Co., 1.90%, 08/15/2030		40,000		39,653


				113,126



Oil & Gas Storage & Transportation–0.77%
Kinder Morgan, Inc., 2.00%, 02/15/2031		6,000		6,068


3.25%, 08/01/2050		16,000		16,102


MPLX L.P., 1.33% (3 mo. USD LIBOR + 1.10%), 09/09/2022^(e)		48,000		48,009


1.75%, 03/01/2026		38,000		39,346


2.65%, 08/15/2030		41,000		43,016


ONEOK, Inc., 5.85%, 01/15/2026		15,000		17,983


6.35%, 01/15/2031		61,000		78,319


Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		20,000		21,515


Western Midstream Operating L.P., 2.07% (3 mo. USD LIBOR + 1.85%), 01/13/2023^(e)		4,000		3,922


				274,280



Other Diversified Financial Services–0.84%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 09/15/2023 DAC		150,000		162,724


Avolon Holdings Funding Ltd. (Ireland), 4.25%, 04/15/2026^(b)		24,000		25,875


Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031^(b)		56,000		55,781


2.80%, 09/30/2050^(b)		26,000		26,596


KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050^(b)		26,000		28,938


				299,914



Packaged Foods & Meats–0.66%
BRF S.A. (Brazil), 5.75%, 09/21/2050^(b)		209,000		232,904



Paper Packaging–0.18%
Berry Global, Inc., 1.57%, 01/15/2026^(b)		19,000		19,188


Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028^(b)		43,000		45,782


				64,970



Pharmaceuticals–0.32%
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		50,000		50,366


2.35%, 11/13/2040		7,000		7,204


2.55%, 11/13/2050		25,000		25,601

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Pharmaceuticals–(continued)
Royalty Pharma PLC, 1.20%, 09/02/2025^(b)	$	15,000	$	15,243


1.75%, 09/02/2027^(b)		14,000		14,417


				112,831



Property & Casualty Insurance–0.44%
Allstate Corp. (The), 4.20%, 12/15/2046		14,000		18,522


Arch Capital Group Ltd., 3.64%, 06/30/2050		25,000		29,150


Fidelity National Financial, Inc., 3.40%, 06/15/2030		31,000		34,093


2.45%, 03/15/2031		43,000		43,807


W.R. Berkley Corp., 4.00%, 05/12/2050		25,000		30,582


				156,154



Railroads–0.14%
CSX Corp., 2.50%, 05/15/2051		49,000		48,674



Real Estate Development–0.08%
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		29,000		29,738



Regional Banks–1.34%
Citizens Financial Group, Inc., 3.25%, 04/30/2030		21,000		23,746


Fifth Third Bancorp, 4.30%, 01/16/2024		41,000		45,372


2.55%, 05/05/2027		27,000		29,415


First Niagara Financial Group, Inc., 7.25%, 12/15/2021		27,000		28,732


KeyCorp, 2.25%, 04/06/2027		53,000		56,775


Synovus Financial Corp., 3.13%, 11/01/2022		26,000		27,007


Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000		263,654


				474,701



Reinsurance–0.19%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		39,000		41,864


Reinsurance Group of America, Inc., 4.70%, 09/15/2023		23,000		25,433


				67,297



Renewable Electricity–0.10%
Northern States Power Co., 2.60%, 06/01/2051		33,000		34,996



Residential REITs–0.59%
Camden Property Trust, 2.80%, 05/15/2030	16,000	17,788


Essex Portfolio L.P., 1.65%, 01/15/2031	20,000	19,902


2.65%, 09/01/2050	35,000	33,664


Mid-America Apartments L.P., 1.70%, 02/15/2031	15,000	14,970


Spirit Realty L.P., 4.00%, 07/15/2029	19,000	21,397


3.40%, 01/15/2030	53,000	57,495


VEREIT Operating Partnership L.P., 2.20%, 06/15/2028	24,000	24,562


2.85%, 12/15/2032	20,000	20,920


		210,698


	Principal Amount		Value


Restaurants–0.20%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030^(b)	$	71,000	$	72,094



Retail REITs–0.48%
Kimco Realty Corp., 1.90%, 03/01/2028		49,000		50,624


2.70%, 10/01/2030		27,000		29,119


Realty Income Corp., 3.25%, 01/15/2031		35,000		39,722


Regency Centers L.P., 4.13%, 03/15/2028		19,000		21,683


Retail Properties of America, Inc., 4.75%, 09/15/2030		28,000		29,770


				170,918



Semiconductor Equipment–0.06%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 3.40%, 05/01/2030^(b)		20,000		22,713



Semiconductors–0.85%
Analog Devices, Inc., 2.95%, 04/01/2025		14,000		15,292


Broadcom, Inc., 4.70%, 04/15/2025		105,000		120,351


5.00%, 04/15/2030		60,000		72,982


Micron Technology, Inc., 4.98%, 02/06/2026		19,000		22,473


4.19%, 02/15/2027		60,000		70,745


				301,843



Soft Drinks–0.47%
Fomento Economico Mexicano, S.A.B. de C.V. (Mexico), 3.50%, 01/16/2050		150,000		166,785



Sovereign Debt–3.79%
Argentine Republic Government International Bond (Argentina), 1.00%, 07/09/2029		48		21


1.13%, 07/09/2046^(f)		970		358


China Government International Bond (China), 2.25%, 10/21/2050^(b)		200,000		198,690


Egypt Government International Bond (Egypt), 5.25%, 10/06/2025^(b)		200,000		212,970


Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		28,000		31,991


Mexico Government International Bond (Mexico), 4.00%, 10/02/2023		14,000		15,352


2.66%, 05/24/2031		200,000		205,210


3.77%, 05/24/2061		200,000		208,800


Morocco Government International Bond (Morocco), 2.38%, 12/15/2027^(b)		200,000		201,100


Peruvian Government International Bond (Peru), 1.86%, 12/01/2032		30,000		30,296


2.78%, 12/01/2060		30,000		30,330


Turkey Government International Bond (Turkey), 5.95%, 01/15/2031		200,000		209,000


				1,344,118



Specialized Finance–0.80%
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan), 3.64%, 04/13/2025^(b)		256,000		282,794

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

Invesco V.I. Core Plus Bond Fund


	Principal
	Amount		Value

Specialized REITs–0.38%
Agree L.P., 2.90%, 10/01/2030	$	12,000	$	12,767


Crown Castle International Corp., 4.15%, 07/01/2050		14,000		17,049


Iron Mountain, Inc., 5.25%, 07/15/2030^(b)		37,000		40,006


4.50%, 02/15/2031^(b)		35,000		36,706


Life Storage L.P., 2.20%, 10/15/2030		14,000		14,307


Simon Property Group L.P., 3.50%, 09/01/2025		12,000		13,332


				134,167



Specialty Chemicals–0.05%
Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/2025^(b)		18,000		18,384



Systems Software–0.21%
Leidos, Inc., 2.30%, 02/15/2031^(b)		56,000		57,124


Microsoft Corp., 2.53%, 06/01/2050		18,000		18,983


				76,107



Technology Hardware, Storage & Peripherals–0.46%
Apple, Inc., 4.25%, 02/09/2047		14,000		19,107


Dell International LLC/EMC Corp., 5.85%, 07/15/2025^(b)		11,000		13,222


6.02%, 06/15/2026^(b)		47,000		57,414


4.90%, 10/01/2026^(b)		14,000		16,540


8.35%, 07/15/2046^(b)		37,000		55,976


				162,259



Tobacco–0.25%
Altria Group, Inc., 4.40%, 02/14/2026		13,000		15,097


BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		34,000		35,325


Philip Morris International, Inc., 0.88%, 05/01/2026		37,000		37,173


				87,595



Trading Companies & Distributors–0.50%
Air Lease Corp., 3.88%, 04/01/2021		70,000		70,354


3.38%, 06/01/2021		50,000		50,537


3.00%, 09/15/2023		53,000		55,772


				176,663



Trucking–0.32%
Aviation Capital Group LLC, 0.88% (3 mo. USD LIBOR + 0.67%), 07/30/2021^(b)(e)		22,000		21,797


4.13%, 08/01/2025^(b)		24,000		25,182


Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.00%, 07/15/2025^(b)		19,000		21,555


1.20%, 11/15/2025^(b)		11,000		11,102


Ryder System, Inc., 4.63%, 06/01/2025		17,000		19,706


3.35%, 09/01/2025		13,000		14,496


				113,838



Wireless Telecommunication Services–1.87%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025^(b)		200,000		217,243


5.15%, 03/20/2028^(b)		209,000		242,440


	Principal
	Amount		Value

Wireless Telecommunication Services–(continued)


VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027^(b)	$	200,000	$	205,722


				665,405


Total U.S. Dollar Denominated Bonds & Notes (Cost $15,298,920)				16,400,296



U.S. Treasury Securities–21.66%
U.S. Treasury Bills–0.22%
0.11% - 0.12%, 02/04/2021^(g)(h)		78,000		77,993



U.S. Treasury Bonds–4.87%
1.38%, 11/15/2040		508,500		502,025


1.38%, 08/15/2050		1,314,300		1,228,460


				1,730,485



U.S. Treasury Notes–16.57%
0.13%, 11/30/2022		22,200		22,203


0.13%, 12/15/2023		272,400		272,070


0.38%, 11/30/2025		2,813,200		2,816,717


0.63%, 11/30/2027		1,422,900		1,422,233


0.88%, 11/15/2030		1,356,300		1,351,214


				5,884,437


Total U.S. Treasury Securities (Cost $7,680,579)				7,692,915



Asset-Backed Securities–14.13%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 2.72%, 02/25/2035⁽ⁱ⁾		7,430		7,632


Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.47%, 12/25/2059^(b)(i)		40,284		40,719


Series 2020-3, Class A1, 1.69%, 04/25/2065^(b)(i)		99,150		99,975


Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, 09/25/2048^(b)(i)		17,667		18,051


Series 2019-2, Class A1, 3.63%, 03/25/2049^(b)(i)		52,723		54,050


Angel Oak Mortgage Trust LLC, Series 2020-5, Class A1, 1.37%, 05/25/2065^(b)(i)		74,165		74,810


Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR, 1.46% (3 mo. USD LIBOR + 1.25%), 07/25/2030^(b)(e)		249,889		249,951


Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, 3.99%, 09/15/2048⁽ⁱ⁾		70,000		77,902


Benchmark Mortgage Trust, Series 2019-B14, Class A5, 3.05%, 12/15/2062		90,000		101,578


Series 2019-B14, Class C, 3.78%, 12/15/2062⁽ⁱ⁾		83,700		88,799


Series 2019-B15, Class B, 3.56%, 12/15/2072		70,000		78,190

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

Invesco V.I. Core Plus Bond Fund


	Principal
	Amount		Value

CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 0.95% (1 mo. USD LIBOR + 0.79%), 07/15/2032^(b)(e)	$	91,354	$	91,473


Series 2017-BIOC, Class C, 1.21% (1 mo. USD LIBOR + 1.05%), 07/15/2032^(b)(e)		91,354		91,412


Series 2017-BIOC, Class D, 1.76% (1 mo. USD LIBOR + 1.60%), 07/15/2032^(b)(e)		91,354		91,674


Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049^(b)(i)		73,600		75,688


Chase Mortgage Finance Corp., Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(b)(i)		40,206		40,350


Series 2016-SH2, Class M3, 3.75%, 12/25/2045^(b)(i)		41,812		42,742


Citigroup Mortgage Loan Trust, Inc., Series 2019-IMC1, Class A1, 2.72%, 07/25/2049^(b)(i)		56,062		57,185


COLT Mortgage Loan Trust, Series 2020-1, Class A1, 2.49%, 02/25/2050^(b)(i)		69,349		70,258


Series 2020-1R, Class A1, 1.26%, 09/25/2065^(b)(i)		84,379		84,651


Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(i)		78,902		80,013


Commercial Mortgage Trust, Series 2015-CR25, Class B, 4.54%, 08/10/2048⁽ⁱ⁾		72,000		80,500


Series 2016-GCT, Class B, 3.09%, 08/10/2029^(b)		100,000		100,437


Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.70%, 04/25/2065^(b)(f)		80,980		81,489


CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		139,000		150,321


CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 3.39%, 06/25/2034⁽ⁱ⁾		11,965		12,316


CSWF, Series 2018-TOP, Class B, 1.46% (1 mo. USD LIBOR + 1.30%), 08/15/2035^(b)(e)		80,000		78,978


DB Master Finance LLC, Series 2019-1A, Class A23, 4.35%, 05/20/2049^(b)		49,375		53,596


Series 2019-1A, Class A2II, 4.02%, 05/20/2049^(b)		49,375		52,269


Deephaven Residential Mortgage Trust, Series 2019-4A, Class A1, 2.79%, 10/25/2059^(b)(i)		59,715		60,831


Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049^(b)		107,910		114,998


DT Auto Owner Trust, Series 2019-3A, Class C, 2.74%, 04/15/2025^(b)		40,000		40,810


Series 2019-3A, Class D, 2.96%, 04/15/2025^(b)		56,000		57,935


Ellington Financial Mortgage Trust, Series 2019-2, Class A1, 2.74%, 11/25/2059^(b)(i)		72,361		74,321


	Principal
	Amount		Value
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, 2.66%, 10/25/2059^(b)(i)	$	46,864	$	47,897


GCAT Trust, Series 2019-NQM2, Class A1, 2.86%, 09/25/2059^(b)(f)		67,796		68,907


Series 2019-NQM3, Class A1, 2.69%, 11/25/2059^(b)(i)		71,276		73,378


GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 3.59%, 04/19/2036⁽ⁱ⁾		47,686		41,854


Golub Capital Partners CLO 41(B) Ltd., Series 2019-41A, Class A, 1.59% (3 mo. USD LIBOR + 1.37%), 04/20/2029^(b)(e)		146,000		146,031


GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.91%, 02/13/2053		50,000		55,948


Series 2020-GC47, Class A5, 2.38%, 05/12/2053		55,000		59,301


Hertz Vehicle Financing II L.P., Series 2019-2A, Class A, 3.42%, 05/25/2025^(b)		22,828		22,921


Homeward Opportunities Fund I Trust, Series 2019-1, Class A1, 3.45%, 01/25/2059^(b)(i)		43,857		44,374


Invitation Homes Trust, Series 2017- SFR2, Class C, 1.60% (1 mo. USD LIBOR + 1.45%), 12/17/2036^(b)(e)		100,000		100,342


Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.61%, 11/25/2035⁽ⁱ⁾		10,287		10,233


Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 0.86% (1 mo. USD LIBOR + 0.70%), 11/15/2034^(b)(e)		99,000		99,052


Series 2017-CLS, Class B, 1.01% (1 mo. USD LIBOR + 0.85%), 11/15/2034^(b)(e)		49,000		49,009


Series 2017-CLS, Class C, 1.16% (1 mo. USD LIBOR + 1.00%), 11/15/2034^(b)(e)		33,000		33,037


Series 2019-L2, Class A4, 4.07%, 03/15/2052		80,000		95,124


Series 2019-L3, Class AS, 3.49%, 11/15/2052		60,000		67,167


MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038^(b)		74,560		76,849


MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036^(b)		60,667		63,072


New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1, 2.49%, 09/25/2059^(b)(i)		68,693		70,129


Series 2020-NQM1, Series A1, 2.46%, 01/26/2060^(b)(i)		77,959		79,805


One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054^(b)		114,000		122,529


Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(b)		100,000		101,975


Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(b)		49,583		53,179

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value

Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050^(b)(i)	$	70,943	$	72,593


Series 2020-INV1, Class A1, 1.03%, 11/25/2055^(b)(i)		99,503		99,646


Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 2.65%, 09/25/2034⁽ⁱ⁾		7,624		7,756


Structured Asset Securities Corp. Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5, 2.47%, 11/25/2033⁽ⁱ⁾		50,092		49,835


Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 3.33%, 04/25/2045⁽ⁱ⁾		28,014		28,142


TICP CLO XV Ltd., Series 2020-15A, Class A, 1.50% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(b)(e)		250,000		250,323


Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057^(b)(i)		37,148		38,022


UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.60%, 04/15/2052		80,000		91,712


Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 01/25/2060^(b)(f)		74,513		75,995


Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048^(b)		58,200		61,828


WFRBS Commercial Mortgage Trust, Series 2012-C6, Class B, 4.70%, 04/15/2045		80,000		82,466


Total Asset-Backed Securities (Cost $4,874,955)				5,016,335



U.S. Government Sponsored Agency Mortgage-Backed Securities–8.65%
Collateralized Mortgage Obligations–0.67%
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K062, Class A1, 3.03%, 09/25/2026		23,697		25,415


Series K083, Class AM, 4.03%, 10/25/2028⁽ⁱ⁾		23,000		27,882


Series K085, Class AM, 4.06%, 10/25/2028⁽ⁱ⁾		23,000		27,780


Series K089, Class AM, 3.63%, 01/25/2029⁽ⁱ⁾		39,000		46,321


Series K088, Class AM, 3.76%, 01/25/2029⁽ⁱ⁾		92,000		110,117


Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A1, 3.50%, 05/25/2047		228		228


				237,743



Federal Home Loan Mortgage Corp. (FHLMC)–0.68%
6.50%, 08/01/2032		586		671


4.00%, 11/01/2048 to 07/01/2049		225,870		241,639


				242,310



Federal National Mortgage Association (FNMA)–2.20%
3.50%, 12/01/2030 to 05/01/2047		702,034		751,946


6.50%, 09/01/2031		561		644


7.00%, 09/01/2032		4,290		4,655


4.50%, 12/01/2048		23,184		25,076


				782,321


	Principal Amount		Value

Government National Mortgage Association (GNMA)–1.32%
7.50%, 06/15/2023	$	260	$	261


8.50%, 11/15/2024		582		584


7.00%, 07/15/2031 to 08/15/2031		630		731


6.50%, 11/15/2031 to 03/15/2032		1,653		1,856


6.00%, 11/15/2032		884		1,047


4.00%, 07/20/2049		97,013		103,712


TBA, 2.00%, 01/01/2051^(j)		345,000		360,754


				468,945



Uniform Mortgage-Backed Securities–3.78%
TBA 2.00%, 01/01/2036 to 02/01/2051^(j)		1,286,000		1,340,503


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,004,485)				3,071,822



		Shares

Preferred Stocks–2.41%
Asset Management & Custody Banks–0.13%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(c)(d)		43,000		47,528



Diversified Banks–0.87%
Bank of America Corp., 6.50%, Series Z, Pfd.^(c)(d)		64,000		73,280


Citigroup, Inc., 6.25%, Series T, Pfd.^(c)(d)		30,000		34,484


Citigroup, Inc., 5.00%, Series U, Pfd.^(c)(d)		95,000		98,978


Citigroup, Inc., 4.00%, Series W, Pfd.^(c)(d)		57,000		58,639


JPMorgan Chase & Co., 3.68%, Series I, Pfd.^(d)(e)		26,000		25,821


Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		11		16,697


				307,899



Integrated Telecommunication Services–0.35%
AT&T, Inc., 2.88%, Series B, Pfd.^(c)(d)		100,000		123,203



Investment Banking & Brokerage–0.68%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(c)(d)		55,000		58,162


Goldman Sachs Group, Inc. (The), 5.00%, Series P, Pfd.^(c)(d)		40,000		40,500


Morgan Stanley, 6.88%, Series F, Pfd.^(c)		5,000		142,500


				241,162



Life & Health Insurance–0.17%
MetLife, Inc., 3.79%, Series C, Pfd.^(d)(e)		12,000		11,970


MetLife, Inc., 3.85%, Series G, Pfd.^(c)(d)		47,000		49,702


				61,672



Multi-Utilities–0.12%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.^(c)(d)		40,000		41,921



Other Diversified Financial Services–0.09%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(c)(d)		30,000		31,988


Total Preferred Stocks (Cost $786,979)				855,373

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

Invesco V.I. Core Plus Bond Fund


		Principal Amount		Value


Agency Credit Risk Transfer Notes–0.56%
Fannie Mae Connecticut Avenue Securities Series 2018-C05, Class 1M2, 2.50% (1 mo. USD LIBOR + 2.35%), 01/25/2031^(e)	$		20,469	$	20,585


Series 2019-R03, Class 1M2, 2.30% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(b)(e)			31,421		31,505


Series 2019-R06, Class 2M2, 2.25% (1 mo. USD LIBOR + 2.10%), 09/25/2039^(b)(e)			41,821		41,913


Freddie Mac Series 2020-DNA5, Class M2, STACR^®, 2.88% (SOFR + 2.80%), 10/25/2050^(b)(e)			75,000		76,380


Series 2020-DNA5, Class M1, STACR^®, 1.38% (SOFR + 1.30%), 10/25/2050^(b)(e)			30,000		30,118


Total Agency Credit Risk Transfer Notes (Cost $199,151)					200,501



Non-U.S. Dollar Denominated Bonds & Notes–0.40%^(k)
Movies & Entertainment–0.40%
Netflix, Inc., 3.88%, 11/15/2029 (Cost $111,565)^(b)	EUR		100,000		141,546


	Principal Amount		Value


Municipal Obligations–0.15%
Maryland (State of) Health & Higher Educational Facilities Authority (University of MD Medical System), Series 2020 D, Ref. RB, 3.05%, 07/01/2040	$	20,000	$	20,764


Series 2020 D, Ref. RB, 3.20%, 07/01/2050		30,000		31,158


Total Municipal Obligations (Cost $50,000)				51,922



	Shares

Money Market Funds–9.61%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(l)(m)		1,152,387		1,152,387


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(l)(m)		942,766		943,049


Invesco Treasury Portfolio, Institutional Class, 0.01%^(l)(m)		1,317,014		1,317,014


Total Money Market Funds (Cost $3,412,114)				3,412,450


TOTAL INVESTMENTS IN SECURITIES–103.75% (Cost $35,418,748)				36,843,160


OTHER ASSETS LESS LIABILITIES–(3.75)%				(1,332,702	)


NET ASSETS–100.00%			$	35,510,458


Investment Abbreviations:

CLO		– Collateralized Loan Obligation
Conv.		– Convertible
Ctfs.		– Certificates
EUR		– Euro
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
RB		– Revenue Bonds
Ref.		– Refunding
REIT		– Real Estate Investment Trust
SOFR		– Secured Overnight Financing Rate
TBA		– To Be Announced
USD		– U.S. Dollar

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

Invesco V.I. Core Plus Bond Fund

Notes to Schedule of Investments:

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

^(b⁾

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $11,336,017, which represented 31.92% of the Fund’s Net Assets.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Perpetual bond with no specified maturity date.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(f)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

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

^(h)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

⁽ⁱ⁾	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2020.

⁽^j)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1N.

^(k)	Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽^l)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,129,193		$	9,655,676		$	(9,632,482	)		$	-		$	-		$	1,152,387		$	5,690
Invesco Liquid Assets Portfolio, Institutional Class			817,642			7,005,320			(6,880,345	)			264			168			943,049			6,466
Invesco Treasury Portfolio, Institutional Class			1,290,506			11,035,059			(11,008,551	)			-			-			1,317,014			6,144
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			41,285			(41,285	)			-			-			-			1*
Invesco Private Prime Fund			-			13,408			(13,408	)			-			-			-			1*
Total		$	3,237,341		$	27,750,748		$	(27,576,071	)		$	264		$	168		$	3,412,450		$	18,302

^(m)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		40		March-2021		$ 8,839,062			$8,046			$8,046
U.S. Treasury 5 Year Notes		10		March-2021		1,261,641			1,525			1,525
U.S. Treasury Long Bonds		1		March-2021		173,188			(1,814	)		(1,814	)
Subtotal–Long Futures Contracts									7,757			7,757

Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Notes		23		March-2021		(3,175,797	)		(5,443	)		(5,443	)
U.S. Treasury 10 Year Ultra Bonds		15		March-2021		(2,345,391	)		1,843			1,843
U.S. Treasury Ultra Bonds		2		March-2021		(427,125	)		(2,035	)		(2,035	)
Subtotal–Short Futures Contracts									(5,635	)		(5,635	)
Total Futures Contracts									$2,122			$2,122

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

Invesco V.I. Core Plus Bond Fund

Open Forward Foreign Currency Contracts

Settlement
Date

Counterparty

Contract to

Unrealized

Appreciation
(Depreciation)

Deliver

Receive

Currency Risk

02/17/2021

Citibank N.A.

EUR 251,000

USD 297,324

$(9,620)

Abbreviations:

EUR - Euro

USD - U.S. Dollar

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

Invesco V.I. Core Plus Bond Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $32,006,634)	$	33,430,710


Investments in affiliated money market funds, at value (Cost $3,412,114)		3,412,450


Foreign currencies, at value (Cost $77,069)		79,211


Receivable for:
Investments sold		470,685


Fund shares sold		229,617


Dividends		2,255


Interest		160,063


Investment for trustee deferred compensation and retirement plans		61,946


Total assets		37,846,937



Liabilities:
Other investments:
Variation margin payable - futures contracts		5,926


Unrealized depreciation on forward foreign currency contracts outstanding		9,620


Payable for:
Investments purchased		2,177,076


Fund shares reacquired		9,234


Amount due custodian		3,862


Accrued fees to affiliates		8,625


Accrued other operating expenses		57,871


Trustee deferred compensation and retirement plans		64,265


Total liabilities		2,336,479


Net assets applicable to shares outstanding	$	35,510,458



Net assets consist of:
Shares of beneficial interest	$	32,150,795


Distributable earnings		3,359,663


	$35,510,458



Net Assets:
Series I	$	34,881,195


Series II	$	629,263



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,030,224


Series II		91,312


Series I:
Net asset value per share	$	6.93


Series II:
Net asset value per share	$	6.89

Statement of Operations

For the year ended December 31, 2020


Investment income:
Interest (net of foreign withholding taxes of $997)	$	749,567


Dividends from affiliated money market funds (includes securities lending income of $7)		18,307


Dividends		10,062


Total investment income		777,936



Expenses:
Advisory fees		139,688


Administrative services fees		49,008


Custodian fees		8,984


Distribution fees - Series II		944


Transfer agent fees		9,506


Trustees’ and officers’ fees and benefits		20,074


Reports to shareholders		12,836


Professional services fees		44,810


Other		(11,065	)


Total expenses		274,785


Less: Fees waived		(90,082	)


Net expenses		184,703


Net investment income		593,233



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,184,830


Affiliated investment securities		168


Foreign currencies		5,259


Forward foreign currency contracts		(18,269	)


Futures contracts		208,883


		1,380,871


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		880,004


Affiliated investment securities		264


Foreign currencies		(868	)


Forward foreign currency contracts		(4,992	)


Futures contracts		21,987


		896,395


Net realized and unrealized gain		2,277,266


Net increase in net assets resulting from operations	$	2,870,499

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

Invesco V.I. Core Plus Bond Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	593,233		$	622,883


Net realized gain		1,380,871			608,096


Change in net unrealized appreciation		896,395			881,049


Net increase in net assets resulting from operations		2,870,499			2,112,028



Distributions to shareholders from distributable earnings:
Series I		(794,296	)		(684,305	)


Series II		(9,108	)		(3,040	)


Total distributions from distributable earnings		(803,404	)		(687,345	)



Share transactions–net:
Series I		8,069,912			6,335,765


Series II		245,519			231,286


Net increase in net assets resulting from share transactions		8,315,431			6,567,051


Net increase in net assets		10,382,526			7,991,734



Net assets:
Beginning of year		25,127,932			17,136,198


End of year	$	35,510,458		$	25,127,932

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

Invesco V.I. Core Plus Bond Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	6.47		$	0.13		$	0.50			$	0.63			$	(0.13	)		$	(0.04	)		$	(0.17	)		$	6.93		9.72	%		$	34,881		0.59	%^(d)		0.88	%^(d)		1.92	%^(d)		375	%
Year ended 12/31/19			6.00			0.19			0.47				0.66				(0.19	)			–				(0.19	)			6.47		11.06				24,769		0.59			1.13			2.94			300
Year ended 12/31/18			6.38			0.22			(0.37	)			(0.15	)			(0.23	)			–				(0.23	)			6.00		(2.37	)			17,019		0.59			1.78			3.57			339
Year ended 12/31/17			6.21			0.22			0.17				0.39				(0.22	)			–				(0.22	)			6.38		6.34				20,326		0.60			1.58			3.46			407
Year ended 12/31/16			6.07			0.23			0.18				0.41				(0.27	)			–				(0.27	)			6.21		6.66				15,485		0.55			1.68			3.71			474
Series II
Year ended 12/31/20			6.45			0.11			0.49				0.60				(0.12	)			(0.04	)			(0.16	)			6.89		9.33				629		0.84	^(d)		1.13	^(d)		1.67	^(d)		375
Year ended 12/31/19			5.97			0.17			0.49				0.66				(0.18	)			–				(0.18	)			6.45		11.00				359		0.84			1.38			2.69			300
Year ended 12/31/18			6.35			0.20			(0.37	)			(0.17	)			(0.21	)			–				(0.21	)			5.97		(2.64	)			117		0.84			2.03			3.32			339
Year ended 12/31/17			6.19			0.20			0.16				0.36				(0.20	)			–				(0.20	)			6.35		5.89				123		0.85			1.83			3.21			407
Year ended 12/31/16			6.04			0.22			0.18				0.40				(0.25	)			–				(0.25	)			6.19		6.52				126		0.80			1.93			3.46			474

⁽^a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $30,664 and $378 for Series I and Series II shares, respectively.

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

Invesco V.I. Core Plus Bond Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

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

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

.B.

Invesco V.I. Core Plus Bond Fund

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

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

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

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

Lower-Rated Securities – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco V.I. Core Plus Bond Fund

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

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

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

Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

P.	Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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

R.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 500 million		0.450%


Next $500 million		0.425%


Next $1.5 billion		0.400%


Next $2.5 billion		0.375%


Over $5 billion		0.350%

Invesco V.I. Core Plus Bond Fund

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.45%.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.61% and Series II shares to 0.86% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, the Adviser waived advisory fees of $90,082.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $4,688 for accounting and fund administrative services and was reimbursed $44,320 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes		$ –		$16,400,296		$–		$16,400,296


U.S. Treasury Securities		–		7,692,915		–		7,692,915


Asset-Backed Securities		–		5,016,335		–		5,016,335


U.S. Government Sponsored Agency Mortgage-Backed Securities		–		3,071,822		–		3,071,822


Preferred Stocks		159,197		696,176		–		855,373


Agency Credit Risk Transfer Notes		–		200,501		–		200,501


Non-U.S. Dollar Denominated Bonds & Notes		–		141,546		–		141,546


Municipal Obligations		–		51,922		–		51,922


Money Market Funds		3,412,450		–		–		3,412,450


Total Investments in Securities		3,571,647		33,271,513		–		36,843,160

Invesco V.I. Core Plus Bond Fund


	Level 1			Level 2			Level 3		Total



Other Investments - Assets*


Futures Contracts		$ 11,414			$ –			$–		$ 11,414



Other Investments - Liabilities*


Futures Contracts		(9,292	)		–			–		(9,292	)


Forward Foreign Currency Contracts		–			(9,620	)		–		(9,620	)


		(9,292	)		(9,620	)		–		(18,912	)


Total Other Investments		2,122			(9,620	)		–		(7,498	)


Total Investments		$3,573,769			$33,261,893			$–		$36,835,662

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
Derivative Assets	Currency Risk			Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)		$ -			$ 11,414			$ 11,414


Derivatives not subject to master netting agreements		-			(11,414	)		(11,414	)


Total Derivative Assets subject to master netting agreements		$ -			$ -			$ -



	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)		$ -			$ (9,292	)		$ (9,292	)


Unrealized depreciation on forward foreign currency contracts outstanding		(9,620	)		-			(9,620	)


Total Derivative Liabilities		(9,620	)		(9,292	)		(18,912	)


Derivatives not subject to master netting agreements		-			9,292			9,292


Total Derivative Liabilities subject to master netting agreements		$ (9,620	)		$ -			$ (9,620	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.

Financial
Derivative
Assets

Financial
Derivative
Liabilities

Collateral

(Received)/Pledged

Counterparty

Forward Foreign

Currency Contracts

Forward Foreign

Currency Contracts

Net Value of

Derivatives

Non-Cash

Cash

Net

Amount

Citibank N.A.

$–

$(9,620)

$–

$(9,620)

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk		Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(18,269	)	$	-	$	(18,269	)


Futures contracts		-			208,883		208,883

Invesco V.I. Core Plus Bond Fund


	Location of Gain (Loss) on Statement of Operations
	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk		Total
	Currency Risk			Interest Rate Risk		Total


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	(4,992	)	$	–	$	(4,992	)


Futures contracts		–			21,987		21,987


Total	$	(23,261	)	$	230,870	$	207,609

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


	Forward Foreign Currency Contracts	Futures Contracts


Average notional value	$330,267		$12,206,660

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	803,404	$	687,345

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


		2020


Undistributed ordinary income	$	1,778,014


Undistributed long-term capital gain		204,337


Net unrealized appreciation - investments		1,418,159


Net unrealized appreciation - foreign currencies		2,331


Temporary book/tax differences		(43,178	)


Shares of beneficial interest		32,150,795


Total net assets	$	35,510,458

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

NOTE 8–Investment Transactions

Invesco V.I. Core Plus Bond Fund

obligations were $55,597,838 and $52,388,092, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,464,369


Aggregate unrealized (depreciation) of investments		(46,210	)


Net unrealized appreciation of investments	$	1,418,159

Cost of investments for tax purposes is $35,417,503.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar rolls, partnership adjustments, paydown adjustments and forward foreign currency contracts, on December 31, 2020, undistributed net investment income was increased by $30,368 and undistributed net realized gain was decreased by $30,368. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
	Shares			Amount			Shares			Amount


Sold:
Series I		3,180,253		$	21,269,042			1,567,948		$	10,023,351


Series II		41,575			286,022			38,201			244,863



Issued as reinvestment of dividends:
Series I		117,326			794,296			106,424			684,305


Series II		1,317			8,865			432			2,771



Reacquired:
Series I		(2,092,985	)		(13,993,426	)		(685,177	)		(4,371,891	)


Series II		(7,337	)		(49,368	)		(2,491	)		(16,348	)


Net increase in share activity		1,240,149		$	8,315,431			1,025,337		$	6,567,051

^(a)

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

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Core Plus Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Core Plus Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Core Plus Bond Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Core Plus Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)


	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio


Series I	$1,000.00	$1,037.90	$3.02	$1,022.17	$3.00	0.59%
Series II	1,000.00	1,037.00	4.30	1,020.91	4.27	0.84

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Core Plus Bond Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Core Plus Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Core Plus Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco V.I. Core Plus Bond Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Diversified Dividend Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIDDI-AR-1

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2020, Series I shares of Invesco V.I. Diversified Dividend Fund (the Fund) underperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.


Series I Shares	0.14	%
Series II Shares	-0.13
S&P 500 Index^q(Broad Market Index)	18.40
Russell 1000 Value Index^q(Style-Specific Index)	2.80
Lipper VUF Large-Cap Value Funds Index^∎(Peer Group Index)	1.69
Source(s): ^qRIMES Technologies Corp.; ^∎ Lipper Inc.

Market conditions and your Fund

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (the Fed) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

During the second quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions.

Despite a September selloff, US equity markets continued to rise, posting gains in the third quarter of 2020 as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks.

US equity markets again posted gains in the fourth quarter, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising coronavirus infections nationwide. Cyclical sectors like energy and financials lead the way, while real estate,

consumer staples and utilities lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with estimates for employment gains and GDP growth down from the third quarter. However, stocks were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. Despite massive volatility and one of the worst bear markets in decades for the major stock indices in the US and globally, the S&P 500 Index returned 18.40% for the year.²

Within the S&P 500 Index, information technology (IT) was the best-performing sector for the year, while energy was the worst-performing sector. It is important to view the market’s performance within the context of a full market cycle. This cycle, which began in June 2009 and ended in March of 2020, was one of the longest expansions on record with one of the largest bull markets, despite a historically low recovery in revenue versus previous cycle troughs.³ In this environment, we remained focused on our assessment of each investment’s risk-reward profile.

During the year, the Fund’s management discipline remained unchanged. Our total return approach continued to emphasize long-term capital appreciation, current income and capital preservation. We believe the Fund may serve as an equity foundation within a well-diversified asset allocation strategy, complementing more aggressive and cyclical investments. We look for dividend-paying companies with strong profitability, solid balance sheets and capital allocation policies that support sustained or increasing dividends and share repurchases. We perform extensive fundamental research, incorporating both financial statement analysis and an assessment of the potential reward relative to the downside risk, to determine a fair valuation over our two- to three-year investment horizon

for each stock. We believe this process may provide a valuable combination of dividend income, price appreciation and capital preservation. We also maintain a rigorous sell discipline and consider selling or reducing shares in stocks that no longer meet our investment criteria.

Within the Fund’s style-specific benchmark, materials and health care were the best-performing sectors, while energy, real estate and financials were the worst-performing sectors during the year. The Fund’s underweight exposure combined with stock selection in the energy and real estate sectors contributed the most to relative Fund performance versus the style-specific index. An underweight position in financials and overweight position in consumer staples also helped relative Fund performance. Stock selection combined with an overweight position in the utilities sector and stock selection combined with an underweight position in the health care sector detracted the most from the Fund’s relative performance. Stock selection combined with underweight exposure to the communication services sector also hurt the Fund’s performance relative to the style-specific benchmark.

During the year, holdings in the industrials and consumer discretionary sectors were among the largest contributors to the Fund’s absolute performance. Farm and heavy construction machinery company Deere was the largest contributor to Fund performance during the year. The company was a new purchase for the Fund during the pandemic. During the year, markets for the company appeared to be stabilizing. In addition, pricing for used equipment improved as inventory continued to be worked down. Operating margins also showed sequential improvement. Lastly, the company announced a reorganization specifying a focus to be more disciplined on its approach to allocating capital which was favorably received by investors. Discount store Target was also a large contributor to Fund performance. Target benefited from higher customer spending across its key categories, which improved market share and expanded profitability. As a result of its stronger cash flows, the company announced increases to both the dividend growth rate and to the level of share buybacks. The world’s largest parcel delivery company, United Parcel Service (UPS), was another large contributor to Fund performance. UPS reported strong revenues and earnings driven by strong volume growth in US domestic shipments. In addition, the company experienced improved core pricing power in areas where capacity remains restricted.

Holdings within communication services, energy and financials sectors were among the largest detractors from absolute Fund performance during the year. Telecom giant AT&T was the largest detractor from Fund performance. Strength in AT&T’s wireless service business was overshadowed by challenges in

Invesco V.I. Diversified Dividend Fund

the Warner Media segment, where theaters temporarily closed, content production slowed, and sports events were cancelled or postponed. The company’s efforts in late 2020 to divest its underperforming DirecTV assets did not yield a sale. Integrated oil & gas company Suncor Energy was also a large detractor from Fund performance as its upstream production and refining profits were impacted by reduced end market demand. In response to these challenges, management cut the dividend in order to improve capital flexibility. Additionally, the company’s oil sands business experienced several operational interruptions, which negatively impacted utilization rates. Hartford Financial Services was another large detractor from Fund performance during the year. Shares of the diversified insurance company declined due to investor concerns of the potential size of claims related COVID-19 costs within their Commercial Lines business.

The Fund used currency forward contracts for the purpose of hedging currency exposure of some of the non-US-based companies held in the portfolio and not for speculative purposes or leverage. The use of currency forward contracts had a very small negative impact on the Fund’s performance during the year.

The Fund has successfully navigated multiple market cycles with a consistent long-term mandate to emphasize capital appreciation, current income and capital preservation over a full market cycle.

It has been our privilege to oversee Invesco V.I. Diversified Dividend Fund, and we thank you for your continued investment.

1	Source: US Federal Reserve

2	Source: Lipper Inc.

3	Sources: National Bureau of Economic Research, Ned Davis Research and FactSet Research Systems Inc.

Portfolio manager(s):

Robert Botard

Caroline Le Feuvre

Chris McMeans

Meggan Walsh (Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Diversified Dividend Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (3/1/90)	7.92	%
10 Years	9.99
5 Years	7.62
1 Year	0.14

Series II Shares
Inception (6/5/00)	5.58	%
10 Years	9.71
5 Years	7.35
1 Year	-0.13

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Variable Investment Series Dividend Growth Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Dividend Growth Fund (renamed Invesco V.I. Diversified Dividend Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Diversified Dividend Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Diversified Dividend Fund

Supplemental Information

Invesco V.I. Diversified Dividend Fund’s investment objective is to provide reasonable current income and long-term growth of income and capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

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

Invesco V.I. Diversified Dividend Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Staples		24.07	%
Financials		15.04
Utilities		15.02
Industrials		11.97
Health Care		6.97
Consumer Discretionary		5.64
Materials		5.48
Energy		4.63
Communication Services		4.00
Information Technology		2.32
Other Sectors, Each Less than 2% of Net Assets		1.34
Money Market Funds Plus Other Assets Less Liabilities		3.52

Top 10 Equity Holdings*


	% of total net assets
1. General Mills, Inc.		3.32	%
2. Procter & Gamble Co. (The)		3.18
3. Hartford Financial Services Group, Inc. (The)		2.77
4. Entergy Corp.		2.75
5. Dominion Energy, Inc.		2.47
6. PPL Corp.		2.37
7. Campbell Soup Co.		2.36
8. Heineken N.V.		2.24
9. Mondelez International, Inc., Class A		2.23
10. Coca-Cola Co. (The)		2.17

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Diversified Dividend Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–96.48%

Aerospace & Defense–1.13%

General Dynamics Corp.		15,784	$	2,348,975

Raytheon Technologies Corp.		38,457		2,750,060

				5,099,035


Agricultural & Farm Machinery–1.01%

Deere & Co.		16,979		4,568,200


Air Freight & Logistics–1.06%

United Parcel Service, Inc., Class B		28,463		4,793,169


Apparel Retail–1.58%

TJX Cos., Inc. (The)		104,252		7,119,369


Apparel, Accessories & Luxury Goods–0.52%

Columbia Sportswear Co.		26,636		2,327,454


Brewers–3.83%

Anheuser-Busch InBev S.A./N.V. (Belgium)		102,496		7,162,678

Heineken N.V. (Netherlands)^(b)		90,770		10,122,654

				17,285,332


Construction Machinery & Heavy Trucks–1.15%

Cummins, Inc.		22,748		5,166,071


Consumer Finance–1.29%

American Express Co.		48,266		5,835,842


Data Processing & Outsourced Services–1.38%

Automatic Data Processing, Inc.		35,384		6,234,661


Diversified Chemicals–1.11%

BASF SE (Germany)		63,622		5,023,907


Electric Utilities–10.24%

American Electric Power Co., Inc.		52,952		4,409,313

Duke Energy Corp.		56,255		5,150,708

Entergy Corp.		124,293		12,409,413

Exelon Corp.		160,455		6,774,410

PPL Corp.		379,293		10,696,063

SSE PLC (United Kingdom)		327,823		6,756,791

				46,196,698


Electrical Components & Equipment–2.37%

ABB Ltd. (Switzerland)		252,464		7,061,756

Emerson Electric Co.		45,311		3,641,645

				10,703,401


Fertilizers & Agricultural Chemicals–0.49%

Nutrien Ltd. (Canada)		46,217		2,223,528


Food Distributors–1.11%

Sysco Corp.		67,295		4,997,327


General Merchandise Stores–1.89%

Target Corp.		48,420		8,547,583


Household Products–4.93%

Kimberly-Clark Corp.		58,648		7,907,510


	Shares		Value

Household Products–(continued)

Procter & Gamble Co. (The)		103,060	$	14,339,768

				22,247,278


Industrial Conglomerates–2.22%

3M Co.		35,679		6,236,332

Siemens AG (Germany)		26,318		3,766,805

				10,003,137


Industrial Machinery–3.03%

Flowserve Corp.		189,578		6,985,949

Pentair PLC		80,235		4,259,676

Stanley Black & Decker, Inc.		13,637		2,435,023

				13,680,648


Integrated Oil & Gas–2.62%

Suncor Energy, Inc. (Canada)		150,911		2,531,189

TOTAL SE (France)		214,948		9,272,446

				11,803,635


Integrated Telecommunication Services–2.82%

AT&T, Inc.		252,676		7,266,962

Deutsche Telekom AG (Germany)		298,822		5,460,864

				12,727,826


Investment Banking & Brokerage–0.70%

Charles Schwab Corp. (The)		59,744		3,168,822


IT Consulting & Other Services–0.94%

International Business Machines Corp.		33,739		4,247,065


Motorcycle Manufacturers–1.37%

Harley-Davidson, Inc.		167,834		6,159,508


Movies & Entertainment–1.18%

Walt Disney Co. (The)^(b)		29,295		5,307,668


Multi-line Insurance–2.77%

Hartford Financial Services Group, Inc. (The)		255,573		12,517,966


Multi-Utilities–4.78%

Consolidated Edison, Inc.		48,448		3,501,337

Dominion Energy, Inc.		148,240		11,147,648

Sempra Energy		54,444		6,936,710

				21,585,695


Oil & Gas Equipment & Services–0.72%

Baker Hughes Co., Class A		155,119		3,234,231


Oil & Gas Exploration & Production–1.30%

ConocoPhillips		146,815		5,871,132


Packaged Foods & Meats–10.55%

Campbell Soup Co.		220,155		10,644,494

General Mills, Inc.		254,670		14,974,596

Kraft Heinz Co. (The)		132,834		4,604,026

Mondelez International, Inc., Class A		172,453		10,083,327

Nestle S.A. (Switzerland)		62,068		7,307,197

				47,613,640

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

Invesco V.I. Diversified Dividend Fund


	Shares		Value

Paper Packaging–2.78%

Avery Dennison Corp.		19,484	$	3,022,163

International Paper Co.		115,502		5,742,760

Sonoco Products Co.		63,929		3,787,793

				12,552,716


Personal Products–1.48%

L’Oreal S.A. (France)		17,596		6,685,715


Pharmaceuticals–6.97%

Bayer AG (Germany)		63,862		3,753,664

Bristol-Myers Squibb Co.		85,379		5,296,059

Eli Lilly and Co.		41,173		6,951,649

Johnson & Johnson		50,818		7,997,737

Merck & Co., Inc.		90,984		7,442,491

				31,441,600


Property & Casualty Insurance–1.90%

Travelers Cos., Inc. (The)		61,146		8,583,064


Regional Banks–8.37%

Comerica, Inc.		104,265		5,824,243

Cullen/Frost Bankers, Inc.		43,474		3,792,237

Fifth Third Bancorp		190,914		5,263,499

KeyCorp		104,950		1,722,230

M&T Bank Corp.		71,004		9,038,809

PNC Financial Services Group, Inc. (The)		29,051		4,328,599

Zions Bancorporation N.A.		179,457		7,795,612

				37,765,229


	Shares		Value

Restaurants–0.29%

Darden Restaurants, Inc.		11,086	$	1,320,564


Soft Drinks–2.17%

Coca-Cola Co. (The)		178,952		9,813,728


Specialized REITs–1.34%

Weyerhaeuser Co.		180,555		6,054,009


Specialty Chemicals–1.09%

DuPont de Nemours, Inc.		69,039		4,909,363

Total Common Stocks & Other Equity Interests (Cost $325,411,395)				435,415,816


Money Market Funds–3.73%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		5,256,244		5,256,244

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		5,595,485		5,597,164

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		6,007,135		6,007,135

Total Money Market Funds (Cost $16,859,719)				16,860,543

TOTAL INVESTMENTS IN SECURITIES–100.21% (Cost $342,271,114)				452,276,359

OTHER ASSETS LESS LIABILITIES–(0.21)%				(969,594	)

NET ASSETS–100.00%			$	451,306,765

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,736,144		$	11,377,428		$	(15,857,328	)		$	-			$	-		$	5,256,244		$	29,804
Invesco Liquid Assets Portfolio, Institutional Class			6,984,374			10,098,202			(11,485,600	)			(200	)			388			5,597,164			32,880
Invesco Treasury Portfolio, Institutional Class			11,127,022			13,002,775			(18,122,662	)			-				-			6,007,135			32,554
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			11,705,789			(11,705,789	)			-				-			-			274*
Invesco Private Prime Fund			-			4,210,107			(4,210,269	)			-				162			-			229*
Total		$	27,847,540		$	50,394,301		$	(61,381,648)			$	(200)			$	550		$	16,860,543		$	95,741

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

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

Invesco V.I. Diversified Dividend Fund

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

01/14/2021

Canadian Imperial Bank of Commerce

EUR 6,428,168

USD 7,565,202

$(289,730)

01/14/2021

Goldman Sachs International

EUR 950,272

USD 1,118,475

(42,715)

01/14/2021

State Street Bank & Trust Co.

EUR 6,467,169

USD 7,609,756

(292,834)

Total Forward Foreign Currency Contracts

$(625,279)

Abbreviations:

EUR - Euro

USD - U.S. Dollar

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

Invesco V.I. Diversified Dividend Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $325,411,395)	$	435,415,816

Investments in affiliated money market funds, at value (Cost $16,859,719)		16,860,543

Foreign currencies, at value (Cost $22,794)		22,996

Receivable for:
Investments sold		291,550

Fund shares sold		113,124

Dividends		949,213

Investment for trustee deferred compensation and retirement plans		98,497

Total assets		453,751,739


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		625,279

Payable for:
Investments purchased		395,067

Fund shares reacquired		763,633

Amount due custodian		231,436

Accrued fees to affiliates		228,370

Accrued other operating expenses		67,913

Trustee deferred compensation and retirement plans		133,276

Total liabilities		2,444,974

Net assets applicable to shares outstanding	$	451,306,765


Net assets consist of:
Shares of beneficial interest	$	330,677,240

Distributable earnings		120,629,525

	$	451,306,765


Net Assets:
Series I	$	233,072,576

Series II	$	218,234,189


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		9,061,117

Series II		8,550,499

Series I:
Net asset value per share	$	25.72

Series II:
Net asset value per share	$	25.52

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $329,865)	$	13,187,280

Dividends from affiliated money market funds (includes securities lending income of $3,304)		98,542

Total investment income		13,285,822


Expenses:
Advisory fees		2,108,600

Administrative services fees		733,024

Custodian fees		43,705

Distribution fees - Series II		508,745

Transfer agent fees		27,383

Trustees’ and officers’ fees and benefits		26,988

Reports to shareholders		5,704

Professional services fees		47,796

Other		7,571

Total expenses		3,509,516

Less: Fees waived		(21,212	)

Net expenses		3,488,304

Net investment income		9,797,518


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		2,800,440

Affiliated investment securities		550

Foreign currencies		(10,025	)

Forward foreign currency contracts		(679,783	)

		2,111,182

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(18,027,351	)

Affiliated investment securities		(200	)

Foreign currencies		14,060

Forward foreign currency contracts		(486,843	)

		(18,500,334	)

Net realized and unrealized gain (loss)		(16,389,152	)

Net increase (decrease) in net assets resulting from operations	$	(6,591,634	)

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

Invesco V.I. Diversified Dividend Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	9,797,518		$	12,841,617

Net realized gain		2,111,182			44,073,693

Change in net unrealized appreciation (depreciation)		(18,500,334	)		61,624,586

Net increase (decrease) in net assets resulting from operations		(6,591,634	)		118,539,896


Distributions to shareholders from distributable earnings:
Series I		(12,417,884	)		(21,611,367	)

Series II		(11,140,091	)		(18,163,081	)

Total distributions from distributable earnings		(23,557,975	)		(39,774,448	)


Share transactions–net:

Series I		(28,690,500	)		(106,614,162	)

Series II		(5,459,331	)		1,105,297

Net increase (decrease) in net assets resulting from share transactions		(34,149,831	)		(105,508,865	)

Net increase (decrease) in net assets		(64,299,440	)		(26,743,417	)


Net assets:
Beginning of year		515,606,205			542,349,622

End of year	$	451,306,765		$	515,606,205

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

Invesco V.I. Diversified Dividend Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	27.23		$	0.58		$	(0.67	)		$	(0.09	)		$	(0.77	)		$	(0.65	)		$	(1.42	)		$	25.72		0.14	%		$	233,073		0.70	%^(d)		0.70	%^(d)		2.41	%^(d)		9	%
Year ended 12/31/19			23.70			0.67			5.15				5.82				(0.80	)			(1.49	)			(2.29	)			27.23		25.09				278,727		0.65			0.65			2.54			7
Year ended 12/31/18			27.18			0.63			(2.53	)			(1.90	)			(0.65	)			(0.93	)			(1.58	)			23.70		(7.57	)			337,461		0.64			0.65			2.38			10
Year ended 12/31/17			26.38			0.56			1.65				2.21				(0.46	)			(0.95	)			(1.41	)			27.18		8.58				437,104		0.64			0.65			2.06			16
Year ended 12/31/16			23.27			0.50			2.93				3.43				(0.32	)			-				(0.32	)			26.38		14.81				439,857		0.66			0.68			2.02			14
Series II
Year ended 12/31/20			27.03			0.52			(0.68	)			(0.16	)			(0.71	)			(0.64	)			(1.35	)			25.52		(0.13	)			218,234		0.95	^(d)		0.95	^(d)		2.16	^(d)		9
Year ended 12/31/19			23.54			0.60			5.11				5.71				(0.73	)			(1.49	)			(2.22	)			27.03		24.77				236,880		0.90			0.90			2.29			7
Year ended 12/31/18			27.00			0.56			(2.51	)			(1.95	)			(0.58	)			(0.93	)			(1.51	)			23.54		(7.78	)			204,889		0.89			0.90			2.13			10
Year ended 12/31/17			26.23			0.49			1.64				2.13				(0.41	)			(0.95	)			(1.36	)			27.00		8.31				242,614		0.89			0.90			1.81			16
Year ended 12/31/16			23.16			0.43			2.92				3.35				(0.28	)			-				(0.28	)			26.23		14.54				215,614		0.91			0.93			1.77			14

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $224,145 and $203,498 for Series I and Series II shares, respectively.

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

Invesco V.I. Diversified Dividend Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide reasonable current income and long-term growth of income and capital.

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

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

Invesco V.I. Diversified Dividend Fund

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Diversified Dividend Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $ 250 million		0.545%

Next $750 million		0.420%

Next $1 billion		0.395%

Over $2 billion		0.370%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.49%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $21,212.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $60,969 for accounting and fund administrative services and was reimbursed $672,056 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $284 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

Level 3 -

Invesco V.I. Diversified Dividend Fund

own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	363,041,339	$	72,374,477			$–	$	435,415,816

Money Market Funds		16,860,543		–			–		16,860,543

Total Investments in Securities		379,901,882		72,374,477			–		452,276,359

Other Investments - Liabilities*

Forward Foreign Currency Contracts		–		(625,279	)		–		(625,279	)

Total Investments	$	379,901,882	$	71,749,198			$–	$	451,651,080

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
	Currency
Derivative Liabilities	Risk

Unrealized depreciation on forward foreign currency contracts outstanding	$	(625,279	)

Derivatives not subject to master netting agreements		-

Total Derivative Liabilities subject to master netting agreements	$	(625,279	)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.


	Financial Derivative Assets		Financial Derivative Liabilities				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts		Net Value of Derivatives		Non-Cash		Cash		Net Amount

Canadian Imperial Bank of Commerce		$-		$(289,730)		$(289,730)		$-		$-	$	(289,730	)

Goldman Sachs International		-		(42,715)		(42,715)		-		-		(42,715	)

State Street Bank & Trust Co.		-		(292,834)		(292,834)		-		-		(292,834	)

Total		$-		$(625,279)		$(625,279)		$-		$-	$	(625,279	)

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk

Realized Gain (Loss):
Forward foreign currency contracts		$ (679,783)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(486,843)

Total		$(1,166,626)

Invesco V.I. Diversified Dividend Fund

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


	Forward Foreign Currency Contracts

Average notional value		$19,328,741

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	13,287,513	$	14,393,388

Long-term capital gain		10,270,462		25,381,060

Total distributions	$	23,557,975	$	39,774,448

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	10,228,643

Undistributed long-term capital gain		1,326,784

Net unrealized appreciation - investments		109,154,445

Net unrealized appreciation - foreign currencies		20,003

Temporary book/tax differences		(100,350	)

Shares of beneficial interest		330,677,240

Total net assets	$	451,306,765

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $38,493,017 and $74,408,396, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	124,152,662

Aggregate unrealized (depreciation) of investments		(14,998,217	)

Net unrealized appreciation of investments	$	109,154,445

Cost of investments for tax purposes is $ 342,496,635.

Invesco V.I. Diversified Dividend Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and fair fund settlement, on December 31, 2020, undistributed net investment income was decreased by $4,226 and undistributed net realized gain was increased by $4,226. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Series I		601,614		$	14,369,100			1,203,566		$	31,545,134

Series II		566,840			13,201,510			533,931			13,948,354


Issued as reinvestment of dividends:
Series I		527,075			12,417,884			837,001			21,611,367

Series II		476,276			11,140,091			708,388			18,163,081


Reacquired:
Series I		(2,302,436	)		(55,477,484	)		(6,041,667	)		(159,770,663	)

Series II		(1,257,557	)		(29,800,932	)		(1,181,712	)		(31,006,138	)

Net increase (decrease) in share activity		(1,388,188	)	$	(34,149,831	)		(3,940,493	)	$	(105,508,865	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Diversified Dividend Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Diversified Dividend Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Diversified Dividend Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,177.90	$3.94	$1,021.52	$3.66	0.72%
Series II	1,000.00	1,176.70	5.31	1,020.26	4.93	0.97

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Diversified Dividend Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	10,270,462
Corporate Dividends Received Deduction*		92.75	%
Qualified Dividend Income*		0.00	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Diversified Dividend Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Diversified Dividend Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Diversified Dividend Fund



		Annual Report to Shareholders		December 31, 2020

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

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		MS-VIEWSP-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Equally-Weighted S&P 500 Fund (the Fund) underperformed the S&P 500 Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares*	12.74	%
Series II Shares*	12.41
S&P 500 Index^q(Broad Market Index)	18.40
S&P 500 Equal Weight Index^q(Style-Specific Index)	12.83
Lipper VUF Multi-Cap Core Funds Index^∎(Peer Group Index)	13.45

Source(s):^qRIMES Technologies Corp.; ^∎Lipper Inc.
* Returns above include the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, average annual total returns for Series I and Series II shares were estimated at 11.35% and 10.98%, respectively.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy,

both of which supported equities. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner.

The Fund generally invests in each common stock represented in the S&P 500 Equal Weight Index, which is an equally weighted version of the S&P 500 Index. The S&P 500 Index is a stock market index that includes

common stocks of 500 companies in proportion to their market capitalization.

During the year, on an absolute basis, holdings in the information technology (IT), industrials, health care, consumer discretionary, materials, financials, communication services and consumer staples sectors generated positive Fund performance. Energy, real estate and utilities generated negative Fund performance.

The top contributor to Fund results during the year was Carrier Global, a manufacturer of HVAC equipment which was spun off from United Technologies in April of 2020. The company delivered strong performance during the year and benefited from COVID–19 driven demand for its OptiClean negative air machine. 3D graphics processor producer NVIDIA, was the second largest contributor as demand surged for semiconductors as a result of the pandemic. The top detractor from the Fund’s performance for the year was Coty, as the cosmetic company was impacted by declining revenue coupled with a high debt burden due to recent acquisitions. Another detractor was Macy’s as the retailer was adversely impacted by the pandemic resulting in the company reporting operating losses throughout 2020. Coty and Macy’s were also among the holdings we sold during the year.

Please note that the Fund’s strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including S&P 500 futures contracts, to gain exposure to the equity market. During the year, the Fund invested in S&P 500 futures contracts, which generated a positive return and added to the Fund’s absolute performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco V.I. Equally-Weighted S&P 500 Index Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Peter Hubbard

Michael Jeanette

Tony Seisser

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

reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

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

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

*Includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020.

Past performance cannot guarantee future

results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (11/9/94)	10.86	%
10 Years	12.24
5 Years	12.63
1 Year	12.74

Series II Shares
Inception (7/24/00)	9.07	%
10 Years	11.96
5 Years	12.34
1 Year	12.41
Returns above include the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, average annual total returns for 1 Year, 5 Years, 10 Years and Inception were estimated at 11.35%, 12.35%, 12.10% and 10.80% for Series I shares and 10.98%, 12.05%, 11.81% and 9.00% for Series II shares, respectively.

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Select Dimensions Investment Series Equally-Weighted S&P 500 Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund (renamed Invesco V.I. Equally-Weighted S&P 500 Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I

and Series II shares are those of the Class X shares and Class Y shares the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Invesco V.I. Equally-Weighted S&P 500 Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The most recent month-end performance at the Fund level, excluding variable product

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

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

Supplemental Information

Invesco V.I. Equally-Weighted S&P 500 Fund’s investment objective is to achieve a high level of total return on its assets through a combination of capital appreciation and current income.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

The S&P 500^® Equal Weight Index is the equally weighted version of the S&P 500 Index, which is considered representative of the US stock market.

∎

The Lipper VUF Multi-Cap Core Funds Index is an unmanaged index considered representative of multicap core variable insurance underlying funds tracked by Lipper.

∎

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

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		14.57	%
Industrials		14.17
Financials		12.93
Health Care		12.52
Consumer Discretionary		12.05
Consumer Staples		6.20
Real Estate		5.81
Materials		5.49
Utilities		5.46
Energy		4.52
Communication Services		4.29
Money Market Funds Plus Other Assets Less Liabilities		1.99

Top 10 Equity Holdings*


	% of total net assets
1. Alexion Pharmaceuticals, Inc.		0.25	%
2. ABIOMED, Inc.		0.24
3. Fortinet, Inc.		0.22
4. Tesla, Inc.		0.22
5. Cadence Design Systems, Inc.		0.22
6. First Republic Bank		0.22
7. NRG Energy, Inc.		0.22
8. Global Payments, Inc.		0.22
9. AES Corp. (The)		0.21
10. Activision Blizzard, Inc.		0.22

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

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

Schedule of Investments^(a)

December 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–98.01%
Advertising–0.37%
Interpublic Group of Cos., Inc. (The)		26,062	$	612,978


Omnicom Group, Inc.		9,652		601,995


				1,214,973



Aerospace & Defense–2.11%
Boeing Co. (The)		2,707		579,460


General Dynamics Corp.		4,120		613,138


Howmet Aerospace, Inc.		23,587		673,173


Huntington Ingalls Industries, Inc.		3,508		598,044


L3Harris Technologies, Inc.		3,295		622,821


Lockheed Martin Corp.		1,723		611,631


Northrop Grumman Corp.		2,074		631,989


Raytheon Technologies Corp.		8,553		611,625


Teledyne Technologies, Inc.^(b)		1,609		630,696


Textron, Inc.		13,089		632,591


TransDigm Group, Inc.^(b)		1,036		641,129


				6,846,297



Agricultural & Farm Machinery–0.20%
Deere & Co.		2,437		655,675



Agricultural Products–0.19%
Archer-Daniels-Midland Co.		12,516		630,932



Air Freight & Logistics–0.76%
C.H. Robinson Worldwide, Inc.		6,691		628,084


Expeditors International of Washington, Inc.		6,889		655,213


FedEx Corp.		2,154		559,221


United Parcel Service, Inc., Class B		3,702		623,417


				2,465,935



Airlines–0.93%
Alaska Air Group, Inc.		12,498		649,896


American Airlines Group, Inc.^(c)(d)		36,563		576,598


Delta Air Lines, Inc.		14,935		600,536


Southwest Airlines Co.		13,588		633,337


United Airlines Holdings, Inc.^(b)		12,891		557,536


				3,017,903



Alternative Carriers–0.18%
CenturyLink, Inc.		61,178		596,485



Apparel Retail–0.78%
Gap, Inc. (The)		29,900		603,681


L Brands, Inc.		15,766		586,337


Ross Stores, Inc.		5,526		678,648


TJX Cos., Inc. (The)		9,437		644,453


				2,513,119



Apparel, Accessories & Luxury Goods–1.17%
Hanesbrands, Inc.		44,657		651,099


PVH Corp.		6,609		620,519


Ralph Lauren Corp.		6,152		638,208


Tapestry, Inc.		21,255		660,605


Under Armour, Inc., Class A^(b)		19,038		326,882


Under Armour, Inc., Class C^(b)		19,637		292,199


	Shares		Value


Apparel, Accessories & Luxury Goods–(continued)
VF Corp.		7,194	$	614,440


				3,803,952



Application Software–2.03%
Adobe, Inc.^(b)		1,310		655,157


ANSYS, Inc.^(b)		1,860		676,668


Autodesk, Inc.^(b)		2,229		680,603


Cadence Design Systems, Inc.^(b)		5,260		717,622


Citrix Systems, Inc.		4,772		620,837


Intuit, Inc.		1,711		649,923


Paycom Software, Inc.^(b)		1,471		665,260


salesforce.com, inc.^(b)		2,803		623,752


Synopsys, Inc.^(b)		2,637		683,616


Tyler Technologies, Inc.^(b)		1,383		603,707


				6,577,145



Asset Management & Custody Banks–1.57%
Ameriprise Financial, Inc.		3,251		631,767


Bank of New York Mellon Corp. (The)		15,492		657,480


BlackRock, Inc.		897		647,221


Franklin Resources, Inc.		25,623		640,319


Invesco Ltd.^(e)		34,905		608,394


Northern Trust Corp.		6,919		644,436


State Street Corp.		8,563		623,215


T. Rowe Price Group, Inc.		4,115		622,970


				5,075,802



Auto Parts & Equipment–0.41%
Aptiv PLC		5,100		664,479

BorgWarner, Inc.		17,070		659,585


				1,324,064



Automobile Manufacturers–0.60%
Ford Motor Co.		69,114		607,512


General Motors Co.		14,871		619,228


Tesla, Inc.^(b)		1,022		721,195


				1,947,935



Automotive Retail–0.78%
Advance Auto Parts, Inc.		3,954		622,795


AutoZone, Inc.^(b)		540		640,138


CarMax, Inc.^(b)		6,637		626,931


O’Reilly Automotive, Inc.^(b)		1,392		629,977


				2,519,841



Biotechnology–1.62%
AbbVie, Inc.		5,862		628,113


Alexion Pharmaceuticals, Inc.^(b)		5,153		805,105


Amgen, Inc.		2,741		630,211


Biogen, Inc.^(b)		2,582		632,228


Gilead Sciences, Inc.		10,260		597,748


Incyte Corp.^(b)		7,668		666,963


Regeneron Pharmaceuticals, Inc.^(b)		1,299		627,560


Vertex Pharmaceuticals, Inc.^(b)		2,781		657,261


				5,245,189

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

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


	Shares		Value


Brewers–0.18%
Molson Coors Beverage Co., Class B		13,180	$	595,604



Broadcasting–0.59%
Discovery, Inc., Class A^(b)		7,976		239,998


Discovery, Inc., Class C^(b)		15,411		403,614


Fox Corp., Class A		14,699		428,035


Fox Corp., Class B		6,700		193,496


ViacomCBS, Inc., Class B		17,511		652,460


				1,917,603



Building Products–1.38%
A.O. Smith Corp.		11,061		606,364


Allegion PLC		5,689		662,086


Carrier Global Corp.		16,776		632,790


Fortune Brands Home & Security, Inc.		7,490		642,043


Johnson Controls International PLC		13,686		637,631


Masco Corp.		11,470		630,047


Trane Technologies PLC		4,455		646,688


				4,457,649



Cable & Satellite–0.57%
Charter Communications, Inc., Class A^(b)		956		632,442


Comcast Corp., Class A		12,240		641,376


DISH Network Corp., Class A^(b)		17,312		559,870


				1,833,688



Casinos & Gaming–0.60%
Las Vegas Sands Corp.		10,985		654,706


MGM Resorts International		20,656		650,871


Wynn Resorts Ltd.		5,617		633,766


				1,939,343



Commodity Chemicals–0.40%
Dow, Inc.		11,545		640,748

LyondellBasell Industries N.V., Class A		7,044		645,653


				1,286,401



Communications Equipment–0.98%
Arista Networks, Inc.^(b)		2,248		653,201


Cisco Systems, Inc.		14,066		629,454


F5 Networks, Inc.^(b)		3,616		636,199


Juniper Networks, Inc.		28,440		640,184


Motorola Solutions, Inc.		3,702		629,562


				3,188,600



Computer & Electronics Retail–0.19%
Best Buy Co., Inc.		6,197		618,399



Construction & Engineering–0.39%
Jacobs Engineering Group, Inc.		5,738		625,212

Quanta Services, Inc.		8,650		622,973


				1,248,185



Construction Machinery & Heavy Trucks–0.78%
Caterpillar, Inc.		3,477		632,883


Cummins, Inc.		2,851		647,462


PACCAR, Inc.		7,295		629,413


Wabtec Corp.		8,329		609,683


				2,519,441



Construction Materials–0.41%
Martin Marietta Materials, Inc.		2,333		662,502


	Shares		Value


Construction Materials–(continued)
Vulcan Materials Co.		4,489	$	665,764


				1,328,266



Consumer Electronics–0.19%
Garmin Ltd.		5,241		627,138



Consumer Finance–0.82%
American Express Co.^(c)		5,185		626,918


Capital One Financial Corp.		6,764		668,622


Discover Financial Services		7,470		676,259


Synchrony Financial		19,318		670,528


				2,642,327



Copper–0.20%
Freeport-McMoRan, Inc.		25,331		659,113



Data Processing & Outsourced Services–2.39%
Automatic Data Processing, Inc.		3,592		632,910


Broadridge Financial Solutions, Inc.		4,223		646,963


Fidelity National Information Services, Inc.		4,217		596,537


Fiserv, Inc.^(b)		5,429		618,146


FleetCor Technologies, Inc.^(b)		2,278		621,507


Global Payments, Inc.		3,247		699,469


Jack Henry & Associates, Inc.		4,001		648,122


Mastercard, Inc., Class A		1,904		679,614


Paychex, Inc.		6,789		632,599


PayPal Holdings, Inc.^(b)		2,912		681,990


Visa, Inc., Class A		3,023		661,221


Western Union Co. (The)		28,170		618,050


				7,737,128



Distillers & Vintners–0.41%
Brown-Forman Corp., Class B		8,163		648,387

Constellation Brands, Inc., Class A		3,037		665,255


				1,313,642



Distributors–0.60%
Genuine Parts Co.		6,423		645,062

LKQ Corp.^(b)		17,005		599,256

Pool Corp.		1,846		687,635


				1,931,953



Diversified Banks–1.01%
Bank of America Corp.		21,820		661,364


Citigroup, Inc.		10,579		652,301


JPMorgan Chase & Co.		5,214		662,543


U.S. Bancorp		13,600		633,624


Wells Fargo & Co.		21,438		646,999


				3,256,831



Diversified Chemicals–0.19%
Eastman Chemical Co.		6,082		609,903



Diversified Support Services–0.40%
Cintas Corp.		1,786		631,280

Copart, Inc.^(b)		5,329		678,115


				1,309,395



Drug Retail–0.18%
Walgreens Boots Alliance, Inc.		15,011		598,638

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

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


	Shares		Value


Electric Utilities–2.93%
Alliant Energy Corp.		12,057	$	621,297


American Electric Power Co., Inc.		7,533		627,273


Duke Energy Corp.		6,810		623,524


Edison International		9,927		623,614


Entergy Corp.		6,065		605,530


Evergy, Inc.		11,308		627,707


Eversource Energy		7,267		628,668


Exelon Corp.		15,135		639,000


FirstEnergy Corp.		20,520		628,117


NextEra Energy, Inc.		8,447		651,686


NRG Energy, Inc.		18,789		705,527


Pinnacle West Capital Corp.		7,820		625,209


PPL Corp.		22,201		626,068


Southern Co. (The)		10,318		633,835


Xcel Energy, Inc.		9,591		639,432


				9,506,487



Electrical Components & Equipment–0.78%
AMETEK, Inc.		5,266		636,870


Eaton Corp. PLC		5,393		647,915


Emerson Electric Co.		7,564		607,919


Rockwell Automation, Inc.		2,527		633,797


				2,526,501



Electronic Components–0.39%
Amphenol Corp., Class A		4,758		622,204

Corning, Inc.		17,492		629,712


				1,251,916



Electronic Equipment & Instruments–0.80%
FLIR Systems, Inc.		14,896		652,892


Keysight Technologies, Inc.^(b)		4,936		651,996


Vontier Corp.^(b)		19,994		667,799


Zebra Technologies Corp., Class A^(b)		1,651		634,529


				2,607,216



Electronic Manufacturing Services–0.40%
IPG Photonics Corp.^(b)		2,982		667,342

TE Connectivity Ltd.		5,280		639,249


				1,306,591



Environmental & Facilities Services–0.60%
Republic Services, Inc.		6,564		632,113

Rollins, Inc.		17,000		664,190

Waste Management, Inc.		5,402		637,058


				1,933,361



Fertilizers & Agricultural Chemicals–0.77%
CF Industries Holdings, Inc.		15,835		612,973


Corteva, Inc.		16,239		628,774


FMC Corp.		5,354		615,335


Mosaic Co. (The)		28,043		645,270


				2,502,352



Financial Exchanges & Data–1.61%
Cboe Global Markets, Inc.		7,251		675,213


CME Group, Inc., Class A		3,458		629,529


Intercontinental Exchange, Inc.		5,729		660,496


MarketAxess Holdings, Inc.		1,138		649,297


Moody’s Corp.		2,270		658,845


MSCI, Inc.		1,486		663,544


	Shares		Value


Financial Exchanges & Data–(continued)
Nasdaq, Inc.		4,961	$	658,523

S&P Global, Inc.		1,919		630,833


				5,226,280



Food Distributors–0.19%
Sysco Corp.		8,216		610,120



Food Retail–0.19%
Kroger Co. (The)		19,892		631,770



Footwear–0.20%
NIKE, Inc., Class B		4,537		641,849



Gas Utilities–0.19%
Atmos Energy Corp.		6,293		600,541



General Merchandise Stores–0.59%
Dollar General Corp.		3,017		634,475


Dollar Tree, Inc.^(b)		5,851		632,142


Target Corp.		3,631		640,981


				1,907,598



Gold–0.20%
Newmont Corp.		10,590		634,235



Health Care Distributors–0.76%
AmerisourceBergen Corp.		6,357		621,460


Cardinal Health, Inc.		11,485		615,137


Henry Schein, Inc.^(b)		8,912		595,856


McKesson Corp.		3,569		620,721


				2,453,174



Health Care Equipment–3.66%
Abbott Laboratories		5,825		637,779


ABIOMED, Inc.^(b)		2,412		781,970


Baxter International, Inc.		7,857		630,446


Becton, Dickinson and Co.		2,569		642,815


Boston Scientific Corp.^(b)		18,554		667,016


Danaher Corp.		2,786		618,882


DexCom, Inc.^(b)		1,793		662,908


Edwards Lifesciences Corp.^(b)		7,406		675,649


Hologic, Inc.^(b)		8,388		610,898


IDEXX Laboratories, Inc.^(b)		1,366		682,823


Intuitive Surgical, Inc.^(b)		820		670,842


Medtronic PLC		5,547		649,776


ResMed, Inc.		3,048		647,883


STERIS PLC		3,348		634,580


Stryker Corp.		2,685		657,932


Teleflex, Inc.		1,626		669,213


Varian Medical Systems, Inc.^(b)		3,571		624,961


Zimmer Biomet Holdings, Inc.		4,400		677,996


				11,844,369



Health Care Facilities–0.40%
HCA Healthcare, Inc.		3,956		650,604

Universal Health Services, Inc., Class B		4,710		647,625


				1,298,229



Health Care REITs–0.58%
Healthpeak Properties, Inc.		21,255		642,539

Ventas, Inc.		12,710		623,298

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

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


	Shares		Value
Health Care REITs–(continued)
Welltower, Inc.		9,703	$	627,008

				1,892,845


Health Care Services–0.96%
Cigna Corp.		2,978		619,960

CVS Health Corp.		8,709		594,825

DaVita, Inc.^(b)		5,755		675,637

Laboratory Corp. of America Holdings^(b)		3,054		621,642

Quest Diagnostics, Inc.		5,107		608,601

				3,120,665


Health Care Supplies–0.81%
Align Technology, Inc.^(b)		1,229		656,753

Cooper Cos., Inc. (The)		1,838		667,782

DENTSPLY SIRONA, Inc.		11,771		616,330

West Pharmaceutical Services, Inc.		2,362		669,178

				2,610,043


Health Care Technology–0.20%
Cerner Corp.		8,367		656,642


Home Furnishings–0.41%
Leggett & Platt, Inc.		15,142		670,790

Mohawk Industries, Inc.^(b)		4,626		652,035

				1,322,825


Home Improvement Retail–0.39%
Home Depot, Inc. (The)		2,356		625,801

Lowe’s Cos., Inc.		3,950		634,014

				1,259,815


Homebuilding–0.78%
D.R. Horton, Inc.		8,917		614,560

Lennar Corp., Class A		8,568		653,139

NVR, Inc.^(b)		156		636,458

PulteGroup, Inc.		14,720		634,726

				2,538,883


Hotel & Resort REITs–0.19%
Host Hotels & Resorts, Inc.		42,964		628,563


Hotels, Resorts & Cruise Lines–0.97%
Carnival Corp.		29,240		633,338

Hilton Worldwide Holdings, Inc.		5,952		662,219

Marriott International, Inc., Class A		4,851		639,944

Norwegian Cruise Line Holdings Ltd.^(b)		23,516		598,012

Royal Caribbean Cruises Ltd.		8,153		608,948

				3,142,461


Household Appliances–0.19%
Whirlpool Corp.		3,389		611,681


Household Products–0.97%
Church & Dwight Co., Inc.		7,262		633,464

Clorox Co. (The)		3,090		623,933

Colgate-Palmolive Co.		7,362		629,525

Kimberly-Clark Corp.		4,584		618,061

Procter & Gamble Co. (The)		4,567		635,452

				3,140,435


Housewares & Specialties–0.20%
Newell Brands, Inc.		30,395		645,286


	Shares		Value
Human Resource & Employment Services–0.19%
Robert Half International, Inc.		9,710	$	606,681


Hypermarkets & Super Centers–0.38%
Costco Wholesale Corp.		1,662		626,208

Walmart, Inc.		4,241		611,340

				1,237,548


Independent Power Producers & Energy Traders–0.21%
AES Corp. (The)		29,475		692,662


Industrial Conglomerates–0.77%
3M Co.		3,582		626,098

General Electric Co.		55,861		603,299

Honeywell International, Inc.		2,905		617,894

Roper Technologies, Inc.		1,483		639,306

				2,486,597


Industrial Gases–0.40%
Air Products and Chemicals, Inc.		2,332		637,149

Linde PLC (United Kingdom)		2,500		658,775

				1,295,924


Industrial Machinery–2.35%
Dover Corp.		5,136		648,420

Flowserve Corp.		16,808		619,375

Fortive Corp.		9,094		644,037

IDEX Corp.		3,231		643,615

Illinois Tool Works, Inc.		3,063		624,484

Ingersoll Rand, Inc.^(b)		14,066		640,847

Otis Worldwide Corp.		9,782		660,774

Parker-Hannifin Corp.		2,270		618,371

Pentair PLC		12,114		643,132

Snap-on, Inc.		3,448		590,091

Stanley Black & Decker, Inc.		3,558		635,316

Xylem, Inc.		6,330		644,331

				7,612,793


Industrial REITs–0.40%
Duke Realty Corp.		16,260		649,912

Prologis, Inc.		6,402		638,024

				1,287,936


Insurance Brokers–0.79%
Aon PLC, Class A		3,054		645,218

Arthur J. Gallagher & Co.		5,198		643,045

Marsh & McLennan Cos., Inc.		5,400		631,800

Willis Towers Watson PLC		3,050		642,574

				2,562,637


Integrated Oil & Gas–0.52%
Chevron Corp.		6,743		569,447

Exxon Mobil Corp.		14,233		586,684

Occidental Petroleum Corp.		29,842		516,565

				1,672,696


Integrated Telecommunication Services–0.37%
AT&T, Inc.		20,103		578,162

Verizon Communications, Inc.		10,330		606,888

				1,185,050



Interactive Home Entertainment–0.63%
Activision Blizzard, Inc.		7,450		691,732

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

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


	Shares		Value
Interactive Home Entertainment–(continued)
Electronic Arts, Inc.^(b)		4,591	$	659,268

Take-Two Interactive Software, Inc.^(b)		3,277		680,928

				2,031,928


Interactive Media & Services–0.58%
Alphabet, Inc., Class A^(b)		177		310,217

Alphabet, Inc., Class C^(b)		173		303,075

Facebook, Inc., Class A^(b)		2,279		622,532

Twitter, Inc.^(b)		12,119		656,244

				1,892,068


Internet & Direct Marketing Retail–1.01%
Amazon.com, Inc.^(b)		200		651,386

Booking Holdings, Inc.^(b)		298		663,727

eBay, Inc.		12,689		637,622

Etsy, Inc.^(b)		3,667		652,396

Expedia Group, Inc.		5,068		671,003

				3,276,134


Internet Services & Infrastructure–0.39%
Akamai Technologies, Inc.^(b)		6,021		632,145

VeriSign, Inc.^(b)		2,969		642,491

				1,274,636


Investment Banking & Brokerage–0.83%
Charles Schwab Corp. (The)		12,612		668,940

Goldman Sachs Group, Inc. (The)		2,598		685,119

Morgan Stanley		9,845		674,678

Raymond James Financial, Inc.		6,751		645,868

				2,674,605


IT Consulting & Other Services–1.20%
Accenture PLC, Class A		2,536		662,429

Cognizant Technology Solutions Corp., Class A		7,940		650,683

DXC Technology Co.		26,051		670,813

Gartner, Inc.^(b)		4,028		645,245

International Business Machines Corp.		5,017		631,540

Leidos Holdings, Inc.		5,914		621,680

				3,882,390


Leisure Products–0.20%
Hasbro, Inc.		7,005		655,248


Life & Health Insurance–1.34%
Aflac, Inc.		13,903		618,266

Globe Life, Inc.		6,653		631,769

Lincoln National Corp.		12,145		611,015

MetLife, Inc.		13,211		620,256

Principal Financial Group, Inc.		12,783		634,165

Prudential Financial, Inc.		7,933		619,329

Unum Group		26,790		614,563

				4,349,363


Life Sciences Tools & Services–1.57%
Agilent Technologies, Inc.		5,262		623,494

Bio-Rad Laboratories, Inc., Class A^(b)		1,099		640,651

Illumina, Inc.^(b)		1,823		674,510

IQVIA Holdings, Inc.^(b)		3,715		665,617

Mettler-Toledo International, Inc.^(b)		545		621,126

PerkinElmer, Inc.		4,268		612,458


	Shares		Value
Life Sciences Tools & Services–(continued)
Thermo Fisher Scientific, Inc.		1,322	$	615,761

Waters Corp.^(b)		2,594		641,807

				5,095,424


Managed Health Care–0.79%
Anthem, Inc.		2,002		642,822

Centene Corp.^(b)		10,269		616,448

Humana, Inc.		1,594		653,971

UnitedHealth Group, Inc.		1,849		648,407

				2,561,648


Metal & Glass Containers–0.19%
Ball Corp.		6,734		627,474


Movies & Entertainment–0.60%
Live Nation Entertainment, Inc.^(b)		8,789		645,816

Netflix, Inc.^(b)		1,239		669,964

Walt Disney Co. (The)^(b)		3,548		642,827

				1,958,607


Multi-line Insurance–0.59%
American International Group, Inc.		16,071		608,448

Assurant, Inc.		4,715		642,277

Hartford Financial Services Group, Inc. (The)		13,482		660,349

				1,911,074


Multi-Sector Holdings–0.20%
Berkshire Hathaway, Inc., Class B^(b)		2,754		638,570


Multi-Utilities–1.93%
Ameren Corp.		8,047		628,149

CenterPoint Energy, Inc.		28,662		620,246

CMS Energy Corp.		10,499		640,544

Consolidated Edison, Inc.		8,521		615,813

Dominion Energy, Inc.		8,322		625,814

DTE Energy Co.		4,984		605,107

NiSource, Inc.		27,235		624,771

Public Service Enterprise Group, Inc.		11,038		643,515

Sempra Energy		4,870		620,487

WEC Energy Group, Inc.		6,759		622,031

				6,246,477


Office REITs–0.76%
Alexandria Real Estate Equities, Inc.		3,612		643,731

Boston Properties, Inc.		6,235		589,394

SL Green Realty Corp.		10,503		625,769

Vornado Realty Trust		16,056		599,531

				2,458,425


Oil & Gas Equipment & Services–0.91%
Baker Hughes Co., Class A		27,499		573,354

Halliburton Co.		31,438		594,178

NOV, Inc.^(b)		43,534		597,722

Schlumberger Ltd.		27,175		593,231

TechnipFMC PLC (United Kingdom)		64,468		605,999

				2,964,484


Oil & Gas Exploration & Production–1.81%
Apache Corp.		38,721		549,451

Cabot Oil & Gas Corp.		36,671		597,004

Concho Resources, Inc.		9,853		574,922

ConocoPhillips		14,338		573,377

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

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


	Shares		Value
Oil & Gas Exploration & Production–(continued)
Devon Energy Corp.		38,577	$	609,902

Diamondback Energy, Inc.		12,441		602,144

EOG Resources, Inc.		11,631		580,038

Hess Corp.		11,008		581,112

Marathon Oil Corp.		88,301		588,968

Pioneer Natural Resources Co.		5,394		614,323

				5,871,241


Oil & Gas Refining & Marketing–0.74%
HollyFrontier Corp.		22,686		586,433

Marathon Petroleum Corp.		14,528		600,878

Phillips 66		8,969		627,292

Valero Energy Corp.		10,561		597,436

				2,412,039


Oil & Gas Storage & Transportation–0.53%
Kinder Morgan, Inc.		42,265		577,763

ONEOK, Inc.		14,997		575,585

Williams Cos., Inc. (The)		28,427		569,961

				1,723,309


Packaged Foods & Meats–2.32%
Campbell Soup Co.		13,205		638,462

Conagra Brands, Inc.		17,635		639,445

General Mills, Inc.		10,509		617,929

Hershey Co. (The)		4,181		636,892

Hormel Foods Corp.		13,208		615,625

JM Smucker Co. (The)		5,413		625,743

Kellogg Co.		10,037		624,602

Kraft Heinz Co. (The)^(c)		18,298		634,209

Lamb Weston Holdings, Inc.		8,067		635,195

McCormick & Co., Inc.		6,673		637,939

Mondelez International, Inc., Class A		10,861		635,042

Tyson Foods, Inc., Class A		8,997		579,767

				7,520,850


Paper Packaging–1.18%
Amcor PLC		54,494		641,394

Avery Dennison Corp.		4,156		644,637

International Paper Co.		12,819		637,361

Packaging Corp. of America		4,598		634,110

Sealed Air Corp.		13,925		637,626

Westrock Co.		14,321		623,393

				3,818,521


Personal Products–0.21%
Estee Lauder Cos., Inc. (The), Class A		2,537		675,324


Pharmaceuticals–1.76%
Bristol-Myers Squibb Co.^(c)		10,267		636,862

Catalent, Inc.^(b)		6,546		681,242

Eli Lilly and Co.		3,895		657,632

Johnson & Johnson		4,076		641,481

Merck & Co., Inc.		7,515		614,727

Perrigo Co. PLC		13,039		583,104

Pfizer, Inc.		15,161		558,076

Viatris, Inc.^(b)		35,952		673,741

Zoetis, Inc.		3,908		646,774

				5,693,639


	Shares		Value
Property & Casualty Insurance–1.40%
Allstate Corp. (The)		5,970	$	656,282

Chubb Ltd.		4,055		624,146

Cincinnati Financial Corp.		7,776		679,389

Loews Corp.		14,279		642,841

Progressive Corp. (The)		6,605		653,102

Travelers Cos., Inc. (The)		4,620		648,509

W.R. Berkley Corp.		9,622		639,093

				4,543,362


Publishing–0.19%
News Corp., Class A		26,470		475,666

News Corp., Class B		8,287		147,260

				622,926


Railroads–0.78%
CSX Corp.		6,894		625,631

Kansas City Southern		3,171		647,296

Norfolk Southern Corp.		2,650		629,667

Union Pacific Corp.		3,070		639,235

				2,541,829


Real Estate Services–0.18%
CBRE Group, Inc., Class A^(b)		9,424		591,073


Regional Banks–2.59%
Citizens Financial Group, Inc.		17,625		630,270

Comerica, Inc.		11,832		660,936

Fifth Third Bancorp		22,802		628,651

First Republic Bank		4,809		706,586

Huntington Bancshares, Inc.		48,214		608,943

KeyCorp		39,356		645,832

M&T Bank Corp.		4,954		630,644

People’s United Financial, Inc.		47,881		619,101

PNC Financial Services Group, Inc. (The)		4,339		646,511

Regions Financial Corp.		40,116		646,670

SVB Financial Group^(b)		1,782		691,113

Truist Financial Corp.		13,261		635,600

Zions Bancorporation N.A.		14,957		649,732

				8,400,589


Reinsurance–0.19%
Everest Re Group Ltd.		2,692		630,170


Research & Consulting Services–0.81%
Equifax, Inc.		3,314		639,072

IHS Markit Ltd.		6,979		626,924

Nielsen Holdings PLC		32,639		681,176

Verisk Analytics, Inc.		3,214		667,194

				2,614,366


Residential REITs–0.96%
AvalonBay Communities, Inc.		3,840		616,051

Equity Residential		10,577		627,005

Essex Property Trust, Inc.		2,556		606,845

Mid-America Apartment Communities, Inc.		5,124		649,160

UDR, Inc.		16,345		628,138

				3,127,199


Restaurants–1.20%
Chipotle Mexican Grill, Inc.^(b)		480		665,621

Darden Restaurants, Inc.		5,531		658,853

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

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


	Shares		Value
Restaurants–(continued)
Domino’s Pizza, Inc.		1,626	$	623,506

McDonald’s Corp.		3,001		643,954

Starbucks Corp.		6,052		647,443

Yum! Brands, Inc.		5,882		638,550

				3,877,927


Retail REITs–0.95%
Federal Realty Investment Trust		6,915		588,605

Kimco Realty Corp.		42,265		634,397

Realty Income Corp.		10,311		641,035

Regency Centers Corp.		13,241		603,657

Simon Property Group, Inc.		7,092		604,806

				3,072,500


Semiconductor Equipment–0.77%
Applied Materials, Inc.		7,060		609,278

KLA Corp.		2,420		626,562

Lam Research Corp.		1,268		598,838

Teradyne, Inc.		5,404		647,886

				2,482,564


Semiconductors–2.59%
Advanced Micro Devices, Inc.^(b)		6,802		623,811

Analog Devices, Inc.		4,417		652,523

Broadcom, Inc.		1,536		672,538

Intel Corp.		12,536		624,543

Maxim Integrated Products, Inc.		7,403		656,276

Microchip Technology, Inc.		4,434		612,380

Micron Technology, Inc.^(b)		8,839		664,516

NVIDIA Corp.		1,198		625,596

Qorvo, Inc.^(b)		4,084		679,047

QUALCOMM, Inc.		4,321		658,261

Skyworks Solutions, Inc.		4,477		684,444

Texas Instruments, Inc.		3,881		636,989

Xilinx, Inc.		4,334		614,431

				8,405,355


Soft Drinks–0.60%
Coca-Cola Co. (The)		11,685		640,805

Monster Beverage Corp.^(b)		7,083		655,036

PepsiCo, Inc.		4,300		637,690

				1,933,531


Specialized REITs–1.79%
American Tower Corp.		2,836		636,569

Crown Castle International Corp.		3,954		629,437

Digital Realty Trust, Inc.		4,785		667,555

Equinix, Inc.		905		646,333

Extra Space Storage, Inc.		5,647		654,261

Iron Mountain, Inc.		20,520		604,930

Public Storage		2,833		654,225

SBA Communications Corp., Class A		2,262		638,178

Weyerhaeuser Co.		19,481		653,198

				5,784,686


Specialty Chemicals–1.37%
Albemarle Corp.		4,496		663,250

Celanese Corp.		4,759		618,384

DuPont de Nemours, Inc.		9,389		667,652

Ecolab, Inc.		2,818		609,702

International Flavors & Fragrances, Inc.		5,614		611,028


	Shares		Value
Specialty Chemicals–(continued)
PPG Industries, Inc.		4,362	$	629,088

Sherwin-Williams Co. (The)		868		637,902

				4,437,006


Specialty Stores–0.60%
Tiffany & Co.		4,751		624,519

Tractor Supply Co.		4,496		632,047

Ulta Beauty, Inc.^(b)		2,349		674,539

				1,931,105


Steel–0.18%
Nucor Corp.		11,006		585,409


Systems Software–1.03%
Fortinet, Inc.^(b)		4,857		721,410

Microsoft Corp.		2,923		650,134

NortonLifeLock, Inc.		31,823		661,282

Oracle Corp.		10,286		665,401

ServiceNow, Inc.^(b)		1,160		638,499

				3,336,726


Technology Distributors–0.19%
CDW Corp.		4,770		628,638


Technology Hardware, Storage & Peripherals–1.40%
Apple, Inc.		5,093		675,790

Hewlett Packard Enterprise Co.		51,994		616,129

HP, Inc.		26,976		663,340

NetApp, Inc.		10,084		667,964

Seagate Technology PLC		9,626		598,352

Western Digital Corp.		12,202		675,869

Xerox Holdings Corp.		27,390		635,174

				4,532,618


Tobacco–0.37%
Altria Group, Inc.		14,498		594,418

Philip Morris International, Inc.		7,334		607,182

				1,201,600


Trading Companies & Distributors–0.57%
Fastenal Co.		12,668		618,579

United Rentals, Inc.^(b)		2,589		600,415

W.W. Grainger, Inc.		1,545		630,885

				1,849,879


Trucking–0.38%
J.B. Hunt Transport Services, Inc.		4,488		613,285

Old Dominion Freight Line, Inc.		3,105		606,034

				1,219,319


Water Utilities–0.20%
American Water Works Co., Inc.		4,204		645,188


Wireless Telecommunication Services–0.20%
T-Mobile US, Inc.^(b)		4,750		640,537

Total Common Stocks & Other Equity Interests (Cost $186,182,937)				317,597,331


Money Market Funds–1.93%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)		2,135,376		2,135,376

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(e)(f)		1,671,572		1,672,074

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

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


	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		2,440,430	$	2,440,430


Total Money Market Funds (Cost $6,247,449)				6,247,880


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $192,430,386)				323,845,211

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.10%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		126,199		126,199


	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%^(e)(f)(g)		189,241	$	189,298


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $315,497)				315,497


TOTAL INVESTMENTS IN SECURITIES-100.04% (Cost $192,745,883)				324,160,708


OTHER ASSETS LESS LIABILITIES–(0.04)%				(120,917	)


NET ASSETS-100.00%			$	324,039,791

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

^(d)	All or a portion of this security was out on loan at December 31, 2020.

^(e)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value December 31, 2020		Dividend Income
Invesco Ltd.		$ 549,469		$ 198,765		$ (289,773)			$247,945		$(98,012)			$608,394		$33,142


Investments in Affiliated Money Market
Funds:


Invesco Government & Agency Portfolio, Institutional Class		1,740,175		17,791,317		(17,396,116	)		-		-			2,135,376		8,008


Invesco Liquid Assets Portfolio, Institutional Class		1,183,097		12,968,355		(12,480,064	)		401		285			1,672,074		8,501


Invesco Treasury Portfolio, Institutional Class		1,988,772		20,332,933		(19,881,275	)		-		-			2,440,430		8,560


Investments Purchased with Cash Collateral from Securities on Loan:


Invesco Government & Agency Portfolio, Institutional Class		716,421		2,252,168		(2,968,589	)		-		-			-		1,078*


Invesco Liquid Assets Portfolio, Institutional Class		239,736		611,678		(851,173	)		-		(241	)		-		467*


Invesco Private Government Fund		-		6,683,185		(6,556,986	)		-		-			126,199		55*


Invesco Private Prime Fund		-		2,406,912		(2,217,686	)		-		72			189,298		81*


Total		$6,417,670		$63,245,313		$(62,641,662	)		$248,346		$(97,896	)		$7,171,771		$59,892

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Open Futures Contracts

Long Futures Contracts

Number of

Contracts

Expiration
Month

Notional
Value

Value

Unrealized
Appreciation

Equity Risk

E-Mini S&P 500 Index

March-2021

6,372,960

139,260

$139,260

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

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

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $ 185,806,172)*	$	316,988,937

Investments in affiliates, at value (Cost $ 6,939,711)		7,171,771

Other investments:
Variation margin receivable – futures contracts		41,820

Receivable for:
Fund shares sold		24,522

Dividends		404,750

Investment for trustee deferred compensation and retirement plans		46,254

Total assets		324,678,054


Liabilities:
Payable for:
Fund shares reacquired		13,277

Amount due custodian		31,126

Collateral upon return of securities loaned		315,497

Accrued fees to affiliates		157,748

Accrued other operating expenses		69,660

Trustee deferred compensation and retirement plans		50,955

Total liabilities		638,263

Net assets applicable to shares outstanding	$	324,039,791


Net assets consist of:
Shares of beneficial interest	$	191,084,381

Distributable earnings		132,955,410

	$	324,039,791


Net Assets:
Series I	$	30,438,053

Series II	$	293,601,738


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		1,255,784

Series II		12,518,895

Series I:
Net asset value per share	$	24.24

Series II:
Net asset value per share	$	23.45

*	At December 31, 2020, securities with an aggregate value of $308,804 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends	$	6,308,839

Dividends from affiliates (includes securities lending income of $13,878)		72,089

Total investment income		6,380,928


Expenses:
Advisory fees		328,329

Administrative services fees		442,766

Custodian fees		16,268

Distribution fees - Series II		615,908

Transfer agent fees		4,558

Trustees’ and officers’ fees and benefits		23,824

Licensing fees		53,214

Reports to shareholders		10,489

Professional services fees		33,701

Other		(12,857	)

Total expenses		1,516,200

Less: Fees waived		(5,765	)

Net expenses		1,510,435

Net investment income		4,870,493


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,871,061	)

Affiliated investment securities		(97,896	)

Futures contracts		445,271

Net increase from payments by affiliates		215,409

	(1,308,277)

Change in net unrealized appreciation of:
Unaffiliated investment securities		30,540,445

Affiliated investment securities		264,152

Futures contracts		45,215

Net increase from payments by affiliates		3,926,018

	34,775,830

Net realized and unrealized gain		33,467,553

Net increase in net assets resulting from operations	$	38,338,046

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

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

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	4,870,493		$	3,603,999


Net realized gain (loss)		(1,523,686	)		4,597,203


Change in net unrealized appreciation		30,849,812			55,462,807


Net increase from payments by affiliates		4,141,427			-


Net increase in net assets resulting from operations		38,338,046			63,664,009



Distributions to shareholders from distributable earnings:
Series I		(779,893	)		(984,182	)


Series II		(7,321,684	)		(7,440,206	)


Total distributions from distributable earnings		(8,101,577	)		(8,424,388	)



Share transactions–net:
Series I		(2,420,641	)		(92,725,236	)


Series II		16,839,845			57,543,221


Net increase (decrease) in net assets resulting from share transactions		14,419,204			(35,182,015	)


Net increase in net assets		44,655,673			20,057,606



Net assets:
Beginning of year		279,384,118			259,326,512


End of year	$	324,039,791		$	279,384,118

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

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

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Distributions from net realized gains		Total distributions		Net asset value, end of period		Total return^(b)		Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income to average net assets		Portfolio turnover ^(c)


Series I
Year ended 12/31/20	$	22.14		$0.41		$2.33		$2.74		$(0.31)		$(0.33)		$(0.64)		$24.24		12.74%^(d)		$30,438		0.33%^(e)		0.33%^(e)		2.00%^(e)		34%
Year ended 12/31/19		17.80		0.34		4.73		5.07		(0.35)		(0.38)		(0.73)		22.14		28.79		31,327		0.35		0.35		1.71		39
Year ended 12/31/18		19.88		0.32		(1.80)		(1.48)		(0.23)		(0.37)		(0.60)		17.80		(7.87)		109,414		0.31		0.31		1.61		24
Year ended 12/31/17		17.24		0.29		2.87		3.16		(0.15)		(0.37)		(0.52)		19.88		18.58		127,462		0.32		0.32		1.55		22
Year ended 12/31/16		15.81		0.26		1.96		2.22		(0.10)		(0.69)		(0.79)		17.24		14.24		114,202		0.39		0.39		1.56		22


Series II
Year ended 12/31/20		21.46		0.35		2.24		2.59		(0.27)		(0.33)		(0.60)		23.45		12.41^(d)		293,602		0.58^(e)		0.58^(e)		1.75^(e)		34
Year ended 12/31/19		17.29		0.29		4.57		4.86		(0.31)		(0.38)		(0.69)		21.46		28.46		248,057		0.60		0.60		1.46		39
Year ended 12/31/18		19.35		0.26		(1.74)		(1.48)		(0.21)		(0.37)		(0.58)		17.29		(8.11)		149,913		0.56		0.56		1.36		24
Year ended 12/31/17		16.82		0.24		2.79		3.03		(0.13)		(0.37)		(0.50)		19.35		18.26		117,400		0.57		0.57		1.30		22
Year ended 12/31/16		15.44		0.21		1.93		2.14		(0.07)		(0.69)		(0.76)		16.82		14.01		48,936		0.64		0.64		1.31		22

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been 11.35% and 10.98% for Series I and Series II shares, respectively.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $27,244 and $246,363 for Series I and Series II shares, respectively.

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

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

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco V.I. Equally-Weighted S&P 500 Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to achieve a high level of total return on its assets through a combination of capital appreciation and current income.

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

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $2 billion		0.120	%

Over $ 2 billion		0.100	%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.12%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $5,765.

The Adviser paid in to the Fund $4,141,427 for the economic loss as a result of a delay in rebalancing to the Index that occurred on April 24, 2020.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $40,830 for accounting and fund administrative services and was reimbursed $401,936 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $4,169 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 –

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

Level 2 –

Level 3 –

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


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	317,597,331	$	–		$–	$	317,597,331

Money Market Funds		6,247,880		315,497		–		6,563,377

Total Investments in Securities		323,845,211		315,497		–		324,160,708


Other Investments - Assets*


Futures Contracts		139,260		–		–		139,260


Total Investments	$	323,984,471	$	315,497		$–	$	324,299,968

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
	Equity
Derivative Assets	Risk

Unrealized appreciation on futures contracts – Exchange-Traded	$	139,260

Derivatives not subject to master netting agreements		(139,260	)

Total Derivative Assets subject to master netting agreements	$	-

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain on Statement of Operations
	Equity Risk

Realized Gain:
Futures contracts		$445,271

Change in Net Unrealized Appreciation:
Futures contracts		45,215

Total		$490,486

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


	Futures Contracts

Average notional value	$	2,625,093

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	3,644,636	$	5,190,383


Long-term capital gain		4,456,941		3,234,005


Total distributions	$	8,101,577	$	8,424,388

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	4,830,947

Net unrealized appreciation - investments		128,801,351

Temporary book/tax differences		(35,213	)

Capital loss carryforward		(641,675	)

Shares of beneficial interest		191,084,381


Total net assets	$	324,039,791

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

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$–

$641,675

641,675

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $105,326,633 and $89,950,651, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis




Aggregate unrealized appreciation of investments	$	130,219,571


Aggregate unrealized (depreciation) of investments		(1,418,220	)


Net unrealized appreciation of investments	$	128,801,351

Cost of investments for tax purposes is $195,498,617.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of fair fund settlements and return of capital, on December 31, 2020, undistributed net investment income was decreased by $807 and undistributed net realized gain (loss) was increased by $807. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019

	Shares		Amount		Shares		Amount


Sold:
Series I		242,669	$	5,145,147		284,241	$	5,873,493


Series II		2,057,242		38,865,302		3,153,361		62,882,016



Issued as reinvestment of dividends:
Series I		36,257		779,893		47,845		984,182

Series II		351,666		7,321,684		373,130		7,440,206

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


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount


Reacquired:
Series I		(438,095	)	$	(8,345,681	)		(5,064,768	)	$	(99,582,911	)

Series II		(1,450,855	)		(29,347,141	)		(637,753	)		(12,779,001	)


Net increase (decrease) in share activity		798,884		$	14,419,204			(1,843,944	)	$	(35,182,015	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 88% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Equally-Weighted S&P 500 Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Equally-Weighted S&P 500 Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

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

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,262.00	$1.88	$1,023.48	$1.68	0.33%
Series II	1,000.00	1,259.70	3.29	1,022.22	2.95	0.58

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

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

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	4,456,941
Corporate Dividends Received Deduction*		100.00	%
Qualified Dividend Income*		0.00	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

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

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹ – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

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

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

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

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

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

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort -1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

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

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

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



		Annual Report to Shareholders		December 31, 2020


		Invesco V.I. Equity and Income Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VK-VIEQI-AR-1

Management’s Discussion of Fund Performance


Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Equity and Income Fund (the Fund) outperformed the Russell 1000 Value Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	9.95	%
Series II Shares	9.65
Russell 1000 Value Index^q(Broad Market Index)	2.80
Bloomberg Barclays U.S. Government/Credit Index^q(Style-Specific Index)	8.93
Lipper VUF Mixed-Asset Target Allocation Growth Funds Index^∎ (Peer Group Index)	10.72
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Seven out of eleven sectors within the Russell 1000 Value Index had positive returns for the year. The materials sector had the highest return for the year, while the energy sector posted a double-digit loss.

a strong rally in the sector beginning in the second quarter of 2020. Apple shares moved higher following the selloff as the company reopened its factory in China and sales rebounded. Shares of QUALCOMM traded higher following the company’s patent license settlement with Huawei that helped boost both revenue and profits. Cognizant had revenue declines due to the pandemic, but earnings were better than anticipated.

Stock selection and the Fund’s underweight exposure to the real estate sector also helped the Fund’s relative performance versus the Russell 1000 Value Index as the sector under-performed, posting a decline for the year.

Security selection in the financials sector was another contributor to the Fund’s relative performance during the fiscal year. Within the sector, Morgan Stanley and Goldman Sachs were strong contributors. Large banks and capital markets firms benefited from a rise in yields during the year and these stocks performed well amid a broader rally in cyclical stocks.

The Fund holds investment grade bonds and convertible securities as a source of income and to provide a measure of stability amid market volatility. Both asset classes outperformed the Russell 1000 Value Index during the year and benefited the Fund’s performance relative to the index.

Security selection in the consumer discretionary sector was the largest detractor from the Fund’s relative performance compared to the Russell 1000 Value Index for the year. Within the sector, Carnival and Capri Holdings were significant detractors, driven in large party by the pandemic-related selloff in February and March of 2020. Shares of Carnival declined sharply following news of COVID-19 infections on cruise ships. The industry was also hit by the suspension of cruise travel that resulted from the virus outbreak. As a result, the team eliminated the Fund’s position in the stock as they believed cruise demand would be slower to recover than other areas within the sector. Capri Holdings includes the Michael Kors, Versace, and Jimmy Choo brands. The stock declined significantly in the market correction, as consumers sheltered-in-place and stores closed amid the COVID-19 pandemic. Capri’s shares later rebounded from lows set in February and March, so the team used that as an opportunity to eliminate the position given ongoing volatility in the stock.

Stock selection and an overweight exposure to the energy sector also detracted from the Fund’s relative performance versus the Russell 1000 Value Index during the year. Energy stocks were negatively impacted by the severe decline in oil prices due to the concurrent increase in oil supply resulting from the Saudi Arabia/ Russia conflict, and the sharp deceleration in demand due to COVID-19. Key detractors for the year included Royal Dutch Shell and Marathon Oil. The team eliminated these positions during the

Invesco V.I. Equity and Income Fund

year and reduced the Fund’s overall exposure to the sector during the year, as there was significant difficulty estimating the extent of volume declines amid the pandemic.

Security selection in and underweight exposure to the consumer staples sector also detracted from the Fund’s relative performance versus the Russell 1000 Value Index. Restaurant supplier US Foods was a key detractor from Fund performance as demand declined sharply due to COVID-related restaurant closures. The Fund’s lack of exposure to Proctor & Gamble and Wal-Mart (not Fund holdings) also hurt performance. These companies held up relatively better than other companies in the consumer staples sector as they were beneficiaries of heightened consumer demand in response to pandemic-related shelter-in-place mandates.

During the year, the team reduced the Fund’s relative overweight exposure to the financials and energy sectors within the equity portion of the Fund, and increased exposures to the industrials, communication services, IT and real estate sectors. At the end of the year, the Fund’s largest overweight exposures were in the financials, IT and health care sectors, while the largest underweight exposures were to the communication services, utilities and real estate sectors.

As always, we thank you for your investment in Invesco V.I. Equity and Income Fund and for sharing our long-term investment horizon.

1	Source: US Federal Reserve

2	Source: US Bureau of Economic Analysis

3	Source: Lipper Inc.

Portfolio manager(s):

Chuck Burge

Brian Jurkash (Co-Lead)

Sergio Marcheli

Matthew Titus (Co-Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Equity and Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (6/1/10)	9.45	%
10 Years	8.54
5 Years	8.89
1 Year	9.95

Series II Shares
Inception (4/30/03)	7.92	%
10 Years	8.29
5 Years	8.61
1 Year	9.65

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

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Equity and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Equity and Income Fund

Supplemental Information

Invesco V.I. Equity and Income Fund’s investment objectives are both capital appreciation and current income.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎	The Bloomberg Barclays U.S. Government/Credit Index is a broad-based benchmark that includes investment-grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

∎	The Lipper VUF Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index considered representative of mixed-asset target allocation growth variable insurance underlying funds tracked by Lipper.

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

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

Invesco V.I. Equity and Income Fund

Fund Information


Portfolio Composition

By security type		% of total net assets
Common Stocks & Other Equity Interests			68.65%
U.S. Dollar Denominated Bonds & Notes			20.90
U.S. Treasury Securities			5.26
Security Types Each Less Than 1% of Portfolio			0.66
Money Market Funds Plus Other Assets Less Liabilities			4.53

Top 10 Equity Holdings*

		% of total net assets
1.	General Motors Co.		2.36%
2.	Cognizant Technology Solutions Corp., Class A		1.97
3.	Philip Morris International, Inc.		1.92
4.	Morgan Stanley		1.87
5.	Wells Fargo & Co.		1.85
6.	Goldman Sachs Group, Inc. (The)		1.83
7.	Corteva, Inc.		1.65
8.	CSX Corp.		1.60
9.	American International Group, Inc.		1.58
10.	PNC Financial Services Group, Inc. (The)		1.56

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Equity and Income Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–68.65%
Aerospace & Defense–3.42%

General Dynamics Corp.		119,194	$ 17,738,451
Raytheon Technologies Corp.		213,576	15,272,820
Textron, Inc.		214,257	10,355,041
			43,366,312

Apparel Retail–1.12%

TJX Cos., Inc. (The)		207,744	14,186,838

Automobile Manufacturers–2.36%

General Motors Co.		718,695	29,926,460

Building Products–2.28%

Johnson Controls International PLC		403,356	18,792,356
Trane Technologies PLC		69,348	10,066,556
			28,858,912

Cable & Satellite–1.80%

Charter Communications, Inc., Class A^(b)		15,340	10,148,177
Comcast Corp., Class A		241,301	12,644,172
			22,792,349

Commodity Chemicals–0.75%

Dow, Inc.		171,147	9,498,658

Construction & Engineering–0.46%

Quanta Services, Inc.		81,847	5,894,621

Consumer Finance–0.76%

American Express Co.		80,150	9,690,936

Data Processing & Outsourced Services–0.75%

Fiserv, Inc.^(b)		83,861	9,548,413

Diversified Banks–3.77%

Bank of America Corp.		376,435	11,409,745
Citigroup, Inc.		209,883	12,941,386
Wells Fargo & Co.		775,478	23,403,926
			47,755,057

Electric Utilities–1.91%

Duke Energy Corp.		95,326	8,728,048
Exelon Corp.		207,663	8,767,532
FirstEnergy Corp.		221,513	6,780,513
			24,276,093

Electronic Components–0.74%

Corning, Inc.		259,795	9,352,620

Electronic Manufacturing Services–0.70%

TE Connectivity Ltd.		73,600	8,910,752

Fertilizers & Agricultural Chemicals–2.17%

Corteva, Inc.		538,648	20,856,450
Nutrien Ltd. (Canada)		139,024	6,695,396
			27,551,846

Food Distributors–2.07%

Sysco Corp.		180,250	13,385,365


	Shares		Value
Food Distributors–(continued)

US Foods Holding Corp.^(b)		386,030	$ 12,858,659
			26,244,024

Health Care Distributors–0.89%

McKesson Corp.		64,531	11,223,232

Health Care Equipment–1.89%

Medtronic PLC		126,836	14,857,569
Zimmer Biomet Holdings, Inc.		59,213	9,124,131
			23,981,700

Health Care Facilities–0.54%

Universal Health Services, Inc., Class B		49,669	6,829,488

Health Care Services–1.48%

Cigna Corp.		48,546	10,106,306
CVS Health Corp.		126,495	8,639,609
			18,745,915

Health Care Supplies–0.46%

Alcon, Inc. (Switzerland)^(b)		86,706	5,788,461

Home Improvement Retail–0.70%

Kingfisher PLC (United Kingdom)^(b)		2,404,100	8,896,022

Human Resource & Employment Services–0.50%

Adecco Group AG (Switzerland)		95,093	6,376,215

Insurance Brokers–0.65%

Willis Towers Watson PLC		38,860	8,187,025

Integrated Oil & Gas–0.97%

Chevron Corp.		145,869	12,318,637

Internet & Direct Marketing Retail–1.10%

Booking Holdings, Inc.^(b)		6,249	13,918,210

Investment Banking & Brokerage–4.29%

Charles Schwab Corp. (The)		140,646	7,459,864
Goldman Sachs Group, Inc. (The)		88,169	23,251,047
Morgan Stanley		345,055	23,646,619
			54,357,530

IT Consulting & Other Services–1.97%

Cognizant Technology Solutions Corp.,
Class A		304,157	24,925,666

Managed Health Care–1.43%

Anthem, Inc.		56,363	18,097,596

Movies & Entertainment–1.37%

Walt Disney Co. (The)^(b)		95,581	17,317,366

Multi-line Insurance–1.58%

American International Group, Inc.		528,282	20,000,757

Oil & Gas Exploration & Production–2.46%

Canadian Natural Resources Ltd. (Canada)		271,468	6,523,848
Concho Resources, Inc.		126,591	7,386,585
ConocoPhillips		56,059	2,241,799

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

Invesco V.I. Equity and Income Fund



	Shares		Value
Oil & Gas Exploration & Production–(continued)

Devon Energy Corp.		447,664	$ 7,077,568
Parsley Energy, Inc., Class A		557,153	7,911,573
			31,141,373

Other Diversified Financial Services–1.44%

Equitable Holdings, Inc.		296,873	7,596,980
Voya Financial, Inc.		181,627	10,681,484
			18,278,464

Packaged Foods & Meats–0.25%

Mondelez International, Inc., Class A		54,098	3,163,110

Pharmaceuticals–3.68%

Bristol-Myers Squibb Co.		251,171	15,580,137
GlaxoSmithKline PLC (United Kingdom)		287,271	5,263,686
Johnson & Johnson		50,911	8,012,373
Pfizer, Inc.		221,342	8,147,599
Sanofi (France)		99,154	9,580,313
			46,584,108

Railroads–1.60%

CSX Corp.		224,087	20,335,895

Real Estate Services–1.46%

CBRE Group, Inc., Class A^(b)		294,282	18,457,367

Regional Banks–4.42%

Citizens Financial Group, Inc.		537,932	19,236,448
PNC Financial Services Group, Inc. (The)		132,676	19,768,724
Truist Financial Corp.		355,151	17,022,388
			56,027,560

Semiconductors–2.89%

Micron Technology, Inc.^(b)		108,374	8,147,557
NXP Semiconductors N.V. (Netherlands)		75,149	11,949,443
QUALCOMM, Inc.		108,839	16,580,533
			36,677,533

Specialty Chemicals–0.76%

DuPont de Nemours, Inc.		136,353	9,696,062

Systems Software–1.17%

Oracle Corp.		229,491	14,845,773

Technology Hardware, Storage & Peripherals–0.69%

Apple, Inc.		65,699	8,717,600

Tobacco–1.92%

Philip Morris International, Inc.		293,738	24,318,569

Wireless Telecommunication Services–1.03%

Vodafone Group PLC (United Kingdom)		7,919,762	13,033,030

Total Common Stocks & Other Equity Interests (Cost $634,568,558)			870,094,155

	Principal
	Amount
U.S. Dollar Denominated Bonds & Notes–20.90%

Aerospace & Defense–0.19%

General Dynamics Corp., 3.88%, 07/15/2021	$	1,690,000	1,707,227
Precision Castparts Corp., 2.50%, 01/15/2023		333,000	346,146


	Principal
	Amount		Value
Aerospace & Defense–(continued)

Raytheon Technologies Corp., 4.45%, 11/16/2038	$	299,000	$377,036
			2,430,409

Agricultural & Farm Machinery–0.09%

Deere & Co., 2.60%, 06/08/2022		1,161,000	1,194,619

Agricultural Products–0.03%

Ingredion, Inc., 6.63%, 04/15/2037		232,000	333,624

Air Freight & Logistics–0.06%

FedEx Corp., 4.90%, 01/15/2034		402,000	519,297
United Parcel Service, Inc., 3.40%, 11/15/2046		236,000	284,711
			804,008

Airlines–0.12%

American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		277,591	261,957
Continental Airlines Pass-Through Trust,
Series 2010-1, Class A, 4.75%, 01/12/2021		112,577	112,691
Series 2012-1, Class A, 4.15%, 04/11/2024		293,349	295,874
United Airlines Pass-Through Trust,
Series 2014-2, Class A, 3.75%, 09/03/2026		356,896	363,612
Series 2018-1, Class AA, 3.50%, 03/01/2030		449,581	447,869
			1,482,003

Alternative Carriers–0.18%

Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024		2,431,000	2,322,171

Application Software–0.66%

Nuance Communications, Inc., Conv.,
1.00%, 12/15/2022^(c)		1,209,000	2,256,205
1.25%, 04/01/2025		1,081,000	2,465,096
Workday, Inc., Conv., 0.25%, 10/01/2022		2,173,000	3,641,845
			8,363,146

Asset Management & Custody Banks–0.31%

Apollo Management Holdings L.P., 4.00%, 05/30/2024^(d)		2,715,000	3,008,871
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		420,000	468,740
Carlyle Holdings Finance LLC, 3.88%, 02/01/2023^(d)		98,000	104,322
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044^(d)		287,000	377,299
			3,959,232

Automobile Manufacturers–0.08%

General Motors Co., 6.60%, 04/01/2036		361,000	494,179
General Motors Financial Co., Inc., 5.25%, 03/01/2026		459,000	541,476
			1,035,655

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

Invesco V.I. Equity and Income Fund


	Principal
	Amount		Value
Biotechnology–0.44%

AbbVie, Inc.,
4.50%, 05/14/2035	$	656,000	$ 824,518
4.05%, 11/21/2039		1,288,000	1,558,169
4.85%, 06/15/2044		264,000	350,181
Gilead Sciences, Inc., 4.40%, 12/01/2021		448,000	460,294
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		1,685,000	2,341,768
			5,534,930

Brewers–0.26%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
4.70%, 02/01/2036		914,000	1,160,607
4.90%, 02/01/2046		511,000	667,119
Heineken N.V. (Netherlands), 3.50%, 01/29/2028^(d)		910,000	1,036,455
Molson Coors Beverage Co., 4.20%, 07/15/2046		361,000	414,251
			3,278,432

Cable & Satellite–1.34%

BofA Finance LLC, Conv., 0.13%, 09/01/2022		2,151,000	2,512,368
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
4.46%, 07/23/2022		969,000	1,021,810
3.85%, 04/01/2061		1,040,000	1,048,075
Comcast Corp.,
4.15%, 10/15/2028		905,000	1,089,657
6.45%, 03/15/2037		278,000	428,239
3.90%, 03/01/2038		746,000	912,895
Cox Communications, Inc., 2.95%, 10/01/2050^(d)		197,000	201,427
DISH Network Corp., Conv., 3.38%, 08/15/2026		7,388,000	7,060,945
Liberty Broadband Corp., Conv., 1.25%, 10/05/2023^(c)(d)		2,352,000	2,386,130
NBCUniversal Media LLC, 5.95%, 04/01/2041		197,000	301,140
			16,962,686

Commodity Chemicals–0.04%

LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027^(d)		339,000	468,967

Communications Equipment–0.51%

Cisco Systems, Inc., 1.85%, 09/20/2021		1,560,000	1,575,909
Finisar Corp., Conv., 0.50%, 12/15/2021^(c)		1,013,000	1,018,339
Viavi Solutions, Inc., Conv.,
1.75%, 06/01/2023		1,295,000	1,608,684
1.00%, 03/01/2024		1,806,000	2,320,462
			6,523,394

Construction Machinery & Heavy Trucks–0.06%

Caterpillar Financial Services Corp., 1.70%, 08/09/2021		765,000	771,637


	Principal
	Amount		Value
Consumer Finance–0.28%

American Express Co., 3.63%, 12/05/2024	$	306,000	$ 340,159
Capital One Financial Corp., 3.20%, 01/30/2023		943,000	994,073
Discover Bank, 3.35%, 02/06/2023		1,500,000	1,583,625
Synchrony Financial, 3.95%, 12/01/2027		546,000	612,532
			3,530,389

Data Processing & Outsourced Services–0.12%

Fiserv, Inc., 3.80%, 10/01/2023		1,397,000	1,522,280

Diversified Banks–1.72%

ANZ New Zealand (Int’l) Ltd. (New Zealand), 2.88%, 01/25/2022^(d)		350,000	359,354
Australia & New Zealand Banking Group Ltd. (Australia), 2.30%, 06/01/2021		713,000	719,246
Bank of America Corp., 3.25%, 10/21/2027		515,000	576,492
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024^(d)		700,000	762,307
Citigroup, Inc.,
3.67%, 07/24/2028^(e)		496,000	562,428
6.68%, 09/13/2043		741,000	1,206,584
5.30%, 05/06/2044		228,000	321,711
4.75%, 05/18/2046		341,000	455,429
HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025^(e)		1,775,000	1,889,935
JPMorgan Chase & Co.,
3.20%, 06/15/2026		379,000	424,546
3.51%, 01/23/2029^(e)		1,043,000	1,190,560
4.26%, 02/22/2048^(e)		479,000	627,364
3.90%, 01/23/2049^(e)		1,043,000	1,314,948
Series V, 3.56% (3 mo. USD LIBOR + 3.32%)^(f)(g)		582,000	572,508
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024^(d)		200,000	220,569
National Australia Bank Ltd. (Australia), 1.88%, 07/12/2021		945,000	953,043
SMBC Aviation Capital Finance DAC (Ireland), 2.65%, 07/15/2021^(d)		315,000	318,344
Societe Generale S.A. (France), 5.00%, 01/17/2024^(d)		735,000	812,018
Standard Chartered PLC (United Kingdom), 3.05%, 01/15/2021^(d)		680,000	680,520
U.S. Bancorp, Series W, 3.10%, 04/27/2026		2,087,000	2,325,549
Wells Fargo & Co.,
3.55%, 09/29/2025		596,000	669,664
4.10%, 06/03/2026		410,000	470,236
4.65%, 11/04/2044		632,000	809,774
Westpac Banking Corp. (Australia), 2.10%, 05/13/2021		3,590,000	3,614,971
			21,858,100

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

Invesco V.I. Equity and Income Fund


	Principal
	Amount		Value
Diversified Capital Markets–0.36%

Credit Suisse AG (Switzerland),
6.50%, 08/08/2023^(d)	$	686,000	$ 774,248
Conv., 0.50%, 06/24/2024^(d)		3,834,000	3,748,502
			4,522,750

Diversified Metals & Mining–0.02%

Rio Tinto Finance USA Ltd. (Australia), 7.13%, 07/15/2028		182,000	256,334

Drug Retail–0.13%

CVS Pass-Through Trust, 6.04%, 12/10/2028		574,936	668,131
Walgreens Boots Alliance, Inc.,
3.30%, 11/18/2021		548,000	559,450
4.50%, 11/18/2034		404,000	464,632
			1,692,213

Electric Utilities–0.50%

Electricite de France S.A. (France), 4.88%, 01/22/2044^(d)		846,000	1,069,790
Georgia Power Co., Series B, 3.70%, 01/30/2050		341,000	411,151
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		519,000	591,533
Ohio Power Co., Series M, 5.38%, 10/01/2021		182,000	188,647
PPL Electric Utilities Corp., 6.25%, 05/15/2039		46,000	69,377
Southern Co. (The), 2.35%, 07/01/2021		2,335,000	2,353,536
Xcel Energy, Inc.,
0.50%, 10/15/2023		552,000	553,897
3.50%, 12/01/2049		957,000	1,121,974
			6,359,905

Environmental & Facilities Services–0.04%

Waste Management, Inc., 3.90%, 03/01/2035		427,000	523,756

Food Retail–0.26%

Nestle Holdings, Inc., 3.10%, 09/24/2021^(d)		3,190,000	3,246,426

General Merchandise Stores–0.03%

Dollar General Corp., 3.25%, 04/15/2023		333,000	352,431

Health Care Equipment–0.76%

Becton, Dickinson and Co., 4.88%, 05/15/2044		342,000	423,067
DexCom, Inc., Conv., 0.75%, 12/01/2023		2,639,000	6,006,674
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025^(d)		1,758,000	1,943,323
Medtronic, Inc., 4.38%, 03/15/2035		234,000	315,221
NuVasive, Inc., Conv., 2.25%, 03/15/2021		503,000	511,769
Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025^(d)		338,000	399,750
			9,599,804


	Principal
	Amount		Value
Health Care REITs–0.08%

Healthpeak Properties, Inc.,
4.20%, 03/01/2024	$	438,000	$ 481,140
3.88%, 08/15/2024		461,000	510,413
			991,553

Health Care Services–0.13%

Cigna Corp., 4.80%, 08/15/2038		298,000	388,500
CVS Health Corp., 3.38%, 08/12/2024		341,000	372,653
Laboratory Corp. of America Holdings,
3.20%, 02/01/2022		548,000	564,388
4.70%, 02/01/2045		241,000	316,594
			1,642,135

Health Care Technology–0.32%

Teladoc Health, Inc., Conv., 1.25%, 06/01/2027^(d)		3,333,000	4,008,615

Home Improvement Retail–0.05%

Home Depot, Inc. (The), 2.00%, 04/01/2021		575,000	576,505

Hotel & Resort REITs–0.01%

Service Properties Trust, 5.00%, 08/15/2022		182,000	185,640

Industrial Conglomerates–0.05%

Honeywell International, Inc., 0.46% (3 mo. USD LIBOR + 0.23%), 08/19/2022^(g)		590,000	590,646

Insurance Brokers–0.02%

Willis North America, Inc., 3.60%, 05/15/2024		228,000	249,032

Integrated Oil & Gas–0.13%

BP Capital Markets America, Inc., 2.94%, 06/04/2051		965,000	985,414
Husky Energy, Inc. (Canada), 3.95%, 04/15/2022		274,000	282,406
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		304,000	335,486
			1,603,306

Integrated Telecommunication Services–0.51%

AT&T, Inc.,
3.00%, 06/30/2022		474,000	490,675
4.30%, 02/15/2030		318,000	380,144
4.50%, 05/15/2035		421,000	511,039
3.50%, 09/15/2053^(d)		447,000	447,025
3.55%, 09/15/2055^(d)		157,000	156,475
3.80%, 12/01/2057^(d)		255,000	265,904
Orange S.A. (France), 4.13%, 09/14/2021		1,385,000	1,420,135
Telefonica Emisiones S.A. (Spain),
4.67%, 03/06/2038		750,000	906,032
5.21%, 03/08/2047		700,000	903,848
Verizon Communications, Inc.,
4.40%, 11/01/2034		297,000	370,765
4.81%, 03/15/2039		459,000	598,840
			6,450,882

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

Invesco V.I. Equity and Income Fund


	Principal
	Amount		Value
Interactive Home Entertainment–0.08%

Zynga, Inc., Conv., 0.00%, 12/15/2026^(d)(h)	$	1,015,000	$ 1,070,584

Internet & Direct Marketing Retail–0.87%

Booking Holdings, Inc., Conv.,
0.90%, 09/15/2021		1,430,000	1,660,985
0.75%, 05/01/2025^(d)		345,000	502,943
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030^(d)		3,211,000	6,226,663
Trip.com Group Ltd. (China), Conv., 1.25%, 09/15/2022		2,721,000	2,598,583
			10,989,174

Internet Services & Infrastructure–0.28%

Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		3,000,000	3,547,500

Investment Banking & Brokerage–0.62%

Goldman Sachs Group, Inc. (The),
5.25%, 07/27/2021		364,000	374,261
4.25%, 10/21/2025		502,000	576,018
GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024		5,920,000	6,204,160
Morgan Stanley, 4.00%, 07/23/2025		619,000	708,835
			7,863,274

IT Consulting & Other Services–0.04%

DXC Technology Co., 4.45%, 09/18/2022		446,000	469,562

Life & Health Insurance–0.33%

Athene Global Funding,
4.00%, 01/25/2022^(d)		1,110,000	1,149,694
2.75%, 06/25/2024^(d)		260,000	275,181
Guardian Life Global Funding, 2.90%, 05/06/2024^(d)		669,000	720,531
Jackson National Life Global Funding,
2.10%, 10/25/2021^(d)		479,000	485,990
3.25%, 01/30/2024^(d)		438,000	471,126
Nationwide Financial Services, Inc., 5.30%, 11/18/2044^(d)		405,000	490,668
Prudential Financial, Inc., 3.91%, 12/07/2047		141,000	169,709
Reliance Standard Life Global Funding II, 3.05%, 01/20/2021^(d)		423,000	423,493
			4,186,392

Managed Health Care–0.05%

UnitedHealth Group, Inc., 3.50%, 08/15/2039		543,000	645,988

Movies & Entertainment–0.86%

Liberty Media Corp., Conv.,
2.25%, 10/05/2021^(c)		1,399,000	664,486
1.38%, 10/15/2023		5,513,000	6,995,990
Liberty Formula One, Conv., 1.00%, 01/30/2023		520,000	664,883
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023		1,953,000	2,530,698
			10,856,057


	Principal
	Amount		Value
Multi-line Insurance–0.15%

American International Group, Inc., 4.38%, 01/15/2055	$	656,000	$ 844,142
Liberty Mutual Group, Inc., 3.95%, 05/15/2060^(d)		887,000	1,062,192
			1,906,334

Multi-Utilities–0.11%

NiSource, Inc., 4.38%, 05/15/2047		562,000	714,239
Sempra Energy, 3.80%, 02/01/2038		551,000	639,051
			1,353,290

Office REITs–0.05%

Office Properties Income Trust, 4.00%, 07/15/2022		664,000	679,060

Oil & Gas Exploration & Production–0.16%

Cameron LNG LLC, 3.70%, 01/15/2039^(d)		606,000	684,255
ConocoPhillips, 4.15%, 11/15/2034		217,000	252,204
Noble Energy, Inc., 5.25%, 11/15/2043		756,000	1,086,027
			2,022,486

Oil & Gas Storage & Transportation–0.69%

Energy Transfer Operating L.P.,
4.20%, 09/15/2023		1,722,000	1,857,746
4.90%, 03/15/2035		325,000	358,403
5.00%, 05/15/2050		716,000	775,994
Enterprise Products Operating LLC,
6.45%, 09/01/2040		23,000	32,964
4.25%, 02/15/2048		686,000	805,706
Kinder Morgan, Inc., 5.30%, 12/01/2034		384,000	473,391
MPLX L.P.,
4.50%, 07/15/2023		1,656,000	1,804,366
4.50%, 04/15/2038		799,000	913,936
Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022		323,000	332,672
Spectra Energy Partners L.P., 4.50%, 03/15/2045		488,000	571,144
Sunoco Logistics Partners Operations L.P., 5.30%, 04/01/2044		587,000	634,958
Texas Eastern Transmission L.P., 7.00%, 07/15/2032		169,000	235,141
			8,796,421

Other Diversified Financial Services–1.68%

Convertible Trust - Energy, Series 2019-1, 0.33%, 09/19/2024		5,688,000	5,892,199
Convertible Trust - Healthcare, Series 2018-1, 0.25%, 02/05/2024		5,897,000	6,697,812
Convertible Trust - Media, Series 2019, Class 1, 0.25%, 12/04/2024		5,704,000	7,774,552
MassMutual Global Funding II, 2.00%, 04/15/2021^(d)		945,000	949,668
			21,314,231

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

Invesco V.I. Equity and Income Fund


	Principal
	Amount		Value
Packaged Foods & Meats–0.05%

Kraft Heinz Foods Co. (The), 4.63%, 10/01/2039^(d)	$	525,000	$ 587,322
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		60,000	69,244
			656,566

Paper Packaging–0.12%

International Paper Co., 6.00%, 11/15/2041		223,000	327,080
Packaging Corp. of America, 4.50%, 11/01/2023		1,037,000	1,143,934
			1,471,014

Pharmaceuticals–0.97%

Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028^(d)		985,000	1,158,831
Bayer US Finance LLC (Germany), 3.00%, 10/08/2021^(d)		590,000	600,138
Bristol-Myers Squibb Co.,
4.00%, 08/15/2023		485,000	531,254
4.13%, 06/15/2039		603,000	770,059
4.63%, 05/15/2044		1,390,000	1,897,988
GlaxoSmithKline Capital, Inc. (United Kingdom), 6.38%, 05/15/2038		64,000	101,053
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026^(d)		1,374,000	1,794,931
Pacira BioSciences, Inc., Conv.,
2.38%, 04/01/2022		205,000	235,622
0.75%, 08/01/2025^(d)		852,000	962,341
Pfizer, Inc.,
3.00%, 09/15/2021		1,805,000	1,840,977
2.20%, 12/15/2021		575,000	586,237
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023		1,057,000	1,007,681
Utah Acquisition Sub, Inc., 3.15%, 06/15/2021		393,000	396,812
Zoetis, Inc., 4.70%, 02/01/2043		333,000	456,018
			12,339,942

Property & Casualty Insurance–0.21%

Allstate Corp. (The), 3.28%, 12/15/2026		292,000	333,701
Markel Corp.,
5.00%, 03/30/2043		351,000	437,086
5.00%, 05/20/2049		482,000	665,449
Travelers Cos., Inc. (The), 4.60%, 08/01/2043		605,000	848,856
W.R. Berkley Corp., 4.63%, 03/15/2022		382,000	400,462
			2,685,554

Railroads–0.18%

CSX Corp., 5.50%, 04/15/2041		346,000	484,526
Norfolk Southern Corp., 3.40%, 11/01/2049		456,000	523,135
Union Pacific Corp.,
3.65%, 02/15/2024		92,000	99,946
4.15%, 01/15/2045		401,000	498,563
3.84%, 03/20/2060		519,000	643,890
			2,250,060


	Principal
	Amount		Value
Real Estate Services–0.24%

Redfin Corp., Conv., 0.00%, 10/15/2025^(d)(h)	$	2,531,000	$ 3,037,574

Regional Banks–0.09%

Citizens Financial Group, Inc., 2.38%, 07/28/2021		415,000	419,035
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		669,000	771,334
			1,190,369

Reinsurance–0.12%

PartnerRe Finance B LLC, 3.70%, 07/02/2029		1,015,000	1,169,121
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		352,000	389,239
			1,558,360

Renewable Electricity–0.05%

Oglethorpe Power Corp., 4.55%, 06/01/2044		529,000	597,090

Restaurants–0.06%

Starbucks Corp., 3.55%, 08/15/2029		685,000	797,331

Retail REITs–0.09%

Regency Centers L.P.,
2.95%, 09/15/2029		745,000	796,490
4.65%, 03/15/2049		256,000	308,888
			1,105,378

Semiconductors–1.11%

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024		610,000	659,600
Cree, Inc., Conv.,
0.88%, 09/01/2023		1,359,000	2,472,275
1.75%, 05/01/2026^(d)		956,000	2,218,290
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		3,726,000	4,125,023
Micron Technology, Inc., 4.66%, 02/15/2030		670,000	823,037
NVIDIA Corp., 2.20%, 09/16/2021		720,000	728,845
NXP B.V./NXP Funding LLC (Netherlands),
3.88%, 09/01/2022^(d)		1,885,000	1,987,084
5.35%, 03/01/2026^(d)		656,000	791,181
Texas Instruments, Inc., 2.63%, 05/15/2024		210,000	224,397
			14,029,732

Soft Drinks–0.10%

PepsiCo, Inc., 3.00%, 08/25/2021		1,300,000	1,324,339

Specialized REITs–0.17%

Crown Castle International Corp., 4.75%, 05/15/2047		46,000	59,104
EPR Properties, 4.75%, 12/15/2026		1,556,000	1,573,750
LifeStorage L.P., 3.50%, 07/01/2026		404,000	456,496
			2,089,350

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

Invesco V.I. Equity and Income Fund


	Principal
	Amount		Value

Specialty Chemicals–0.02%

Sherwin-Williams Co. (The), 4.50%, 06/01/2047	$	156,000	$	208,679


Systems Software–0.37%

FireEye, Inc.,
Series B, Conv., 1.63%, 06/01/2022^(c)		1,587,000		1,565,221

Series A, Conv., 1.00%, 06/01/2025^(c)		1,566,000		1,549,270

Microsoft Corp., 3.50%, 02/12/2035		367,000		452,095

Oracle Corp., 3.60%, 04/01/2040		965,000		1,131,573

				4,698,159


Technology Distributors–0.06%

Avnet, Inc., 4.63%, 04/15/2026		641,000		725,895


Technology Hardware, Storage & Peripherals–0.28%

Apple, Inc.,
2.15%, 02/09/2022		652,000		665,610

3.35%, 02/09/2027		305,000		348,093

Dell International LLC/EMC Corp.,
5.45%, 06/15/2023^(d)		587,000		649,408

8.35%, 07/15/2046^(d)		14,000		21,180

Western Digital Corp., Conv., 1.50%, 02/01/2024		1,916,000		1,913,980

				3,598,271


Tobacco–0.26%

Altria Group, Inc., 5.80%, 02/14/2039		1,088,000		1,433,565

Philip Morris International, Inc.,
3.60%, 11/15/2023		369,000		402,181

4.88%, 11/15/2043		1,102,000		1,480,194

				3,315,940


Trading Companies & Distributors–0.10%

Air Lease Corp.,
3.00%, 09/15/2023		63,000		66,296

4.25%, 09/15/2024		392,000		429,814

Aircastle Ltd., 4.40%, 09/25/2023		761,000		806,750

				1,302,860


Trucking–0.14%

Aviation Capital Group LLC,
2.88%, 01/20/2022^(d)		1,015,000		1,027,885

4.88%, 10/01/2025^(d)		669,000		723,477

				1,751,362


Wireless Telecommunication Services–0.25%

America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042		600,000		751,912

Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043		533,000		679,033

4.30%, 02/15/2048		1,379,000		1,764,833

				3,195,778

Total U.S. Dollar Denominated Bonds & Notes (Cost $227,516,448)				264,857,571


U.S. Treasury Securities–5.26%

U.S. Treasury Bills–0.00%

0.11%, 02/04/2021^(i)(j)		10,000		9,999


	Principal
	Amount		Value
U.S. Treasury Bonds–0.87%

4.50%, 02/15/2036	$	2,636,800	$	3,866,929

4.50%, 08/15/2039		36,400		55,632

4.38%, 05/15/2040		72,800		110,357

1.38%, 08/15/2050		7,472,600		6,984,546

				11,017,464


U.S. Treasury Notes–4.39%

0.13%, 11/30/2022		17,189,300		17,191,986

0.13%, 12/15/2023		15,880,500		15,861,270

0.38%, 11/30/2025		16,710,100		16,730,987

0.63%, 11/30/2027		3,189,800		3,188,305

0.88%, 11/15/2030		2,681,100		2,671,046

				55,643,594

Total U.S. Treasury Securities (Cost $66,098,164)				66,671,057


	Shares

Preferred Stocks–0.58%

Asset Management & Custody Banks–0.17%

AMG Capital Trust II, 5.15%, Conv. Pfd.		42,732		2,135,798


Diversified Banks–0.02%

Wells Fargo & Co., 5.85%, Series Q, Pfd.^(e)		10,911		292,960


Oil & Gas Storage & Transportation–0.39%

El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		95,499		4,943,028

Total Preferred Stocks (Cost $5,854,432)				7,371,786


	Principal
	Amount

U.S. Government Sponsored Agency Mortgage-Backed Securities–0.08%

Federal Home Loan Mortgage Corp. (FHLMC)–0.08%

6.75%, 03/15/2031	$	682,000		1,051,119

5.50%, 02/01/2037		8		9

				1,051,128


Federal National Mortgage Association (FNMA)–0.00%

9.50%, 04/01/2030		630		706

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $843,029)				1,051,834


	Shares

Money Market Funds–4.64%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(k)(l)		22,007,337		22,007,337

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(k)(l)		11,692,344		11,695,851

Invesco Treasury Portfolio, Institutional Class, 0.01%^(k)(l)		25,151,242		25,151,242

Total Money Market Funds (Cost $58,847,595)				58,854,430

TOTAL INVESTMENTS IN SECURITIES–100.11% (Cost $993,728,226)				1,268,900,833

OTHER ASSETS LESS LIABILITIES–(0.11)%				(1,419,641	)

NET ASSETS–100.00%			$	1,267,481,192

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

Invesco V.I. Equity and Income Fund


Investment Abbreviations:

Conv.		– Convertible
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
REIT		– Real Estate Investment Trust
USD		– U.S. Dollar

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $56,869,271, which represented 4.49% of the Fund’s Net Assets.

^(e)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)	Perpetual bond with no specified maturity date.

^(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(h)	Zero coupon bond issued at a discount.

⁽ⁱ⁾	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

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

^(k)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value December 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	19,017,510	$	96,819,974	$	(93,830,147	)		$ -	$	-		$	22,007,337	$	70,460

Invesco Liquid Assets Portfolio, Institutional Class		13,563,951		69,157,124		(71,030,065	)		4,528		313			11,695,851		69,114

Invesco Treasury Portfolio, Institutional Class		21,734,298		110,651,398		(107,234,454	)		-		-			25,151,242		75,619

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Government & Agency Portfolio, Institutional Class		-		10,778,973		(10,778,973	)		-		-			-		1,310*

Invesco Liquid Assets Portfolio, Institutional Class		-		3,141,262		(3,139,648	)		-		(1,614	)		-		865*

Invesco Private Government Fund		-		5,048,621		(5,048,621	)		-		-			-		35*

Invesco Private Prime Fund		-		1,970,952		(1,971,046	)		-		94			-		19*

Total	$	54,315,759	$	297,568,304	$	(293,032,954	)		$4,528	$	(1,207	)	$	58,854,430	$	217,422

^(l) The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

Open Futures Contracts

Short Futures Contracts

Number of
Contracts

Expiration
Month

Notional
Value

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

U.S. Treasury 5 Year Notes

March-2021

(1,261,641

)

$(2,989

)

$(2,989

)

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

01/15/2021

State Street Bank & Trust Co.

CHF 259,598

USD

293,667

339

01/15/2021

State Street Bank & Trust Co.

EUR 206,737

USD

253,566

937

01/15/2021

State Street Bank & Trust Co.

USD 191,963

CAD

247,326

2,350

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

Invesco V.I. Equity and Income Fund

Open Forward Foreign Currency Contracts–(continued)

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

01/15/2021

State Street Bank & Trust Co.

USD

442,223

CHF

393,032

$ 1,876

01/15/2021

State Street Bank & Trust Co.

USD

310,836

EUR

255,075

862

01/15/2021

State Street Bank & Trust Co.

USD

1,654,715

GBP

1,230,080

27,589

Subtotal–Appreciation

33,953

Currency Risk

01/15/2021

Bank of New York Mellon (The)

CAD

6,588,230

USD

5,172,269

(3,806)

01/15/2021

Bank of New York Mellon (The)

EUR

5,789,354

USD

7,040,978

(33,512)

01/15/2021

Bank of New York Mellon (The)

GBP

16,071,964

USD

21,522,979

(457,654)

01/15/2021

State Street Bank & Trust Co.

CAD

121,003

USD

94,983

(84)

01/15/2021

State Street Bank & Trust Co.

CHF

8,230,018

USD

9,290,116

(9,222)

01/15/2021

State Street Bank & Trust Co.

EUR

130,884

USD

159,550

(388)

01/15/2021

State Street Bank & Trust Co.

GBP

403,397

USD

543,312

(8,389)

01/15/2021

State Street Bank & Trust Co.

USD

174,603

CAD

222,174

(51)

Subtotal–Depreciation

(513,106)

Total Forward Foreign Currency Contracts

$(479,153)

Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

Invesco V.I. Equity and Income Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $934,880,631)	$	1,210,046,403

Investments in affiliated money market funds, at value (Cost $58,847,595)		58,854,430

Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		33,953

Foreign currencies, at value (Cost $783)		793

Receivable for:
Investments sold		2,660,730
Fund shares sold		13,338

Dividends		1,665,255

Interest		1,736,781

Investment for trustee deferred compensation and retirement plans		171,827

Total assets		1,275,183,510


Liabilities:
Other investments:
Variation margin payable - futures contracts		469

Unrealized depreciation on forward foreign currency contracts outstanding		513,106

Payable for:
Investments purchased		5,116,721

Fund shares reacquired		457,771

Amount due custodian		643,460

Accrued fees to affiliates		685,739

Accrued trustees’ and officers’ fees and benefits		571

Accrued other operating expenses		93,975

Trustee deferred compensation and retirement plans		190,506

Total liabilities		7,702,318

Net assets applicable to shares outstanding	$	1,267,481,192


Net assets consist of:
Shares of beneficial interest	$	973,640,832

Distributable earnings		293,840,360

	$	1,267,481,192


Net Assets:
Series I	$	43,098,779

Series II	$	1,224,382,413


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		2,403,983

Series II		68,694,164

Series I:
Net asset value per share	$	17.93

Series II:
Net asset value per share	$	17.82

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $200,707)	$	19,623,657

Interest		6,971,100

Dividends from affiliated money market funds (includes securities lending income of $64,619)		279,812

Total investment income		26,874,569


Expenses:
Advisory fees		4,292,612

Administrative services fees		1,835,917

Custodian fees		34,000

Distribution fees - Series II		2,691,046

Transfer agent fees		34,607

Trustees’ and officers’ fees and benefits		37,587

Reports to shareholders		17,908

Professional services fees		63,880

Other		9,963

Total expenses		9,017,520

Less: Fees waived		(57,375	)

Net expenses		8,960,145

Net investment income		17,914,424


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		11,762,128

Affiliated investment securities		(1,207	)

Foreign currencies		450,690

Forward foreign currency contracts		(2,855,287	)

Futures contracts		(83,105	)

		9,273,219

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		66,429,215

Affiliated investment securities		4,528

Foreign currencies		5,349

Forward foreign currency contracts		687,602

Futures contracts		(8,096	)

		67,118,598

Net realized and unrealized gain		76,391,817

Net increase in net assets resulting from operations	$	94,306,241

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

Invesco V.I. Equity and Income Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	17,914,424		$	23,135,130

Net realized gain		9,273,219			83,910,028

Change in net unrealized appreciation		67,118,598			121,055,875

Net increase in net assets resulting from operations		94,306,241			228,101,033


Distributions to shareholders from distributable earnings:
Series I		(2,664,901	)		(4,953,688	)

Series II		(74,585,577	)		(114,458,310	)

Total distributions from distributable earnings		(77,250,478	)		(119,411,998	)


Share transactions–net:
Series I		(8,088,300	)		(131,330,818	)

Series II		(27,486,339	)		100,806,762

Net increase (decrease) in net assets resulting from share transactions		(35,574,639	)		(30,524,056	)

Net increase (decrease) in net assets		(18,518,876	)		78,164,979


Net assets:
Beginning of year		1,286,000,068			1,207,835,089

End of year	$	1,267,481,192		$	1,286,000,068

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

Invesco V.I. Equity and Income Fund

Financial Highlights

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


																												Ratio of			Ratio of
																												expenses			expenses
						Net gains																						to average			to average net
						(losses)																						net assets			assets without			Ratio of net
	Net asset					on securities						Dividends			Distributions													with fee waivers			fee waivers			investment
	value,		Net			(both			Total from			from net			from net						Net asset					Net assets,		and/or			and/or			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		income^(a)			unrealized)			operations			income			gains			distributions			of period		return ^(b)			(000’s omitted)		absorbed			absorbed			net assets			turnover ^(c)

Series I
Year ended 12/31/20	$	17.52	$	0.30		$	1.30		$	1.60		$	(0.42	)	$	(0.77	)	$	(1.19	)	$	17.93		9.95	%	$	43,099		0.56	%^(d)		0.57	%^(d)		1.84	%^(d)		96	%
Year ended 12/31/19		16.12		0.36			2.82			3.18			(0.47	)		(1.31	)		(1.78	)		17.52		20.37			50,731		0.54			0.55			2.02			150
Year ended 12/31/18		19.04		0.35			(2.00	)		(1.65	)		(0.43	)		(0.84	)		(1.27	)		16.12		(9.50	)		165,924		0.54			0.55			1.91			150
Year ended 12/31/17		17.76		0.35	^(e)		1.58			1.93			(0.31	)		(0.34	)		(0.65	)		19.04		11.03			184,768		0.55			0.56			1.93	^(e)		119
Year ended 12/31/16		16.23		0.29			2.10			2.39			(0.32	)		(0.54	)		(0.86	)		17.76		15.12			157,774		0.60			0.61			1.78			101

Series II
Year ended 12/31/20		17.42		0.26			1.28			1.54			(0.37	)		(0.77	)		(1.14	)		17.82		9.65			1,224,382		0.81	^(d)		0.82	^(d)		1.59	^(d)		96
Year ended 12/31/19		16.04		0.31			2.80			3.11			(0.42	)		(1.31	)		(1.73	)		17.42		20.01			1,235,269		0.79			0.80			1.77			150
Year ended 12/31/18		18.95		0.31			(2.00	)		(1.69	)		(0.38	)		(0.84	)		(1.22	)		16.04		(9.73	)		1,041,911		0.79			0.80			1.66			150
Year ended 12/31/17		17.68		0.31	^(e)		1.57			1.88			(0.27	)		(0.34	)		(0.61	)		18.95		10.78			1,385,490		0.80			0.81			1.68	^(e)		119
Year ended 12/31/16		16.16		0.25			2.09			2.34			(0.28	)		(0.54	)		(0.82	)		17.68		14.84			1,314,323		0.85			0.86			1.53			101

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $42,899 and $1,076,418 for Series I and Series II shares, respectively.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2017. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.30 and 1.64% and $0.26 and 1.39% for Series I and Series II shares, respectively.

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

Invesco V.I. Equity and Income Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objectives are both capital appreciation and current income.

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

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

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

Invesco V.I. Equity and Income Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

Invesco V.I. Equity and Income Fund

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

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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

Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.38%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2020, the Adviser waived advisory fees of $57,375.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $158,403 for accounting and fund administrative services and was reimbursed $1,677,514 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Equity and Income Fund

annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2020, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2020, the Fund incurred $2,204 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	821,156,428		$	48,937,727			$ –	$	870,094,155

U.S. Dollar Denominated Bonds & Notes		–			264,857,571			–		264,857,571

U.S. Treasury Securities		–			66,671,057			–		66,671,057

Preferred Stocks		7,371,786			–			–		7,371,786

U.S. Government Sponsored Agency Mortgage-Backed Securities		–			1,051,834			–		1,051,834

Money Market Funds		58,854,430			–			–		58,854,430

Total Investments in Securities		887,382,644			381,518,189			–		1,268,900,833


Other Investments - Assets*

Forward Foreign Currency Contracts		–			33,953			–		33,953


Other Investments - Liabilities*

Futures Contracts		(2,989	)		–			–		(2,989	)

Forward Foreign Currency Contracts		–			(513,106	)		–		(513,106	)

		(2,989	)		(513,106	)		–		(516,095	)

Total Other Investments		(2,989	)		(479,153	)		–		(482,142	)

Total Investments	$	887,379,655		$	381,039,036			$ –	$	1,268,418,691

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk		Total

Unrealized appreciation on forward foreign currency contracts outstanding	$	33,953	$	-	$	33,953

Derivatives not subject to master netting agreements		-		-		-

Total Derivative Assets subject to master netting agreements	$	33,953	$	-	$	33,953

Invesco V.I. Equity and Income Fund


	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(2,989	)	$	(2,989	)

Unrealized depreciation on forward foreign currency contracts outstanding		(513,106	)		-			(513,106	)

Total Derivative Liabilities		(513,106	)		(2,989	)		(516,095	)

Derivatives not subject to master netting agreements		-			2,989			2,989

Total Derivative Liabilities subject to master netting agreements	$	(513,106	)	$	-		$	(513,106	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.

Financial
Derivative
Assets

Financial
Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

Bank of New York Mellon (The)

$ –

$(494,972)

$–

$(494,972

)

State Street Bank & Trust Co.

33,953

(18,134)

15,819

–

15,819

Total

$33,953

$(513,106)

$(479,153)

$–

$(479,153

)

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency			Interest
	Risk			Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	(2,855,287	)	$	-		$	(2,855,287	)

Futures contracts		-			(83,105	)		(83,105	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		687,602			-			687,602

Futures contracts		-			(8,096	)		(8,096	)

Total	$	(2,167,685	)	$	(91,201	)	$	(2,258,886	)

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


	Forward
	Foreign Currency	Futures
	Contracts	Contracts

Average notional value	$60,144,965	$1,478,947

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

Invesco V.I. Equity and Income Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets


Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:
	2020		2019
Ordinary income*	$	29,918,266	$	29,108,510
Long-term capital gain		47,332,212		90,303,488
Total distributions	$	77,250,478	$	119,411,998

*	Includes short-term capital gain distributions, if any.


Tax Components of Net Assets at Period-End:
	2020

Undistributed ordinary income	$	34,735,702

Net unrealized appreciation – investments		259,220,044

Net unrealized appreciation - foreign currencies		18,058

Temporary book/tax differences		(133,444	)

Shares of beneficial interest		973,640,832

Total net assets	$	1,267,481,192

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $351,012,113 and $350,640,945, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $671,100,801 and $766,531,118, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	276,446,456
Aggregate unrealized (depreciation) of investments		(17,226,412	)

Net unrealized appreciation of investments	$	259,220,044

Cost of investments for tax purposes is $1,009,198,647.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of contingent payment debt instruments, grantor trusts and foreign currency transactions, on December 31, 2020, undistributed net investment income was increased by $3,038,852, undistributed net realized gain was decreased by $3,128,315 and shares of beneficial interest was increased by $89,463. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019
	Shares		Amount		Shares		Amount

Sold:
Series I		192,505	$	3,212,832		400,977	$	7,034,559

Series II		8,497,726		137,573,138		10,719,286		190,855,182


Issued as reinvestment of dividends:
Series I		166,556		2,664,901		298,775		4,953,688

Series II		4,685,024		74,585,577		6,936,867		114,458,310

Invesco V.I. Equity and Income Fund


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount

Reacquired:
Series I		(851,279	)	$	(13,966,033	)		(8,098,584	)	$	(143,319,065	)

Series II		(15,407,946	)		(239,645,054	)		(11,706,489	)		(204,506,730	)

Net increase (decrease) in share activity		(2,717,414	)	$	(35,574,639	)		(1,449,168	)	$	(30,524,056	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco V.I. Managed Volatility Fund (the “Target Fund”) in exchange for shares of the Fund.

Invesco V.I. Equity and Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Equity and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Equity and Income Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Equity and Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,211.50	$3.11	$1,022.32	$2.85	0.56%
Series II	1,000.00	1,209.70	4.50	1,021.06	4.12	0.81

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Equity and Income Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:



		Federal and State Income Tax
		Long-Term Capital Gain Distributions			$47,332,212
		Corporate Dividends Received Deduction*			53.94%
		U.S. Treasury Obligations*			9.46%
		Business Interest Income*			16.94%
		* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Equity and Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Equity and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Equity and Income Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Global Core Equity Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIGCE-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Global Core Equity Fund (the Fund) underperformed the MSCI World Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	13.23	%
Series II Shares	13.03
MSCI World Index^q(Broad Market/Style-Specific Index)	15.90
Lipper VUF Global Multi-Cap Value Funds Classification Average^∎(Peer Group)	2.45

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Global equity markets started the year buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy responses created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

At the end of the year, global equity markets again posted gains as good news about COVID-19 vaccines outweighed concerns about sharply rising infection rates and tightening social restrictions. In most global regions, equity market leadership shifted as value stocks outperformed growth stocks. Sectors that had been severely affected by the pandemic, including energy and financials, were among the fourth quarter’s top performers.

Emerging market equities, which posted robust gains amplified by US dollar weakness, outperformed developed market equities for the year.

The Fund’s relative performance compared to the MSCI World Index was primarily due to investments in the consumer discretionary sector which lagged those of the index over the year. In terms of market allocation, the Fund had an average overweighting to financials which hurt relative performance due to the sector lagging the market average. In contrast, the Fund’s investments in the communication services sector outperformed the index over the year and benefited relative performance.

The most significant individual contributors during the year included Salesforce.com and Sabre. Shares in Salesforce.com rose on strong reported operating results despite the pandemic and also benefited as companies offering SaaS (software as a service) were in favor in 2020. Salesforce.com was sold from the portfolio during the year.

Shares in Sabre rebounded late in 2020 after being hit hard as a result of the pandemic. Sabre is a leading technology firm serving the travel industry. Shares rallied on news the company was expanding its AI-based platform offerings to clients and also due to optimism that approved COVID-19 vaccines would help normalize the travel industry.

The most significant individual detractors during the year included Carnival and Airbus. Shares in Carnival and Airbus were adversely impacted by the pandemic’s impact on global travel. Both Carnival and Airbus were sold from the portfolio during the year.

On October 15, 2020, the Fund’s investment strategies and portfolio advisor were changed. The Fund will continue to provide diversified exposure to global equities. Both the previous and current investment teams focused on bottom up stock selection. However, investors should expect the new investment team to run a more concentrated, lower-turnover portfolio, with a longer investment horizon. The team seeks to own high quality companies that possess sustainable competitive advantage and that trade at a significant margin of safety to their assessment

of intrinsic value. The performance of this Fund for the period prior to this date would have been different had the current investment strategies and portfolio advisor been in place during that period. The new portfolio management team did sell a significant percentage of holdings after this date to re-position the portfolio and this transition is substantially completed.

Thank you for your investment in Invesco V.I. Global Core Equity Fund.

Portfolio manager(s):

Sunny Basi

Michael Hatcher (Lead)

Marina Pomerantz

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Global Core Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (1/2/97)	5.56	%
10 Years	6.86
5 Years	9.52
1 Year	13.23

Series II Shares
Inception (6/1/10)	8.12	%
10 Years	6.60
5 Years	9.24
1 Year	13.03

Effective June 1, 2010, Class I shares of the predecessor fund, Universal Funds Global Value Equity Portfolio, advised by Morgan Stanley Investment Management Inc. were reorganized into Series I shares of Invesco Van Kampen V.I. Global Value Equity Fund (renamed Invesco V.I. Global Core Equity Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I shares are those of the Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Global Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Global Core Equity Fund

Supplemental Information

Invesco V.I. Global Core Equity Fund’s investment objective is long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including U.S. issuers.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

The Lipper VUF Global Multi-Cap Value Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Global Multi Cap Value Funds classification.

∎

Invesco V.I. Global Core Equity Fund

Fund Information

Portfolio Composition


By country	% of total net assets

United States		52.60	%
Germany		12.77
Switzerland		7.99
United Kingdom		7.09
China		6.43
Canada		3.12
Hong Kong		3.12
Belgium		2.60
France		2.48
Money Market Funds Plus Other Assets Less Liabilities		1.80

Top 10 Equity Holdings*


	% of total net assets
1. Microsoft Corp.		6.18	%
2. Visa, Inc., Class A		4.96
3. SAP SE		4.92
4. KION Group AG		4.87
5. Analog Devices, Inc.		4.13
6. Accenture PLC, Class A		3.75
7. Alphabet, Inc., Class A		3.71
8. Alibaba Group Holding Ltd., ADR		3.68
9. Equinix, Inc.		3.57
10. British American Tobacco PLC		3.48

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Global Core Equity Fund

Schedule of Investments

December 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–98.20%
Belgium–2.60%
Anheuser-Busch InBev S.A./N.V., ADR^(a)		25,533	$	1,785,012



Canada–3.12%
Canadian Natural Resources Ltd.		57,942		1,392,447


Constellation Software, Inc.		577		749,261


Topicus.com, Inc.^(b)(c)		1,073		4,057


				2,145,765



China–6.43%
Alibaba Group Holding Ltd., ADR^(b)		10,866		2,528,844


Kweichow Moutai Co. Ltd., A Shares		6,200		1,894,653


				4,423,497



France–2.48%
Bureau Veritas S.A.		64,106		1,705,157



Germany–12.77%
Henkel AG & Co. KGaA		21,331		2,053,373


KION Group AG		38,541		3,350,805


SAP SE		25,726		3,380,616


				8,784,794



Hong Kong–3.12%
AIA Group Ltd.		174,000		2,143,274



Switzerland–7.99%
Cie Financiere Richemont S.A.		20,135		1,819,445


Cie Financiere Richemont S.A., Wts., expiring 11/23/2022^(b)		40,270		10,462


Roche Holding AG		4,920		1,716,627


Temenos AG		13,970		1,949,305


				5,495,839



United Kingdom–7.09%
British American Tobacco PLC		64,285		2,391,076


Imperial Brands PLC		34,998		735,356


Unilever PLC		28,884		1,748,958


				4,875,390



United States–52.60%
Accenture PLC, Class A		9,878		2,580,232


Alphabet, Inc., Class A^(b)		1,457		2,553,597

Investment Abbreviations:

ADR - American Depositary Receipt

Wts. - Warrants


	Shares		Value


United States–(continued)
Alphabet, Inc., Class C^(b)		349	$	611,406


Analog Devices, Inc.		19,227		2,840,405


Aon PLC, Class A		6,434		1,359,311


Aptiv PLC		17,283		2,251,802


AutoZone, Inc.^(b)		1,768		2,095,858


Becton, Dickinson and Co.		7,926		1,983,244


BorgWarner, Inc.		40,099		1,549,425


Equinix, Inc.		3,441		2,457,493


Flowserve Corp.		53,660		1,977,371


Honeywell International, Inc.		10,204		2,170,391


Microsoft Corp.		19,090		4,245,998


Sabre Corp.		189,717		2,280,398


Visa, Inc., Class A		15,587		3,409,345


Walt Disney Co. (The)^(b)		9,949		1,802,560


				36,168,836


Total Common Stocks & Other Equity Interests (Cost $59,879,940)				67,527,564



Money Market Funds–2.24%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		559,248		559,248


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(d)(e)		343,756		343,859


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		639,140		639,140


Total Money Market Funds (Cost $1,542,264)				1,542,247


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.44% (Cost $61,422,204)				69,069,811


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.66%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		730,505		730,505


Invesco Private Prime Fund, 0.12%^(d)(e)(f)		1,095,429		1,095,758


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,826,263)				1,826,263


TOTAL INVESTMENTS IN SECURITIES–103.10% (Cost $63,248,467)				70,896,074


OTHER ASSETS LESS LIABILITIES–(3.10)%				(2,132,644	)


NET ASSETS–100.00%			$	68,763,430

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

Invesco V.I. Global Core Equity Fund

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at December 31, 2020.

^(b)	Non-income producing security.

^(c)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,

Institutional Class		$	40,649		$	7,830,639		$	(7,312,040	)		$	-			$	-			$	559,248		$	1,292

Invesco Liquid Assets Portfolio, Institutional Class			47,383			5,593,313			(5,296,544	)			(18	)			(275	)			343,859			1,378

Invesco Treasury Portfolio, Institutional Class			46,456			8,949,302			(8,356,618	)			-				-				639,140			1,390

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			2,958,742			(2,228,237	)			-				-				730,505			32*

Invesco Private Prime Fund			-			4,393,070			(3,297,312	)			-				-				1,095,758			220*

Total		$	134,488		$	29,725,066		$	(26,490,751	)		$	(18	)		$	(275	)		$	3,368,510		$	4,312

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

Invesco V.I. Global Core Equity Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $59,879,940)*	$	67,527,564


Investments in affiliated money market funds, at value (Cost $3,368,527)		3,368,510


Foreign currencies, at value (Cost $78,346)		78,902


Receivable for:
Fund shares sold		740


Dividends		91,273


Investment for trustee deferred compensation and retirement plans		49,937


Total assets		71,116,926



Liabilities:
Payable for:
Fund shares reacquired		349,131


Amount due custodian		41,171


Collateral upon return of securities loaned		1,826,263


Accrued fees to affiliates		32,873


Accrued other operating expenses		51,185


Trustee deferred compensation and retirement plans		52,873


Total liabilities		2,353,496


Net assets applicable to shares outstanding	$	68,763,430



Net assets consist of:
Shares of beneficial interest	$	48,549,818


Distributable earnings		20,213,612


	$	68,763,430



Net Assets:
Series I	$	58,138,655


Series II	$	10,624,775



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,059,714


Series II		923,953


Series I:
Net asset value per share	$	11.49


Series II:
Net asset value per share	$	11.50

*	At December 31, 2020, securities with an aggregate value of $1,767,115 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $62,374)	$	1,330,982


Dividends from affiliated money market funds (includes securities lending income of $301)		4,361


Total investment income		1,335,343



Expenses:
Advisory fees		416,956


Administrative services fees		102,127


Custodian fees		15,832


Distribution fees - Series II		23,936


Transfer agent fees		11,302


Trustees’ and officers’ fees and benefits		20,616


Reports to shareholders		7,450


Professional services fees		45,204


Other		1,117


Total expenses		644,540


Less: Fees waived		(1,242	)


Net expenses		643,298


Net investment income		692,045



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,224,426


Affiliated investment securities		(275	)


Foreign currencies		6,383


Forward foreign currency contracts		(13,546	)


		13,216,988


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(6,488,602	)


Affiliated investment securities		(18	)


Foreign currencies		1,435


Forward foreign currency contracts		(6,462	)


		(6,493,647	)


Net realized and unrealized gain		6,723,341


Net increase in net assets resulting from operations	$	7,415,386

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

Invesco V.I. Global Core Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	692,045		$	1,029,421


Net realized gain (loss)		13,216,988			(1,299,675	)


Change in net unrealized appreciation (depreciation)		(6,493,647	)		15,575,782


Net increase in net assets resulting from operations		7,415,386			15,305,528



Distributions to shareholders from distributable earnings:
Series I		(704,199	)		(4,858,170	)


Series II		(103,806	)		(849,972	)


Total distributions from distributable earnings		(808,005	)		(5,708,142	)



Share transactions–net:
Series I		(7,426,489	)		(2,943,770	)


Series II		(1,056,266	)		(484,443	)


Net increase (decrease) in net assets resulting from share transactions		(8,482,755	)		(3,428,213	)


Net increase (decrease) in net assets		(1,875,374	)		6,169,173



Net assets:
Beginning of year		70,638,804			64,469,631


End of year	$	68,763,430		$	70,638,804

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

Invesco V.I. Global Core Equity Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	10.28		$	0.11		$	1.24			$	1.35			$	(0.14	)		$	-			$	(0.14	)		$	11.49		13.23	%		$	58,139		1.00	%^(d)		1.00	%^(d)		1.14	%^(d)		127	%
Year ended 12/31/19			8.99			0.15			2.03				2.18				(0.15	)			(0.74	)			(0.89	)			10.28		25.20				60,078		1.01			1.01			1.54			24
Year ended 12/31/18			10.73			0.13			(1.76	)			(1.63	)			(0.11	)			-				(0.11	)			8.99		(15.32	)			54,854		1.02			1.02			1.19			26
Year ended 12/31/17			8.83			0.09			1.93				2.02				(0.12	)			-				(0.12	)			10.73		22.90				73,716		1.04			1.04			0.95			69
Year ended 12/31/16			8.35			0.10			0.47				0.57				(0.09	)			-				(0.09	)			8.83		6.81				62,130		1.05			1.05			1.14			47
Series II
Year ended 12/31/20			10.28			0.09			1.24				1.33				(0.11	)			-				(0.11	)			11.50		13.03				10,625		1.25	^(d)		1.25	^(d)		0.89	^(d)		127
Year ended 12/31/19			8.99			0.13			2.02				2.15				(0.12	)			(0.74	)			(0.86	)			10.28		24.82				10,561		1.26			1.26			1.29			24
Year ended 12/31/18			10.73			0.10			(1.75	)			(1.65	)			(0.09	)			-				(0.09	)			8.99		(15.54	)			9,616		1.27			1.27			0.94			26
Year ended 12/31/17			8.83			0.07			1.92				1.99				(0.09	)			-				(0.09	)			10.73		22.60				13,043		1.29			1.29			0.70			69
Year ended 12/31/16			8.35			0.07			0.47				0.54				(0.06	)			-				(0.06	)			8.83		6.50				12,302		1.30			1.30			0.89			47

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $52,658 and $9,574 for Series I and Series II shares, respectively.

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

Invesco V.I. Global Core Equity Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including U.S. issuers.

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

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

Invesco V.I. Global Core Equity Fund

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Global Core Equity Fund

L.	Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $1 billion		0.670%

Next $500 million		0.645%

Next $1 billion		0.620%

Next $1 billion		0.595%

Next $1 billion		0.570%

Over $4.5 billion		0.545%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.67%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2020, the Adviser waived advisory fees of $1,242.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $8,842 for accounting and fund administrative services and was reimbursed $93,285 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $303 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Invesco V.I. Global Core Equity Fund

Level 2 -

Level 3 -


	Level 1		Level 2		Level 3		Total

Investments in Securities


Belgium	$	1,785,012	$	–	$	–	$	1,785,012

Canada		2,141,708		–		4,057		2,145,765

China		2,528,844		1,894,653		–		4,423,497

France		–		1,705,157		–		1,705,157

Germany		–		8,784,794		–		8,784,794

Hong Kong		–		2,143,274		–		2,143,274

Switzerland		10,462		5,485,377		–		5,495,839

United Kingdom		1,748,958		3,126,432		–		4,875,390

United States		36,168,836		–		–		36,168,836

Money Market Funds		1,542,247		1,826,263		–		3,368,510

Total Investments	$	45,926,067	$	24,965,950	$	4,057	$	70,896,074

NOTE 4–Derivative Investments

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

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts		$	(13,546	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts			(6,462	)
Total		$	(20,008	)

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


	Forward Foreign Currency Contracts
Average notional value		$	1,880,667

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

Invesco V.I. Global Core Equity Fund

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:



	2020	2019

Ordinary income*	$808,005	$1,865,502

Long-term capital gain	–	3,842,640


Total distributions	$808,005	$5,708,142

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	3,615,458

Undistributed long-term capital gain		8,988,160

Net unrealized appreciation – investments		7,643,909

Net unrealized appreciation – foreign currencies		1,992

Temporary book/tax differences		(35,907	)

Shares of beneficial interest		48,549,818


Total net assets	$	68,763,430

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $77,831,344 and $87,494,314, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	8,959,888

Aggregate unrealized (depreciation) of investments		(1,315,979	)


Net unrealized appreciation of investments	$	7,643,909

Cost of investments for tax purposes is $63,252,165.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2020, undistributed net investment income was increased by $6,383 and undistributed net realized gain was decreased by $6,383. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019
	Shares		Amount		Shares		Amount

Sold:
Series I		130,346	$	1,243,563		173,169	$	1,705,731

Series II		22,355		207,894		12,211		120,875



Issued as reinvestment of dividends:
Series I		67,388		704,199		517,929		4,858,170

Series II		9,908		103,806		90,378		848,653

Invesco V.I. Global Core Equity Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Series I		(984,491	)	$	(9,374,251	)		(948,455	)	$	(9,507,671	)


Series II		(135,324	)		(1,367,966	)		(145,366	)		(1,453,971	)


Net increase (decrease) in share activity		(889,818	)	$	(8,482,755	)		(300,134	)	$	(3,428,213	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Global Core Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Global Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Global Core Equity Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Global Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2020 through December 31, 2020.

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,246.20	$5.70	$1,020.06	$5.13	1.01%
Series II	1,000.00	1,245.40	7.11	1,018.80	6.39	1.26

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Global Core Equity Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	0.00
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		45.58	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Global Core Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco V.I. Global Core Equity Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Global Real Estate Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIGRE-AR-1

Management’s Discussion of Fund Performance


Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Global Real Estate Fund (the Fund) underperformed the Custom Invesco Global Real Estate Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-12.32	%
Series II Shares	-12.56
MSCI World Index^q(Broad Market Index)	15.90
Custom Invesco Global Real Estate Index^∎(Style-Specific Index)	-9.95
Lipper VUF Real Estate Funds Classification Average^◆ (Peer Group)	-5.40

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.;^◆Lipper Inc.

Market conditions and your Fund

The year ended with positive sentiment gripping markets and the prospect of a widespread economic recovery in 2021. The surprisingly constructive announcements for therapeutic treatment and vaccine efficacy ushered in a persistent market rally and a swift reversal in the characteristics driving relative share price performance. As a result of this substantial change in outlook, the market experienced one of the most pronounced short-term inflections from structural growth into value-oriented stocks. Globally, governments appear committed to accommodative monetary policy and further fiscal stimulus in order to promote economic normalization. At the close of the year, US economic data continued to trend somewhat positively, with the unemployment rate edging lower. The vaccine efficacy news has provided a significant boost to risk appetite and US economic growth prospects for 2021. US Treasury yields and inflation expectations have risen as a result. In Asia, economic growth continued to improve, although many countries began to experience a resurgence in COVID-19 infections and have placed new restrictions on social movements and gatherings. In Europe, equity markets finished the year strongly higher. Notably, the political milestone of the post-Brexit trade deal between the UK and EU was agreed to and the sterling rallied on the news as major trading disruptions will be avoided. Nevertheless, most key economies across the region are likely to remain impeded by governmental virus responses through the spring months.

Global listed real estate delivered negative returns in 2020 and substantially underperformed broader equities as uncertainty around the short and long-term implications of the global health pandemic on real estate assets muted investors’ risk appetite. Performance was most negatively impacted by government coordinated virus related lockdowns and policies that existed on a global scale. As a result, certain real estate property types experienced lower rents and occupancy declines which led to dividend cuts or reductions

in growth pipelines. In the first half of the year, the largest price declines were felt in property types and individual companies most significantly impaired by COVID-19 such as lodging, retail, and office real estate investment trusts (REITs). Conversely, price performance in property types with more defensive characteristics or more visible cash flow growth such as industrial, data centers and infrastructure outperformed. This dynamic reversed course after the vaccine announcements were made in November leading to a strong inflection in investors’ preference for defensive stocks to value-oriented stocks. Global listed real estate is poised to benefit both from improved economic prospects and enhanced capital market conditions, which helped deliver very strong returns during the final quarter of the year. Confirmation of effective vaccines have increased confidence that REIT fundamentals will recover in 2021 alongside the overall economy. We believe property types with structural tailwinds will continue to see fundamental growth, however, there is now an improving prospect for robust recovery for sectors most impacted by COVID restrictions, including lodging/resorts, retail, and health care REITs.

Overall, the Fund underperformed its style-specific benchmark, the Custom Invesco Global Real Estate Index, during a year of negative performance. Key relative detractors included security selection in the US, an overweight allocation to Spain, and an underweight allocation to Sweden. In contrast, relative contributors existed in the Asia Pacific region with countries such as Hong Kong, Japan, China and Australia benefiting from strong security selection.

Top contributors to the Fund’s absolute performance during the year came from the residential sector and included Vonovia, a German residential property owner with a stable income profile and ample growth opportunities. A number of diversified REITs also did well over the year, including Hang Lung Properties and Longfor Group Holdings.

Top detractors from the Fund’s absolute performance during the year included holdings in the lodging sector such as Pebble-brook Hotel Trust and Park Hotels and Resorts as the lodging sector suffered from COVID-19 related travel bans. Top detractors from absolute performance also included Boston Properties in the office sector, which was negatively impacted from a decrease in tenant demand due to work from home policies. We liquidated our holdings in Pebble-brook Hotel Trust and Park Hotels and Resorts prior to the end of the year.

At the end of the year, the Fund held a slight overweight exposure to the North American region versus the style-specific benchmark. In the US, the Fund holds overweight exposure to certain property types that were fundamentally impacted by COVID-19, which we believe should see a recovery and opportunity for rerating during the early phase of economic expansion (e.g. lodging, shopping centers). This exposure is balanced with companies that own long term structural growth characteristics (e.g. towers).

In the Asia Pacific region, the Fund ended the year with modest underweight exposure focused on company-specific growth opportunities and local relative value opportunities. Overweight exposure exists in Hong Kong and underweight exposure to Singapore. Japan and Australia are neutral weight. Sector positioning in the region includes overweight exposure to structural growth via industrial and data center sectors, as well as medium-term cyclical recovery via developers and office/ retail REITs.

At the close of the year, the Fund held an underweight exposure to the European region. Key active positioning exists in underweight exposure to retail focused REITs and overweight exposure to residential real estate. Switzerland and the UK are also underweights as the UK remains domestically challenged as virus cases continue to severely impact the economy. Material country overweight exposure in Continental Europe is focused on Germany, where apartment rental exposure dominates.

The Fund also ended the year with an overweight exposure to emerging markets. Notable positioning resides in overweight exposure to development/homebuilders in the Philippines, India and Indonesia, while key active underweight exposure is in highly leveraged Chinese homebuilders and Mexican retail.

We thank you for your continued investment in the Invesco V.I. Global Real Estate Fund.

Portfolio manager(s):

Mark Blackburn

James Cowen (Co-Lead)

Paul Curbo (Co-Lead)

Grant Jackson

Joe Rodriguez, Jr. (Co-Lead)

Darin Turner

Ping-Ying Wang (Co-Lead)

Invesco V.I. Global Real Estate Fund

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Global Real Estate Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

3 Sources: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future

results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (3/31/98)	6.98	%
10 Years	4.96
5 Years	3.15
1 Year	-12.32

Series II Shares
Inception (4/30/04)	6.55	%
10 Years	4.69
5 Years	2.89
1 Year	-12.56

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Global Real Estate Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot

purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Global Real Estate Fund

Supplemental Information

Invesco V.I. Global Real Estate Fund’s investment objective is total return through growth of capital and current income.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎

The Custom Invesco Global Real Estate Index is composed of the FTSE EPRA/ NAREIT Developed Index (gross) from fund inception through February 17, 2005; the FTSE EPRA/NAREIT Developed Index (net) from February 18, 2005, through June 30, 2014; and the FTSE/ EPRA NAREIT Global Index (net) thereafter. The FTSE EPRA/NAREIT Developed index is considered representative of global real estate companies and REITs. The FTSE EPRA/NAREIT Global Index is designed to track the performance of listed real estate companies and REITS in developed and emerging markets. The net version of indexes is computed using the net return, which withholds taxes for non-resident investors.

∎	The Lipper VUF Real Estate Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Real Estate Funds classification.

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

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

Invesco V.I. Global Real Estate Fund

Fund Information


Portfolio Composition
By country		% of total net assets

United States		47.73%

Japan		10.59

Germany		6.53

China		6.16

Hong Kong		5.91

United Kingdom		4.18

Australia		3.10

Canada		2.82

Singapore		2.79

Countries, each less than 2% of portfolio		9.01

Money Market Funds Plus Other Assets Less Liabilities		1.18


Top 10 Equity Holdings*
% of total net assets


1. Vonovia SE		4.67%

2. UDR, Inc.		3.11

3. AvalonBay Communities, Inc.		2.89

4. Prologis, Inc.		2.82

5. Invitation Homes, Inc.		2.35

6. CyrusOne, Inc.		1.85

7. Boston Properties, Inc.		1.83

8. Welltower, Inc.		1.75

9. Rexford Industrial Realty, Inc.		1.69

10. Mitsui Fudosan Co. Ltd.		1.67

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Global Real Estate Fund

Schedule of Investments

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–98.82%
Australia–3.10%
Dexus		244,139	$	1,778,733
Goodman Group		81,517		1,189,111
GPT Group (The)		191,500		664,956
Mirvac Group		564,251		1,149,663
				4,782,463

Belgium–1.06%
Cofinimmo S.A.		6,839		1,018,062
Montea C.V.A		5,393		613,724
				1,631,786

Brazil–0.54%
BR Malls Participacoes S.A.		208,200		400,043
Iguatemi Empresa de Shopping Centers S.A.		23,900		171,854
Multiplan Empreendimentos Imobiliarios S.A.		56,100		255,609
				827,506

Canada–2.82%
Allied Properties REIT		69,372		2,061,704
Canadian Apartment Properties REIT		26,406		1,037,030
Killam Apartment REIT		57,971		779,232
Summit Industrial Income REIT		43,861		470,345
				4,348,311

China–6.16%
Agile Group Holdings Ltd.		490,000		653,745
China Aoyuan Group Ltd.		358,000		348,410
China Overseas Land & Investment Ltd.		537,500		1,169,255
China Resources Land Ltd.		334,444		1,385,774
China Vanke Co. Ltd., H Shares		439,300		1,518,966
CIFI Holdings Group Co. Ltd.		328,000		278,127
Country Garden Holdings Co. Ltd.		710,000		982,422
ESR Cayman Ltd.^(a)(b)		114,200		410,440
KWG Group Holdings Ltd.		180,000		246,701
Longfor Group Holdings Ltd.^(a)		158,000		927,937
Shimao Group Holdings Ltd.		492,500		1,574,561
				9,496,338

France–1.30%
Gecina S.A.		13,008		2,008,667

Germany–6.53%
Deutsche Wohnen SE		23,675		1,263,840
Grand City Properties S.A.		62,853		1,609,544
Vonovia SE		98,727		7,199,370
				10,072,754

Hong Kong–5.91%
CK Asset Holdings Ltd.		318,500		1,638,233
Hang Lung Properties Ltd.		344,000		910,465
Kerry Properties Ltd.		358,500		908,575
New World Development Co. Ltd.		262,000		1,220,713
Sun Hung Kai Properties Ltd.		66,000		852,078
Swire Properties Ltd.		555,600		1,619,097


	Shares		Value
Hong Kong–(continued)
Wharf Real Estate Investment Co. Ltd.		377,000	$	1,965,720
				9,114,881

India–0.43%
DLF Ltd.		209,278		668,834

Indonesia–0.26%
PT Pakuwon Jati Tbk^(b)		10,821,800		392,863

Italy–0.52%
Infrastrutture Wireless Italiane S.p.A.^(a)		66,516		806,312

Japan–10.59%
Activia Properties, Inc.		247		1,042,668
Daiwa Office Investment Corp.		51		324,066
GLP J-REIT		671		1,058,053
Industrial & Infrastructure Fund Investment Corp.		195		360,019
Japan Hotel REIT Investment Corp.		1,719		886,589
Japan Prime Realty Investment Corp.		249		826,816
Japan Retail Fund Investment Corp.		662		1,207,259
Kenedix Office Investment Corp.		47		319,458
LaSalle Logiport REIT		652		1,050,588
Mitsui Fudosan Co. Ltd.		122,458		2,581,155
Mitsui Fudosan Logistics Park, Inc.		235		1,190,433
Nippon Prologis REIT, Inc.		136		424,558
Nomura Real Estate Master Fund, Inc.		393		562,308
ORIX JREIT, Inc.		937		1,549,168
Sumitomo Realty & Development Co. Ltd.		52,589		1,624,923
Tokyu Fudosan Holdings Corp.		247,500		1,322,781
				16,330,842

Malta–0.00%
BGP Holdings PLC, (Acquired 08/06/2009; Cost $0)^(a)(b)(c)		1,355,927		2

Mexico–0.39%
Macquarie Mexico Real Estate Management S.A. de C.V.^(a)		427,100		604,394

Philippines–1.33%
Ayala Land, Inc.		1,984,230		1,689,944
Megaworld Corp.		4,253,300		361,509
				2,051,453

Singapore–2.79%
Ascendas India Trust		642,400		670,550
City Developments Ltd.		247,300		1,492,257
Keppel DC REIT		330,400		703,313
Mapletree Commercial Trust		269,400		433,641
Mapletree Industrial Trust		458,400		1,003,050
				4,302,811

South Africa–0.29%
Growthpoint Properties Ltd.		523,347		448,198

Spain–0.89%
Merlin Properties SOCIMI S.A.		144,435		1,373,556

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

Invesco V.I. Global Real Estate Fund


	Shares		Value
Sweden–1.62%
Fabege AB		58,790	$	923,772
Wihlborgs Fastigheter AB		69,789		1,575,833
				2,499,605

Thailand–0.38%
WHA Corp. PCL, Foreign Shares		5,731,300		577,558

United Kingdom–4.18%
Assura PLC		905,279		951,181
GCP Student Living PLC		234,377		456,122
Land Securities Group PLC		213,776		1,971,747
Segro PLC		59,445		770,667
Tritax Big Box REIT PLC		785,043		1,803,067
Workspace Group PLC		46,988		494,051
				6,446,835

United States–47.73%
Alexandria Real Estate Equities, Inc.		13,892		2,475,832
American Tower Corp.		9,393		2,108,353
Apple Hospitality REIT, Inc.		111,347		1,437,490
AvalonBay Communities, Inc.		27,802		4,460,275
Boston Properties, Inc.		29,834		2,820,208
Brandywine Realty Trust		92,754		1,104,700
Brixmor Property Group, Inc.		115,506		1,911,624
Columbia Property Trust, Inc.		65,459		938,682
CubeSmart		26,858		902,697
CyrusOne, Inc.		38,946		2,848,900
DiamondRock Hospitality Co.		172,215		1,420,774
Digital Realty Trust, Inc.		8,360		1,166,304
Duke Realty Corp.		63,412		2,534,578
Equity LifeStyle Properties, Inc.		8,202		519,679
Essential Properties Realty Trust, Inc.		42,745		906,194
Extra Space Storage, Inc.		21,170		2,452,756
First Industrial Realty Trust, Inc.		35,186		1,482,386
Gaming and Leisure Properties, Inc.		607		25,737
Highwoods Properties, Inc.		19,911		789,073
Hilton Worldwide Holdings, Inc.		8,633		960,508
Host Hotels & Resorts, Inc.		80,421		1,176,559
Invitation Homes, Inc.		122,286		3,631,894
JBG SMITH Properties		25,558		799,199


	Shares		Value
United States–(continued)
Kilroy Realty Corp.		12,564	$	721,174
Marriott International, Inc., Class A		7,611		1,004,043
NETSTREIT Corp.		18,289		356,453
Prologis, Inc.		43,597		4,344,877
QTS Realty Trust, Inc., Class A		25,241		1,561,913
Realty Income Corp.		17,866		1,110,729
Regency Centers Corp.		26,105		1,190,127
Retail Opportunity Investments Corp.		94,420		1,264,284
Rexford Industrial Realty, Inc.		52,963		2,601,013
RLJ Lodging Trust		82,450		1,166,667
SBA Communications Corp., Class A		7,711		2,175,504
SITE Centers Corp.		70,271		711,142
Sun Communities, Inc.		9,990		1,517,980
Sunstone Hotel Investors, Inc.		97,036		1,099,418
UDR, Inc.		124,929		4,801,021
Urban Edge Properties		67,050		867,627
Ventas, Inc.		37,981		1,862,588
VICI Properties, Inc.		24,586		626,943
Vornado Realty Trust		25,878		966,284
Welltower, Inc.		41,788		2,700,341
Weyerhaeuser Co.		37,817		1,268,004
Xenia Hotels & Resorts, Inc.		53,813		817,958
				73,610,492
Total Common Stocks & Other Equity Interests (Cost $139,030,354)				152,396,461

Money Market Funds–1.50%
Invesco Government &Agency Portfolio, Institutional Class, 0.03%^(d)(e)		801,050		801,050
Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(d)(e)		598,012		598,192
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		915,486		915,486
Total Money Market Funds (Cost $2,314,769)				2,314,728
TOTAL INVESTMENTS IN SECURITIES–100.32% (Cost $141,345,123)				154,711,189
OTHER ASSETS LESS LIABILITIES–(0.32)%				(486,241	)
NET ASSETS–100.00%			$	154,224,948

Investment Abbreviations:

REIT - Real Estate Investment Trust

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

Invesco V.I. Global Real Estate Fund

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $2,749,085, which represented 1.78% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value December 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 857,646		$14,672,778		$(14,729,374)		$ -		$ -		$ 801,050		$2,468
Invesco Liquid Assets Portfolio, Institutional Class		618,970		10,527,857		(10,549,128)		(31)		524		598,192		2,594
Invesco Treasury Portfolio, Institutional Class		980,167		16,768,889		(16,833,570)		-		-		915,486		2,654
Total		$2,456,783		$41,969,524		$(42,112,072)		$(31)		$524		$2,314,728		$7,716

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

Open Forward Foreign Currency Contracts


				Unrealized
Settlement		Contract to		Appreciation
Date	Counterparty	Deliver	Receive	(Depreciation)
Currency Risk
01/04/2021	State Street Bank & Trust Co.	PHP 197,071	USD 4,094		$(10)

Abbreviations:

PHP – Philippines Peso

USD – U.S. Dollar

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

Invesco V.I. Global Real Estate Fund

Statement of Assets and Liabilities

December 31, 2020



Assets:
Investments in securities, at value (Cost $139,030,354)	$	152,396,461
Investments in affiliated money market funds, at value (Cost $2,314,769)		2,314,728
Foreign currencies, at value (Cost $220,235)		221,606
Receivable for:
Investments sold		52,001
Fund shares sold		64,714
Dividends		490,206
Investment for trustee deferred compensation and retirement plans		80,155
Total assets		155,619,871

Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		10
Payable for:
Investments purchased		880,044
Fund shares reacquired		104,607
Amount due custodian		91,098
Accrued foreign taxes		34,678
Accrued fees to affiliates		69,968
Accrued other operating expenses		126,315
Trustee deferred compensation and retirement plans		88,203
Total liabilities		1,394,923
Net assets applicable to shares outstanding	$	154,224,948

Net assets consist of:
Shares of beneficial interest	$	159,998,292
Distributable earnings (loss)		(5,773,344	)
	$	154,224,948

Net Assets:
Series I	$	119,113,825
Series II	$	35,111,123

Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,110,925
Series II		2,450,182
Series I:
Net asset value per share	$	14.69
Series II:
Net asset value per share	$	14.33

Statement of Operations

For the year ended December 31, 2020



Investment income:
Dividends (net of foreign withholding taxes of $193,076)	$	4,280,820
Dividends from affiliated money market funds		7,716
Total investment income		4,288,536

Expenses:
Advisory fees		1,109,042
Administrative services fees		243,538
Custodian fees		79,285
Distribution fees - Series II		70,918
Transfer agent fees		33,622
Trustees’ and officers’ fees and benefits		22,141
Reports to shareholders		6,396
Professional services fees		45,336
Other		(7,211	)
Total expenses		1,603,067
Less: Fees waived		(1,814	)
Net expenses		1,601,253
Net investment income		2,687,283

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $14,639)		(16,802,030	)
Affiliated investment securities		524
Foreign currencies		(6,815	)
		(16,808,321	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $29,685)		(10,467,608	)
Affiliated investment securities		(31	)
Foreign currencies		3,342
Forward foreign currency contracts		(10	)
		(10,464,307	)
Net realized and unrealized gain (loss)		(27,272,628	)
Net increase (decrease) in net assets resulting from operations	$	(24,585,345	)

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

Invesco V.I. Global Real Estate Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income		$ 2,687,283		$	4,028,715

Net realized gain (loss)		(16,808,321	)		6,503,530

Change in net unrealized appreciation (depreciation)		(10,464,307	)		25,179,767

Net increase (decrease) in net assets resulting from operations		(24,585,345	)		35,712,012


Distributions to shareholders from distributable earnings:
Series I		(9,161,706	)		(6,628,755	)

Series II		(1,846,585	)		(1,565,707	)

Total distributions from distributable earnings		(11,008,291	)		(8,194,462	)


Share transactions–net:
Series I		(4,013,664	)		3,645,528

Series II		(1,655,429	)		12,709,777

Net increase (decrease) in net assets resulting from share transactions		(5,669,093	)		16,355,305

Net increase (decrease) in net assets		(41,262,729	)		43,872,855


Net assets:
Beginning of year		195,487,677			151,614,822

End of year		$154,224,948		$	195,487,677

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

Invesco V.I. Global Real Estate Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Series I
Year ended 12/31/20	$	18.22	$	0.28		$	(2.61	)	$	(2.33	)	$	(0.77	)	$	(0.43	)	$	(1.20	)	$	14.69		(12.32	)%	$	119,114		1.04	%^(d)		1.04	%^(d)		1.86	%^(d)		154	%
Year ended 12/31/19		15.52		0.39			3.15			3.54			(0.82	)		(0.02	)		(0.84	)		18.22		23.00			150,255		1.04			1.04			2.22			61
Year ended 12/31/18		17.38		0.40			(1.41	)		(1.01	)		(0.65	)		(0.20	)		(0.85	)		15.52		(6.10	)		124,816		1.01			1.01			2.38			57
Year ended 12/31/17		16.15		0.45	^(e)		1.62			2.07			(0.56	)		(0.28	)		(0.84	)		17.38		12.98			158,229		1.02			1.02			2.63	^(e)		50
Year ended 12/31/16		16.36		0.30			0.08			0.38			(0.27	)		(0.32	)		(0.59	)		16.15		2.04			147,382		1.05			1.05			1.81			66
Series II
Year ended 12/31/20		17.78		0.24			(2.55	)		(2.31	)		(0.71	)		(0.43	)		(1.14	)		14.33		(12.56	)		35,111		1.29	^(d)		1.29	^(d)		1.61	^(d)		154
Year ended 12/31/19		15.03		0.34			3.04			3.38			(0.61	)		(0.02	)		(0.63	)		17.78		22.65			45,233		1.29			1.29			1.97			61
Year ended 12/31/18		16.86		0.34			(1.35	)		(1.01	)		(0.62	)		(0.20	)		(0.82	)		15.03		(6.33	)		26,799		1.26			1.26			2.13			57
Year ended 12/31/17		15.69		0.39	^(e)		1.58			1.97			(0.52	)		(0.28	)		(0.80	)		16.86		12.73			260,083		1.27			1.27			2.38	^(e)		50
Year ended 12/31/16		15.91		0.25			0.08			0.33			(0.23	)		(0.32	)		(0.55	)		15.69		1.82			216,893		1.30			1.30			1.56			66

(^a)	Calculated using average shares outstanding.

(^b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $119,505 and $28,367 for Series I and Series II shares, respectively.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 2.18%, $0.32 and 1.93% for Series I and Series II shares, respectively.

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

Invesco V.I. Global Real Estate Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return through growth of capital and current income.

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

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

Invesco V.I. Global Real Estate Fund

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

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

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

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

K.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

Invesco V.I. Global Real Estate Fund

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $ 250 million		0.750%

Next $250 million		0.740%

Next $500 million		0.730%

Next $1.5 billion		0.720%

Next $2.5 billion		0.710%

Next $2.5 billion		0.700%

Next $2.5 billion		0.690%

Over $10 billion		0.680%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.75%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $1,814.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $21,830 for accounting and fund administrative services and was reimbursed $221,708 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

Level 3 -

Invesco V.I. Global Real Estate Fund


	Level 1		Level 2			Level 3		Total

Investments in Securities

Australia	$	–	$	4,782,463			$–	$	4,782,463

Belgium		–		1,631,786			–		1,631,786

Brazil		–		827,506			–		827,506

Canada		4,348,311		–			–		4,348,311

China		–		9,496,338			–		9,496,338

France		–		2,008,667			–		2,008,667

Germany		–		10,072,754			–		10,072,754

Hong Kong		–		9,114,881			–		9,114,881

India		–		668,834			–		668,834

Indonesia		–		392,863			–		392,863

Italy		–		806,312			–		806,312

Japan		–		16,330,842			–		16,330,842

Malta		–		–			2		2

Mexico		604,394		–			–		604,394

Philippines		–		2,051,453			–		2,051,453

Singapore		–		4,302,811			–		4,302,811

South Africa		–		448,198			–		448,198

Spain		–		1,373,556			–		1,373,556

Sweden		–		2,499,605			–		2,499,605

Thailand		–		577,558			–		577,558

United Kingdom		–		6,446,835			–		6,446,835

United States		73,610,492		–			–		73,610,492


Money Market Funds		2,314,728		–			–		2,314,728

Total Investments in Securities		80,877,925		73,833,262			2		154,711,189


Other Investments - Liabilities*

Forward Foreign Currency Contracts		–		(10	)		–		(10	)


Total Investments	$	80,877,925	$	73,833,252			$2	$	154,711,179

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value

Derivative Liabilities	Currency Risk

Unrealized depreciation on forward foreign currency contracts outstanding		$(10)

Derivatives not subject to master netting agreements		-

Total Derivative Liabilities subject to master netting agreements		$(10)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.

Financial
Derivative
Assets

Financial
Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

State Street Bank & Trust Co.

$(10)

Invesco V.I. Global Real Estate Fund

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		$(10)

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


		Forward Foreign Currency Contracts

Average notional value		$4,104

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	8,147,137	$	7,977,318


Long-term capital gain		2,861,154		217,144


Total distributions	$	11,008,291	$	8,194,462

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020
Undistributed ordinary income	$	4,174,593

Net unrealized appreciation – investments		9,142,786

Net unrealized appreciation - foreign currencies		5,525

Temporary book/tax differences		(61,342	)

Capital loss carryforward		(19,034,906	)

Shares of beneficial interest		159,998,292

Total net assets	$	154,224,948

Invesco V.I. Global Real Estate Fund

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	11,106,369	$	7,928,537	$	19,034,906

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $226,807,535 and $238,761,437, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$12,693,173

Aggregate unrealized (depreciation) of investments	(3,550,387	)

Net unrealized appreciation of investments	$ 9,142,786

Cost of investments for tax purposes is $145,568,393.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2020, undistributed net investment income was increased by $2,286,947 and undistributed net realized gain (loss) was decreased by $2,286,947. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 10–Share Information


	Summary of Share Activity
	Year ended December 31, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Series I		2,028,651		$	29,520,192			1,903,457		$	33,607,781

Series II		991,547			14,154,043			1,239,958			20,535,447


Issued as reinvestment of dividends:
Series I		664,373			9,161,706			375,567			6,628,755

Series II		137,191			1,846,585			90,818			1,565,707


Reacquired:
Series I		(2,830,439	)		(42,695,562	)		(2,070,856	)		(36,591,008	)

Series II		(1,223,217	)		(17,656,057	)		(569,384	)		(9,391,377	)

Net increase (decrease) in share activity		(231,894	)	$	(5,669,093	)		969,560		$	16,355,305

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Global Real Estate Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Global Real Estate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Global Real Estate Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Global Real Estate Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,107.90	$5.56	$1,019.86	$5.33	1.05%
Series II	1,000.00	1,105.70	6.88	1,018.60	6.60	1.30

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Global Real Estate Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,861,154
Qualified Business Income (199A)*		21.89	%
Corporate Dividend Received Deduction*		0.00	%
Qualified Dividend Income*		0.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Global Real Estate Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Global Real Estate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Global Real Estate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Global Real Estate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Global Real Estate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Global Real Estate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey -1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Global Real Estate Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco V.I. Global Real Estate Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Government Money Market Fund

LOGO

The Fund provides a complete list of its holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The Fund’s Form N-MFP filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-MFP, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

NOT FDC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIGMKT-AR-1

Management’s Discussion

Fund Information

This annual report for Invesco V.I. Government Money Market Fund (the Fund) covers the year ended December 31, 2020.

As of December 31, 2020, the Fund’s net assets totaled $802 million. As of the same date, the Fund’s weighted average maturity was 30 days and the Fund’s weighted average life was 108 days.

Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

Market conditions affecting money market funds

After cutting rates three times in the second half of 2019, 2020 began with the federal funds target range at 1.50% to 1.75%.¹ As concerns over the COVID-19 pandemic began to increase dramatically during the first quarter of 2020, the US Federal Reserve (the Fed) initially cut rates by 50 basis points, to 1.00% to 1.25% at the beginning of March.¹ This was followed by the Fed decisively moving towards a zero interest rate monetary policy in the middle of the month. As of March 15, 2020, the federal funds rate target range was 0.00% to 0.25%, where it was kept for the remainder of 2020.¹

The Fed cited dysfunctional short-term funding markets and the potential for greater longer-term damage to markets and the broader economy as risk markets, particularly equities, racked up losses not seen since the 2008-2009 financial crisis. The Fed engaged in similar measures that it implemented during the 2008-2009 crisis to support markets and the broader economy. The Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased Treasury bonds and Agency Mortgage Backed Securities (MBS) across the maturity spectrum. The Fed also made clear its intention to purchase corporate bonds as part of its massive liquidity injection to help support markets and the economy.

Following the market volatility in March, net Treasury bill issuance spiked dramatically and total bills outstanding nearly doubled, due to the extreme demand for high quality government assets and a general “flight to quality” in the market. Treasury bills outstanding remained elevated through the end of the year, ending the year at $4.964 trillion.²

At the close of the year, it is Invesco Global Liquidity’s view that the Federal Open Market Committee (FOMC) monetary policy directive would remain on hold for the year 2021. Federal Reserve Chairman Jerome Powell has indicated the current zero interest rate policy will likely remain in place for the foreseeable future.

For over 35 years, Invesco Global Liquidity has been a core business for Invesco. We believe in a disciplined investment process, high credit quality solutions, distinguished client engagement and consistent performance.

We appreciate your continued investment in Invesco V.I. Government Money Market Fund.

1 Source: US Federal Reserve

2 Source: Bloomberg LP

See important Fund and, if applicable, index disclosures later in this report.

Team managed by Invesco Advisers, Inc.

You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.


		Portfolio Composition by Maturity*
		In days, as of 12/31/2020

		1-7			28.0%
		8-30			8.3
		31-60			11.8
		61-90			10.9
		91-180			22.5
		181+			18.5

*The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

Invesco V.I. Government Money Market Fund

Supplemental Information

Invesco V.I. Government Money Market Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

Invesco V.I. Government Money Market Fund

Schedule of Investments

December 31, 2020


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-36.84%
U.S. Treasury Bills-24.61%^(a)
U.S. Treasury Bills		0.17%		01/07/2021	$	15,000	$	14,999,588

U.S. Treasury Bills		0.11%		01/14/2021		20,000		19,999,206

U.S. Treasury Bills		0.09%		02/25/2021		4,827		4,826,373

U.S. Treasury Bills		0.09%		03/02/2021		40,000		39,994,711

U.S. Treasury Bills		0.12%		03/04/2021		10,000		9,998,019

U.S. Treasury Bills		0.10%		03/11/2021		5,688		5,686,910

U.S. Treasury Bills		0.12%		03/30/2021		5,000		4,998,594

U.S. Treasury Bills		0.12%		04/22/2021		20,000		19,992,908

U.S. Treasury Bills		0.11%		04/29/2021		5,000		4,998,197

U.S. Treasury Bills		0.11%		05/06/2021		35,000		34,986,632

U.S. Treasury Bills		0.08%		05/18/2021		10,000		9,996,899

U.S. Treasury Bills		0.18%		05/20/2021		5,000		4,996,622

U.S. Treasury Bills		0.09%		06/24/2021		5,000		4,997,825

U.S. Treasury Bills		0.10%		07/01/2021		5,000		4,997,486

U.S. Treasury Bills		0.16%		07/15/2021		2,000		1,998,321

U.S. Treasury Bills		0.14%		10/07/2021		5,000		4,994,575

U.S. Treasury Bills		0.11%		12/30/2021		5,000		4,994,454

								197,457,320


U.S. Treasury Notes-12.23%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)^(b)		0.21%		01/31/2021		14,000		13,999,580

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)^(b)		0.23%		04/30/2021		13,000		13,000,145

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)^(b)		0.31%		07/31/2021		3,000		3,001,297

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.39%		10/31/2021		7,000		7,014,059

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.24%		01/31/2022		7,000		6,999,149

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.15%		07/31/2022		2,000		2,000,096

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.15%		10/31/2022		8,000		7,999,722

U.S. Treasury Notes		1.38%		01/31/2021		15,000		15,015,086

U.S. Treasury Notes		2.13%		01/31/2021		5,000		5,007,222

U.S. Treasury Notes		2.50%		01/31/2021		9,000		9,017,578

U.S. Treasury Notes		3.63%		02/15/2021		5,000		5,020,031

U.S. Treasury Notes		2.13%		06/30/2021		10,000		10,097,643

								98,171,608

Total U.S. Treasury Securities (Cost $295,628,928)								295,628,928


U.S. Government Sponsored Agency Securities-36.31%
Federal Farm Credit Bank (FFCB)-3.67%
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.15%		10/05/2021		10,000		9,999,615

Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.17%		06/17/2022		5,000		5,000,000

Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.28%		06/23/2022		2,500		2,504,668

Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.23%		07/28/2022		5,000		5,000,000

Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.15%		08/11/2022		4,500		4,499,998

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.14%		08/26/2022		2,500		2,499,791

								29,504,072


Federal Home Loan Bank (FHLB)-26.62%
Federal Home Loan Bank (SOFR + 0.14%)^(b)		0.22%		01/08/2021		10,000		10,000,000

Federal Home Loan Bank (SOFR + 0.05%)^(b)		0.13%		01/22/2021		5,000		5,000,000

Federal Home Loan Bank (SOFR + 0.05%)^(b)		0.13%		01/28/2021		12,000		11,999,998

Federal Home Loan Bank (SOFR + 0.02%)^(b)		0.10%		02/05/2021		20,000		20,000,000

Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.12%		02/09/2021		8,000		8,000,000

Federal Home Loan Bank		1.38%		02/18/2021		3,000		3,003,498

Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.15%		02/26/2021		5,000		5,000,000

Federal Home Loan Bank^(a)		0.09%		03/05/2021		1,596		1,595,749

Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.21%		03/11/2021		5,000		5,000,000

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

Invesco V.I. Government Money Market Fund


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.15%		03/12/2021	$	15,000	$	15,000,000

Federal Home Loan Bank (SOFR + 0.11%)^(b)		0.19%		03/25/2021		5,000		5,000,000

Federal Home Loan Bank (SOFR + 0.01%)^(b)		0.12%		04/05/2021		5,000		5,000,000

Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)^(b)		0.12%		04/09/2021		5,000		5,000,000

Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.25%		04/09/2021		5,000		5,000,000

Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)^(b)		0.11%		04/13/2021		3,000		3,000,000

Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)^(b)		0.08%		04/19/2021		3,000		3,000,000

Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.11%		04/21/2021		15,000		15,000,000

Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.15%		04/21/2021		10,000		10,000,000

Federal Home Loan Bank (SOFR + 0.01%)^(b)		0.09%		05/04/2021		10,000		10,000,000

Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.11%		05/04/2021		20,000		20,000,000

Federal Home Loan Bank^(a)		0.09%		06/23/2021		5,000		4,997,765

Federal Home Loan Bank (SOFR + 0.08%)^(b)		0.16%		07/23/2021		2,000		2,000,000

Federal Home Loan Bank (SOFR + 0.14%)^(b)		0.22%		08/18/2021		5,000		5,000,000

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.14%		08/24/2021		5,000		5,000,000

Federal Home Loan Bank (SOFR + 0.02%)^(b)		0.10%		09/02/2021		10,000		10,000,000

Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.25%		11/12/2021		3,000		3,000,000

Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.23%		11/15/2021		2,000		2,000,000

Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.15%		04/28/2022		2,000		2,000,000

Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.21%		08/05/2022		5,000		5,000,000

Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.17%		08/19/2022		7,000		7,000,822

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.14%		12/08/2022		2,000		2,000,000

								213,597,832


Federal Home Loan Mortgage Corp. (FHLMC)-2.12%
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)^(b)		0.11%		02/05/2021		3,000		3,000,000

Federal Home Loan Mortgage Corp. (SOFR + 0.03%)^(b)		0.11%		02/19/2021		3,000		3,000,000

Federal Home Loan Mortgage Corp. (SOFR + 0.12%)^(b)		0.20%		06/04/2021		2,000		2,000,000

Federal Home Loan Mortgage Corp. (SOFR + 0.07%)^(b)		0.15%		08/12/2022		4,000		4,000,000

Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.17%		09/16/2022		5,000		5,000,000

								17,000,000


Federal National Mortgage Association (FNMA)-1.62%
Federal National Mortgage Association (SOFR + 0.23%)^(b)		0.34%		07/06/2021		10,000		10,000,000

Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.39%		01/07/2022		3,000		3,000,000

								13,000,000


U.S. International Development Finance Corp. (DFC)-2.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.13%		06/15/2025		2,700		2,700,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.13%		07/15/2025		246		245,944

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.13%		02/15/2028		8,056		8,055,556

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.13%		07/07/2040		7,286		7,285,950

								18,287,450

Total U.S. Government Sponsored Agency Securities (Cost $291,389,354)								291,389,354

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-73.15% (Cost $587,018,282)								587,018,282


					Repurchase Amount
Repurchase Agreements-32.03%^(d)
BNP Paribas Securities Corp., joint agreement dated 12/31/2020, aggregate maturing value of $500,004,444 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 8.13%; 05/15/2021 - 10/20/2067)		0.08%		01/04/2021		10,848,823		10,848,727

BNP Paribas Securities Corp., joint term agreement dated 10/28/2020, aggregate maturing value of $1,000,281,111 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $1,020,000,026; 0.00% - 8.13%; 01/15/2021 - 01/01/2051)^(e)		0.11%		01/29/2021		20,005,622		20,000,000

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

Invesco V.I. Government Money Market Fund


	Interest Rate		Maturity Date		Repurchase Amount		Value
BNP Paribas Securities Corp., joint term agreement dated 12/02/2020, aggregate maturing value of $2,000,238,889 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $2,040,000,000; 0.00% - 8.13%; 01/15/2021 - 10/20/2067)^(e)		0.10%		01/14/2021	$	40,004,778	$	40,000,000

ING Financial Markets, LLC, joint term agreement dated 12/01/2020, aggregate maturing value of $150,017,500 (collateralized by domestic agency mortgage-backed securities valued at $153,000,001; 2.00% - 5.50%; 01/01/2029 - 01/01/2057)^(e)		0.12%		01/05/2021		3,000,350		3,000,000

J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,001,085; 0.00% - 7.63%; 06/03/2021 - 05/15/2050)^(f)		0.09%		-		-		5,000,000

J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $510,000,001; 0.00% - 7.00%; 01/31/2021 - 08/01/2053)^(f)		0.10%		-		-		12,000,000

J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,001; 0.00% - 7.00%; 04/06/2021 - 12/20/2050)^(f)		0.14%		-		-		5,000,000

J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $408,000,025; 0.00% - 4.50%; 04/06/2021 - 01/01/2051)^(f)		0.11%		-		-		10,000,000

Lloyds Bank PLC, joint term agreement dated 10/23/2020, aggregate maturing value of $500,204,444 (collateralized by U.S. Treasury obligations valued at $511,224,005; 2.25% - 6.00%; 12/31/2023 - 02/15/2026)		0.16%		01/26/2021		15,006,133		15,000,000

Lloyds Bank PLC, joint term agreement dated 10/29/2020, aggregate maturing value of $442,785,268 (collateralized by U.S. Treasury obligations valued at $450,875,707; 1.63% - 6.00%; 11/15/2022 - 08/15/2028)		0.15%		01/29/2021		5,001,896		5,000,000

Metropolitan Life Insurance Co., joint term agreement dated 12/30/2020, aggregate maturing value of $350,016,973 (collateralized by U.S. Treasury obligations valued at $359,475,853; 0.00%; 11/15/2027 - 05/15/2046)^(e)		0.12%		01/06/2021		15,002,394		15,002,044

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 12/31/2020, aggregate maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 0.43% - 0.85%; 02/20/2040 - 08/25/2049)		0.08%		01/04/2021		35,000,311		35,000,000

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 12/30/2020, aggregate maturing value of $1,022,398,855 (collateralized by U.S. Treasury obligations valued at $1,044,443,126; 1.13% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.12%		01/06/2021		31,200,728		31,200,000

RBC Capital Markets LLC, joint term agreement dated 12/31/2020, aggregate maturing value of $1,250,000,000 (collateralized by domestic agency mortgage-backed securities, a foreign corporate obligation and U.S. government sponsored agency obligations valued at $1,275,006,541; 0.00% - 23.42%; 03/01/2021 - 08/20/2065)^(b)(e)		0.14%		03/02/2021		45,000,000		45,000,000

Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,099; 0.00% - 8.13%; 01/19/2021 - 05/15/2050)^(f)		0.09%		-		-		5,000,000

Total Repurchase Agreements (Cost $257,050,771)								257,050,771

TOTAL INVESTMENTS IN SECURITIES^(g)-105.18% (Cost $844,069,053)								844,069,053

OTHER ASSETS LESS LIABILITIES-(5.18)%								(41,575,238	)

NET ASSETS-100.00%							$	802,493,815

Investment Abbreviations:


LIBOR		-London Interbank Offered Rate
SOFR		-Secured Overnight Financing Rate
USD		-U.S. Dollar
VRD		-Variable Rate Demand

Notes to Schedule of Investments:


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

^(b)		Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(c)		Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on December 31, 2020.

^(d)		Principal amount equals value at period end. See Note 1I.

^(e)		The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(f)		Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.

^(g)		Also represents cost for federal income tax purposes.

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

Invesco V.I. Government Money Market Fund

Statement of Assets and Liabilities

December 31, 2020



Assets:
Investments in securities, excluding repurchase agreements, at value and cost	$	587,018,282
Repurchase agreements, at value and cost		257,050,771
Receivable for:
Fund shares sold		80,450
Interest		413,636
Due from Adviser		145,366
Investment for trustee deferred compensation and retirement plans		46,292
Other assets		8,267
Total assets		844,763,064

Liabilities:
Payable for:
Investments purchased		39,994,711
Fund shares reacquired		1,743,419
Dividends		6,966
Accrued fees to affiliates		450,064
Accrued trustees’ and officers’ fees and benefits		1,024
Accrued operating expenses		24,715
Trustee deferred compensation and retirement plans		48,350
Total liabilities		42,269,249
Net assets applicable to shares outstanding	$	802,493,815

Net assets consist of:
Shares of beneficial interest	$	802,459,340
Distributable earnings		34,475
	$	802,493,815

Net Assets:
Series I	$	711,647,918
Series II	$	90,845,897

Shares outstanding, no par value, unlimited number of shares authorized:
Series I		711,605,931
Series II		90,840,547
Series I:
Net asset value and offering price per share	$	1.00
Series II:
Net asset value and offering price per share	$	1.00

Statement of Operations

For the year ended December 31, 2020



Investment income:
Interest	$	4,711,217

Expenses:
Advisory fees		1,294,100
Administrative services fees		1,677,622
Custodian fees		2,696
Distribution fees - Series II		231,963
Transfer agent fees		9,851
Trustees’ and officers’ fees and benefits		23,447
Reports to shareholders		9,710
Professional services fees		18,702
Other		3,600
Total expenses		3,271,691
Less: Fees waived		(723,448	)
Net expenses		2,548,243
Net investment income		2,162,974
Net realized gain from unaffiliated investment securities		40,138
Net increase in net assets resulting from operations	$	2,203,112

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

Invesco V.I. Government Money Market Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019
Operations:
Net investment income	$	2,162,974		$	13,915,957
Net realized gain		40,138			10,478
Net increase in net assets resulting from operations		2,203,112			13,926,435

Distributions to shareholders from distributable earnings:
Series I		(2,008,417	)		(12,604,943	)
Series II		(154,557	)		(1,311,014	)
Total distributions from distributable earnings		(2,162,974	)		(13,915,957	)

Share transactions-net:
Series I		112,942,473			(302,240,128	)
Series II		18,863,611			(24,362,713	)
Net increase (decrease) in net assets resulting from share transactions		131,806,084			(326,602,841	)
Net increase (decrease) in net assets		131,846,222			(326,592,363	)

Net assets:
Beginning of year		670,647,593			997,239,956
End of year	$	802,493,815		$	670,647,593

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

Invesco V.I. Government Money Market Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (realized)			Total from investment operations		Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income to average net assets
Series I
Year ended 12/31/20		$1.00		$0.00		$ 0.00			$0.00		$(0.00	)		$1.00		0.29	%		$711,648		0.29%^(c)		0.35%^(c)		0.26%^(c)
Year ended 12/31/19		1.00		0.02		0.00			0.02		(0.02	)		1.00		1.90			598,670		0.36		0.36		1.90
Year ended 12/31/18		1.00		0.02		(0.00	)		0.02		(0.02	)		1.00		1.55			900,901		0.36		0.36		1.55
Year ended 12/31/17		1.00		0.01		(0.00	)		0.01		(0.01	)		1.00		0.56			656,368		0.40		0.40		0.56
Year ended 12/31/16		1.00		0.00		0.00			0.00		(0.00	)		1.00		0.10			636,532		0.35		0.38		0.10
Series II
Year ended 12/31/20		1.00		0.00		0.00			0.00		(0.00	)		1.00		0.21			90,846		0.36^(c)		0.60^(c)		0.19^(c)
Year ended 12/31/19		1.00		0.02		0.00			0.02		(0.02	)		1.00		1.64			71,978		0.61		0.61		1.65
Year ended 12/31/18		1.00		0.01		(0.00	)		0.01		(0.01	)		1.00		1.30			96,339		0.61		0.61		1.30
Year ended 12/31/17		1.00		0.00		(0.00	)		0.00		(0.00	)		1.00		0.31			85,541		0.65		0.65		0.31
Year ended 12/31/16		1.00		0.00		0.00			0.00		(0.00	)		1.00		0.03			97,362		0.43		0.63		0.02

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)	Ratios are based on average daily net assets (000’s omitted) of $769,948 and $92,785 for Series I and Series II shares, respectively.

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

Invesco V.I. Government Money Market Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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

Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

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

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

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

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

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

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

Invesco V.I. Government Money Market Fund

Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund’s average daily net assets.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser and/or Invesco Distributors, Inc., (“IDI”) voluntarily agreed to waive fees and/or reimburse expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board of Trustees without further notice to investors.

For the year ended December 31, 2020, Invesco voluntarily waived fund level expenses 556,095 and class level expenses of 167,353 for Series II shares in order to increase the Fund’s yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $412,099 for accounting and fund administrative services and was reimbursed $1,265,523 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a master distribution agreement with IDI to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2020, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

Level 1 –

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

Level 2 –

Level 3 –

As of December 31, 2020, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Invesco V.I. Government Money Market Fund

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The Bank of New York Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	2,162,974	$	13,915,957

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	67,438

Temporary book/tax differences		(32,963	)

Shares of beneficial interest		802,459,340

Total net assets	$	802,493,815

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

NOTE 7–Share Information


				Summary of Share Activity

				Years ended December 31,

	2020^(a)						2019

	Shares			Amount			Shares			Amount


Sold:
Series I		1,782,972,429		$	1,782,972,429			1,064,989,449		$	1,064,989,449

Series II		82,180,237			82,180,237			42,932,790			42,932,790


Issued as reinvestment of dividends:
Series I		1,952,855			1,952,855			12,291,497			12,291,497

Series II		154,297			154,297			1,311,014			1,311,014


Reacquired:
Series I		(1,671,982,811	)		(1,671,982,811	)		(1,379,521,074	)		(1,379,521,074	)

Series II		(63,470,923	)		(63,470,923	)		(68,606,517	)		(68,606,517	)

Net increase (decrease) in share activity		131,806,084		$	131,806,084			(326,602,841	)	$	(326,602,841	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 89% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 8–Coronavirus (COVID-19) Pandemic

Invesco V.I. Government Money Market Fund

investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

Invesco V.I. Government Money Market Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Government Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Government Money Market Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Government Money Market Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


Class		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Class	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,000.10	$1.11	$1,024.03	$1.12	0.22%
Series II	1,000.00	1,000.10	1.16	1,023.98	1.17	0.23

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Government Money Market Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:



Federal and State Income Tax
Business Interest Income*	96.47	%
U.S. Treasury Obligations*	40.99	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Government Money Market Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Government Money Market Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Government Money Market Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Government Money Market Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort -1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Government Money Market Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Government Money Market Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Government Money Market Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco V.I. Government Money Market Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Government Securities Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIGOV-AR-1

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2020, Series I shares of Invesco V.I. Government Securities Fund (the Fund) outperformed the Bloomberg Barclays Intermediate U.S. Government Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.


Series I Shares	6.27	%
Series II Shares	5.97
Bloomberg Barclays U.S. Aggregate Bond Index^q(Broad Market Index)	7.51
Bloomberg Barclays Intermediate U.S. Government Index^q(Style-Specific Index)	5.73
Lipper VUF Intermediate U.S. Government Funds Classification Average^∎(Peer Group)	6.76
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Many economies received fiscal stimulus and very significant monetary stimulus due to the impact of COVID-19. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first half of the year. Consequently, some countries were able to achieve some success in controlling the spread and were able to slowly reopen their economies in the third quarter of 2020. With a potential vaccine in sight for the end of 2020 or early 2021, the broader bond market, both developed and emerging, ended the year in positive territory.

While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter of

2020 with estimates for employment gains and GDP growth down from the third quarter. However, bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

Given this market backdrop, the Fund’s total return for the year was positive and outperformed its style-specific benchmark, the Bloomberg Barclays Intermediate U.S. Government Index. Out of index exposure to agency mortgage-backed securities (MBS) was the primary driver of relative outperformance for the year as the asset class benefited from the Fed’s MBS purchase program. The Fund also benefited from its out of index allocation to high quality commercial mortgage-backed securities (CMBS) which benefited from Fed support in the form of the Term Asset-Backed Securities Loan Facility (TALF). The Fund was underweight duration relative to its style-specific benchmark at the beginning of the year, which proved to be the Fund’s largest detractor as interest rates fell during the first quarter of 2020.

The Fund utilizes duration and yield curve positioning for risk management and for generating returns. Duration measures a portfolio’s price sensitivity to interest rate changes, with a shorter duration tending to be less sensitive to these changes. Yield curve positioning refers to actively emphasizing points (maturities) along the yield curve with favorable risk-return expectations. During the year, duration was managed with cash, bonds and futures positions. Buying and selling interest rate futures contracts was an important tool we used to manage interest rate risk.

Please note that our strategy is implemented using derivative instruments, including futures, swaps and options. Therefore, a portion of the performance of the Fund, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks and asset classes. However, derivatives may amplify traditional investment

risks through the creation of leverage and may be less liquid than traditional securities.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics, such as price, maturity, duration and coupon, and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments.

We welcome new investors who joined the Fund during the year and thank you for your investment in Invesco V.I. Government Securities Fund.

1 Source: US Federal Reserve

2 Source: Bureau of Labor Statistics

3 Source: Bureau of Economic Analysis

4 Source: US Department of the Treasury

Portfolio manager(s):

Noelle Corum

Clint Dudley

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Government Securities Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/5/93)	4.23	%
10 Years	2.79
5 Years	3.19
1 Year	6.27

Series II Shares
Inception (9/19/01)	3.36	%
10 Years	2.52
5 Years	2.92
1 Year	5.97

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Government Securities Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.

Invesco V.I. Government Securities Fund

Supplemental Information

Invesco V.I. Government Securities Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

∎	The Bloomberg Barclays Intermediate U.S. Government Index is comprised of the Intermediate US Treasury and US Agency Indices.

∎	The Lipper VUF Intermediate U.S. Government Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Intermediate U.S. Government Funds classification.

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

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

Invesco V.I. Government Securities Fund

Fund Information

Portfolio Composition


By security type		% of total investments

U.S. Government Sponsored Agency Mortgage-Backed Securities		70.73%


U.S. Treasury Securities		14.53


Asset-Backed Securities		8.74


U.S. Government Sponsored Agency Securities		3.36


U.S. Dollar Denominated Bonds & Notes		1.22


Security types each less than 1% portfolio		0.44


Money Market Funds		0.98


Top Five Debt Issuers*
% of total net assets


1. Federal National Mortgage Association		23.16%


2. Government National Mortgage Association		16.93


3. U.S. Treasury		16.28


4. Federal Home Loan Mortgage Corp.		15.53


5. Uniform Mortgage-Backed Securities		8.90

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Government Securities Fund

Schedule of Investments

December 31, 2020


	Principal Amount		Value

U.S. Government Sponsored Agency Mortgage-Backed Securities–79.25%
Collateralized Mortgage Obligations–14.73%
Fannie Mae ACES, 2.76% (1 mo. USD LIBOR + 0.59%), 09/25/2023^(a)	$	428,731	$	430,543

3.27%, 02/25/2029		5,000,000		5,806,305

Fannie Mae REMICs, 3.00%, 10/25/2025		498		498

2.50%, 03/25/2026		5,447		5,460

7.00%, 09/18/2027		115,012		126,834

1.50%, 01/25/2028		2,038,251		2,067,801

6.50%, 03/25/2032		428,186		503,232

5.75%, 10/25/2035		132,930		149,277

0.45% (1 mo. USD LIBOR + 0.30%), 05/25/2036^(a)		1,514,836		1,519,177

4.25%, 02/25/2037		73,821		74,512

0.60% (1 mo. USD LIBOR + 0.45%), 03/25/2037^(a)		729,006		735,006

6.60%, 06/25/2039^(b)		1,919,594		2,283,767

0.65%, 03/25/2040 to 05/25/2041^(a)		1,133,916		1,138,034

4.00%, 07/25/2040		1,234,164		1,343,241

0.70% (1 mo. USD LIBOR + 0.55%), 02/25/2041^(a)		1,012,192		1,016,002

0.67% (1 mo. USD LIBOR + 0.52%), 11/25/2041^(a)		1,086,782		1,094,141

0.47% (1 mo. USD LIBOR + 0.32%), 08/25/2044^(a)		1,236,631		1,236,043

0.63% (1 mo. USD LIBOR + 0.48%), 02/25/2056^(a)		2,387,344		2,399,256

0.57% (1 mo. USD LIBOR + 0.42%), 12/25/2056^(a)		2,856,460		2,857,424

Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KLU1, Class A2, 2.51%, 12/25/2025		5,000,000		5,356,252

Series KG01, Class A7, 2.88%, 04/25/2026		5,000,000		5,495,045

Series KS11, Class AFX1, 2.15%, 12/25/2028		5,000,000		5,303,191

Series K093, Class A1, 2.76%, 12/25/2028		1,927,982		2,109,958

Series K092, Class AM, 3.02%, 04/25/2029		5,000,000		5,673,728


	Principal Amount		Value

Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs, 3.00%, 04/15/2026	$	2,309	$	2,317

0.66%, 12/15/2035 to 03/15/2040^(a)		2,455,226		2,469,578

0.46%, 03/15/2036 to 09/15/2044^(a)		4,143,186		4,137,987

0.50% (1 mo. USD LIBOR + 0.35%), 11/15/2036^(a)		1,767,919		1,770,028

0.53% (1 mo. USD LIBOR + 0.37%), 03/15/2037^(a)		797,723		802,479

0.56% (1 mo. USD LIBOR + 0.40%), 06/15/2037^(a)		1,173,646		1,181,026

1.02% (1 mo. USD LIBOR + 0.86%), 11/15/2039^(a)		450,983		461,859

0.61%, 03/15/2040 to 02/15/2042^(a)		4,156,680		4,179,310

Freddie Mac STRIPS, 0.50% (1 mo. USD LIBOR + 0.35%), 10/15/2037^(a)		1,398,110		1,401,228

Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A1, 3.50%, 05/25/2047		15,382		15,361

				65,145,900


Federal Home Loan Mortgage Corp. (FHLMC)–15.53%
6.50%, 02/01/2021 to 12/01/2035		1,252,080		1,441,279

6.00%, 03/01/2021 to 07/01/2038		151,234		172,166

7.00%, 12/01/2021 to 11/01/2035		1,761,243		2,047,431

8.00%, 12/01/2021 to 02/01/2035		245,457		261,617

7.50%, 09/01/2022 to 06/01/2035		558,611		643,854

8.50%, 11/17/2022 to 08/01/2031		101,095		107,618

5.50%, 12/01/2022		794		800

3.50%, 08/01/2026 to 12/01/2049		5,164,485		5,615,833

3.00%, 05/01/2027 to 01/01/2050		16,942,837		18,206,663

7.05%, 05/20/2027		43,492		46,966

6.03%, 10/20/2030		471,200		546,311

2.50%, 09/01/2034 to 12/01/2050		23,257,257		24,600,545

5.00%, 01/01/2037 to 01/01/2040		661,923		769,859

4.50%, 01/01/2040 to 08/01/2041		4,218,929		4,728,348

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

Invesco V.I. Government Securities Fund


	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–(continued)
ARM,
2.64% (1 yr. USD LIBOR + 1.88%), 09/01/2035^(a)	$	1,774,522	$	1,871,925

2.99% (1 yr. USD LIBOR + 1.88%), 07/01/2036^(a)		1,580,544		1,669,542

2.20% (1 yr. USD LIBOR + 1.55%), 10/01/2036^(a)		979,807		1,023,069

2.41% (1 yr. USD LIBOR + 1.91%), 10/01/2036^(a)		69,997		74,031

2.62% (1 yr. USD LIBOR + 1.97%), 11/01/2037^(a)		377,052		398,635

4.08% (1 yr. USD LIBOR + 2.08%), 01/01/2038^(a)		19,530		20,546

2.88% (1 yr. USD LIBOR + 1.84%), 07/01/2038^(a)		549,782		580,658

3.02% (1 yr. USD LIBOR + 1.79%), 06/01/2043^(a)		621,202		650,195

2.94%, 01/01/2048^(c)		3,100,991		3,236,810

				68,714,701

Federal National Mortgage Association (FNMA)–23.16%
7.00%, 02/01/2021 to 04/01/2036		1,253,942		1,383,571

5.50%, 03/01/2021 to 05/01/2035		805,065		939,319

6.00%, 08/01/2021 to 10/01/2038		887,821		1,042,982

7.50%, 11/01/2022 to 08/01/2037		2,403,253		2,776,373

6.50%, 06/01/2023 to 11/01/2037		1,411,960		1,624,319

6.75%, 07/01/2024		83,328		93,405

8.50%, 09/01/2024 to 08/01/2037		366,659		420,802

4.50%, 11/01/2024 to 12/01/2048		7,071,819		7,799,645

6.95%, 10/01/2025		10,335		10,483

0.50%, 11/07/2025		4,000,000		4,017,741

8.00%, 09/01/2026 to 10/01/2037		1,448,721		1,728,222

3.50%, 03/01/2027 to 08/01/2027		3,994,298		4,286,318

3.00%, 05/01/2027 to 03/01/2050		15,383,123		16,410,305

0.75%, 10/08/2027		6,000,000		6,027,630

3.59%, 10/01/2028		4,000,000		4,656,024

3.79%, 11/01/2028		4,000,000		4,687,726

5.00%, 08/01/2033 to 12/01/2033		142,246		153,610

2.50%, 12/01/2034 to 07/01/2035		16,786,849		17,690,796

2.00%, 09/01/2035 to 10/01/2035		8,933,239		9,386,150

4.00%, 09/01/2043 to 12/01/2048		12,403,376		13,733,475


	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
ARM,
2.53% (1 yr. U.S. Treasury Yield Curve Rate + 2.36%), 10/01/2034^(a)	$	1,200,191	$	1,267,452

2.83% (1 yr. U.S. Treasury Yield Curve Rate + 2.18%), 05/01/2035^(a)		114,219		120,145

3.15% (1 yr. USD LIBOR + 1.72%), 03/01/2038^(a)		29,097		30,635

2.40% (1 yr. USD LIBOR + 1.75%), 02/01/2042^(a)		253,438		254,496

2.18% (1 yr. USD LIBOR + 1.52%), 08/01/2043^(a)		610,808		629,529

2.17% (1 yr. U.S. Treasury Yield Curve Rate + 1.88%), 05/01/2044^(a)		1,232,256		1,282,743

				102,453,896

Government National Mortgage Association (GNMA)–16.93%
7.50%, 11/15/2022 to 10/15/2035		1,140,523		1,290,840

8.00%, 01/15/2023 to 01/15/2037		655,296		746,132

7.00%, 09/15/2023 to 12/15/2036		540,513		600,797

6.50%, 12/15/2023 to 09/15/2034		1,762,542		1,962,747

6.00%, 01/16/2025 to 08/15/2033		376,802		420,881

5.00%, 02/15/2025		81,107		89,277

6.95%, 08/20/2025 to 08/20/2027		96,061		96,412

6.38%, 10/20/2027 to 02/20/2028		114,887		124,550

6.10%, 12/20/2033		2,670,558		3,068,944

5.70%, 08/20/2034^(b)		706,891		810,111

8.50%, 10/15/2036 to 01/15/2037		120,724		127,387

5.89%, 01/20/2039^(b)		2,541,558		2,974,807

0.95% (1 mo. USD LIBOR + 0.80%), 09/16/2039^(a)		715,234		727,784

0.85% (1 mo. USD LIBOR + 0.70%), 05/20/2040^(a)		1,599,294		1,616,233

4.50%, 07/20/2041^(b)		366,230		410,786

2.86%, 09/20/2041^(b)		1,623,188		1,667,292

0.40% (1 mo. USD LIBOR + 0.25%), 01/20/2042^(a)		143,497		143,486

3.50%, 10/20/2042 to 06/20/2050		11,456,600		12,291,502

0.45% (1 mo. USD LIBOR + 0.30%), 08/20/2047^(a)		3,539,928		3,539,440

2.50%, 07/20/2049		5,534,930		5,703,748

3.00%, 10/20/2049 to 11/20/2049		8,032,592		8,411,615

Series 2019-29, Class PE, 3.00%, 10/20/2048		3,865,887		4,076,387

Series 2019-52, Class JL, 3.00%, 11/20/2048		4,465,083		4,676,386

Series 2019-30, Class MA, 3.50%, 03/20/2049		913,127		965,979

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

Invesco V.I. Government Securities Fund


	Principal Amount		Value
Government National Mortgage Association (GNMA)– (continued)
TBA,
2.50%, 01/01/2051^(d)	$	13,790,000	$	14,596,399

Series 2020-137, Class A, 1.50%, 04/16/2062		3,695,674		3,771,104

				74,911,026


Uniform Mortgage-Backed Securities–8.90%
TBA,
1.50%, 01/01/2036^(d)		8,618,000		8,866,502

2.00%, 01/01/2036 to 02/01/2051^(d)		29,372,000		30,523,375

				39,389,877

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $340,478,963)				350,615,400


U.S. Treasury Securities–16.28%
U.S. Treasury Bills–0.18%^(e)(f)
0.11% - 0.12%, 02/04/2021		790,000		789,923

U.S. Treasury Bonds–1.23%
5.38%, 02/15/2031		3,800,000		5,460,867

U.S. Treasury Inflation – Indexed Bonds–2.15%
0.13%, 04/15/2021^(g)		2,197,280		2,204,864

0.63%, 04/15/2023^(g)		2,725,528		2,870,186

0.50%, 04/15/2024^(g)		4,129,680		4,427,436

				9,502,486


U.S. Treasury Inflation – Indexed Notes–2.82%
0.13%, 04/15/2025^(g)		11,592,805		12,474,483

U.S. Treasury Notes–9.90%
1.50%, 09/15/2022		2,700,000		2,763,492

2.00%, 11/30/2022		2,700,000		2,796,926

2.38%, 01/31/2023		2,000,000		2,093,203

1.63%, 04/30/2023		4,000,000		4,138,125

2.75%, 05/31/2023		6,300,000		6,695,473

1.63%, 10/31/2023		625,000		651,099

2.63%, 12/31/2023		1,900,000		2,039,457

2.00%, 05/31/2024		2,500,000		2,653,320

2.25%, 11/15/2024		3,000,000		3,232,266

2.88%, 11/30/2025		2,500,000		2,806,836

1.50%, 08/15/2026		4,250,000		4,500,352

1.13%, 02/28/2027		4,759,000		4,934,488

2.38%, 05/15/2027		1,000,000		1,115,273

2.38%, 05/15/2029		2,600,000		2,937,187

1.63%, 08/15/2029		400,000		427,719

				43,785,216

Total U.S. Treasury Securities (Cost $67,277,884)				72,012,975


Asset-Backed Securities–9.79%^(h)
Angel Oak Mortgage Trust, Series 2020-6, Class A2, 1.52%, 05/25/2065^(b)(i)		2,178,972		2,186,448

Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.80%, 09/15/2048^(j)		15,590,149		488,436

Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 2.96%, 01/25/2035^(b)		305,934		322,412


	Principal Amount		Value
Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(b)(i)	$	1,407,202	$	1,412,258

Series 2016-SH2, Class M3, 3.75%, 12/25/2045^(b)(i)		1,547,051		1,581,439

COLT Mortgage Loan Trust,
Series 2020-1, Class A3, 2.90%, 02/25/2050^(b)(i)		3,467,431		3,520,331

Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(i)		3,085,086		3,128,520

Commercial Mortgage Trust, Series 2015-CR24, Class B, 4.38%, 08/10/2048^(b)		6,200,000		6,849,319

FRESB Mortgage Trust, Series 2019- SB63, Class A5, 2.55%, 02/25/2039^(b)		3,645,724		3,781,347

Galton Funding Mortgage Trust, Series 2018-2, Class A41, 4.50%, 10/25/2058^(b)(i)		1,166,256		1,190,141

GCAT Trust, Series 2020-NQM1, Class A3, 2.55%, 01/25/2060^(i)(k)		3,891,145		3,969,250

New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 0.90% (1 mo. USD LIBOR + 0.75%), 01/25/2048^(a)(i)		2,372,343		2,378,089

Series 2020-NQM1, Class A3, 2.77%, 01/26/2060^(b)(i)		3,908,094		3,985,421

Verus Securitization Trust, Series 2018-3, Class A-2, 4.18%, 10/25/2058^(b)(i)		2,215,174		2,230,815

Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class B, 4.09%, 05/15/2048^(b)		5,900,000		6,310,636

Total Asset-Backed Securities (Cost $41,961,033)				43,334,862


U.S. Government Sponsored Agency Securities–3.76%
Federal Home Loan Bank (FHLB)–3.30%
Federal Home Loan Bank, 0.50%, 04/14/2025		14,500,000		14,598,019


Tennessee Valley Authority (TVA)–0.46%
Tennessee Valley Authority, 1.88%, 08/15/2022		2,000,000		2,055,579

Total U.S. Government Sponsored Agency Securities (Cost $16,515,919)				16,653,598


U.S. Dollar Denominated Bonds & Notes–1.37%
Other Diversified Financial Services–0.36%
Private Export Funding Corp., Series BB, 4.30%, 12/15/2021		1,540,000		1,600,104


Sovereign Debt–1.01%
Israel Government AID Bond, 5.13%, 11/01/2024		3,800,000		4,448,746

Total U.S. Dollar Denominated Bonds & Notes (Cost $5,346,779)				6,048,850


Agency Credit Risk Transfer Notes–0.49%
Fannie Mae Connecticut Avenue Securities, Series 2015-C02, Class 1M2, 4.15% (1 mo. USD LIBOR + 4.00%), 05/25/2025 (Cost $1,992,047)^(a)		2,121,478		2,167,786

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

Invesco V.I. Government Securities Fund


	Shares		Value
Money Market Funds–1.10%
Invesco Government & Agency Portfolio,Institutional Class, 0.03%^(l)(m)(Cost $4,863,064)		4,863,064	$	4,863,064

TOTAL INVESTMENTS IN SECURITIES–112.04% (Cost $478,435,689)				495,696,535

OTHER ASSETS LESS LIABILITIES – (12.04)%				(53,256,063	)

NET ASSETS–100.00%			$	442,440,472

Investment Abbreviations:


ACES		- Automatically Convertible Extendable Security
ARM		- Adjustable Rate Mortgage
Ctfs.		- Certificates
IO		- Interest Only
LIBOR		- London Interbank Offered Rate
REMICs		- Real Estate Mortgage Investment Conduits
STRIPS		- Separately Traded Registered Interest and Principal Security
TBA		- To Be Announced
USD		- U.S. Dollar

Notes to Schedule of Investments:

^(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(b)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2020.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1K.

^(e)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

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

^(g)	Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(h)	Non-U.S. government sponsored securities.

⁽ⁱ⁾

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $25,582,712, which represented 5.78% of the Fund’s Net Assets.

^(j)

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2020.

^(k)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(l)


											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value
	December 31, 2019			at Cost			from Sales				Appreciation			Gain			December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	8,520,491		$	214,097,281		$	(217,754,708	)		$	-		$	-		$	4,863,064		$	29,343

^(m)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		356		March-2021	$	78,667,656	$	69,716			$ 69,716

U.S. Treasury 5 Year Notes		516		March-2021		65,100,657		151,585			151,585

U.S. Treasury 10 Year Notes		268		March-2021		37,004,938		32,932			32,932

U.S. Treasury 10 Year Ultra Notes		54		March-2021		8,443,406		(23,595	)		(23,595)

Subtotal–Long Futures Contracts								230,638			230,638

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

Invesco V.I. Government Securities Fund


Open Futures Contracts–(continued)


Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

U.S. Treasury Long Bonds		6		March-2021	$	(1,039,125	)	$	(2,073	)		$ (2,073)

U.S. Treasury Ultra Bonds		69		March-2021		(14,735,813	)		122,214			122,214

Subtotal–Short Futures Contracts									120,141			120,141

Total Futures Contracts								$	350,779			$350,779

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

Invesco V.I. Government Securities Fund

Statement of Assets and Liabilities

December 31, 2020



Assets:
Investments in securities, at value (Cost $ 473,572,625)	$	490,833,471

Investments in affiliated money market funds, at value (Cost $ 4,863,064)		4,863,064

Other investments:
Variation margin receivable – futures contracts		19,841

Receivable for:
Investments sold		44,612,787

Fund shares sold		47,120

Dividends		84

Interest		1,119,934

Principal paydowns		341,498

Investment for trustee deferred compensation and retirement plans		252,053

Total assets		542,089,852


Liabilities:
Payable for:
Investments purchased		98,433,120

Fund shares reacquired		488,512

Amount due custodian		176,349

Accrued fees to affiliates		223,043

Accrued other operating expenses		59,796

Trustee deferred compensation and retirement plans		268,560

Total liabilities		99,649,380

Net assets applicable to shares outstanding	$	442,440,472


Net assets consist of:
Shares of beneficial interest	$	421,388,701

Distributable earnings		21,051,771

	$	442,440,472


Net Assets:
Series I	$	257,369,402

Series II	$	185,071,070


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		21,384,676

Series II		15,522,550

Series I:
Net asset value per share	$	12.04

Series II:
Net asset value per share	$	11.92

Statement of Operations

For the year ended December 31, 2020



Investment income:
Interest	$	10,001,890

Treasury Inflation-Protected Securities inflation adjustments		246,740

Dividends from affiliated money market funds		29,343

Total investment income		10,277,973


Expenses:
Advisory fees		2,129,989

Administrative services fees		725,134

Custodian fees		21,247

Distribution fees - Series II		457,889

Transfer agent fees		30,174

Trustees’ and officers’ fees and benefits		26,547

Reports to shareholders		12,763

Professional services fees		34,072

Other		(12,172	)

Total expenses		3,425,643

Less: Fees waived		(7,125	)

Net expenses		3,418,518

Net investment income		6,859,455


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		16,876,132

Futures contracts		(2,949,981	)

		13,926,151

Change in net unrealized appreciation of:
Unaffiliated investment securities		5,918,306

Futures contracts		135,022

		6,053,328

Net realized and unrealized gain		19,979,479

Net increase in net assets resulting from operations	$	26,838,934

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

Invesco V.I. Government Securities Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income		$ 6,859,455		$	9,424,865

Net realized gain		13,926,151			3,838,737

Change in net unrealized appreciation		6,053,328			13,152,012

Net increase in net assets resulting from operations		26,838,934			26,415,614


Distributions to shareholders from distributable earnings:
Series I		(6,407,384	)		(6,666,815	)

Series II		(3,963,835	)		(4,034,804	)

Total distributions from distributable earnings		(10,371,219	)		(10,701,619	)


Share transactions–net:
Series I		(3,683,669	)		(37,212,596	)

Series II		3,388,007			(23,434,778	)

Net increase (decrease) in net assets resulting from share transactions		(295,662	)		(60,647,374	)

Net increase (decrease) in net assets		16,172,053			(44,933,379	)


Net assets:
Beginning of year		426,268,419			471,201,798

End of year	$	442,440,472		$	426,268,419

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

Invesco V.I. Government Securities Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends from net investment income			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$11.61		$0.20		$0.53			$0.73		$(0.30	)		$12.04		6.27	%		$257,369		0.67	%^(d)		0.67	%^(d)		1.64	%^(d)		48	%
Year ended 12/31/19		11.22		0.25		0.43			0.68		(0.29	)		11.61		6.07			251,440		0.68			0.68			2.18			35
Year ended 12/31/18		11.41		0.25		(0.19	)		0.06		(0.25	)		11.22		0.56			279,476		0.69			0.69			2.25			25
Year ended 12/31/17		11.44		0.22		(0.01	)		0.21		(0.24	)		11.41		1.87			318,298		0.70			0.70			1.97			35
Year ended 12/31/16		11.52		0.23		(0.07	)		0.16		(0.24	)		11.44		1.32			353,614		0.73			0.73			1.93			31
Series II
Year ended 12/31/20		11.50		0.17		0.52			0.69		(0.27	)		11.92		5.97			185,071		0.92	^(d)		0.92	^(d)		1.39	^(d)		48
Year ended 12/31/19		11.12		0.22		0.42			0.64		(0.26	)		11.50		5.75			174,828		0.93			0.93			1.93			35
Year ended 12/31/18		11.31		0.22		(0.19	)		0.03		(0.22	)		11.12		0.29			191,725		0.94			0.94			2.00			25
Year ended 12/31/17		11.33		0.19		(0.00	)		0.19		(0.21	)		11.31		1.72			207,086		0.95			0.95			1.72			35
Year ended 12/31/16		11.42		0.20		(0.08	)		0.12		(0.21	)		11.33		1.00			205,010		0.98			0.98			1.68			31

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $262,398 and $183,155 for Series I and Series II shares, respectively.

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

Invesco V.I. Government Securities Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

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

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

Invesco V.I. Government Securities Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

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

Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is

Invesco V.I. Government Securities Fund

currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

Other Risks - The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

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

O.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.500%


Over $250 million		0.450%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.48%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2020, the Adviser waived advisory fees of $7,125.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $64,528 for accounting and fund administrative services and was reimbursed $660,606 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Invesco V.I. Government Securities Fund

Level 2 -

Level 3 -

The following is a summary of the tiered valuation input levels, as of December 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2		Level 3		Total

Investments in Securities

U.S. Government Sponsored Agency Mortgage-Backed Securities	$	–		$	350,615,400		$–	$	350,615,400

U.S. Treasury Securities		–			72,012,975		–		72,012,975

Asset-Backed Securities		–			43,334,862		–		43,334,862

U.S. Government Sponsored Agency Securities		–			16,653,598		–		16,653,598

U.S. Dollar Denominated Bonds & Notes		–			6,048,850		–		6,048,850

Agency Credit Risk Transfer Notes		–			2,167,786		–		2,167,786

Money Market Funds		4,863,064			–		–		4,863,064

Total Investments in Securities		4,863,064			490,833,471		–		495,696,535


Other Investments - Assets*

Futures Contracts		376,447			–		–		376,447


Other Investments - Liabilities*

Futures Contracts		(25,668	)		–		–		(25,668	)

Total Other Investments		350,779			–		–		350,779

Total Investments	$	5,213,843		$	490,833,471		$–	$	496,047,314

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value

Derivative Assets	Interest Rate Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	376,447

Derivatives not subject to master netting agreements		(376,447	)

Total Derivative Assets subject to master netting agreements	$	-


	Value

Derivative Liabilities	Interest Rate Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(25,668	)

Derivatives not subject to master netting agreements		25,668

Total Derivative Liabilities subject to master netting agreements	$	-

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

Invesco V.I. Government Securities Fund

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Statement of Operations

	Interest Rate Risk

Realized Gain (Loss):
Futures contracts		$(2,949,981)

Change in Net Unrealized Appreciation:
Futures contracts		135,022

Total		$(2,814,959)

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


	Futures Contracts

Average notional value	$	159,651,532

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:



	2020		2019

Ordinary income*		$10,371,219		$10,701,619

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:



	2020

Undistributed ordinary income		$ 10,222,705

Net unrealized appreciation – investments		15,751,965

Temporary book/tax differences		(185,708	)

Capital loss carryforward		(4,737,191	)

Shares of beneficial interest		421,388,701

Total net assets		$442,440,472

Invesco V.I. Government Securities Fund

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


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	4,319,042	$	418,149	$	4,737,191

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $1,824,902,641 and $1,677,838,735, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $18,949,256 and $116,002,474, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	15,929,019

Aggregate unrealized (depreciation) of investments		(177,054	)

Net unrealized appreciation of investments	$	15,751,965


Cost of investments for tax purposes is $480,295,349.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns and dollar roll adjustments, on December 31, 2020, undistributed net investment income was increased by $3,388,280 and undistributed net realized gain (loss) was decreased by $3,388,280. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended December 31, 2020^(a)						Year ended December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Series I		6,054,979		$	72,781,909			3,053,546		$	35,296,652

Series II		3,404,583			40,292,573			1,618,892			18,750,084


Issued as reinvestment of dividends:
Series I		535,287			6,407,384			571,278			6,666,815

Series II		334,219			3,963,835			348,730			4,034,804


Reacquired:
Series I		(6,871,977	)		(82,872,962	)		(6,860,415	)		(79,176,063	)

Series II		(3,421,340	)		(40,868,401	)		(4,004,398	)		(46,219,666	)

Net increase (decrease) in share activity		35,751		$	(295,662	)		(5,272,367	)	$	(60,647,374	)

^(a)

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Government Securities Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Government Securities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Government Securities Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Government Securities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)¹		Expenses Paid During Period²		Ending Account Value (12/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Series I		$1,000.00		$1,012.20		$3.34		$1,021.82		$3.35		0.66%
Series II		1,000.00		1,010.50		4.60		1,020.56		4.62		0.91

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Government Securities Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	0.00
Qualified Dividend Income*		0.00%
Corporate Dividends Received Deduction*		0.00%
U.S. Treasury Obligations*		34.20%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Government Securities Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Government Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Government Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Government Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Government Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Government Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Government Securities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Government Securities Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Growth and Income Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.			VK-VIGRI-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Growth and Income Fund (the Fund) underperformed the Russell 1000 Value Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	2.09	%
Series II Shares	1.85
S&P 500 Index^q (Broad Market Index)	18.40
Russell 1000 Value Index^q (Style-Specific Index)	2.80
Lipper VUF Large-Cap Value Funds Index^∎ (Peer Group Index)	1.69
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Seven out of eleven sectors within the Rus-sell 1000 Value Index had positive returns for the year. The materials sector had the highest return for the year, while the energy sector posted a double-digit loss.

large party by the pandemic-related selloff in February and March of 2020. Shares of Carnival declined sharply following news of COVID-19 infections on cruise ships. The industry was also hit by the suspension of cruise travel that resulted from the virus outbreak. As a result, the team eliminated the Fund’s position in the stock as they believed cruise demand would be slower to recover than other areas within the sector. Capri Holdings includes the Michael Kors, Versace, and Jimmy Choo brands. The stock declined significantly in the market correction, as consumers sheltered-in-place and stores closed amid the COVID-19 pandemic. Capri’s shares later rebounded from lows set in February and March, so the team used that as an opportunity to eliminate the position given ongoing volatility in the stock.

Stock selection in and overweight exposure to the energy sector also detracted from the Fund’s relative performance versus the Rus-sell 1000 Value Index during the year. Energy stocks were negatively impacted by the severe decline in oil prices due to the concurrent increase in oil supply resulting from the Saudi Arabia/Russia conflict, and the sharp deceleration in demand due to COVID-19. Key detractors for the year included Royal Dutch Shell and Marathon Oil. The team eliminated these positions during the year and reduced the Fund’s overall exposure to the sector during the year, as there was significant difficulty estimating the extent of volume declines amid the pandemic.

Stock selection in and overweight exposure to the information technology (IT) sector was the largest contributor to the Fund’s relative performance compared to the Russell 1000 Value Index. Within the sector, Apple, QUAL-COMM and Cognizant Technology Solutions were the largest contributors, benefiting from a strong rally in the sector beginning in the second quarter of 2020. Apple shares moved higher following the selloff as the company reopened its factory in China and sales rebounded. Shares of QUALCOMM traded higher following the company’s patent license settlement with Huawei that helped boost both revenue and profits. Cognizant had revenue declines due to the pandemic, but earnings were better than anticipated.

Invesco V.I. Growth and Income Fund

Security selection in the financials sector was another contributor to the Fund’s relative performance during the year. Within the sector Morgan Stanley and Goldman Sachs were strong contributors. Large banks and capital markets firms benefited from a rise in yields during the year and these stocks performed well amid a broader rally in cyclical stocks.

During the year, the team reduced the Fund’s relative overweight exposure to the financials and energy sectors, and increased exposure to the industrials, communication services, IT and real estate sectors. At the end of the year, the Fund’s largest overweight exposures were in the financials, IT and health care sectors, while the largest underweight exposures were to the communication services, utilities and real estate sectors.

As always, we thank you for your investment in Invesco V.I. Growth and Income Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Brian Jurkash (Co-Lead)

Sergio Marcheli

Matthew Titus (Co-Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Growth and Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (12/23/96)	8.54	%
10 Years	9.33
5 Years	8.66
1 Year	2.09

Series II Shares
Inception (9/18/00)	6.50	%
10 Years	9.05
5 Years	8.40
1 Year	1.85

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

Invesco V.I. Growth and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Growth and Income Fund

Supplemental Information

Invesco V.I. Growth and Income Fund’s investment objective is to seek long-term growth of capital and income.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

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

∎

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

∎

Invesco V.I. Growth and Income Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Financials		23.51	%
Health Care		14.52
Information Technology		12.89
Industrials		11.87
Consumer Discretionary		7.41
Communication Services		6.62
Consumer Staples		6.06
Materials		5.36
Energy		4.91
Utilities		2.69
Real Estate		2.11
Money Market Funds Plus Other Assets Less Liabilities		2.05

Top 10 Equity Holdings*


	% of total net assets
1. General Motors Co.		3.30	%
2. Cognizant Technology Solutions Corp., Class A		2.93
3. Philip Morris International, Inc.		2.67
4. Wells Fargo & Co.		2.61
5. Goldman Sachs Group, Inc. (The)		2.52
6. Morgan Stanley		2.45
7. American International Group, Inc.		2.35
8. Corteva, Inc.		2.32
9. CSX Corp.		2.31
10. PNC Financial Services Group, Inc. (The)		2.16

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Growth and Income Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–97.95%
Aerospace & Defense–4.87%
General Dynamics Corp.		207,266	$	30,845,326


Raytheon Technologies Corp.		376,517		26,924,731


Textron, Inc.		391,404		18,916,555


				76,686,612



Apparel Retail–1.62%
TJX Cos., Inc. (The)		372,468		25,435,840



Automobile Manufacturers–3.30%
General Motors Co.		1,246,933		51,922,290



Building Products–3.28%
Johnson Controls International PLC		723,184		33,693,143


Trane Technologies PLC		123,515		17,929,437


				51,622,580



Cable & Satellite–2.70%
Charter Communications, Inc., Class A^(b)		27,150		17,961,082


Comcast Corp., Class A		468,670		24,558,308


				42,519,390



Commodity Chemicals–1.12%
Dow, Inc.		317,361		17,613,536



Construction & Engineering–0.66%
Quanta Services, Inc.		144,247		10,388,669



Consumer Finance–1.09%
American Express Co.		141,339		17,089,298



Data Processing & Outsourced Services–1.05%
Fiserv, Inc.^(b)		144,648		16,469,621



Diversified Banks–5.32%
Bank of America Corp.		650,664		19,721,626


Citigroup, Inc.		372,649		22,977,537


Wells Fargo & Co.		1,358,496		40,999,409


				83,698,572



Electric Utilities–2.69%
Duke Energy Corp.		173,365		15,873,299


Exelon Corp.		359,135		15,162,680


FirstEnergy Corp.		368,645		11,284,224


				42,320,203



Electronic Components–1.13%
Corning, Inc.		494,070		17,786,520



Electronic Manufacturing Services–1.05%
TE Connectivity Ltd.		136,328		16,505,231



Fertilizers & Agricultural Chemicals–3.08%
Corteva, Inc.		942,300		36,485,856


Nutrien Ltd. (Canada)^(c)		250,164		12,047,898


				48,533,754



Food Distributors–3.03%
Sysco Corp.		328,160		24,369,162


	Shares		Value


Food Distributors–(continued)
US Foods Holding Corp.^(b)		700,653	$	23,338,751


				47,707,913



Health Care Distributors–1.18%
McKesson Corp.		106,862		18,585,439



Health Care Equipment–2.61%
Medtronic PLC		220,037		25,775,134


Zimmer Biomet Holdings, Inc.		98,685		15,206,372


				40,981,506



Health Care Facilities–0.75%
Universal Health Services, Inc., Class B		85,611		11,771,513



Health Care Services–2.09%
Cigna Corp.		87,815		18,281,326


CVS Health Corp.		213,106		14,555,140


				32,836,466



Health Care Supplies–0.80%
Alcon, Inc. (Switzerland)^(b)		188,149		12,560,759



Home Improvement Retail–0.95%
Kingfisher PLC (United Kingdom)^(b)		4,052,147		14,994,381



Human Resource & Employment Services–0.74%
Adecco Group AG (Switzerland)		173,699		11,646,936



Insurance Brokers–0.87%
Willis Towers Watson PLC		64,821		13,656,488



Integrated Oil & Gas–1.33%
Chevron Corp.		248,591		20,993,510



Internet & Direct Marketing Retail–1.54%
Booking Holdings, Inc.^(b)		10,878		24,228,243



Investment Banking & Brokerage–5.79%
Charles Schwab Corp. (The)		244,538		12,970,295


Goldman Sachs Group, Inc. (The)		150,613		39,718,154


Morgan Stanley		561,405		38,473,085


				91,161,534



IT Consulting & Other Services–2.93%
Cognizant Technology Solutions Corp., Class A		562,577		46,103,185



Managed Health Care–1.98%
Anthem, Inc.		96,974		31,137,382



Movies & Entertainment–1.94%
Walt Disney Co. (The)^(b)		168,362		30,503,827



Multi-line Insurance–2.35%
American International Group, Inc.		977,763		37,018,107



Oil & Gas Exploration & Production–3.58%
Canadian Natural Resources Ltd. (Canada)		510,557		12,269,572


Concho Resources, Inc.		231,021		13,480,076


ConocoPhillips		96,968		3,877,750


Devon Energy Corp.		764,330		12,084,057

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

Invesco V.I. Growth and Income Fund


	Shares		Value


Oil & Gas Exploration & Production–(continued)
Parsley Energy, Inc., Class A		1,026,528	$	14,576,698


				56,288,153



Other Diversified Financial Services–1.89%
Equitable Holdings, Inc.		482,546		12,348,352


Voya Financial, Inc.		296,321		17,426,638


				29,774,990



Packaged Foods & Meats–0.36%
Mondelez International, Inc., Class A		96,016		5,614,056



Pharmaceuticals–5.12%
Bristol-Myers Squibb Co.		401,171		24,884,637


GlaxoSmithKline PLC (United Kingdom)		499,516		9,152,665


Johnson & Johnson		92,097		14,494,226


Pfizer, Inc.		399,538		14,706,994


Sanofi (France)		179,210		17,315,367


				80,553,889



Railroads–2.31%
CSX Corp.		400,519		36,347,099



Real Estate Services–2.11%
CBRE Group, Inc., Class A^(b)		530,257		33,257,719



Regional Banks–6.20%
Citizens Financial Group, Inc.		946,782		33,856,925


PNC Financial Services Group, Inc. (The)		228,383		34,029,067


Truist Financial Corp.		619,811		29,707,541


				97,593,533



Semiconductors–4.24%
Micron Technology, Inc.^(b)		196,046		14,738,738


NXP Semiconductors N.V. (Netherlands)		142,985		22,736,045


QUALCOMM, Inc.		191,969		29,244,558


				66,719,341



Specialty Chemicals–1.16%
DuPont de Nemours, Inc.		255,644		18,178,845


	Shares		Value


Systems Software–1.55%
Oracle Corp.		377,840	$	24,442,470



Technology Hardware, Storage & Peripherals–0.94%
Apple, Inc.		111,514		14,796,793



Tobacco–2.67%
Philip Morris International, Inc.		507,086		41,981,650



Wireless Telecommunication Services–1.98%
Vodafone Group PLC (United Kingdom)		18,889,827		31,085,742


Total Common Stocks & Other Equity Interests (Cost $1,179,603,311)				1,541,113,585



Money Market Funds–3.94%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		22,913,609		22,913,609


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(d)(e)		12,921,593		12,925,470


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		26,186,982		26,186,982


Total Money Market Funds (Cost $62,027,353)				62,026,061


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.89% (Cost $1,241,630,664)				1,603,139,646


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.76%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		4,780,034		4,780,034


Invesco Private Prime Fund, 0.12%^(d)(e)(f)		7,167,901		7,170,051


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,950,085)				11,950,085


TOTAL INVESTMENTS IN SECURITIES–102.65% (Cost $1,253,580,749)				1,615,089,731


OTHER ASSETS LESS LIABILITIES–(2.65)%				(41,689,391	)


NET ASSETS–100.00%			$	1,573,400,340

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2020.

^(d)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value December 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	36,165,254		$	167,728,481		$	(180,980,126	)		$	-			$	-		$	22,913,609		$	76,131

Invesco Liquid Assets Portfolio, Institutional Class			25,915,806			119,806,058			(132,808,185	)			(974	)			12,765			12,925,470			66,798

Invesco Treasury Portfolio, Institutional Class			41,331,718			191,689,693			(206,834,429	)			-				-			26,186,982			82,941

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

Invesco V.I. Growth and Income Fund


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	14,382,025		$	(14,382,025	)		$	-			$	-			$	-		$	768	*

Invesco Liquid Assets Portfolio, Institutional Class			-			4,786,313			(4,784,001	)			-				(2,312	)			-			1,134	*

Invesco Private Government Fund			-			33,114,344			(28,334,310	)			-				-				4,780,034			159	*

Invesco Private Prime Fund			-			11,884,867			(4,714,983	)			-				167				7,170,051			89	*

Total		$	103,412,778		$	543,391,781		$	(572,838,059	)		$	(974	)		$	10,620			$	73,976,146		$	228,020

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.


Open Forward Foreign Currency Contracts


Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)


Currency Risk


01/15/2021	State Street Bank & Trust Co.		CHF	542,563		USD	614,129	$	1,072


01/15/2021	State Street Bank & Trust Co.		EUR	373,652		USD	458,290		1,694


01/15/2021	State Street Bank & Trust Co.		USD	491,714		CAD	631,814		4,673


01/15/2021	State Street Bank & Trust Co.		USD	282,850		CHF	251,405		1,220


01/15/2021	State Street Bank & Trust Co.		USD	561,797		EUR	461,017		1,557


01/15/2021	State Street Bank & Trust Co.		USD	2,039,180		GBP	1,517,943		36,818


Subtotal–Appreciation									47,034



Currency Risk


01/15/2021	Bank of New York Mellon (The)		CAD	11,973,838		USD	9,400,388		(6,918	)


01/15/2021	Bank of New York Mellon (The)		EUR	10,463,624		USD	12,725,796		(60,569	)


01/15/2021	Bank of New York Mellon (The)		GBP	31,742,188		USD	42,507,964		(903,868	)


01/15/2021	State Street Bank & Trust Co.		CAD	953,465		USD	745,866		(3,229	)


01/15/2021	State Street Bank & Trust Co.		CHF	15,739,296		USD	17,768,115		(16,174	)


01/15/2021	State Street Bank & Trust Co.		EUR	236,557		USD	288,367		(702	)


01/15/2021	State Street Bank & Trust Co.		GBP	756,948		USD	1,019,329		(15,901	)


01/15/2021	State Street Bank & Trust Co.		USD	318,986		CAD	405,893		(94	)


Subtotal–Depreciation									(1,007,455	)


Total Forward Foreign Currency Contracts								$	(960,421	)

Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

Invesco V.I. Growth and Income Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $1,179,603,311)*	$	1,541,113,585


Investments in affiliated money market funds, at value (Cost $73,977,438)		73,976,146


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		47,034


Foreign currencies, at value (Cost $620)		630


Receivable for:
Investments sold		4,675,360


Fund shares sold		370,353


Dividends		2,932,351


Investment for trustee deferred compensation and retirement plans		236,832


Total assets		1,623,352,291



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,007,455


Payable for:
Investments purchased		7,121,417


Fund shares reacquired		26,992,968


Amount due custodian		1,639,318


Collateral upon return of securities loaned		11,950,085


Accrued fees to affiliates		851,766


Accrued trustees’ and officers’ fees and benefits		2,007


Accrued other operating expenses		123,848


Trustee deferred compensation and retirement plans		263,087


Total liabilities		49,951,951


Net assets applicable to shares outstanding	$	1,573,400,340



Net assets consist of:
Shares of beneficial interest	$	1,325,494,988


Distributable earnings		247,905,352


	$	1,573,400,340



Net Assets:
Series I	$	157,477,786


Series II	$	1,415,922,554



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,412,624


Series II		75,721,164


Series I:
Net asset value per share	$	18.72


Series II:
Net asset value per share	$	18.70

*	At December 31, 2020, security with a value of $11,927,402 was on loan to brokers.

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $367,915)	$	33,447,847


Dividends from affiliated money market funds (includes securities lending income of $121,097)		346,967


Total investment income		33,794,814



Expenses:
Advisory fees		7,264,586


Administrative services fees		2,097,286


Custodian fees		64,535


Distribution fees - Series II		2,823,213


Transfer agent fees		29,043


Trustees’ and officers’ fees and benefits		42,586


Reports to shareholders		9,101


Professional services fees		57,685


Other		17,083


Total expenses		12,405,118


Less: Fees waived		(50,944	)


Net expenses		12,354,174


Net investment income		21,440,640



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(90,867,492	)


Affiliated investment securities		10,620


Foreign currencies		845,329


Forward foreign currency contracts		(4,547,860	)


		(94,559,403	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		58,343,039


Affiliated investment securities		(974	)


Foreign currencies		1,694


Forward foreign currency contracts		1,574,788


		59,918,547


Net realized and unrealized gain (loss)		(34,640,856	)


Net increase (decrease) in net assets resulting from operations	$	(13,200,216	)

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

Invesco V.I. Growth and Income Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	21,440,640		$	25,947,061


Net realized gain (loss)		(94,559,403	)		(6,838,792	)


Change in net unrealized appreciation		59,918,547			279,095,156


Net increase (decrease) in net assets resulting from operations		(13,200,216	)		298,203,425



Distributions to shareholders from distributable earnings:
Series I		(5,561,715	)		(23,474,054	)


Series II		(42,601,032	)		(173,791,397	)


Total distributions from distributable earnings		(48,162,747	)		(197,265,451	)



Share transactions–net:
Series I		(24,590,096	)		4,136,745


Series II		(40,847,878	)		343,560,704


Net increase (decrease) in net assets resulting from share transactions		(65,437,974	)		347,697,449


Net increase (decrease) in net assets		(126,800,937	)		448,635,423



Net assets:
Beginning of year		1,700,201,277			1,251,565,854


End of year	$	1,573,400,340		$	1,700,201,277

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

Invesco V.I. Growth and Income Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	19.09		$	0.31			$	(0.01	)		$	0.30			$	(0.39	)		$	(0.28	)		$	(0.67	)		$	18.72		2.09	%		$	157,478		0.75	%^(d)		0.75	%^(d)		1.90	%^(d)		46	%
Year ended 12/31/19			17.51			0.37				3.84				4.21				(0.38	)			(2.25	)			(2.63	)			19.09		25.19				187,097		0.73			0.74			1.91			62
Year ended 12/31/18			22.70			0.36				(2.95	)			(2.59	)			(0.47	)			(2.13	)			(2.60	)			17.51		(13.38	)			166,306		0.75			0.75			1.63			32
Year ended 12/31/17			21.05			0.41	^(e)			2.52				2.93				(0.34	)			(0.94	)			(1.28	)			22.70		14.32				187,254		0.76			0.76			1.90	^(e)		17
Year ended 12/31/16			19.60			0.33				3.29				3.62				(0.23	)			(1.94	)			(2.17	)			21.05		19.69				168,082		0.77			0.79			1.69			28
Series II
Year ended 12/31/20			19.06			0.27				(0.01	)			0.26				(0.34	)			(0.28	)			(0.62	)			18.70		1.85				1,415,923		1.00	^(d)		1.00	^(d)		1.65	^(d)		46
Year ended 12/31/19			17.48			0.32				3.83				4.15				(0.32	)			(2.25	)			(2.57	)			19.06		24.85				1,513,105		0.98			0.99			1.66			62
Year ended 12/31/18			22.66			0.30				(2.95	)			(2.65	)			(0.40	)			(2.13	)			(2.53	)			17.48		(13.59	)			1,085,260		1.00			1.00			1.38			32
Year ended 12/31/17			21.02			0.36	^(e)			2.51				2.87				(0.29	)			(0.94	)			(1.23	)			22.66		14.04				1,823,085		1.01			1.01			1.65	^(e)		17
Year ended 12/31/16			19.58			0.28				3.28				3.56				(0.18	)			(1.94	)			(2.12	)			21.02		19.37				1,838,074		1.02			1.04			1.44			28

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $146,094 and $1,129,285 for Series I and Series II shares, respectively.

^(e)

Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.30 and 1.42%, and $0.25 and 1.17%, for Series I and Series II, respectively.

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

Invesco V.I. Growth and Income Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek long-term growth of capital and income.

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

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

Invesco V.I. Growth and Income Fund

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

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

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

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

Invesco V.I. Growth and Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $500 million		0.600	%


Over $500 million		0.550	%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.57%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $50,944.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $185,784 for accounting and fund administrative services and was reimbursed $1,911,502 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $7,925 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s

Invesco V.I. Growth and Income Fund


		own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,444,357,735	$	96,755,850			$–	$	1,541,113,585


Money Market Funds		62,026,061		11,950,085			–		73,976,146


Total Investments in Securities		1,506,383,796		108,705,935			–		1,615,089,731


Other Investments - Assets*


Forward Foreign Currency Contracts		–		47,034			–		47,034


Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(1,007,455	)		–		(1,007,455	)


Total Other Investments		–		(960,421	)		–		(960,421	)


Total Investments	$	1,506,383,796	$	107,745,514			$–	$	1,614,129,310

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
	Currency
Derivative Assets	Risk

Unrealized appreciation on forward foreign currency contracts outstanding	$	47,034

Derivatives not subject to master netting agreements		-

Total Derivative Assets subject to master netting agreements	$	47,034


	Value
	Currency
Derivative Liabilities	Risk

Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,007,455	)

Derivatives not subject to master netting agreements		-

Total Derivative Liabilities subject to master netting agreements	$	(1,007,455	)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.


	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Forward Foreign		Forward Foreign			Net Value of					Net
Counterparty	Currency Contracts		Currency Contracts			Derivatives			Non-Cash	Cash	Amount

Bank of New York Mellon (The)	$	-	$	(971,355	)	$	(971,355	)	$-	$-	$	(971,355	)

State Street Bank & Trust Co.		47,034		(36,100	)		10,934		-	-		10,934

Total	$	47,034	$	(1,007,455	)	$	(960,421	)	$-	$-	$	(960,421	)

Invesco V.I. Growth and Income Fund

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk

Realized Gain (Loss):
Forward foreign currency contracts		$(4,547,860)

Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,574,788

Total		$(2,973,072)

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


	Forward
	Foreign Currency
	Contracts

Average notional value	$	111,827,531

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	26,309,042	$	24,898,470


Long-term capital gain		21,853,705		172,366,981


Total distributions	$	48,162,747	$	197,265,451

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	22,257,079


Net unrealized appreciation – investments		312,594,536


Net unrealized appreciation - foreign currencies		23,525


Temporary book/tax differences		(185,315	)


Capital loss carryforward		(86,784,473	)


Shares of beneficial interest		1,325,494,988


Total net assets	$	1,573,400,340

Invesco V.I. Growth and Income Fund

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	30,104,856	$56,679,617	$	86,784,473

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $573,690,625 and $631,312,481, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	335,775,233


Aggregate unrealized (depreciation) of investments		(23,180,697	)


Net unrealized appreciation of investments	$	312,594,536

Cost of investments for tax purposes is $1,301,534,774.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2020, undistributed net investment income was increased by $840,449 and undistributed net realized gain (loss) was decreased by $840,449. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
		Shares			Amount			Shares			Amount


Sold:
Series I		1,177,028		$	18,316,966			961,502		$	18,593,160


Series II		21,163,497			336,267,970			46,991,194			937,263,516



Issued as reinvestment of dividends:
Series I		341,629			5,561,715			1,324,721			23,474,054


Series II		2,618,379			42,601,032			9,813,179			173,791,397



Reacquired:
Series I		(2,909,124	)		(48,468,777	)		(1,980,258	)		(37,930,469	)


Series II		(27,458,503	)		(419,716,880	)		(39,496,692	)		(767,494,209	)


Net increase (decrease) in share activity		(5,067,094	)	$	(65,437,974	)		17,613,646		$	347,697,449

^(a)

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Growth and Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Growth and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Growth and Income Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Growth and Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,273.00	$4.40	$1,021.27	$3.91	0.77%
Series II	1,000.00	1,271.30	5.82	1,020.01	5.18	1.02

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Growth and Income Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	21,853,705
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Growth and Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey–1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes–1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Growth and Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco V.I. Growth and Income Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Health Care Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		I-VIGHC-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Health Care Fund (the Fund) outperformed the MSCI World Health Care Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	14.16	%
Series II Shares	14.20
MSCI World Index^q (Broad Market Index)	15.90
MSCI World Health Care Index^q(Style-Specific Index)	13.52
Lipper VUF Health/Biotechnology Funds Classification Average^∎(Peer Group)	21.09

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%^,2 a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Stock selection in the biotechnology and health care supplies industries contributed most to relative performance compared to the MSCI World Health Care Index. An overweight allocation to health care technology and life sciences tools and services was also additive to relative performance. Stock selection in health care equipment, pharmaceuticals and managed health care detracted most from relative performance.

The top three individual contributors to performance were Thermo Fisher Scientific, Immunomedics and Inspire Medical Systems. Thermo Fisher Scientific delivered strong business performance across its segments and continues to benefit from health care innovation. Immunomedics is a leading biopharmaceutical company in the area of antibody-drug conjugates. In the second quarter, its asset Trodelvy was approved on an accelerated basis for metastatic triple-negative breast cancer, a cancer with a particularly high unmet need and few treatment options. Shares also climbed in September when it was announced that Gilead would be acquiring the company. Inspire Medical Systems is a medical technology company focused on the treatment of obstructive sleep apnea. Performance was strong, with significant business momentum being driven by the number of US medical centers implanting its Inspire therapy, broader Medicare and commercial insurance coverage and no meaningful negative impact from COVID-19. We liquidated our holdings in Immunomedics prior to the end of the year.

The top three individual detractors from performance were Boston Scientific, Axsome Therapeutics and Amarin. Boston Scientific was negatively impacted by COVID-19 crowding out many of the elective procedures associated with its product portfolio and some of its clinical trials were also put on hold. Investors were also taken by surprise in late 2020, when the company announced it would be recalling its Lotus Edge transcatheter aortic valve replacement product and ending the program. We exited the position. Axsome Therapeutics is developing therapies for the treatment of central nervous system diseases using several platform approaches to drug development, modification and delivery. The company continued to make fundamental progress this year in multiple neurology programs with positive data and collaboration with the FDA, but its stock price fluctuated as investors awaited additional updates. Amarin is a pharmaceutical company focused on developing therapeutics to cost-effectively improve cardiovascular health. The company lost a patent case in early 2020 that was a surprise to investors and caused its shares to drop. We liquidated our holdings in Amarin by the end of the year.

The Fund invests around four long-term themes, underpinned by our research team’s fundamental insights: 1) Innovation – health care is in an unprecedented era of research & development, 2) the intersection between health care and other top performing sectors such as technology & consumer, 3) addressing the cost of care, and 4) aging demographics globally. In our increasingly globalized and interconnected world, the current crisis has shined a light on health care’s essential role in

Invesco V.I. Health Care Fund

safeguarding the world’s economy and justified increased spending to address the current catastrophe and to mitigate and prevent future episodes.

We thank you for your investment in Invesco V.I. Health Care Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Justin Livengood

Henry Wu

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Health Care Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: Lipper Inc.

2	Source: RIMES Technologies Corp.

Past performance cannot guarantee future

results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/21/97)	9.32	%
10 Years	13.09
5 Years	9.43
1 Year	14.46

Series II Shares
Inception (4/30/04)	8.93	%
10 Years	12.81
5 Years	9.16
1 Year	14.20

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Health Care Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance

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

Invesco V.I. Health Care Fund

Supplemental Information

Invesco V.I. Health Care Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

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

∎

The Lipper VUF Health/Biotechnology Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Health/ Biotechnology Funds classification.

∎

Invesco V.I. Health Care Fund

Fund Information

Portfolio Composition


By country	% of total net assets

United States		85.88	%
Switzerland		5.47
United Kingdom		2.94
Netherlands		2.29
Countries, each less than 2% of portfolio		2.41
Money Market Funds Plus Other Assets Less Liabilities		1.01

Top 10 Equity Holdings*


	% of total net assets
1. Thermo Fisher Scientific, Inc.		5.24	%
2. UnitedHealth Group, Inc.		4.96
3. Medtronic PLC		3.11
4. Abbott Laboratories		3.02
5. AstraZeneca PLC, ADR		2.94
6. Danaher Corp.		2.90
7. Intuitive Surgical, Inc.		2.84
8. Eli Lilly and Co.		2.73
9. Novartis AG, ADR		2.55
10. IDEXX Laboratories, Inc.		2.50

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Health Care Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–98.99%
Biotechnology–23.59%
AbbVie, Inc.		44,227	$	4,738,923


ACADIA Pharmaceuticals, Inc.^(b)		66,876		3,575,191


Acceleron Pharma, Inc.^(b)		8,822		1,128,687


Allakos, Inc.^(b)		4,545		636,300


Altimmune, Inc.^(b)		44,440		501,283


Arcus Biosciences, Inc.^(b)		27,938		725,271


Argenx SE, ADR (Netherlands)^(b)		3,868		1,137,540


Ascendis Pharma A/S, ADR (Denmark)^(b)		9,038		1,507,358


Biogen, Inc.^(b)		7,493		1,834,736


BioMarin Pharmaceutical, Inc.^(b)		16,589		1,454,690


CareDx, Inc.^(b)		8,373		606,624


Cogent Biosciences, Inc.^(b)		72,358		812,580


Exact Sciences Corp.^(b)		21,966		2,910,275


Fate Therapeutics, Inc.^(b)		6,127		557,128


Forte Biosciences, Inc.^(b)		31,301		1,139,670


Genmab A/S, ADR (Denmark)^(b)		28,960		1,177,514


Global Blood Therapeutics, Inc.^(b)		18,055		781,962


Halozyme Therapeutics, Inc.^(b)		28,690		1,225,350


Iovance Biotherapeutics, Inc.^(b)		35,611		1,652,350


Kadmon Holdings, Inc.^(b)		180,528		749,191


Keros Therapeutics, Inc.^(b)		19,495		1,375,177


Kinnate Biopharma, Inc.^(b)		17,369		690,939


Kronos Bio, Inc.^(b)		39,074		1,167,140


Mersana Therapeutics, Inc.^(b)		40,698		1,082,974


Natera, Inc.^(b)		9,085		904,139


Novavax, Inc.^(b)		13,034		1,453,421


Olema Pharmaceuticals, Inc.^(b)		54,805		2,635,024


PMV Pharmaceuticals, Inc.^(b)		31,364		1,929,200


Rocket Pharmaceuticals, Inc.^(b)		34,106		1,870,373


Sarepta Therapeutics, Inc.^(b)		10,792		1,839,928


Seagen, Inc.^(b)		9,121		1,597,452


TG Therapeutics, Inc.^(b)		20,589		1,071,040


Trillium Therapeutics, Inc. (Canada)^(b)(c)		91,324		1,343,376


Ultragenyx Pharmaceutical, Inc.^(b)		4,240		586,943


Vertex Pharmaceuticals, Inc.^(b)		20,195		4,772,886


Zentalis Pharmaceuticals, Inc.^(b)		28,023		1,455,515


				54,628,150



Electronic Equipment & Instruments–0.09%
908 Devices, Inc.^(b)		3,841		218,745



Health Care Equipment–24.96%
Abbott Laboratories		63,966		7,003,637


Becton, Dickinson and Co.		7,642		1,912,181


Danaher Corp.		30,288		6,728,176


DexCom, Inc.^(b)		3,270		1,208,984


Edwards Lifesciences Corp.^(b)		50,164		4,576,462


Globus Medical, Inc., Class A^(b)		28,672		1,869,988


IDEXX Laboratories, Inc.^(b)		11,563		5,779,997


Insulet Corp.^(b)		4,409		1,127,073


Intuitive Surgical, Inc.^(b)		8,033		6,571,797


Koninklijke Philips N.V. (Netherlands)^(b)		77,780		4,162,502


Masimo Corp.^(b)		8,545		2,293,307


Medtronic PLC		61,446		7,197,785


	Shares		Value


Health Care Equipment–(continued)
Outset Medical, Inc.^(b)		3,604	$	204,851


Stryker Corp.		7,737		1,895,875


Zimmer Biomet Holdings, Inc.		34,188		5,268,029


				57,800,644



Health Care Facilities–1.89%
HCA Healthcare, Inc.		22,861		3,759,720


Surgery Partners, Inc.^(b)		20,991		608,948


				4,368,668



Health Care Services–3.72%
1Life Healthcare, Inc.^(b)		28,920		1,262,358


Amedisys, Inc.^(b)		6,703		1,966,191


Cigna Corp.		15,764		3,281,750


Guardant Health, Inc.^(b)		7,440		958,867


Oak Street Health, Inc.^(b)		18,889		1,155,251


				8,624,417



Health Care Supplies–4.83%
Alcon, Inc. (Switzerland)^(b)		19,339		1,275,987


Align Technology, Inc.^(b)		9,267		4,952,100


Pulmonx Corp.^(b)		25,738		1,776,437


Silk Road Medical, Inc.^(b)		35,197		2,216,707


West Pharmaceutical Services, Inc.		3,404		964,387


				11,185,618



Health Care Technology–4.57%
HMS Holdings Corp.^(b)		30,634		1,125,800


Inspire Medical Systems, Inc.^(b)		24,155		4,543,314


Ping An Healthcare and Technology Co. Ltd. (China)^(b)(d)		127,100		1,542,252


Veeva Systems, Inc., Class A^(b)		12,349		3,362,015


				10,573,381



Life Sciences Tools & Services–11.22%
10X Genomics, Inc., Class A^(b)		9,114		1,290,542


Agilent Technologies, Inc.		14,527		1,721,304


Bio-Rad Laboratories, Inc., Class A^(b)		3,095		1,804,199


Charles River Laboratories International, Inc.^(b)		4,703		1,175,092


Illumina, Inc.^(b)		3,487		1,290,190


Lonza Group AG (Switzerland)		2,041		1,310,863


Maravai LifeSciences Holdings, Inc., Class A^(b)		39,036		1,094,960


Mettler-Toledo International, Inc.^(b)		938		1,069,020


NeoGenomics, Inc.^(b)		11,334		610,223


Quanterix Corp.^(b)		12,486		580,599


Repligen Corp.^(b)		7,858		1,505,828


Seer, Inc.^(b)		6,848		384,447


Thermo Fisher Scientific, Inc.		26,069		12,142,419


				25,979,686



Managed Health Care–9.17%
Anthem, Inc.		12,268		3,939,132


HealthEquity, Inc.^(b)		10,970		764,719


Humana, Inc.		12,310		5,050,423


UnitedHealth Group, Inc.		32,754		11,486,173


				21,240,447

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

Invesco V.I. Health Care Fund


	Shares		Value

Pharmaceuticals–14.95%
AstraZeneca PLC, ADR (United Kingdom)		135,972	$	6,797,240


Axsome Therapeutics, Inc.^(b)		27,953		2,277,331


Bristol-Myers Squibb Co.		74,401		4,615,094


Catalent, Inc.^(b)		5,945		618,696


Eli Lilly and Co.		37,451		6,323,227


Horizon Therapeutics PLC^(b)		15,471		1,131,704


Novartis AG, ADR (Switzerland)		62,568		5,908,296


Relmada Therapeutics, Inc.^(b)		27,285		875,030


Roche Holding AG (Switzerland)		11,977		4,178,870


Zoetis, Inc.		11,514		1,905,567


				34,631,055


Total Common Stocks & Other Equity Interests (Cost $150,945,453)				229,250,811



Money Market Funds–1.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)		867,698		867,698


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(e)(f)		861,398		861,656


	Shares		Value

Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		991,654	$	991,654


Total Money Market Funds (Cost $2,720,800)				2,721,008


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $153,666,253)				231,971,819


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.24%
Invesco Private Government Fund, 0.02%^(e)(f)(g)		220,001		220,001


Invesco Private Prime Fund, 0.12%^(e)(f)(g)		329,902		330,001


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $550,002)				550,002


TOTAL INVESTMENTS IN SECURITIES–100.40% (Cost $154,216,255)				232,521,821


OTHER ASSETS LESS LIABILITIES–(0.40)%				(937,326	)


NET ASSETS–100.00%			$	231,584,495

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2020.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at December 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value December 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,366,547		$	20,040,460		$	(20,539,309	)		$	-		$	-		$	867,698		$	5,132

Invesco Liquid Assets Portfolio, Institutional Class			893,809			14,574,756			(14,608,200	)			248			1,043			861,656			8,048

Invesco Treasury Portfolio, Institutional Class			1,561,768			22,903,382			(23,473,496	)			-			-			991,654			4,899

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			-			27,951,760			(27,731,759	)			-			-			220,001			332*

Invesco Private Prime Fund			-			18,006,831			(17,676,990	)			-			160			330,001			559*

Total		$	3,822,124		$	103,477,189		$	(104,029,754	)		$	248		$	1,203		$	3,271,010		$	18,970

^(f)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

Invesco V.I. Health Care Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $150,945,453)*	$	229,250,811

Investments in affiliated money market funds, at value (Cost $3,270,802)		3,271,010

Foreign currencies, at value (Cost $8,527)		8,832

Receivable for:
Fund shares sold		11,900

Dividends		275,706

Investment for trustee deferred compensation and retirement plans		86,202

Total assets		232,904,461


Liabilities:
Payable for:
Investments purchased		149,467

Fund shares reacquired		187,997

Amount due custodian		188,266

Collateral upon return of securities loaned		550,002

Accrued fees to affiliates		109,224

Accrued other operating expenses		40,249

Trustee deferred compensation and retirement plans		94,761

Total liabilities		1,319,966

Net assets applicable to shares outstanding	$	231,584,495


Net assets consist of:
Shares of beneficial interest	$	129,147,303

Distributable earnings		102,437,192

	$	231,584,495


Net Assets:
Series I	$	155,598,096

Series II	$	75,986,399


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,618,149

Series II		2,396,910

Series I:
Net asset value per share	$	33.69

Series II:
Net asset value per share	$	31.70

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $109,710)	$	2,288,356

Dividends from affiliated money market funds (includes securities lending income of $16,231)		34,310

Total investment income		2,322,666


Expenses:
Advisory fees		1,565,051

Administrative services fees		341,077

Custodian fees		13,583

Distribution fees - Series II		168,840

Transfer agent fees		38,211

Trustees’ and officers’ fees and benefits		23,357

Reports to shareholders		8,105

Professional services fees		46,797

Other		2,766

Total expenses		2,207,787

Less: Fees waived		(6,555	)

Net expenses		2,201,232

Net investment income		121,434


Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		24,336,903

Affiliated investment securities		1,203

Foreign currencies		13,117

		24,351,223

Change in net unrealized appreciation of:
Unaffiliated investment securities		4,438,701

Affiliated investment securities		248

Foreign currencies		9,345

		4,448,294

Net realized and unrealized gain		28,799,517

Net increase in net assets resulting from operations	$	28,920,951

At December 31, 2020, securities with an aggregate value of $536,800 were on loan to brokers.

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

Invesco V.I. Health Care Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	121,434		$	476,623


Net realized gain		24,351,223			5,111,934


Change in net unrealized appreciation		4,448,294			50,736,226


Net increase in net assets resulting from operations		28,920,951			56,324,783



Distributions to shareholders from distributable earnings:
Series I		(3,835,331	)		(3,345,368	)


Series II		(1,795,400	)		(1,628,278	)


Total distributions from distributable earnings		(5,630,731	)		(4,973,646	)



Share transactions–net:
Series I		(10,234,970	)		(14,313,793	)


Series II		(2,188,112	)		(6,003,015	)


Net increase (decrease) in net assets resulting from share transactions		(12,423,082	)		(20,316,808	)


Net increase in net assets		10,867,138			31,034,329



Net assets:
Beginning of year		220,717,357			189,683,028


End of year	$	231,584,495		$	220,717,357

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

Invesco V.I. Health Care Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	30.23		$	0.04			$	4.26			$	4.30			$	(0.10	)		$	(0.74	)		$	(0.84	)		$	33.69		14.46	%		$	155,598		0.98	%^(d)		0.98	%^(d)		0.13	%^(d)		46	%
Year ended 12/31/19			23.41			0.08				7.40				7.48				(0.01	)			(0.65	)			(0.66	)			30.23		32.50				149,954		0.97			0.97			0.32			8
Year ended 12/31/18			26.44			0.03	^(e)			0.59				0.62				-				(3.65	)			(3.65	)			23.41		0.90				129,377		1.00			1.00			0.10	^(e)		35
Year ended 12/31/17			24.11			(0.02	)			3.86				3.84				(0.10	)			(1.41	)			(1.51	)			26.44		15.83				144,038		1.01			1.01			(0.08	)		37
Year ended 12/31/16			31.75			0.09				(3.36	)			(3.27	)			-				(4.37	)			(4.37	)			24.11		(11.46	)			145,408		1.04			1.04			0.31			23
Series II
Year ended 12/31/20			28.49			(0.03	)			4.01				3.98				(0.03	)			(0.74	)			(0.77	)			31.70		14.20				75,986		1.23	^(d)		1.23	^(d)		(0.12	)^(d)		46
Year ended 12/31/19			22.14			0.02				6.98				7.00				-				(0.65	)			(0.65	)			28.49		32.18				70,763		1.22			1.22			0.07			8
Year ended 12/31/18			25.25			(0.04	)^(e)			0.58				0.54				-				(3.65	)			(3.65	)			22.14		0.62				60,306		1.25			1.25			(0.15	)^(e)		35
Year ended 12/31/17			23.07			(0.08	)			3.69				3.61				(0.02	)			(1.41	)			(1.43	)			25.25		15.55				67,240		1.26			1.26			(0.33	)		37
Year ended 12/31/16			30.65			0.02				(3.23	)			(3.21	)			-				(4.37	)			(4.37	)			23.07		(11.69	)			69,190		1.29			1.29			0.06			23

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $141,137 and $67,536 for Series I and Series II shares, respectively.

^(e)

Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.00 and (0.03)%, $(0.07) and (0.28)%, for Series I and Series II shares, respectively.

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

Invesco V.I. Health Care Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Health Care Fund

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Health Care Fund

L.	Other Risks - The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $250 million		0.750%

Next $250 million		0.740%

Next $500 million		0.730%

Next $1.5 billion		0.720%

Next $2.5 billion		0.710%

Next $2.5 billion		0.700%

Next $2.5 billion		0.690%

Over $10 billion		0.680%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.75%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $6,555.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $30,077 for accounting and fund administrative services and was reimbursed $311,000 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $1,930 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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

Invesco V.I. Health Care Fund


Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	218,056,324	$	11,194,487		$-	$	229,250,811


Money Market Funds		2,721,008		550,002		-		3,271,010


Total Investments	$	220,777,332	$	11,744,489		$-	$	232,521,821

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	799,574	$	1,765,566


Long-term capital gain		4,831,157		3,208,080


Total distributions	$	5,630,731	$	4,973,646

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	2,733,642


Undistributed long-term capital gain		21,653,775


Net unrealized appreciation – investments		78,106,208


Net unrealized appreciation - foreign currencies		9,555


Temporary book/tax differences		(65,988	)


Shares of beneficial interest		129,147,303


Total net assets	$	231,584,495

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

Invesco V.I. Health Care Fund

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $94,082,293 and $110,766,574, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	79,168,350


Aggregate unrealized (depreciation) of investments		(1,062,142	)


Net unrealized appreciation of investments	$	78,106,208

Cost of investments for tax purposes is $154,415,613.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and passive foreign investment companies, on December 31, 2020, undistributed net investment income was increased by $18,402 and undistributed net realized gain was decreased by $18,402. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 9–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
		Shares			Amount			Shares			Amount


Sold:
Series I		688,939		$	20,193,172			588,096		$	15,603,976


Series II		296,254			8,256,245			184,379			4,579,271



Issued as reinvestment of dividends:
Series I		124,161			3,835,331			131,915			3,345,368


Series II		61,740			1,795,400			68,072			1,628,278



Reacquired:
Series I		(1,155,847	)		(34,263,473	)		(1,286,131	)		(33,263,137	)


Series II		(444,589	)		(12,239,757	)		(492,335	)		(12,210,564	)


Net increase (decrease) in share activity		(429,342	)	$	(12,423,082	)		(806,004	)	$	(20,316,808	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

Invesco V.I. Health Care Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Health Care Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Health Care Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Health Care Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,175.70	$5.36	$1,020.21	$4.98	0.98%
Series II	1,000.00	1,174.10	6.72	1,018.95	6.24	1.23

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Health Care Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	4,831,157
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		99.93	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Health Care Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Health Care Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. High Yield Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIHYI-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. High Yield Fund (the Fund) underperformed the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares			3.32%
Series II Shares			2.90
Bloomberg Barclays U.S. Aggregate Bond Index^q(Broad Market Index)			7.51
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index^q
(Style-Specific Index)			7.05
Lipper VUF High Yield Bond Funds Classification Average^∎(Peer Group)			4.99

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Fixed income markets began the fiscal year buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the US Federal Reserve (the Fed) took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25%.¹ The unemployment rate reached a peak of 14.7%² while real gross domestic product decreased at an annual rate of 31.4%³ in the second quarter of 2020.

following central bank interventions and ended the period with positive gains. The initial fallout from COVID-19 drove a wave of downgrades in the high yield market and pushed the par-weighted, trailing twelve months, high yield default rate to 6.17%; over 3% higher than the twenty-five year average of 3.02%.⁵ But as a result of the monetary policy support, and interest rates at near zero, high yield new issuance increased to the highest level on record with companies issuing $449.9 billion in high yield debt.⁵

The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index, which measures the performance of the US high yield bond market and is the Fund’s style-specific index, returned 7.05% for the year ended December 31, 2020.⁶ Likewise, the Fund generated a positive return for the year, but underperformed its style-specific index.

During the year, the Fund benefited from its security selection in the retailers and construction machinery sectors. The Fund had an underweight allocation to the oil field services and independent energy sectors relative to the style-specific index, which also contributed positively as the energy sector was hit particularly hard when lockdowns were put into effect and all non-essential travel ceased. The Fund’s overweight allocation to construction machinery was also beneficial to relative performance.

During the year, the Fund used credit default swaps to hedge against a second market downturn as economies began to reopen in the second quarter. While cases did eventually increase, news of vaccine developments drove prices higher leading to underperformance of the Fund’s hedges. Security selection in the independent energy and leisure sectors also detracted from Fund performance relative to the style-specific index as defaults in both of these sectors began to rise as a result of the COVID-19 induced shutdowns.

During the year, we used currency forward contracts for the purpose of hedging currency exposure of non-US-dollar-denominated

bonds held in the portfolio. We also used credit default swaps to efficiently manage the portfolio and to take advantage of relative value opportunities. The use of currency and interest rate had an immaterial impact on the Fund’s performance during the year.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Thank you for investing in Invesco V.I. High Yield Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: Bureau of Labor Statistics

3 Source: Bureau of Economic Analysis

4 Source: US Department of the Treasury

5 Source: JP Morgan Markets

6 Source: Bloomberg Barclays

Portfolio manager(s):

Niklas Nordenfelt

Scott Roberts

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. High Yield Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/1/98)	4.33	%
10 Years	5.27
5 Years	6.03
1 Year	3.32

Series II Shares
Inception (3/26/02)	6.40	%
10 Years	4.99
5 Years	5.71
1 Year	2.90

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. High Yield Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.

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

Invesco V.I. High Yield Fund

Supplemental Information

Invesco V.I. High Yield Fund’s investment objective is total return, comprised of current income and capital appreciation.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

∎

The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.

∎

The Lipper VUF High Yield Bond Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper High Yield Bond Funds classification.

∎

Invesco V.I. High Yield Fund

Fund Information

Portfolio Composition^†


By credit quality	% of total investments

AAA		0.09	%
BBB		8.32
BB		44.29
B		31.12
CCC		11.04
Non-Rated		5.14

Top Five Debt Issuers*


	% of total net assets
1. CCO Holdings LLC/CCO Holdings Capital Corp.		1.99	%
2. OneMain Finance Corp.		1.70
3. Occidental Petroleum Corp.		1.57
4. Ford Motor Credit Co. LLC		1.51
5. Kraft Heinz Foods Co. (The)		1.48

^†Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA

(highest) to D (lowest); ratings are subject to change without notice. “Non- Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. High Yield Fund

Schedule of Investments^(a)

December 31, 2020


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–92.10%
Aerospace & Defense–2.65%
Bombardier, Inc. (Canada),
5.75%, 03/15/2022^(b)	$	222,000	$	226,722

6.00%, 10/15/2022^(b)		397,000		390,708

7.50%, 03/15/2025^(b)		1,015,000		942,681

TransDigm UK Holdings PLC, 6.88%, 05/15/2026		600,000		635,805

TransDigm, Inc.,
6.50%, 07/15/2024		163,000		166,194

6.50%, 05/15/2025		593,000		610,419

Triumph Group, Inc.,
8.88%, 06/01/2024^(b)		177,000		194,589

7.75%, 08/15/2025		819,000		751,433


				3,918,551



Agricultural & Farm Machinery–0.77%
Titan International, Inc., 6.50%, 11/30/2023		1,221,000		1,133,876



Airlines–0.97%
Delta Air Lines, Inc.,
7.00%, 05/01/2025^(b)		987,000		1,140,199

7.38%, 01/15/2026		263,000		300,617


				1,440,816



Alternative Carriers–0.39%
Level 3 Financing, Inc.,
5.38%, 05/01/2025		197,000		202,974

5.25%, 03/15/2026		119,000		123,111

3.63%, 01/15/2029^(b)		258,000		257,839


				583,924



Apparel Retail–0.96%
L Brands, Inc.,
6.88%, 11/01/2035		907,000		1,019,808

6.75%, 07/01/2036		354,000		395,064


				1,414,872



Apparel, Accessories & Luxury Goods–0.51%
Hanesbrands, Inc., 5.38%, 05/15/2025^(b)		412,000		436,419

William Carter Co. (The),
5.50%, 05/15/2025^(b)		130,000		138,302

5.63%, 03/15/2027^(b)		173,000		182,407


				757,128



Auto Parts & Equipment–1.10%
Clarios Global L.P., 6.75%, 05/15/2025^(b)		164,000		176,967

Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		365,000		397,142

Dana, Inc.,
5.50%, 12/15/2024		498,000		508,894

5.38%, 11/15/2027		122,000		129,549

5.63%, 06/15/2028		70,000		75,485

Tenneco, Inc., 5.00%, 07/15/2026		377,000		347,547


				1,635,584


	Principal Amount		Value


Automobile Manufacturers–3.74%
Allison Transmission, Inc., 3.75%, 01/30/2031^(b)	$	1,094,000	$	1,121,350

Ford Motor Co.,
8.50%, 04/21/2023		222,000		250,677

9.00%, 04/22/2025		208,000		255,868

9.63%, 04/22/2030		111,000		156,827

4.75%, 01/15/2043		315,000		321,694

Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		204,000		222,064

3.38%, 11/13/2025		251,000		257,353

4.39%, 01/08/2026		282,000		296,407

5.11%, 05/03/2029		1,316,000		1,467,274

J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		1,122,000		1,189,320

Motors Liquidation Co., 8.38%, 07/15/2033^(c)(d)		1,060,000		0


				5,538,834



Automotive Retail–2.15%
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024^(b)		1,035,000		1,135,933

Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		698,000		720,357

Lithia Motors, Inc.,
5.25%, 08/01/2025^(b)		248,000		258,204

4.63%, 12/15/2027^(b)		175,000		184,953

4.38%, 01/15/2031^(b)		94,000		100,991

Penske Automotive Group, Inc., 5.50%, 05/15/2026		747,000		777,347


				3,177,785



Broadcasting–1.14%
Gray Television, Inc., 7.00%, 05/15/2027^(b)		872,000		955,930

iHeartCommunications, Inc., 8.38%, 05/01/2027		542,000		579,493

TV Azteca S.A.B. de C.V. (Mexico), 8.25%, 08/09/2024^(b)		270,000		152,859


				1,688,282



Building Products–0.29%
Standard Industries, Inc., 5.00%, 02/15/2027^(b)		414,000		433,406



Cable & Satellite–5.30%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026^(b)		1,128,000		1,165,337

5.00%, 02/01/2028^(b)		1,684,000		1,782,514

CSC Holdings LLC,
6.50%, 02/01/2029^(b)		745,000		842,539

4.63%, 12/01/2030^(b)		1,099,000		1,148,603

DISH DBS Corp.,
5.88%, 11/15/2024		555,000		582,750

7.75%, 07/01/2026		227,000		254,409

DISH Network Corp., Conv., 3.38%, 08/15/2026		552,000		527,564

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

Invesco V.I. High Yield Fund


	Principal Amount		Value


Cable & Satellite–(continued)
Intelsat Jackson Holdings S.A. (Luxembourg),
5.50%, 08/01/2023^(c)	$	731,000	$	497,080

8.50%, 10/15/2024^(b)(c)		292,000		209,481

9.75%, 07/15/2025^(b)(c)		210,000		151,536

UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028^(b)		655,000		692,253


				7,854,066



Casinos & Gaming–2.98%
CCM Merger, Inc., 6.38%, 05/01/2026^(b)		669,000		704,122

Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023^(b)(e)		448,000		295,680

MGM Resorts International,
7.75%, 03/15/2022		536,000		571,845

6.00%, 03/15/2023		315,000		338,625

Scientific Games International, Inc.,
8.63%, 07/01/2025^(b)		183,000		200,614

8.25%, 03/15/2026^(b)		710,000		766,307

7.00%, 05/15/2028^(b)		759,000		817,367

Station Casinos LLC, 4.50%, 02/15/2028^(b)		716,000		722,712


				4,417,272



Coal & Consumable Fuels–0.76%
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025^(b)		1,133,000		1,126,853



Commodity Chemicals–0.33%
Koppers, Inc., 6.00%, 02/15/2025^(b)		475,000		490,141



Construction & Engineering–0.44%
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026^(b)		339,000		348,111

9.75%, 07/15/2028^(b)		276,000		303,600


				651,711



Consumer Finance–3.13%
Navient Corp.,
7.25%, 01/25/2022		356,000		372,688

7.25%, 09/25/2023		1,038,000		1,139,573

5.00%, 03/15/2027		215,000		217,178

5.63%, 08/01/2033		400,000		384,750

OneMain Finance Corp.,
5.38%, 11/15/2029		1,485,000		1,674,337

4.00%, 09/15/2030		815,000		846,671


				4,635,197



Copper–1.62%
First Quantum Minerals Ltd. (Zambia), 7.50%, 04/01/2025^(b)		672,000		700,560

Freeport-McMoRan, Inc., 5.40%, 11/14/2034		1,355,000		1,697,984


				2,398,544



Data Processing & Outsourced Services–0.69%
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025^(b)		985,000		1,021,834



Department Stores–0.71%
Macy’s, Inc., 8.38%, 06/15/2025^(b)		949,000		1,054,908


	Principal Amount		Value


Distributors–0.67%
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024^(b)(e)	$	975,000	$	999,882



Diversified Banks–0.95%
Credit Agricole S.A. (France), 8.13%^(b)(f)(g)		507,000		618,173

Natwest Group PLC (United Kingdom), 6.00%^(f)(g)		720,000		790,466


				1,408,639



Diversified Capital Markets–0.54%
Credit Suisse Group AG (Switzerland), 7.50%^(b)(f)(g)		730,000		797,525



Diversified REITs–0.88%
Colony Capital, Inc., Conv., 5.00%, 04/15/2023		268,000		264,078

iStar, Inc., 4.75%, 10/01/2024		1,030,000		1,044,703


				1,308,781



Electric Utilities–0.60%
Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)		828,000		893,722



Electrical Components & Equipment–0.89%
EnerSys,
5.00%, 04/30/2023^(b)		342,000		358,886

4.38%, 12/15/2027^(b)		350,000		371,000

Sensata Technologies B.V., 4.88%, 10/15/2023^(b)		546,000		590,363


				1,320,249



Electronic Components–0.08%
Sensata Technologies, Inc., 3.75%, 02/15/2031^(b)		110,000		114,161



Electronic Equipment & Instruments–0.30%
MTS Systems Corp., 5.75%, 08/15/2027^(b)		406,000		441,860



Environmental & Facilities Services–0.59%
GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028^(b)		463,000		472,936

Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)		394,000		404,010


				876,946



Fertilizers & Agricultural Chemicals–0.37%
OCI N.V. (Netherlands), 4.63%, 10/15/2025^(b)		523,000		543,593



Food Retail–2.25%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC,
7.50%, 03/15/2026^(b)		287,000		321,705

5.88%, 02/15/2028^(b)		319,000		347,672

3.50%, 03/15/2029^(b)		370,000		374,255

Fresh Market, Inc. (The), 9.75%, 05/01/2023^(b)		701,000		723,499

SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)		656,000		693,720

Simmons Foods, Inc., 5.75%, 11/01/2024^(b)		845,000		865,069


				3,325,920

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

Invesco V.I. High Yield Fund


	Principal Amount		Value


Health Care Equipment–0.25%
Hologic, Inc., 3.25%, 02/15/2029^(b)	$	369,000	$	376,149



Health Care Facilities–1.97%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029^(b)		1,014,000		1,084,980

Encompass Health Corp., 4.75%, 02/01/2030		654,000		701,703

HCA, Inc.,
5.38%, 02/01/2025		506,000		569,763

5.88%, 02/15/2026		290,000		333,862

5.50%, 06/15/2047		176,000		235,095


				2,925,403



Health Care Services–4.73%
Akumin, Inc., 7.00%, 11/01/2025^(b)		1,120,000		1,180,200

Community Health Systems, Inc.,
6.63%, 02/15/2025^(b)		338,000		356,372

8.00%, 03/15/2026^(b)		673,000		725,831

8.00%, 12/15/2027^(b)		337,000		366,488

DaVita, Inc.,
4.63%, 06/01/2030^(b)		226,000		239,701

3.75%, 02/15/2031^(b)		1,211,000		1,231,872

Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		1,057,000		1,105,886

Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		1,021,000		1,057,817

RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)		708,000		741,396


				7,005,563



Homebuilding–1.33%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027^(b)		585,000		659,476

Lennar Corp., 5.38%, 10/01/2022		254,000		272,891

Meritage Homes Corp., 5.13%, 06/06/2027		361,000		404,703

Taylor Morrison Communities, Inc., 6.63%, 07/15/2027^(b)		580,000		629,010


				1,966,080



Hotel & Resort REITs–0.28%
Service Properties Trust, 4.95%, 10/01/2029		407,000		408,781



Hotels, Resorts & Cruise Lines–0.75%
Carnival Corp.,
11.50%, 04/01/2023^(b)		372,000		430,692

10.50%, 02/01/2026^(b)		584,000		681,090


				1,111,782



Household Products–0.45%
Energizer Holdings, Inc.,
7.75%, 01/15/2027^(b)		284,000		315,844

4.75%, 06/15/2028^(b)		71,000		74,820

4.38%, 03/31/2029^(b)		270,000		279,995


				670,659



Human Resource & Employment Services–0.28%
ASGN, Inc., 4.63%, 05/15/2028^(b)		404,000		420,843


	Principal Amount		Value


Independent Power Producers & Energy Traders–1.45%
Calpine Corp.,
4.50%, 02/15/2028^(b)	$	600,000	$	624,900

3.75%, 03/01/2031^(b)		785,000		778,881

Clearway Energy Operating LLC, 4.75%, 03/15/2028^(b)		688,000		738,527


				2,142,308



Industrial Machinery–1.59%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)		894,000		886,084

EnPro Industries, Inc., 5.75%, 10/15/2026		563,000		600,192

Mueller Industries, Inc., 6.00%, 03/01/2027		852,000		869,943


				2,356,219



Integrated Oil & Gas–2.29%
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027		744,000		812,828

Occidental Petroleum Corp.,
2.90%, 08/15/2024		333,000		321,012

6.38%, 09/01/2028		190,000		201,281

3.50%, 08/15/2029		186,000		170,519

6.13%, 01/01/2031		669,000		717,636

6.20%, 03/15/2040		328,000		326,360

4.10%, 02/15/2047		691,000		566,154

Parsley Energy LLC/Parsley Finance Corp.,
5.38%, 01/15/2025^(b)		150,000		154,541

4.13%, 02/15/2028^(b)		108,000		114,683


				3,385,014



Integrated Telecommunication Services–2.61%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027^(b)		410,000		460,994

Altice France S.A. (France), 7.38%, 05/01/2026^(b)		1,167,000		1,229,726

Embarq Corp., 8.00%, 06/01/2036		446,000		550,955

Frontier Communications Corp.,
10.50%, 09/15/2022^(c)		1,501,000		785,796

11.00%, 09/15/2025^(c)		264,000		139,095

Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		98,000		120,767

7.20%, 07/18/2036		431,000		582,850


				3,870,183



Interactive Media & Services–1.39%
Cumulus Media New Holdings, Inc.,
6.75%, 07/01/2026^(b)		639,000		654,422

Diamond Sports Group LLC/Diamond Sports Finance Co.,
5.38%, 08/15/2026^(b)		598,000		486,996

6.63%, 08/15/2027^(b)		810,000		491,063

Scripps Escrow II, Inc., 3.88%, 01/15/2029^(b)		408,000		426,103


				2,058,584



Internet & Direct Marketing Retail–0.42%
QVC, Inc., 5.45%, 08/15/2034		593,000		618,203



Investment Banking & Brokerage–0.51%
NFP Corp., 6.88%, 08/15/2028^(b)		705,000		753,596

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

Invesco V.I. High Yield Fund


	Principal Amount		Value


IT Consulting & Other Services–0.49%
Gartner, Inc.,
4.50%, 07/01/2028^(b)	$	399,000	$	421,443


3.75%, 10/01/2030^(b)		295,000		310,119


				731,562



Leisure Products–0.22%
Mattel, Inc., 6.75%, 12/31/2025^(b)		313,000		330,675



Managed Health Care–0.91%
Centene Corp.,
5.38%, 06/01/2026^(b)		356,000		375,922


5.38%, 08/15/2026^(b)		320,000		338,800


4.63%, 12/15/2029		258,000		286,768


3.00%, 10/15/2030		322,000		341,690


				1,343,180



Metal & Glass Containers–0.33%
Flex Acquisition Co., Inc., 7.88%, 07/15/2026^(b)		460,000		484,527



Movies & Entertainment–0.77%
Netflix, Inc.,
5.88%, 11/15/2028		556,000		667,497


5.38%, 11/15/2029^(b)		395,000		466,100


				1,133,597



Oil & Gas Drilling–1.11%
Diamond Offshore Drilling, Inc., 4.88%, 11/02/2043^(c)		240,000		30,431


Precision Drilling Corp. (Canada),
7.75%, 12/15/2023		97,000		89,422


5.25%, 11/15/2024		419,000		363,744


Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		600,000		617,625


6.88%, 04/15/2040^(b)		474,000		518,248


Valaris PLC (Saudi Arabia), 7.75%, 02/01/2026^(c)		544,000		23,476


				1,642,946



Oil & Gas Equipment & Services–1.45%
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028^(b)		1,284,000		1,317,333


Oceaneering International, Inc., 6.00%, 02/01/2028		36,000		32,265


USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		750,000		801,952


				2,151,550



Oil & Gas Exploration & Production–5.53%
Antero Resources Corp.,
5.63%, 06/01/2023		219,000		214,894


5.00%, 03/01/2025		720,000		685,350


Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
9.00%, 11/01/2027^(b)		469,000		522,935


8.25%, 12/31/2028^(b)		95,000		95,000


CNX Resources Corp.,
7.25%, 03/14/2027^(b)		661,000		708,109


6.00%, 01/15/2029^(b)		722,000		741,032


Comstock Resources, Inc., 9.75%, 08/15/2026		640,000		687,360


	Principal Amount		Value


Oil & Gas Exploration & Production–(continued)
Continental Resources, Inc., 5.75%, 01/15/2031^(b)	$	597,000	$	663,777


Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		573,000		539,634


7.75%, 02/01/2028		219,000		209,898


QEP Resources, Inc.,
5.25%, 05/01/2023		387,000		407,898


5.63%, 03/01/2026		562,000		617,315


SM Energy Co.,
10.00%, 01/15/2025^(b)		497,000		535,207


6.75%, 09/15/2026		444,000		360,750


6.63%, 01/15/2027		99,000		79,448


Southwestern Energy Co.,
7.50%, 04/01/2026		112,000		117,656


7.75%, 10/01/2027		567,000		613,253


WPX Energy, Inc.,
5.75%, 06/01/2026		248,000		261,082


5.25%, 10/15/2027		62,000		65,801


5.88%, 06/15/2028		35,000		38,196


4.50%, 01/15/2030		29,000		30,784


				8,195,379



Oil & Gas Refining & Marketing–1.02%
Calumet Specialty Products Partners L.P./Calumet Finance Corp.,
7.63%, 01/15/2022		247,000		245,398


9.25%, 07/15/2024^(b)		468,000		524,160


Parkland Corp. (Canada), 6.00%, 04/01/2026^(b)		699,000		735,261


				1,504,819



Oil & Gas Storage & Transportation–4.15%
Antero Midstream Partners L.P./Antero Midstream Finance Corp.,
5.75%, 03/01/2027^(b)		65,000		63,984


5.75%, 01/15/2028^(b)		685,000		659,381


Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025^(b)		604,000		644,770


EQM Midstream Partners L.P.,
6.50%, 07/01/2027^(b)		356,000		401,372


5.50%, 07/15/2028		595,000		651,513


Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029^(b)		669,000		725,447


Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)		700,000		706,563


NGL Energy Partners L.P./NGL Energy Finance Corp.,
7.50%, 11/01/2023		742,000		526,820


7.50%, 04/15/2026		807,000		501,853


Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.88%, 04/15/2026		768,000		815,689


5.50%, 03/01/2030		103,000		111,924


4.88%, 02/01/2031^(b)		311,000		337,902


				6,147,218



Other Diversified Financial Services–0.83%
eG Global Finance PLC (United Kingdom),
6.75%, 02/07/2025^(b)		449,000		463,143


8.50%, 10/30/2025^(b)		212,000		225,038

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

Invesco V.I. High Yield Fund


	Principal Amount		Value


Other Diversified Financial Services–(continued)
LPL Holdings, Inc., 5.75%, 09/15/2025^(b)	$	526,000	$	545,420


SW Acquisition L.P., 0.00%^(d)		1		0


				1,233,601



Packaged Foods & Meats–2.72%
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025^(b)		180,000		186,300


JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030^(b)		454,000		522,218


Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		421,000		584,054


5.00%, 06/04/2042		381,000		447,033


5.50%, 06/01/2050^(b)		922,000		1,164,331


Pilgrim’s Pride Corp., 5.88%, 09/30/2027^(b)		354,000		384,395


Post Holdings, Inc.,
5.63%, 01/15/2028^(b)		366,000		390,476


4.63%, 04/15/2030^(b)		327,000		344,400


				4,023,207



Paper Products–0.67%
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)		937,000		996,556



Personal Products–0.26%
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025^(b)		348,000		380,625



Pharmaceuticals–2.74%
Bausch Health Americas, Inc., 9.25%, 04/01/2026^(b)		384,000		428,659


Bausch Health Cos., Inc.,
9.00%, 12/15/2025^(b)		1,207,000		1,337,302


6.25%, 02/15/2029^(b)		403,000		438,339


Endo DAC/Endo Finance LLC/Endo Finco, Inc.,
9.50%, 07/31/2027^(b)		89,000		99,513


6.00%, 06/30/2028^(b)		112,000		95,312


HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026^(b)		414,000		439,875


Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		1,118,000		1,214,495


				4,053,495



Publishing–0.50%
Meredith Corp., 6.88%, 02/01/2026		760,000		742,425



Railroads–0.49%
Kenan Advantage Group, Inc. (The),
7.88%, 07/31/2023^(b)		717,000		719,613



Renewable Electricity–0.09%
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026^(b)		124,000		132,603



Research & Consulting Services–0.27%
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026^(b)		210,000		226,144


10.25%, 02/15/2027^(b)		160,000		180,770


				406,914


	Principal Amount		Value


Restaurants–1.35%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030^(b)	$	868,000	$	881,376


IRB Holding Corp.,
7.00%, 06/15/2025^(b)		113,000		123,653


6.75%, 02/15/2026^(b)		956,000		987,883


				1,992,912



Security & Alarm Services–0.45%
Brink’s Co. (The),
5.50%, 07/15/2025^(b)		71,000		75,926


4.63%, 10/15/2027^(b)		563,000		589,390


				665,316



Specialized Consumer Services–0.62%
ServiceMaster Co. LLC (The), 7.45%, 08/15/2027		790,000		922,175



Specialized REITs–0.77%
Rayonier A.M. Products, Inc.,
5.50%, 06/01/2024^(b)		945,000		824,512


7.63%, 01/15/2026^(b)		296,000		309,024


				1,133,536



Specialty Chemicals–0.40%
GCP Applied Technologies, Inc., 5.50%, 04/15/2026^(b)		567,000		586,029



Specialty Stores–0.18%
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025^(b)		246,000		273,983



Steel–0.45%
Cleveland-Cliffs, Inc.,
9.88%, 10/17/2025^(b)		430,000		506,325


6.25%, 10/01/2040		180,000		163,900


				670,225



Systems Software–1.18%
Banff Merger Sub, Inc., 9.75%, 09/01/2026^(b)		257,000		277,874


Boxer Parent Co., Inc.,
7.13%, 10/02/2025^(b)		141,000		153,251


9.13%, 03/01/2026^(b)		574,000		619,202


Camelot Finance S.A., 4.50%, 11/01/2026^(b)		672,000		702,660


				1,752,987



Technology Hardware, Storage & Peripherals–0.37%
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024^(b)		396,000		411,098


8.10%, 07/15/2036^(b)		94,000		139,018


				550,116



Textiles–0.49%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025^(b)		814,000		720,390



Trading Companies & Distributors–0.75%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045^(b)(f)		434,000		443,765


BMC East LLC, 5.50%, 10/01/2024^(b)		649,000		666,847


				1,110,612

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

Invesco V.I. High Yield Fund


		Principal Amount		Value


Wireless Telecommunication Services–1.49%
Intelsat (Luxembourg) S.A. (Luxembourg), 7.75%, 06/01/2021^(c)		$	347,000	$	17,350


Intelsat Connect Finance S.A. (Luxembourg), 9.50%, 02/15/2023^(b)(c)			159,000		43,427


Sprint Corp.,
7.88%, 09/15/2023			1,476,000		1,710,758


7.63%, 02/15/2025			284,000		340,150


7.63%, 03/01/2026			75,000		93,203


					2,204,888


Total U.S. Dollar Denominated Bonds & Notes (Cost $132,068,391)					136,411,890



Non-U.S. Dollar Denominated Bonds & Notes–1.83%^(h)
Building Products–0.48%
Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026^(b)	EUR		560,000		715,081



Casinos & Gaming–0.22%
Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023^(b)(i)	EUR		253,000		321,408



Diversified Banks–0.56%
Erste Group Bank AG (Austria), 6.50%^(b)(f)(g)	EUR		600,000		820,579



Food Retail–0.50%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025^(b)	GBP		542,000		739,681



Textiles–0.07%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023^(b)	EUR		100,000		106,047


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $2,559,040)					2,702,796



Variable Rate Senior Loan Interests–1.33%^(j)(k)
Oil & Gas Exploration & Production–0.18%
Ascent Resources Utica Holdings LLC, Term Loan, 10.00% (1 mo. USD LIBOR + 9.00%), 11/01/2025			239,000		261,257


	Principal Amount		Value


Pharmaceuticals–0.57%
Valeant Pharmaceuticals International, Inc. (Canada), First Lien Incremental Term Loan, 2.90% (3 mo. USD LIBOR + 2.75%), 11/27/2025	$	857,036	$	850,454



Railroads–0.58%
4.00%(1 mo. USD LIBOR + 3.00%), 07/29/2022		861,728		856,282


Total Variable Rate Senior Loan Interests (Cost $1,934,294)				1,967,993



U.S. Treasury Securities–0.09%
U.S. Treasury Bills–0.09%
0.11%, 02/04/2021
(Cost $134,986)^(l)(m)		135,000		134,986


	Shares
Common Stocks & Other Equity Interests–0.09%
Oil & Gas Exploration & Production–0.09%
Whiting Petroleum Corp.⁽ⁿ⁾(Cost $245,970)		5,352		133,777



Money Market Funds–3.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(o)(p)		1,570,848		1,570,848


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(o)(p)		1,209,835		1,210,198


Invesco Treasury Portfolio, Institutional Class, 0.01%^(o)(p)		1,795,255		1,795,255


Total Money Market Funds (Cost $4,576,274)				4,576,301


TOTAL INVESTMENTS IN SECURITIES–98.53% (Cost $141,518,955)				145,927,743


OTHER ASSETS LESS LIABILITIES–1.47%				2,183,030


NET ASSETS–100.00%			$	148,110,773


Investment Abbreviations:
Conv.		– Convertible
EUR		– Euro
GBP		– British Pound Sterling
LIBOR		– London Interbank Offered Rate
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
USD		– U.S. Dollar

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

Invesco V.I. High Yield Fund

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $91,173,007, which represented 61.56% of the Fund’s Net Assets.

^(c)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at December 31, 2020 was $1,897,672, which represented 1.28% of the Fund’s Net Assets.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(f)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)	Perpetual bond with no specified maturity date.

^(h)	Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽ⁱ⁾	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(j)

Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(k)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(l)	All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 10.

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

⁽ⁿ⁾	Non-income producing security.

^(o)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value December 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	4,401,627		$	45,038,047		$	(47,868,826	)		$	-		$	-		$	1,570,848		$	7,954

Invesco Liquid Assets Portfolio, Institutional Class			3,245,601			32,860,893			(34,896,772	)			28			448			1,210,198			8,364

Invesco Treasury Portfolio, Institutional Class			5,030,431			51,472,054			(54,707,230	)			-			-			1,795,255			8,840

Total		$	12,677,659		$	129,370,994		$	(137,472,828	)		$	28		$	448		$	4,576,301		$	25,158

^(p)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

Open Forward Foreign Currency Contracts

Settlement

Date

Contract to

Unrealized
Appreciation
(Depreciation)

Counterparty

Deliver

Receive

Currency Risk

02/17/2021

Citibank, N.A.

EUR 1,600,000

USD 1,896,219

(60,391

)

02/17/2021

Deutsche Bank AG

GBP 185,000

USD 245,241

(7,823

)

02/17/2021

Goldman Sachs International

GBP 150,000

USD 197,692

(7,495

)

02/17/2021

Toronto Dominion Bank

EUR 105,000

USD 124,949

(3,454

)

Total Forward Foreign Currency Contracts

(79,163

)

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

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

Invesco V.I. High Yield Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $136,942,681)	$	141,351,442


Investments in affiliated money market funds, at value (Cost $4,576,274)		4,576,301


Foreign currencies, at value (Cost $59,760)		77,419

Receivable for:
Investments sold		349,208


Fund shares sold		19,591


Dividends		179


Interest		2,420,501


Investments matured, at value		0


Investment for trustee deferred compensation and retirement plans		82,653


Total assets		148,877,294



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		79,163


Payable for:
Investments purchased		232,617


Fund shares reacquired		102,140


Amount due custodian		86,022


Accrued fees to affiliates		88,851


Accrued other operating expenses		72,761


Trustee deferred compensation and retirement plans		88,557


Collateral with broker		16,410


Total liabilities		766,521


Net assets applicable to shares outstanding	$	148,110,773



Net assets consist of:
Shares of beneficial interest	$	162,661,827


Distributable earnings (loss)		(14,551,054	)


	$148,110,773



Net Assets:
Series I	$	44,542,702


Series II	$	103,568,071



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,466,839


Series II		19,901,924


Series I:
Net asset value per share	$	5.26


Series II:
Net asset value per share	$	5.20

Statement of Operations

For the year ended December 31, 2020


Investment income:
Interest	$	8,622,691


Dividends		48,034


Dividends from affiliated money market funds		25,158


Total investment income		8,695,883



Expenses:
Advisory fees		860,265


Administrative services fees		225,222


Custodian fees		7,979


Distribution fees - Series II		243,906


Transfer agent fees		28,534


Trustees’ and officers’ fees and benefits		20,593


Reports to shareholders		14,259


Professional services fees		137,209


Other		(9,721	)


Total expenses		1,528,246


Less: Fees waived		(7,428	)


Net expenses		1,520,818


Net investment income		7,175,065



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(5,678,965	)


Affiliated investment securities		448


Foreign currencies		(14,475	)


Forward foreign currency contracts		(29,699	)


Option contracts written		46,433


Swap agreements		(807,523	)


		(6,483,781	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,169,516


Affiliated investment securities		28


Foreign currencies		6,813


Forward foreign currency contracts		(62,328	)


Option contracts written		(10,725	)


Swap agreements		(21,369	)


		3,081,935


Net realized and unrealized gain (loss)		(3,401,846	)


Net increase in net assets resulting from operations	$	3,773,219

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

Invesco V.I. High Yield Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	7,175,065		$	8,009,131


Net realized gain (loss)		(6,483,781	)		(7,514,703	)


Change in net unrealized appreciation		3,081,935			18,190,282


Net increase in net assets resulting from operations		3,773,219			18,684,710



Distributions to shareholders from distributable earnings:
Series I		(2,376,198	)		(3,070,770	)


Series II		(5,617,153	)		(5,696,932	)


Total distributions from distributable earnings		(7,993,351	)		(8,767,702	)



Share transactions–net:
Series I		(4,610,355	)		(9,441,935	)


Series II		1,822,978			12,704,138


Net increase (decrease) in net assets resulting from share transactions		(2,787,377	)		3,262,203


Net increase (decrease) in net assets		(7,007,509	)		13,179,211



Net assets:
Beginning of year		155,118,282			141,939,071


End of year	$	148,110,773		$	155,118,282

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

Invesco V.I. High Yield Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	5.41		$	0.28		$	(0.12	)		$	0.16			$	(0.31	)		$	5.26		3.32	%		$	44,543		0.93	%^(d)		0.94	%^(d)		5.39	%^(d)		89	%
Year ended 12/31/19			5.06			0.29			0.39				0.68				(0.33	)			5.41		13.51				50,190		0.88			0.89			5.45			54
Year ended 12/31/18			5.51			0.26			(0.43	)			(0.17	)			(0.28	)			5.06		(3.35	)			55,703		1.17			1.17			4.84			66
Year ended 12/31/17			5.40			0.26			0.08				0.34				(0.23	)			5.51		6.30				80,372		0.99			1.00			4.73			73
Year ended 12/31/16			5.06			0.28			0.28				0.56				(0.22	)			5.40		11.21				94,653		0.96			0.96			5.25			99
Series II
Year ended 12/31/20			5.36			0.26			(0.12	)			0.14				(0.30	)			5.20		2.90				103,568		1.18	^(d)		1.19	^(d)		5.14	^(d)		89
Year ended 12/31/19			5.02			0.28			0.37				0.65				(0.31	)			5.36		13.16				104,929		1.13			1.14			5.20			54
Year ended 12/31/18			5.46			0.25			(0.42	)			(0.17	)			(0.27	)			5.02		(3.43	)			86,236		1.42			1.42			4.59			66
Year ended 12/31/17			5.36			0.25			0.07				0.32				(0.22	)			5.46		5.93				91,802		1.24			1.25			4.48			73
Year ended 12/31/16			5.03			0.26			0.28				0.54				(0.21	)			5.36		10.83				82,971		1.21			1.21			5.00			99

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $40,080 and $97,562 for Series I and Series II shares, respectively.

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

Invesco V.I. High Yield Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Invesco V.I. High Yield Fund

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

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

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

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

Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

Lower-Rated Securities – The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

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

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

Invesco V.I. High Yield Fund

Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Invesco V.I. High Yield Fund

would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Other Risks – The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

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

R.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 200 million		0.625%


Next $300 million		0.550%


Next $500 million		0.500%


Over $1 billion		0.450%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.625%.

Invesco V.I. High Yield Fund

to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2020, the Adviser waived advisory fees of $7,428.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $18,876 for accounting and fund administrative services and was reimbursed $206,346 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–	$	136,411,890			$0	$	136,411,890


Non-U.S. Dollar Denominated Bonds & Notes		–		2,702,796			–		2,702,796


Variable Rate Senior Loan Interests		–		1,967,993			–		1,967,993


U.S. Treasury Securities		–		134,986			–		134,986


Common Stocks & Other Equity Interests		133,777		–			–		133,777


Money Market Funds		4,576,301		–			–		4,576,301


Total Investments in Securities		4,710,078		141,217,665			0		145,927,743



Other Investments - Assets*


Investments Matured		–		0			0		0



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(79,163	)		–		(79,163	)


Total Investments	$	4,710,078	$	141,138,502			$0	$	145,848,580

*	Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

NOTE 4–Derivative Investments

Invesco V.I. High Yield Fund

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
Derivative Liabilities	Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(79,163	)


Derivatives not subject to master netting agreements		-


Total Derivative Liabilities subject to master netting agreements	$	(79,163	)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.


	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount


Citibank, N.A.	$-	$(60,391)	$(60,391)	$-	$-		$(60,391	)


Deutsche Bank AG	-	(7,823)	(7,823)	-	-		(7,823	)


Goldman Sachs International	-	(7,495)	(7,495)	-	-		(7,495	)


Toronto Dominion Bank	-	(3,454)	(3,454)	-	-		(3,454	)


Total	$-	$(79,163)	$(79,163)	$-	$-		$(79,163	)

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Equity Risk			Total


Realized Gain (Loss): Forward foreign currency contracts	$	-		$	(29,699	)	$	-		$	(29,699	)


Options purchased		(80,190	)		-			-			(80,190	)


Options written		46,433			-			-			46,433


Swap agreements		(287,447	)		-			(520,076	)		(807,523	)


Change in Net Unrealized Appreciation (Depreciation): Forward foreign currency contracts		-			(62,328	)		-			(62,328	)


Options purchased		30,182			-			-			30,182


Options written		(10,725	)		-			-			(10,725	)


Swap agreements		(4,885	)		-			(16,484	)		(21,369	)


Total	$	(306,632	)	$	(92,027	)	$	(536,560	)	$	(935,219	)

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


	Forward Foreign Currency Contracts	Swaptions Purchased	Swaptions Written	Swap Agreements


Average notional value	$1,256,950	$15,000,000	$6,666,667	$	8,311,556

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

Invesco V.I. High Yield Fund

NOTE 6–Cash Balances

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

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:



	2020		2019


Ordinary income*	$	7,993,351	$	8,767,702

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	7,442,031


Net unrealized appreciation – investments		4,297,056


Net unrealized appreciation – foreign currencies		18,600


Temporary book/tax differences		(60,504	)


Capital loss carryforward		(26,248,237	)


Shares of beneficial interest		162,661,827


Total net assets	$	148,110,773

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	8,283,733	$17,964,504	$	26,248,237

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $118,254,683 and $116,451,895, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	8,029,154


Aggregate unrealized (depreciation) of investments		(3,732,098	)


Net unrealized appreciation of investments	$	4,297,056

Cost of investments for tax purposes is $141,551,524.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of market premiums and foreign currency transactions, on December 31, 2020, undistributed net investment income was increased by $266,723, undistributed net realized gain (loss) was decreased by $265,744 and shares of beneficial interest was decreased by $979. This reclassification had no effect on the net assets of the Fund.

Invesco V.I. High Yield Fund

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
		Shares			Amount			Shares			Amount


Sold:
Series I		17,479,158		$	90,315,593			10,060,540		$	54,316,527


Series II		2,661,078			13,309,998			3,671,455			19,825,254



Issued as reinvestment of dividends:
Series I		476,192			2,376,198			581,585			3,070,770


Series II		1,137,075			5,617,153			1,089,280			5,696,932



Reacquired:
Series I		(18,762,181	)		(97,302,146	)		(12,378,602	)		(66,829,232	)


Series II		(3,475,105	)		(17,104,173	)		(2,376,915	)		(12,818,048	)


Net increase (decrease) in share activity		(483,783	)	$	(2,787,377	)		647,343		$	3,262,203

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. High Yield Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. High Yield Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. High Yield Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. High Yield Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,117.90	$5.27	$1,020.16	$5.03	0.99%
Series II	1,000.00	1,114.20	6.59	1,018.90	6.29	1.24

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. High Yield Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Corporate Dividends Received Deduction*	0.00	%
Qualified Dividend Income*	0.00	%
U.S. Treasury Obligations*	0.13	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. High Yield Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. High Yield Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. High Yield Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. High Yield Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. High Yield Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. High Yield Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. High Yield Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco V.I. High Yield Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. International Growth Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIIGR-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. International Growth Fund (the Fund) underperformed the Custom Invesco International Growth Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	14.00	%
Series II Shares	13.74
MSCI All Country World ex-USA Index^q(Broad Market Index)	10.65
Custom Invesco International Growth Index^∎(Style-Specific Index)	22.20
Lipper VUF International Large-Cap Growth Funds Index^¨ (Peer Group Index)	20.02

Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

Market conditions and your Fund

were among the fourth quarter’s top performers. Emerging market equities, which posted robust gains amplified by US dollar weakness, outperformed developed market equities for the year.

Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process.

Fund holdings in the industrials sector outperformed those of the Fund’s style-specific benchmark, the Custom Invesco International Growth Index, contributing to relative performance. Within the sector, France-based Schneider Electric, a company that specializes in products and services which help to control/streamline energy consumption, Japan-based Nidec, a manufacturer of electric motors, and FANUC, a Japanese manufacturer of factory-automation systems and robots, contributed to both absolute and relative results during the year. A lack of exposure to select style-specific index names, including Airbus and Safran, also added to relative return. Having no exposure to the real estate and utilities sectors also had a positive impact on the Fund’s relative performance. On a geographic basis, the Fund’s holdings in India and Australia outperformed those of the style-specific benchmark index and contributed to relative return. Underweight exposure to both countries relative to the style-specific index also added to relative results during the year.

Internationally, growth stocks outperformed value stocks for the year despite a rotation away from momentum growth stocks toward more cyclical and economically sensitive stocks in early November following the release of vaccine efficacy news. To illustrate, the MSCI All Country World ex USA Growth Index outperformed the MSCI All Country World ex USA Value Index by 21.43% for the year.¹ In this momentum growth market, investors chased stocks with the faster earnings growth and focused less on fundamentals and valuation. Historically, momentum growth markets have been challenging for our

conservative quality growth with a valuation bias (EQV) approach. As a result, it is not surprising that the Fund lagged its style-specific benchmark, while outperforming its broad market index, the MSCI All Country World ex USA Index. Our investment process seeks sustainable growth and quality with lower volatility relative to more momentum growth-oriented strategies.

Stock selection in the information technology (IT), health care and energy sectors drove the Fund’s relative underperformance versus the style-specific index. Within the IT sector, weakness was seen in Spain-based Amadeus IT Group and Germany-based software company SAP. During the year, we exited the Fund’s position in Amadeus IT Group due to a deterioration in its earnings that was COVID-related and limited visibility around turnaround of air travel. We also exited the Fund’s position in SAP due to deteriorating EQV characteristics. In the health care sector, a lack of exposure to strong style-specific index performers, including Japan-based companies M3 and Daiichi Sankyo, hampered relative results. In the energy sector, Canada-based Suncor Energy and TechnipFMC were notable detractors from both absolute and relative performance; we exited both Fund positions during the year. In addition, underweight exposure to IT and health care hampered relative results. Geographically, the Fund’s holdings in the UK, Canada, China and Germany underperformed those of the style-specific index and were among the largest detractors from relative performance. Underweight exposure to the strong Chinese market and overweight exposure to Germany also had a negative impact on relative return. Given the rising equity market, the Fund’s cash position dampened relative results. As a reminder, cash is a by-product of our bottom-up stock selection process.

During the year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV outlook for each company. As a result of the COVID-19 market selloff, our trading activity picked up to take advantage of the broadening opportunity set. We added several new holdings, including Mexico-based retailer Walmart de Mexico, Switzerland-based food and drink processing company Nestle and Switzerland-based pharmaceuticals company Roche. We sold several holdings during the year, including France-based testing, inspection and certification company Bureau Veritas, France-based concessions and construction company Vinci and UK-based industrials company RELX. After owning RELX for over a decade, we exited the Fund’s position as we questioned the long-term organic revenue potential and we felt that there were better growth opportunities elsewhere in the Fund.

As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused

Invesco V.I. International Growth Fund

investment process. We continue to look for high-quality companies that exhibit the following characteristics: strong organic growth; high returns on capital; pricing power; strong balance sheets; cash generation; and reasonable valuations. In addition, we continue to favor companies that are able to consistently generate cash during weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

We thank you for your continued investment in Invesco V.I. International Growth Fund.

1 Source: RIMES Technologies Corp.

Portfolio manager(s):

Brent Bates

Matthew Dennis

Mark Jason

Richard Nield

Clas Olsson

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. International Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: Lipper Inc.

2	Sources: Invesco, RIMES Technologies Corp.

3	Source: RIMES Technologies Corp.

Past performance cannot guarantee future

results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/5/93)	7.42	%
10 Years	6.72
5 Years	8.82
1 Year	14.00

Series II Shares
Inception (9/19/01)	7.66	%
10 Years	6.46
5 Years	8.55
1 Year	13.74

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. International Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You

cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. International Growth Fund

Supplemental Information

Invesco V.I. International Growth Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The MSCI All Country World ex-USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Custom Invesco International Growth Index is composed of the MSCI EAFE^® Growth Index through February 28, 2013, and the MSCI All Country World ex-U.S. Growth Index thereafter. The MSCI EAFE^® Growth Index is an unmanaged index considered representative of growth stocks of Europe, Australasia and the Far East. The MSCI All Country World ex-U.S. Growth Index is a market capitalization weighted index that includes growth companies in developed and emerging markets, excluding the US. Both MSCI indexes are computed using the net return, which withholds applicable taxes for non-resident investors.

∎

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

∎

Invesco V.I. International Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		17.97	%
Industrials		17.05
Consumer Staples		15.56
Information Technology		14.74
Financials		14.72
Health Care		10.54
Communication Services		3.92
Materials		3.19
Money Market Funds Plus Other Assets Less Liabilities		2.31

Top 10 Equity Holdings*


	% of total net assets
1. CGI, Inc., Class A		3.42	%
2. Broadcom, Inc.		3.20
3. Alibaba Group Holding Ltd., ADR		3.02
4. Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2.86
5. Investor AB, Class B		2.66
6. Wal-Mart de Mexico S.A.B. de C.V., Series V		2.52
7. Samsung Electronics Co. Ltd.		2.46
8. Canadian National Railway Co.		2.36
9. FinecoBank Banca Fineco S.p.A.		2.31
10. Wolters Kluwer N.V.		2.30

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. International Growth Fund

Schedule of Investments

December 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–97.69%
Australia–0.59%
CSL Ltd.		38,975	$	8,516,332



Brazil–2.58%
B3 S.A. - Brasil, Bolsa, Balcao		2,164,134		25,958,648


Banco Bradesco S.A., ADR		2,150,737		11,312,875


				37,271,523



Canada–5.78%
Canadian National Railway Co.		310,084		34,089,995


CGI, Inc., Class A^(a)		620,925		49,263,270


				83,353,265



China–12.87%
Alibaba Group Holding Ltd., ADR^(a)		187,468		43,629,428


China Mengniu Dairy Co. Ltd.		3,379,000		20,453,345


JD.com, Inc., ADR^(a)		303,341		26,663,674


Kweichow Moutai Co. Ltd., A Shares		29,287		8,949,788


New Oriental Education & Technology Group, Inc., ADR^(a)		84,515		15,703,732


Tencent Holdings Ltd.		445,500		32,551,449


Wuliangye Yibin Co. Ltd., A Shares		287,297		12,853,311


Yum China Holdings, Inc.		435,025		24,835,577


				185,640,304



Denmark–2.35%
Carlsberg A/S, Class B		108,276		17,358,608


Novo Nordisk A/S, Class B		235,521		16,473,631


				33,832,239



France–4.98%
LVMH Moet Hennessy Louis Vuitton SE		23,271		14,540,435


Pernod Ricard S.A.		57,577		11,036,834


Sanofi		136,918		13,229,092


Schneider Electric SE		228,003		32,979,606


				71,785,967



Germany–3.94%
Beiersdorf AG		80,033		9,227,238


Deutsche Boerse AG		183,997		31,237,224


Knorr-Bremse AG		120,340		16,393,415


				56,857,877



Hong Kong–2.07%
AIA Group Ltd.		2,429,000		29,919,614



India–2.24%
HDFC Bank Ltd., ADR^(a)		447,872		32,363,231



Ireland–3.37%
CRH PLC		171,401		7,245,522


Flutter Entertainment PLC		72,836		15,079,946


ICON PLC^(a)		134,568		26,238,069


				48,563,537



Italy–2.31%
FinecoBank Banca Fineco S.p.A.^(a)		2,038,405		33,266,006


	Shares		Value


Japan–13.12%
Asahi Group Holdings Ltd.		435,300	$	17,942,371


FANUC Corp.		55,300		13,615,819


Hoya Corp.		159,300		22,019,886


Keyence Corp.		20,500		11,537,037


Koito Manufacturing Co. Ltd.		300,900		20,465,233


Komatsu Ltd.		931,900		25,536,527


Nidec Corp.		91,200		11,490,738


Olympus Corp.		1,053,100		23,052,480


SMC Corp.		22,300		13,619,114


Sony Corp.		297,500		29,911,745


				189,190,950



Macau–1.56%
Galaxy Entertainment Group Ltd.^(a)		2,883,000		22,424,245



Mexico–2.52%
Wal-Mart de Mexico S.A.B. de C.V., Series V		12,925,748		36,361,887



Netherlands–5.82%
ASML Holding N.V.		26,830		12,965,919


Heineken N.V.^(a)		130,090		14,507,614


Prosus N.V.^(a)		215,873		23,222,181


Wolters Kluwer N.V.		393,113		33,179,920


				83,875,634



Singapore–0.69%
United Overseas Bank Ltd.		578,466		9,875,529



South Korea–4.12%
NAVER Corp.^(a)		88,747		23,963,590


Samsung Electronics Co. Ltd.		474,098		35,432,867


				59,396,457



Sweden–4.89%
Investor AB, Class B^(a)		525,190		38,384,686


Sandvik AB^(a)		1,314,528		32,132,669


				70,517,355



Switzerland–8.05%
Alcon, Inc.^(a)		211,258		14,103,507


Kuehne + Nagel International AG		114,985		26,066,041


Logitech International S.A.		164,815		15,985,203


Nestle S.A.		268,933		31,661,183


Roche Holding AG		81,196		28,329,924


				116,145,858



Taiwan–2.86%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		378,549		41,276,983



United Kingdom–2.98%
Ashtead Group PLC		142,987		6,728,787


British American Tobacco PLC		355,481		13,222,093


Linde PLC		87,492		23,055,017


				43,005,897



United States–8.00%
Amcor PLC, CDI		1,322,744		15,712,891

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

Invesco V.I. International Growth Fund


	Shares		Value


United States–(continued)
Booking Holdings, Inc.^(a)		10,176	$	22,664,700


Broadcom, Inc.		105,368		46,135,379


Philip Morris International, Inc.		372,905		30,872,805


				115,385,775


Total Common Stocks & Other Equity Interests (Cost $866,897,250)				1,408,826,465



Money Market Funds–2.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(c)		11,470,872		11,470,872


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(b)(c)		7,986,761	$	7,989,157


Invesco Treasury Portfolio, Institutional Class, 0.01%^(b)(c)		13,109,568		13,109,569


Total Money Market Funds (Cost $32,565,297)				32,569,598


TOTAL INVESTMENTS IN SECURITIES–99.95% (Cost $899,462,547)				1,441,396,063


OTHER ASSETS LESS LIABILITIES–0.05%				651,261


NET ASSETS–100.00%			$	1,442,047,324

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	14,279,963		$	152,272,061		$	(155,081,152	)		$	-		$	-		$	11,470,872		$	59,339
Invesco Liquid Assets Portfolio, Institutional Class			10,203,588			108,765,758			(110,987,440	)			2,308			4,943			7,989,157			65,223
Invesco Treasury Portfolio, Institutional Class			16,319,957			174,025,214			(177,235,602	)			-			-			13,109,569			63,272
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			10,304,831			(10,304,831	)			-			-			-			42*
Invesco Private Prime Fund			-			15,454,276			(15,454,276	)			-			-			-			430*
Total		$	40,803,508		$	460,822,140		$	(469,063,301	)		$	2,308		$	4,943		$	32,569,598		$	188,306

^(c)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

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

Invesco V.I. International Growth Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $866,897,250)	$	1,408,826,465

Investments in affiliated money market funds, at value (Cost $32,565,297)		32,569,598

Cash		212,012

Foreign currencies, at value (Cost $1,069,330)		1,072,570
Receivable for:
Investments sold		2,645,343

Fund shares sold		486,207

Dividends		3,288,880

Investment for trustee deferred compensation and retirement plans		277,215


Total assets		1,449,378,290



Liabilities:
Payable for:
Investments purchased		5,145,800

Fund shares reacquired		854,570

Accrued fees to affiliates		801,601

Accrued trustees’ and officers’ fees and benefits		305

Accrued other operating expenses		224,375

Trustee deferred compensation and retirement plans		304,315

Total liabilities		7,330,966

Net assets applicable to shares outstanding	$	1,442,047,324



Net assets consist of:
Shares of beneficial interest	$	825,329,400

Distributable earnings		616,717,924

	$	1,442,047,324



Net Assets:
Series I	$	468,725,810


Series II	$	973,321,514



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		11,023,956


Series II		23,241,512


Series I:
Net asset value per share	$	42.52


Series II:
Net asset value per share	$	41.88

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $2,171,487)	$	20,111,640

Dividends from affiliated money market funds (includes securities lending income of $2)		187,834

Total investment income		20,299,474


Expenses:
Advisory fees		9,251,278

Administrative services fees		2,138,429

Custodian fees		190,827

Distribution fees - Series II		2,199,939

Transfer agent fees		72,572

Trustees’ and officers’ fees and benefits		36,923

Reports to shareholders		13,105

Professional services fees		157,539

Other		14,673

Total expenses		14,075,285

Less: Fees waived		(47,026	)

Net expenses		14,028,259

Net investment income		6,271,215



Realized and unrealized gain from:
Net realized gain from:
Unaffiliated investment securities		98,452,469

Affiliated investment securities		4,943

Foreign currencies		1,541

		98,458,953

Change in net unrealized appreciation of:
Unaffiliated investment securities		61,439,205

Affiliated investment securities		2,308

Foreign currencies		129,885

		61,571,398

Net realized and unrealized gain		160,030,351

Net increase in net assets resulting from operations	$	166,301,566

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

Invesco V.I. International Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	6,271,215		$	19,460,503


Net realized gain		98,458,953			36,486,226


Change in net unrealized appreciation		61,571,398			292,289,985


Net increase in net assets resulting from operations		166,301,566			348,236,714



Distributions to shareholders from distributable earnings:
Series I		(19,693,113	)		(35,398,141	)


Series II		(38,602,388	)		(74,537,058	)


Total distributions from distributable earnings		(58,295,501	)		(109,935,199	)



Share transactions–net:
Series I		(34,482,600	)		(25,039,724	)
Series II		(103,508,855	)		(18,732,098	)


Net increase (decrease) in net assets resulting from share transactions		(137,991,455	)		(43,771,822	)


Net increase (decrease) in net assets		(29,985,390	)		194,529,693



Net assets:
Beginning of year		1,472,032,714			1,277,503,021


End of year	$	1,442,047,324		$	1,472,032,714

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

Invesco V.I. International Growth Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	39.05		$	0.24		$	5.04			$	5.28			$	(0.92	)		$	(0.89	)		$	(1.81	)		$	42.52		14.02	%		$	468,726		0.91	%^(d)		0.91	%^(d)		0.65	%^(d)		52	%
Year ended 12/31/19			32.98			0.58			8.60				9.18				(0.62	)			(2.49	)			(3.11	)			39.05		28.54				466,401		0.89			0.89			1.54			31
Year ended 12/31/18			39.89			0.66			(6.51	)			(5.85	)			(0.79	)			(0.27	)			(1.06	)			32.98		(14.97	)			414,774		0.92			0.93			1.74			35
Year ended 12/31/17			32.89			0.49			7.06				7.55				(0.55	)			–				(0.55	)			39.89		23.00				627,894		0.92			0.93			1.34			34
Year ended 12/31/16			33.49			0.50			(0.63	)			(0.13	)			(0.47	)			–				(0.47	)			32.89		(0.45	)			540,460		0.95			0.96			1.51			18
Series II
Year ended 12/31/20			38.48			0.15			4.95				5.10				(0.81	)			(0.89	)			(1.70	)			41.88		13.74				973,322		1.16	^(d)		1.16	^(d)		0.40	^(d)		52
Year ended 12/31/19			32.52			0.48			8.47				8.95				(0.50	)			(2.49	)			(2.99	)			38.48		28.20				1,005,632		1.14			1.14			1.29			31
Year ended 12/31/18			39.33			0.56			(6.42	)			(5.86	)			(0.68	)			(0.27	)			(0.95	)			32.52		(15.18	)			862,729		1.17			1.18			1.49			35
Year ended 12/31/17			32.44			0.40			6.96				7.36				(0.47	)			–				(0.47	)			39.33		22.73				1,448,723		1.17			1.18			1.09			34
Year ended 12/31/16			33.04			0.41			(0.62	)			(0.21	)			(0.39	)			–				(0.39	)			32.44		(0.70	)			1,167,820		1.20			1.21			1.26			18

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $423,778 and $879,976 for Series I and Series II shares, respectively.

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

Invesco V.I. International Growth Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. International Growth Fund

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. International Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.750%


Over $250 million		0.700%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.71%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2020, the Adviser waived advisory fees of $47,026.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $187,224 for accounting and fund administrative services and was reimbursed $1,951,205 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $1,062 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco V.I. International Growth Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	8,516,332		$–	$	8,516,332


Brazil		11,312,875		25,958,648		–		37,271,523


Canada		83,353,265		–		–		83,353,265


China		110,832,411		74,807,893		–		185,640,304


Denmark		–		33,832,239		–		33,832,239


France		–		71,785,967		–		71,785,967


Germany		–		56,857,877		–		56,857,877


Hong Kong		–		29,919,614		–		29,919,614


India		32,363,231		–		–		32,363,231


Ireland		26,238,069		22,325,468		–		48,563,537


Italy		–		33,266,006		–		33,266,006


Japan		–		189,190,950		–		189,190,950


Macau		–		22,424,245		–		22,424,245


Mexico		36,361,887		–		–		36,361,887


Netherlands		–		83,875,634		–		83,875,634


Singapore		–		9,875,529		–		9,875,529


South Korea		–		59,396,457		–		59,396,457


Sweden		–		70,517,355		–		70,517,355


Switzerland		–		116,145,858		–		116,145,858


Taiwan		41,276,983		–		–		41,276,983


United Kingdom		23,055,017		19,950,880		–		43,005,897


United States		99,672,884		15,712,891		–		115,385,775


Money Market Funds		32,569,598		–		–		32,569,598


Total Investments	$	497,036,220	$	944,359,843		$–	$	1,441,396,063

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	30,977,650		$ 19,392,737


Long-term capital gain		27,317,851		90,542,462


Total distributions	$	58,295,501		$109,935,199

*	Includes short-term capital gain distributions, if any.

Invesco V.I. International Growth Fund

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	16,064,807


Undistributed long-term capital gain		91,870,208


Net unrealized appreciation – investments		508,821,381


Net unrealized appreciation - foreign currencies		174,538


Temporary book/tax differences		(213,010	)


Shares of beneficial interest		825,329,400


Total net assets	$	1,442,047,324

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

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $655,910,743 and $831,560,107, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	513,450,735


Aggregate unrealized (depreciation) of investments		(4,629,354	)


Net unrealized appreciation of investments	$	508,821,381

Cost of investments for tax purposes is $932,574,682.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2020, undistributed net investment income was increased by $5,167,094 and undistributed net realized gain was decreased by $5,167,094. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 9–Share Information


				Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount


Sold:
Series I		1,482,979		$	52,751,557			1,348,893		$	50,918,059


Series II		2,437,340			85,719,081			2,347,857			86,070,698



Issued as reinvestment of dividends:
Series I		511,763			19,559,591			964,334			35,063,198


Series II		1,025,024			38,602,388			2,079,137			74,537,058



Reacquired:
Series I		(2,913,014	)		(106,793,748	)		(2,946,756	)		(111,020,981	)


Series II		(6,351,741	)		(227,830,324	)		(4,827,830	)		(179,339,854	)


Net increase (decrease) in share activity		(3,807,649	)	$	(137,991,455	)		(1,034,365	)	$	(43,771,822	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

Invesco V.I. International Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. International Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. International Growth Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,242.40	$5.19	$1,020.51	$4.67	0.92%
Series II	1,000.00	1,240.60	6.59	1,019.25	5.94	1.17

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. International Growth Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	27,317,851
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		11.56	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0613		per share
Foreign Source Income	$	0.5646		per share

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. International Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco V.I. International Growth Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Managed Volatility Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE



Invesco Distributors, Inc.		I-VIMGV-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Managed Volatility Fund (the Fund) underperformed the Russell 1000 Value Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-1.49	%
Series II Shares	-1.76
Russell 1000 Value Index^q(Broad Market Index)	2.80
Bloomberg Barclays U.S. Government/Credit Index^q(Style-Specific Index)	8.93
Lipper VUF Mixed-Asset Target Allocation Growth Funds Index^∎(Peer Group Index)	10.72

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

a strong rally in the sector beginning in the second quarter of 2020. Apple shares moved higher following the selloff as the company reopened its factory in China and sales rebounded. Shares of Qualcomm traded higher following the company’s patent license settlement with Huawei that helped boost both revenue and profits. Cognizant had revenue declines due to the pandemic, but earnings were better than anticipated.

Stock selection and the Fund’s underweight exposure to the real estate sector also helped the Fund’s relative performance versus the Russell
1000 Value Index as the sector underperformed, posting a decline for the year.

Security selection in the consumer discretionary sector was the largest detractor from the Fund’s relative performance compared to the Russell 1000 Value Index for the year. Within the sector, Carnival and Capri Holdings were significant detractors, driven in large part by the pandemic-related selloff in February and March of 2020. Shares of Carnival declined sharply following news of COVID-19 infections on cruise ships. The industry was also hit by the suspension of cruise travel that resulted from the virus outbreak. As a result, the team eliminated the Fund’s position in the stock as they believed cruise demand would be slower to recover than other areas within the sector. Capri Holdings includes the Michael Kors, Versace, and Jimmy Choo brands. The stock declined significantly in the market correction, as con sumers sheltered-in-place and stores closed amid the COVID-19 pandemic. Capri’s shares later rebounded from lows set in February and March, so the team used that as an opportunity to eliminate the position given ongoing volatility in the stock.

Stock selection and an overweight exposure to the energy sector also detracted from the Fund’s relative performance versus the Russell
1000 Value Index during the year. Energy stocks were negatively impacted by the severe decline in oil prices due the concurrent increase in oil supply resulting from the Saudi Arabia/Russia conflict, and the sharp deceleration in demand due to COVID-19. Key detractors for the year included Royal Dutch Shell and Marathon Oil. The team eliminated these positions during the

Invesco V.I. Managed Volatility Fund

year and reduced the Fund’s overall exposure to the sector during the year, as there was significant difficulty estimating the extent of volume declines amid the pandemic.

Although cash averaged under 4% for the year, cash detracted from relative performance. This would be expected when the Russell 1000 Value Index had positive returns.

The Fund held currency forward contracts during the year for the purpose of hedging currency exposure of non-US-based companies held in the Fund. These derivatives were not for speculative purposes or leverage, and these positions had a small negative impact on the Fund’s relative performance for the year. As part of our mandate, and to potentially reduce portfolio volatility during a market downturn, we sold short S&P 500 futures contracts during the year. Derivatives were used solely for the purpose of reducing volatility and not for speculative purposes. The use of S&P 500 futures contracts had a negative impact on the Fund’s performance relative to the Russell 1000 Value Index for the year. However, the Fund was less volatile, as measured by standard deviation, than the Russell 1000 Value Index for the year.

During the year, the team reduced the Fund’s relative overweight exposure to the financials and energy sectors within the equity portion of the Fund, and increased exposure to the industrials, communication services, IT and real estate sectors. At the end of the year, the Fund’s largest overweight exposures were in the financials, IT and health care sectors, while the largest underweight exposures were to the communication services, utilities and real estate sectors.

As always, we thank you for your investment in Invesco V.I. Managed Volatility Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Jacob Borbidge

Chuck Burge

Brian Jurkash (Co-Lead)

Sergio Marcheli

Matthew Titus (Co-Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Managed Volatility Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (12/30/94)	6.75	%
10 Years	7.20
5 Years	4.92
1 Year	-1.49

Series II Shares
Inception (4/30/04)	7.75	%
10 Years	6.93
5 Years	4.64
1 Year	-1.76

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Managed Volatility Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.

Invesco V.I. Managed Volatility Fund

Supplemental Information

Invesco V.I. Managed Volatility Fund’s investment objective is both capital appreciation and current income while managing portfolio volatility.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

The Bloomberg Barclays U.S. Government/Credit Index is a broad-based benchmark that includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

∎

The Lipper VUF Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index considered representative of mixed-asset target allocation growth variable insurance underlying funds tracked by Lipper.

∎

Invesco V.I. Managed Volatility Fund

Fund Information

Portfolio Composition


By sector		% of total net assets
Financials			23.15	%
Health Care			14.30
Information Technology			12.82
Industrials			9.26
Communication Services			7.59
Consumer Discretionary			6.56
U.S. Treasury Securities			5.23
Consumer Staples			4.94
Energy			4.00
Materials			3.47
Utilities			2.68
Real Estate			1.85
Money Market Funds Plus Other Assets Less Liabilities			4.15

Top 10 Equity Holdings*
		% of total net assets
1.	General Motors Co.		2.24	%
2.	Cognizant Technology Solutions Corp., Class A		1.90
3.	Wells Fargo & Co.		1.74
4.	Philip Morris International, Inc.		1.74
5.	Morgan Stanley		1.68
6.	Goldman Sachs Group, Inc. (The)		1.67
7.	CSX Corp.		1.64
8.	Johnson Controls International PLC		1.53
9.	American International Group, Inc.		1.53
10.	Corteva, Inc.		1.53

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Managed Volatility Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–65.20%
Aerospace & Defense–3.41%
General Dynamics Corp.		2,847	$	423,691
Raytheon Technologies Corp.		5,003		357,764
Textron, Inc.		5,876		283,987
				1,065,442

Apparel Retail–1.07%
TJX Cos., Inc. (The)		4,888		333,801

Automobile Manufacturers–2.24%
General Motors Co.^(b)		16,759		697,845

Building Products–2.28%
Johnson Controls International PLC		10,266		478,293
Trane Technologies PLC		1,610		233,707
				712,000

Cable & Satellite–1.66%
Charter Communications, Inc.,
Class A^(c)		353		233,527
Comcast Corp., Class A		5,436		284,847
				518,374

Commodity Chemicals–0.70%
Dow, Inc.		3,930		218,115

Construction & Engineering–0.44%
Quanta Services, Inc.		1,917		138,062

Consumer Finance–0.73%
American Express Co.		1,879		227,190

Data Processing & Outsourced Services–0.72%
Fiserv, Inc.^(c)		1,976		224,987

Diversified Banks–3.57%
Bank of America Corp.^(b)		8,828		267,577
Citigroup, Inc.		4,905		302,442
Wells Fargo & Co.		18,065		545,202
				1,115,221

Electric Utilities–1.73%
Duke Energy Corp.		1,811		165,815
Exelon Corp.		4,949		208,947
FirstEnergy Corp.		5,363		164,161
				538,923

Electronic Components–0.69%
Corning, Inc.		5,964		214,704

Electronic Manufacturing Services–0.67%
TE Connectivity Ltd.		1,737		210,299

Fertilizers & Agricultural Chemicals–2.06%
Corteva, Inc.		12,316		476,876
Nutrien Ltd. (Canada)		3,433		165,333
				642,209

Food Distributors–1.96%
Sysco Corp.		4,155		308,550


	Shares		Value
Food Distributors–(continued)
US Foods Holding Corp.^(c)		9,140	$	304,454
				613,004

Health Care Distributors–0.82%
McKesson Corp.		1,467		255,141

Health Care Equipment–1.83%
Medtronic PLC		3,115		364,891
Zimmer Biomet Holdings, Inc.		1,341		206,635
				571,526

Health Care Facilities–0.52%
Universal Health Services, Inc., Class B		1,175		161,562

Health Care Services–1.39%
Cigna Corp.^(b)		1,165		242,530
CVS Health Corp.		2,815		192,264
				434,794

Health Care Supplies–0.45%
Alcon, Inc. (Switzerland)^(c)		2,092		139,661

Home Improvement Retail–0.69%
Kingfisher PLC (United Kingdom)^(c)		58,280		215,657

Human Resource & Employment Services–0.48%
Adecco Group AG (Switzerland)		2,238		150,063

Insurance Brokers–0.59%
Willis Towers Watson PLC		870		183,292

Integrated Oil & Gas–0.92%
Chevron Corp.		3,395		286,708

Internet & Direct Marketing Retail–1.02%
Booking Holdings, Inc.^(c)		143		318,500

Investment Banking & Brokerage–3.90%
Charles Schwab Corp. (The)		3,271		173,494
Goldman Sachs Group, Inc. (The)		1,972		520,036
Morgan Stanley		7,641		523,638
				1,217,168

IT Consulting & Other Services–1.90%
Cognizant Technology Solutions Corp., Class A		7,239		593,236

Managed Health Care–1.26%
Anthem, Inc.		1,224		393,014

Movies & Entertainment–1.32%
Walt Disney Co. (The)^(c)		2,264		410,191

Multi-line Insurance–1.53%
American International Group, Inc.		12,609		477,377

Oil & Gas Exploration & Production–2.33%
Canadian Natural Resources Ltd. (Canada)		6,049		145,368
Concho Resources, Inc.		2,962		172,833
ConocoPhillips		1,324		52,947
Devon Energy Corp.		10,467		165,483

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

Invesco V.I. Managed Volatility Fund


	Shares		Value
Oil & Gas Exploration & Production–(continued)
Parsley Energy, Inc., Class A		13,343	$	189,470
				726,101

Other Diversified Financial Services–1.45%
Equitable Holdings, Inc.		7,041		180,179
Voya Financial, Inc.		4,642		272,996
				453,175

Packaged Foods & Meats–0.24%
Mondelez International, Inc., Class A		1,296		75,777

Pharmaceuticals–3.52%
Bristol-Myers Squibb Co.^(b)		6,280		389,548
GlaxoSmithKline PLC (United Kingdom)		6,639		121,647
Johnson & Johnson		1,131		177,997
Pfizer, Inc.		5,280		194,357
Sanofi (France)		2,230		215,464
				1,099,013

Railroads–1.64%
CSX Corp.^(b)		5,629		510,832

Real Estate Services–1.43%
CBRE Group, Inc., Class A^(c)		7,097		445,124

Regional Banks–4.20%
Citizens Financial Group, Inc.		12,373		442,459
PNC Financial Services Group, Inc. (The)		3,092		460,708
Truist Financial Corp.		8,512		407,980
				1,311,147

Semiconductors–2.70%
Micron Technology, Inc.^(c)		2,544		191,258
NXP Semiconductors N.V. (Netherlands)		1,690		268,727
QUALCOMM, Inc.		2,513		382,830
				842,815

Specialty Chemicals–0.70%
DuPont de Nemours, Inc.		3,073		218,521

Systems Software–1.09%
Oracle Corp.		5,253		339,816

Technology Hardware, Storage & Peripherals–0.65%
Apple, Inc.		1,519		201,556

Tobacco–1.74%
Philip Morris International, Inc.		6,574		544,261

Wireless Telecommunication Services–0.96%
Vodafone Group PLC (United Kingdom)		181,782		299,147
Total Common Stocks & Other Equity Interests (Cost $14,539,530)				20,345,351

	Principal Amount
U.S. Dollar Denominated Bonds & Notes–25.15%
Aerospace & Defense–0.18%
General Dynamics Corp., 3.88%, 07/15/2021	$	45,000		45,459
Raytheon Technologies Corp., 4.45%, 11/16/2038		9,000		11,349
				56,808


	Principal Amount		Value
Air Freight & Logistics–0.02%
United Parcel Service, Inc., 3.40%, 11/15/2046	$	4,000	$	4,826

Airlines–0.17%
American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		16,927		15,973
United Airlines Pass-Through Trust,
Series 2014-2, Class A, 3.75%, 09/03/2026		21,543		21,949
Series 2018-1, Class AA, 3.50%, 03/01/2030		15,440		15,381
				53,303

Alternative Carriers–0.23%
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024		74,000		70,687

Application Software–0.88%
Nuance Communications, Inc., Conv.,
1.00%, 12/15/2022^(d)		38,000		70,915
1.25%, 04/01/2025		34,000		77,533
Workday, Inc., Conv., 0.25%, 10/01/2022		75,000		125,696
				274,144

Asset Management & Custody Banks–0.61%
Apollo Management Holdings L.P., 4.00%, 05/30/2024^(e)		40,000		44,330
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		25,000		27,901
Carlyle Holdings Finance LLC, 3.88%, 02/01/2023^(e)		5,000		5,322
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044^(e)		85,000		111,744
				189,297

Automobile Manufacturers–0.15%
General Motors Co., 6.60%, 04/01/2036		16,000		21,903
General Motors Financial Co., Inc., 5.25%, 03/01/2026		21,000		24,773
				46,676

Biotechnology–0.64%
AbbVie, Inc.,
4.50%, 05/14/2035		38,000		47,762
4.05%, 11/21/2039		34,000		41,132
Gilead Sciences, Inc., 4.40%, 12/01/2021		25,000		25,686
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		62,000		86,166
				200,746

Brewers–0.48%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
4.70%, 02/01/2036		45,000		57,141
4.90%, 02/01/2046		27,000		35,249
Heineken N.V. (Netherlands), 3.50%, 01/29/2028^(e)		35,000		39,864
Molson Coors Beverage Co., 4.20%, 07/15/2046		16,000		18,360
				150,614

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

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value
Cable & Satellite–1.54%
BofA Finance LLC, Conv., 0.13%, 09/01/2022	$	62,000	$ 72,416
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
4.46%, 07/23/2022		60,000	63,270
3.85%, 04/01/2061		27,000	27,210
Comcast Corp.,
4.15%, 10/15/2028		30,000	36,121
3.90%, 03/01/2038		10,000	12,237
Cox Communications, Inc., 2.95%, 10/01/2050^(e)		5,000	5,112
DISH Network Corp., Conv., 3.38%, 08/15/2026		216,000	206,438
Liberty Broadband Corp., Conv., 1.25%, 10/05/2023^(d)(e)		58,000	58,842
			481,646

Communications Equipment–0.83%
Cisco Systems, Inc., 1.85%, 09/20/2021		45,000	45,459
Finisar Corp., Conv., 0.50%, 12/15/2021^(d)		39,000	39,205
Viavi Solutions, Inc., Conv.,
1.75%, 06/01/2023		71,000	88,198
1.00%, 03/01/2024		68,000	87,371
			260,233

Construction Machinery & Heavy Trucks–0.07%
Caterpillar Financial Services Corp., 1.70%, 08/09/2021		20,000	20,174

Consumer Finance–0.15%
American Express Co., 3.63%, 12/05/2024		18,000	20,009
Capital One Financial Corp., 3.20%, 01/30/2023		15,000	15,812
Synchrony Financial, 3.95%, 12/01/2027		10,000	11,219
			47,040

Data Processing & Outsourced Services–0.05%
Fiserv, Inc., 3.80%, 10/01/2023		15,000	16,345

Diversified Banks–1.91%
Bank of America Corp., 3.25%, 10/21/2027		10,000	11,194
Citigroup, Inc.,
4.00%, 08/05/2024		60,000	66,835
3.67%, 07/24/2028^(f)		15,000	17,009
4.75%, 05/18/2046		15,000	20,034
JPMorgan Chase & Co.,
3.20%, 06/15/2026		15,000	16,803
3.51%, 01/23/2029^(f)		15,000	17,122
4.26%, 02/22/2048^(f)		10,000	13,097
3.90%, 01/23/2049^(f)		15,000	18,911
Series V, 3.56% (3 mo. USD LIBOR + 3.32%)^(g)(h)		150,000	147,553
U.S. Bancorp, Series W, 3.10%, 04/27/2026		10,000	11,143
Wells Fargo & Co.,
3.55%, 09/29/2025		30,000	33,708
4.10%, 06/03/2026		95,000	108,957
4.65%, 11/04/2044		15,000	19,219


	Principal Amount		Value
Diversified Banks–(continued)
Westpac Banking Corp. (Australia), 2.10%, 05/13/2021	$	95,000	$ 95,661
			597,246

Diversified Capital Markets–0.41%
Credit Suisse AG (Switzerland), Conv., 0.50%, 06/24/2024^(e)		131,000	128,079

Drug Retail–0.19%
Walgreens Boots Alliance, Inc.,
3.30%, 11/18/2021		32,000	32,669
4.50%, 11/18/2034		24,000	27,602
			60,271

Electric Utilities–0.34%
Georgia Power Co., Series B, 3.70%, 01/30/2050		9,000	10,852
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		11,000	12,537
Southern Co. (The), 2.35%, 07/01/2021		60,000	60,476
Xcel Energy, Inc.,
0.50%, 10/15/2023		14,000	14,048
3.50%, 12/01/2049		7,000	8,207
			106,120

Environmental & Facilities Services–0.10%
Waste Management, Inc., 3.90%, 03/01/2035		25,000	30,665

General Merchandise Stores–0.07%
Dollar General Corp., 3.25%, 04/15/2023		20,000	21,167

Health Care Equipment–1.33%
Becton, Dickinson and Co., 4.88%, 05/15/2044		86,000	106,385
DexCom, Inc., Conv., 0.75%, 12/01/2023		86,000	195,746
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025^(e)		51,000	56,376
Medtronic, Inc., 4.38%, 03/15/2035		15,000	20,207
NuVasive, Inc., Conv., 2.25%, 03/15/2021		24,000	24,418
Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025^(e)		10,000	11,827
			414,959

Health Care REITs–0.09%
Healthpeak Properties, Inc., 3.88%, 08/15/2024		25,000	27,680

Health Care Services–0.31%
Cigna Corp., 4.80%, 08/15/2038		9,000	11,733
CVS Health Corp., 3.38%, 08/12/2024		20,000	21,856
Laboratory Corp. of America Holdings,
3.20%, 02/01/2022		33,000	33,987
4.70%, 02/01/2045		22,000	28,901
			96,477

Health Care Technology–0.37%
Teladoc Health, Inc., Conv., 1.25%, 06/01/2027^(e)		97,000	116,662

Home Improvement Retail–0.09%
Home Depot, Inc. (The), 2.00%, 04/01/2021		27,000	27,071

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

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value
Industrial Conglomerates–0.05%
Honeywell International, Inc., 0.46% (3 mo. USD LIBOR + 0.23%), 08/19/2022^(h)	$	17,000	$ 17,019

Insurance Brokers–0.02%
Willis North America, Inc., 3.60%, 05/15/2024		5,000	5,461

Integrated Oil & Gas–0.15%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		26,000	26,550
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		18,000	19,864
			46,414

Integrated Telecommunication Services–0.67%
AT&T, Inc.,
3.00%, 06/30/2022		28,000	28,985
4.50%, 05/15/2035		25,000	30,347
Verizon Communications, Inc., 4.40%, 11/01/2034		120,000	149,804
			209,136

Interactive Home Entertainment–0.08%
Zynga, Inc., Conv., 0.00%, 12/15/2026^(e)(i)		25,000	26,369

Internet & Direct Marketing Retail–1.17%
Amazon.com, Inc., 4.80%, 12/05/2034		9,000	12,353
Booking Holdings, Inc., Conv.,
0.90%, 09/15/2021		40,000	46,461
0.75%, 05/01/2025^(e)		10,000	14,578
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030^(e)		94,000	182,282
Trip.com Group Ltd. (China), Conv., 1.25%, 09/15/2022		113,000	107,916
			363,590

Internet Services & Infrastructure–0.21%
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		55,000	65,038

Investment Banking & Brokerage–0.89%
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025		27,000	30,981
GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024		198,000	207,504
Morgan Stanley, 4.00%, 07/23/2025		35,000	40,080
			278,565

Life & Health Insurance–0.50%
Athene Global Funding, 4.00%, 01/25/2022^(e)		45,000	46,609
Guardian Life Global Funding, 2.90%, 05/06/2024^(e)		20,000	21,541
Jackson National Life Global Funding,
2.10%, 10/25/2021^(e)		10,000	10,146
3.25%, 01/30/2024^(e)		15,000	16,135
Nationwide Financial Services, Inc., 5.30%, 11/18/2044^(e)		35,000	42,403
Reliance Standard Life Global Funding II, 3.05%, 01/20/2021^(e)		20,000	20,023
			156,857


	Principal Amount		Value
Managed Health Care–0.06%
UnitedHealth Group, Inc., 3.50%, 08/15/2039	$	16,000	$ 19,035

Movies & Entertainment–1.07%
Liberty Media Corp., Conv.,
2.25%, 10/05/2021^(d)		55,000	26,123
1.38%, 10/15/2023		158,000	200,502
Liberty Formula One, Conv., 1.00%, 01/30/2023		20,000	25,572
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023		62,000	80,340
			332,537

Multi-line Insurance–0.17%
American International Group, Inc., 4.38%, 01/15/2055		40,000	51,472

Multi-Utilities–0.07%
NiSource, Inc., 4.38%, 05/15/2047		9,000	11,438
Sempra Energy, 3.80%, 02/01/2038		8,000	9,278
			20,716

Office REITs–0.08%
Office Properties Income Trust, 4.00%, 07/15/2022		25,000	25,567

Oil & Gas Exploration & Production–0.11%
Cameron LNG LLC, 3.70%, 01/15/2039^(e)		16,000	18,066
ConocoPhillips, 4.15%, 11/15/2034		13,000	15,109
			33,175

Oil & Gas Storage & Transportation–0.50%
Energy Transfer Operating L.P.,
4.20%, 09/15/2023		2,000	2,158
4.90%, 03/15/2035		19,000	20,953
5.00%, 05/15/2050		8,000	8,670
Enterprise Products Operating LLC, 4.25%, 02/15/2048		10,000	11,745
Kinder Morgan, Inc., 5.30%, 12/01/2034		23,000	28,354
MPLX L.P.,
4.50%, 07/15/2023		65,000	70,824
4.50%, 04/15/2038		11,000	12,582
			155,286

Other Diversified Financial Services–1.90%
Convertible Trust - Energy, Series 2019-1, 0.33%, 09/19/2024		168,000	174,031
Convertible Trust - Healthcare, Series 2018-1, 0.25%, 02/05/2024		168,000	190,815
Convertible Trust - Media, Series 2019, Class 1, 0.25%, 12/04/2024		168,000	228,984
			593,830

Packaged Foods & Meats–0.05%
Kraft Heinz Foods Co. (The), 4.63%, 10/01/2039^(e)		10,000	11,187
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		3,000	3,462
			14,649

Pharmaceuticals–1.80%
Bayer US Finance LLC (Germany), 3.00%, 10/08/2021^(e)		200,000	203,436

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

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value
Pharmaceuticals–(continued)
Bristol-Myers Squibb Co.,
4.13%, 06/15/2039	$	18,000	$ 22,987
4.63%, 05/15/2044		100,000	136,546
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026^(e)		37,000	48,335
Pacira BioSciences, Inc., Conv.,
2.38%, 04/01/2022		7,000	8,046
0.75%, 08/01/2025^(e)		23,000	25,979
Pfizer, Inc.,
3.00%, 09/15/2021		50,000	50,997
2.20%, 12/15/2021		15,000	15,293
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023		33,000	31,460
Utah Acquisition Sub, Inc., 3.15%, 06/15/2021		17,000	17,165
			560,244

Property & Casualty Insurance–0.10%
Allstate Corp. (The), 3.28%, 12/15/2026		10,000	11,428
Markel Corp., 5.00%, 05/20/2049		15,000	20,709
			32,137

Railroads–0.12%
Norfolk Southern Corp., 3.40%, 11/01/2049		5,000	5,736
Union Pacific Corp., 4.15%, 01/15/2045		25,000	31,083
			36,819

Real Estate Services–0.24%
Redfin Corp., Conv., 0.00%, 10/15/2025^(e)(i)		62,000	74,409

Regional Banks–0.12%
Citizens Financial Group, Inc., 2.38%, 07/28/2021		15,000	15,146
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		20,000	23,059
			38,205

Reinsurance–0.11%
PartnerRe Finance B LLC, 3.70%, 07/02/2029		30,000	34,555

Renewable Electricity–0.54%
Oglethorpe Power Corp., 4.55%, 06/01/2044		150,000	169,307

Restaurants–0.07%
Starbucks Corp., 3.55%, 08/15/2029		20,000	23,280

Retail REITs–0.02%
Regency Centers L.P., 2.95%, 09/15/2029		5,000	5,346

Semiconductors–1.25%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024		30,000	32,439
Cree, Inc., Conv.,
0.88%, 09/01/2023		42,000	76,406
1.75%, 05/01/2026^(e)		28,000	64,971
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		139,000	153,886


	Principal Amount		Value
Semiconductors–(continued)
Micron Technology, Inc., 4.66%, 02/15/2030	$	10,000	$ 12,284
NVIDIA Corp., 2.20%, 09/16/2021		20,000	20,246
NXP B.V./NXP Funding LLC (Netherlands), 5.35%, 03/01/2026^(e)		20,000	24,121
Texas Instruments, Inc., 2.63%, 05/15/2024		5,000	5,343
			389,696

Soft Drinks–0.11%
PepsiCo, Inc., 3.00%, 08/25/2021		35,000	35,655

Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047		3,000	4,013

Systems Software–0.63%
FireEye, Inc.,
Series B, Conv., 1.63%, 06/01/2022^(d)		77,000	75,943
Series A, Conv., 1.00%, 06/01/2025^(d)		76,000	75,188
Microsoft Corp., 3.50%, 02/12/2035		37,000	45,579
			196,710

Technology Distributors–0.11%
Avnet, Inc., 4.63%, 04/15/2026		30,000	33,973

Technology Hardware, Storage & Peripherals–0.45%
Apple, Inc.,
2.15%, 02/09/2022		39,000	39,814
3.35%, 02/09/2027		10,000	11,413
Dell International LLC/EMC Corp., 5.45%, 06/15/2023^(e)		26,000	28,764
Western Digital Corp., Conv., 1.50%, 02/01/2024		61,000	60,936
			140,927

Tobacco–0.15%
Altria Group, Inc., 5.80%, 02/14/2039		36,000	47,434

Trading Companies & Distributors–0.16%
Air Lease Corp., 4.25%, 09/15/2024		35,000	38,376
Aircastle Ltd., 4.40%, 09/25/2023		10,000	10,601
			48,977

Trucking–0.14%
Aviation Capital Group LLC, 4.88%, 10/01/2025^(e)		40,000	43,257

Wireless Telecommunication Services–0.06%
Rogers Communications, Inc. (Canada), 4.30%, 02/15/2048		15,000	19,197
Total U.S. Dollar Denominated Bonds & Notes (Cost $6,736,987)			7,847,793

U.S. Treasury Securities–5.23%
U.S. Treasury Bonds–0.63%
1.38%, 08/15/2050		209,500	195,817

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

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value


U.S. Treasury Notes–4.60%
0.13%, 11/30/2022	$	968,000	$	968,151


0.38%, 11/30/2025		288,200		288,560


0.63%, 11/30/2027		99,300		99,254


0.88%, 11/15/2030		79,000		78,704


				1,434,669


Total U.S. Treasury Securities (Cost $1,629,263)				1,630,486



	Shares
Preferred Stocks–0.27%
Asset Management & Custody Banks–0.27%
AMG Capital Trust II, 5.15%, Conv. Pfd. (Cost $106,269)		1,700		84,968


	Shares		Value


Money Market Funds–4.15%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(j)(k)		513,587	$	513,587


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(j)(k)		194,348		194,406


Invesco Treasury Portfolio, Institutional Class, 0.01%^(j)(k)		586,956		586,956


Total Money Market Funds (Cost $1,294,957)				1,294,949


TOTAL INVESTMENTS IN SECURITIES–100.00% (Cost $24,307,006)				31,203,547


OTHER ASSETS LESS LIABILITIES–(0.00)%				(205	)


NET ASSETS–100.00%			$	31,203,342

Investment Abbreviations:


Conv.		– Convertible
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
REIT		– Real Estate Investment Trust
USD		– U.S. Dollar

Notes to Schedule of Investments:

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

^(b)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

^(c)	Non-income producing security.

^(d)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $1,500,769, which represented 4.81% of the Fund’s Net Assets.

^(f)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)	Perpetual bond with no specified maturity date.

^(h)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

⁽ⁱ⁾	Zero coupon bond issued at a discount.

^(j)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	619,911		$	6,486,018		$	(6,592,342	)		$	-			$	-			$	513,587		$	2,348
Invesco Liquid Assets Portfolio, Institutional Class			441,820			4,632,869			(4,879,906	)			(8	)			(369	)			194,406			2,209
Invesco Treasury Portfolio, Institutional Class			708,469			7,412,592			(7,534,105	)			-				-				586,956			2,520
Total		$	1,770,200		$	18,531,479		$	(19,006,353	)		$	(8	)		$	(369	)		$	1,294,949		$	7,077

^(k)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.


Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)

Equity Risk

E-Mini S&P 500 Index		16		March-2021		$	(2,999,040	)		$	(35,368	)		$	(35,368	)

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

Invesco V.I. Managed Volatility Fund


Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
01/15/2021	State Street Bank & Trust Co.		CHF	3,156		USD	3,571		$ 5
01/15/2021	State Street Bank & Trust Co.		EUR	4,649		USD	5,702		21
01/15/2021	State Street Bank & Trust Co.		USD	4,275		CAD	5,509		52
01/15/2021	State Street Bank & Trust Co.		USD	4,061		CHF	3,609		17
01/15/2021	State Street Bank & Trust Co.		USD	6,990		EUR	5,736		19
01/15/2021	State Street Bank & Trust Co.		USD	41,333		GBP	30,720		682
Subtotal–Appreciation									796

Currency Risk
01/15/2021	Bank of New York Mellon (The)		CAD	147,610		USD	115,885		(85	)
01/15/2021	Bank of New York Mellon (The)		EUR	130,204		USD	158,353		(754	)
01/15/2021	Bank of New York Mellon (The)		GBP	377,930		USD	506,111		(10,762	)
01/15/2021	State Street Bank & Trust Co.		CHF	193,274		USD	218,196		(190	)
01/15/2021	State Street Bank & Trust Co.		EUR	2,944		USD	3,589		(9	)
01/15/2021	State Street Bank & Trust Co.		GBP	9,588		USD	12,913		(199	)
01/15/2021	State Street Bank & Trust Co.		USD	2,428		CAD	3,089		(1	)
Subtotal–Depreciation									(12,000	)
Total Forward Foreign Currency Contracts									$(11,204	)

Abbreviations:

CAD - Canadian Dollar

CHF - Swiss Franc

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

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

Invesco V.I. Managed Volatility Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $23,012,049)	$	29,908,598


Investments in affiliated money market funds, at value (Cost $1,294,957)		1,294,949


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		796


Foreign currencies, at value (Cost $11,542)		11,774


Receivable for:
Investments sold		63,144


Fund shares sold		63,187


Dividends		37,994


Interest		45,287


Investment for trustee deferred compensation and retirement plans		72,568


Total assets		31,498,297



Liabilities:
Other investments:
Variation margin payable - futures contracts		19,137


Unrealized depreciation on forward foreign currency contracts outstanding		12,000


Payable for:
Investments purchased		85,316


Fund shares reacquired		7,795


Amount due custodian		14,160


Accrued fees to affiliates		15,103


Accrued other operating expenses		64,406


Trustee deferred compensation and retirement plans		77,038


Total liabilities		294,955


Net assets applicable to shares outstanding	$	31,203,342



Net assets consist of:
Shares of beneficial interest	$	27,098,950


Distributable earnings		4,104,392


	$	31,203,342



Net Assets:
Series I	$	30,164,285


Series II	$	1,039,057



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		2,582,436


Series II		89,989


Series I:
Net asset value per share	$	11.68


Series II:
Net asset value per share	$	11.55

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $5,264)	$	510,725


Interest		217,227


Dividends from affiliated money market funds		7,077


Total investment income		735,029



Expenses:
Advisory fees		184,818


Administrative services fees		50,597


Custodian fees		13,863


Distribution fees - Series II		2,642


Transfer agent fees		17,824


Trustees’ and officers’ fees and benefits		20,029


Reports to shareholders		9,919


Professional services fees		50,080


Other		(1,061	)


Total expenses		348,711


Less: Fees waived		(1,640	)


Net expenses		347,071


Net investment income		387,958



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		158,366


Affiliated investment securities		(369	)


Foreign currencies		14,843


Forward foreign currency contracts		(73,949	)


Futures contracts		(2,926,763	)


		(2,827,872	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,484,809


Affiliated investment securities		(8	)


Foreign currencies		289


Forward foreign currency contracts		21,786


Futures contracts		(35,368	)


		1,471,508


Net realized and unrealized gain (loss)		(1,356,364	)


Net increase (decrease) in net assets resulting from operations	$	(968,406	)

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

Invesco V.I. Managed Volatility Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	387,958		$	569,748


Net realized gain (loss)		(2,827,872	)		708,999


Change in net unrealized appreciation		1,471,508			5,011,773


Net increase (decrease) in net assets resulting from operations		(968,406	)		6,290,520



Distributions to shareholders from distributable earnings:
Series I		(1,284,342	)		(1,896,583	)


Series II		(40,901	)		(63,708	)


Total distributions from distributable earnings		(1,325,243	)		(1,960,291	)



Share transactions–net:
Series I		(3,051,585	)		(3,190,164	)


Series II		(177,719	)		(47,952	)


Net increase (decrease) in net assets resulting from share transactions		(3,229,304	)		(3,238,116	)


Net increase (decrease) in net assets		(5,522,953	)		1,092,113



Net assets:
Beginning of year		36,726,295			35,634,182


End of year	$	31,203,342		$	36,726,295

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

Invesco V.I. Managed Volatility Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$12.41		$0.14			$(0.36	)		$(0.22	)		$(0.24	)		$(0.27	)		$(0.51	)		$11.68		(1.49	)%		$30,164		1.11	%^(d)		1.12	%^(d)		1.28	%^(d)		97	%
Year ended 12/31/19		11.04		0.19			1.82			2.01			(0.17	)		(0.47	)		(0.64	)		12.41		18.58			35,409		1.07			1.08			1.55			109
Year ended 12/31/18		13.06		0.16			(1.51	)		(1.35	)		(0.22	)		(0.45	)		(0.67	)		11.04		(11.00	)		34,420		1.23			1.24			1.24			111
Year ended 12/31/17		11.97		0.18	^(e)		1.08			1.26			(0.17	)		-			(0.17	)		13.06		10.56			44,104		1.13			1.13			1.42	^(e)		91
Year ended 12/31/16		11.38		0.14			1.03			1.17			(0.22	)		(0.36	)		(0.58	)		11.97		10.61			50,183		1.15			1.16			1.26			92
Series II
Year ended 12/31/20		12.26		0.11			(0.34	)		(0.23	)		(0.21	)		(0.27	)		(0.48	)		11.55		(1.67	)		1,039		1.36	^(d)		1.37	^(d)		1.03	^(d)		97
Year ended 12/31/19		10.91		0.15			1.81			1.96			(0.14	)		(0.47	)		(0.61	)		12.26		18.30			1,317		1.32			1.33			1.30			109
Year ended 12/31/18		12.92		0.12			(1.49	)		(1.37	)		(0.19	)		(0.45	)		(0.64	)		10.91		(11.28	)		1,214		1.48			1.49			0.99			111
Year ended 12/31/17		11.84		0.15	^(e)		1.07			1.22			(0.14	)		-			(0.14	)		12.92		10.33			1,446		1.38			1.38			1.17	^(e)		91
Year ended 12/31/16		11.26		0.11			1.02			1.13			(0.19	)		(0.36	)		(0.55	)		11.84		10.31			1,462		1.40			1.41			1.01			92

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $29,746 and $1,057 for Series I and Series II shares, respectively.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2017. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.14 and 1.11% and $0.11 and 0.86% for Series I and Series II shares, respectively.

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

Invesco V.I. Managed Volatility Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is both capital appreciation and current income while managing portfolio volatility.

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

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

Invesco V.I. Managed Volatility Fund

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

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

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

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

Invesco V.I. Managed Volatility Fund

between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L.	Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

M.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser at the annual rate of 0.60% of the Fund’s average daily net assets.

For the year ended December 31, 2020, the Adviser waived advisory fees of $1,640.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $4,443 for accounting and fund administrative services and was reimbursed $46,154 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Invesco V.I. Managed Volatility Fund


Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	19,203,712		$	1,141,639		$	–	$	20,345,351


U.S. Dollar Denominated Bonds & Notes		–			7,847,793			–		7,847,793


U.S. Treasury Securities		–			1,630,486			–		1,630,486


Preferred Stocks		84,968			–			–		84,968


Money Market Funds		1,294,949			–			–		1,294,949


Total Investments in Securities		20,583,629			10,619,918			–		31,203,547


Other Investments - Assets*


Forward Foreign Currency Contracts		–			796			–		796


Other Investments - Liabilities*


Futures Contracts		(35,368	)		–			–		(35,368	)


Forward Foreign Currency Contracts		–			(12,000	)		–		(12,000	)


		(35,368	)		(12,000	)		–		(47,368	)


Total Other Investments		(35,368	)		(11,204	)		–		(46,572	)


Total Investments	$	20,548,261		$	10,608,714		$	–	$	31,156,975

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
	Currency			Equity
Derivative Assets	Risk			Risk			Total


Unrealized appreciation on forward foreign currency contracts outstanding	$	796		$	-		$	796


Derivatives not subject to master netting agreements		-			-			-


Total Derivative Assets subject to master netting agreements	$	796		$	-		$	796



	Value
	Currency			Equity
Derivative Liabilities	Risk			Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(35,368	)	$	(35,368	)


Unrealized depreciation on forward foreign currency contracts outstanding		(12,000	)		-			(12,000	)


Total Derivative Liabilities		(12,000	)		(35,368	)		(47,368	)


Derivatives not subject to master netting agreements		-			35,368			35,368


Total Derivative Liabilities subject to master netting agreements	$	(12,000	)	$	-		$	(12,000	)

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

Invesco V.I. Managed Volatility Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.


	Financial Derivative Assets		Financial Derivative Liabilities				Collateral (Received)/Pledged
	Forward Foreign		Forward Foreign		Net Value of						Net
Counterparty	Currency Contracts		Currency Contracts		Derivatives		Non-Cash		Cash		Amount


Bank of New York Mellon (The)		$ -		$(11,601)		$(11,601)		$-		$-		$(11,601)


State Street Bank & Trust Co.		796		(399)		397		-		-		397


Total		$796		$(12,000)		$(11,204)		$-		$-		$(11,204)

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on
	Statement of Operations
	Currency			Equity
	Risk			Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(73,949	)	$	-		$	(73,949	)


Futures contracts		-			(2,926,763	)		(2,926,763	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		21,786			-			21,786


Futures contracts		-			(35,368	)		(35,368	)


Total	$	(52,163	)	$	(2,962,131	)	$	(3,014,294	)

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


	Forward
	Foreign Currency	Futures
	Contracts	Contracts


Average notional value	$1,614,916	$	9,376,707

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	634,855	$	514,166


Long-term capital gain		690,388		1,446,125


Total distributions	$	1,325,243	$	1,960,291

*	Includes short-term capital gain distributions, if any.

Invesco V.I. Managed Volatility Fund

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	491,902


Net unrealized appreciation - investments		6,181,006


Net unrealized appreciation - foreign currencies		615


Temporary book/tax differences		(52,489	)


Capital loss carryforward		(2,516,642	)


Shares of beneficial interest		27,098,950


Total net assets	$	31,203,342

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


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term		Total


Not subject to expiration	$856,943	$	1,659,699	$	2,516,642

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $9,588,445 and $14,907,885, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $18,845,092 and $20,168,743, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	6,442,593


Aggregate unrealized (depreciation) of investments		(261,587	)


Net unrealized appreciation of investments	$	6,181,006

Cost of investments for tax purposes is $24,975,969.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of contingent payment debt instruments adjustments, grantor trusts and foreign currency transactions, on December 31, 2020, undistributed net investment income was increased by $96,968 and undistributed net realized gain (loss) was decreased by $96,968. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019
	Shares		Amount		Shares		Amount


Sold:
Series I		173,050	$	1,946,065		262,050	$	3,173,461


Series II		8,311		92,914		2,709		32,332



Issued as reinvestment of dividends:
Series I		117,399		1,284,342		161,687		1,896,583


Series II		3,780		40,901		5,492		63,708

Invesco V.I. Managed Volatility Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Series I		(560,998	)	$	(6,281,992	)		(688,807	)	$	(8,260,208	)


Series II		(29,512	)		(311,534	)		(12,075	)		(143,992	)


Net increase (decrease) in share activity		(287,970	)	$	(3,229,304	)		(268,944	)	$	(3,238,116	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would transfer all of its assets and liabilities to Invesco V.I. Equity and Income Fund (the “Acquiring Fund”).

The Agreement requires approval of the Fund’s shareholders and will be submitted to the shareholders for their consideration at a meeting to be held in or around April 2021. The reorganization is expected to be consummated shortly thereafter. Upon closing of the reorganization, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund will liquidate and cease operations.

Invesco V.I. Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Managed Volatility Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Managed Volatility Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Managed Volatility Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,127.70	$6.36	$1,019.15	$6.04	1.19%
Series II	1,000.00	1,125.60	7.69	1,017.90	7.30	1.44

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Managed Volatility Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	690,388
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		71.62	%
Business Interest Income*		25.45	%
U.S. Treasury Obligations*		6.02	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Managed Volatility Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco V.I. Managed Volatility Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Mid Cap Core Equity Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIMCCE-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Mid
Cap Core Equity Fund (the Fund) underperformed the Russell Midcap Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	9.25	%
Series II Shares	8.94
S&P 500 Index^q(Broad Market Index)	18.40
Russell Midcap Index^q(Style-Specific Index)	17.10
Lipper VUF Mid-Cap Core Funds Index^∎(Peer Group Index)	11.26

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

During the year, stock selection in the consumer discretionary and communication services sectors were the largest contributors to the Fund’s performance versus its style-specific benchmark, the Russell Midcap Index. This was offset by weaker stock selection in the information technology (IT) and energy sectors.

The largest individual contributors to the Fund’s performance relative to the style-specific benchmark during the year included

T-Mobile, BJ’s Wholesale Club and Dexcom. T-Mobile performed well after the company won approval from a federal judge that allowed the company to merge with Sprint (not owned). Uncertainty about the merger being closed had been an overhang for the stock prior the deal being approved. BJ’s Wholesale Club benefited from being deemed an essential retailer during the pandemic. Dexcom is a pure play diabetes company focused on Continuous Glucose Monitoring (CGM) technology. The company benefited from increasing awareness of the benefits of CGM technology, its pump partnerships, opportunities for tele-health and the need for better glucose management in the hospital setting. We exited our holdings in T-Mobile and Dexcom.

The largest individual detractors from the Fund’s performance relative to the style-specific benchmark during the year included Noble Energy, Schlumberger and Diamond-back Energy. Noble Energy and Diamond-back Energy are exploration and production companies in the energy sector and Schlumberger is an energy services company. The energy sector experienced significant negative returns despite the style-specific benchmark producing positive total returns during the year. We exited our holdings in Noble Energy and Diamondback Energy.

We thank you for your continued investment in Invesco V.I. Mid Cap Core Equity Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Raymond Anello (Co-Lead)

Joy Budzinski

Belinda Cavazos (Co-Lead)

Magnus Krantz

Kristin Ketner Pak

Raman Vardharaj

Adam Weiner

Matthew P. Ziehl

Invesco V.I. Mid Cap Core Equity Fund

representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Mid Cap Core Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (9/10/01)	7.56	%
10 Years	7.81
5 Years	9.60
1 Year	9.25

Series II Shares
Inception (9/10/01)	7.30	%
10 Years	7.55
5 Years	9.33
1 Year	8.94

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Mid Cap Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.

Invesco V.I. Mid Cap Core Equity Fund

Supplemental Information

Invesco V.I. Mid Cap Core Equity Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

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

∎

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

∎

Invesco V.I. Mid Cap Core Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		20.14	%
Industrials		15.33
Health Care		12.90
Financials		10.90
Consumer Discretionary		9.83
Real Estate		6.88
Consumer Staples		5.66
Utilities		5.08
Communication Services		4.46
Materials		4.28
Energy		3.83
Money Market Funds Plus Other Assets Less Liabilities		0.71

Top 10 Equity Holdings*


	% of total net assets
1. Keysight Technologies, Inc.		2.55	%
2. Fiserv, Inc.		2.51
3. Republic Services, Inc.		2.31
4. Synopsys, Inc.		2.20
5. CACI International, Inc., Class A		2.15
6. Alexandria Real Estate Equities, Inc.		2.11
7. Stanley Black & Decker, Inc.		2.10
8. Liberty Broadband Corp., Class C		2.03
9. Lamar Advertising Co., Class A		1.96
10. PNC Financial Services Group, Inc. (The)		1.84

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Mid Cap Core Equity Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–99.29%
Apparel Retail–1.34%
Ross Stores, Inc.		26,331	$	3,233,710



Application Software–4.92%
Manhattan Associates, Inc.^(b)		29,985		3,153,822


Paylocity Holding Corp.^(b)		9,419		1,939,466


Q2 Holdings, Inc.^(b)		11,811		1,494,446


Synopsys, Inc.^(b)		20,475		5,307,939


				11,895,673



Asset Management & Custody Banks–0.96%
Northern Trust Corp.		24,834		2,313,039



Auto Parts & Equipment–1.26%
Visteon Corp.^(b)		24,259		3,044,990



Automotive Retail–1.59%
O’Reilly Automotive, Inc.^(b)		8,521		3,856,349



Biotechnology–1.97%
Neurocrine Biosciences, Inc.^(b)		24,091		2,309,122


Seagen, Inc.^(b)		14,010		2,453,712


				4,762,834



Building Products–1.77%
Trane Technologies PLC		29,456		4,275,833



Cable & Satellite–2.03%
Liberty Broadband Corp., Class C^(b)		30,952		4,901,868



Communications Equipment–1.06%
Motorola Solutions, Inc.		15,108		2,569,266



Construction Materials–1.51%
Vulcan Materials Co.		24,643		3,654,803



Data Processing & Outsourced Services–2.51%
Fiserv, Inc.^(b)		53,232		6,060,996



Distillers & Vintners–1.63%
Constellation Brands, Inc., Class A		18,020		3,947,281



Diversified Chemicals–1.63%
Eastman Chemical Co.		39,332		3,944,213



Diversified Support Services–0.87%
Cintas Corp.		5,954		2,104,501



Electric Utilities–0.85%
Eversource Energy		23,656		2,046,481



Electrical Components & Equipment–2.15%
Hubbell, Inc.		16,382		2,568,533

Rockwell Automation, Inc.		10,475		2,627,235


				5,195,768



Electronic Equipment & Instruments–2.55%
Keysight Technologies, Inc.^(b)		46,634		6,159,885



Environmental & Facilities Services–2.31%
Republic Services, Inc.		57,902		5,575,963


	Shares		Value


Financial Exchanges & Data–2.55%
Intercontinental Exchange, Inc.		29,842	$	3,440,484

Tradeweb Markets, Inc., Class A		43,640		2,725,318


				6,165,802



Gas Utilities–1.88%
Atmos Energy Corp.		26,007		2,481,848

Southwest Gas Holdings, Inc.		33,869		2,057,542


				4,539,390



General Merchandise Stores–1.75%
Dollar General Corp.		7,664		1,611,739

Target Corp.		14,825		2,617,057


				4,228,796



Gold–0.42%
Franco-Nevada Corp. (Canada)		8,027		1,006,024

Health Care Equipment–4.77%
Boston Scientific Corp.^(b)		70,057		2,518,549

Hill-Rom Holdings, Inc.		31,809		3,116,328

STERIS PLC		9,478		1,796,460

Teleflex, Inc.		9,965		4,101,295


				11,532,632



Health Care Facilities–1.33%
HCA Healthcare, Inc.		19,573		3,218,976



Health Care Services–2.41%
Guardant Health, Inc.^(b)		11,955		1,540,760

LHC Group, Inc.^(b)		20,047		4,276,426


				5,817,186



Health Care Technology–0.21%
American Well Corp., Class A^(b)(c)		19,583		496,037



Homebuilding–1.30%
D.R. Horton, Inc.		45,764		3,154,055



Hotels, Resorts & Cruise Lines–0.54%
Airbnb, Inc., Class A^(b)(c)		8,834		1,296,831



Human Resource & Employment Services–1.63%
ASGN, Inc.^(b)		22,851		1,908,744

Korn Ferry		46,731		2,032,799


				3,941,543



Hypermarkets & Super Centers–1.33%
BJ’s Wholesale Club Holdings, Inc.^(b)		86,166		3,212,268



Industrial Machinery–4.39%
Evoqua Water Technologies Corp.^(b)		85,507		2,306,979

ITT, Inc.		41,788		3,218,511

Stanley Black & Decker, Inc.		28,464		5,082,532


				10,608,022



Industrial REITs–1.20%
Duke Realty Corp.		72,709		2,906,179



Insurance Brokers–1.63%
Arthur J. Gallagher & Co.		31,919		3,948,699

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

Invesco V.I. Mid Cap Core Equity Fund


	Shares		Value


Interactive Home Entertainment–1.37%
Zynga, Inc., Class A^(b)		336,821	$	3,324,423



Interactive Media & Services–1.06%
Snap, Inc., Class A^(b)		50,985		2,552,819



Investment Banking & Brokerage–1.15%
Raymond James Financial, Inc.		29,077		2,781,797



IT Consulting & Other Services–4.37%
Amdocs Ltd.		29,965		2,125,417


CACI International, Inc., Class A^(b)		20,806		5,187,560


KBR, Inc.		105,315		3,257,393


				10,570,370



Managed Health Care–0.66%
Humana, Inc.		3,898		1,599,233



Metal & Glass Containers–0.72%
Silgan Holdings, Inc.		47,191		1,749,842



Multi-Utilities–2.35%
CMS Energy Corp.		43,212		2,636,364


Public Service Enterprise Group, Inc.		52,415		3,055,795


				5,692,159



Office REITs–2.11%
Alexandria Real Estate Equities, Inc.		28,680		5,111,350



Oil & Gas Equipment & Services–0.81%
Schlumberger Ltd.		90,182		1,968,673



Oil & Gas Refining & Marketing–0.85%
Valero Energy Corp.		36,503		2,064,975



Oil & Gas Storage & Transportation–2.16%
Magellan Midstream Partners L.P.		89,760		3,809,415


Shell Midstream Partners L.P.		139,815		1,409,335


				5,218,750



Packaged Foods & Meats–1.41%
Conagra Brands, Inc.		94,221		3,416,453



Pharmaceuticals–1.55%
Catalent, Inc.^(b)		36,085		3,755,366



Railroads–0.77%
Canadian Pacific Railway Ltd. (Canada)		5,383		1,866,232



Regional Banks–3.99%
East West Bancorp, Inc.		40,987		2,078,451


PNC Financial Services Group, Inc. (The)		29,827		4,444,223


SVB Financial Group^(b)		8,087		3,136,381


				9,659,055



Residential REITs–1.06%
American Homes 4 Rent, Class A		85,135		2,554,050



Restaurants–0.77%
Wendy’s Co. (The)		84,385		1,849,719

Investment Abbreviations:

REIT – Real Estate Investment Trust


	Shares		Value


Semiconductor Equipment–3.28%
KLA Corp.		15,736	$	4,074,208


MKS Instruments, Inc.		25,605		3,852,272


				7,926,480



Semiconductors–1.46%
Analog Devices, Inc.		23,852		3,523,656



Soft Drinks–1.29%
Coca-Cola European Partners PLC (United Kingdom)		62,472		3,112,980



Specialized REITs–2.51%
Equinix, Inc.		1,857		1,326,232


Lamar Advertising Co., Class A		57,058		4,748,367


				6,074,599



Specialty Stores–1.29%
Tractor Supply Co.		22,116		3,109,067



Thrifts & Mortgage Finance–0.61%
Rocket Cos., Inc., Class A^(b)		73,309		1,482,308



Trading Companies & Distributors–1.44%
Fastenal Co.		71,387		3,485,827


Total Common Stocks & Other Equity Interests (Cost $182,186,733)				240,066,076



Money Market Funds–0.83%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		664,176		664,176


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(d)(e)		585,073		585,249


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		759,058		759,058


Total Money Market Funds (Cost $2,008,310)				2,008,483


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $184,195,043)				242,074,559


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.77%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		743,763		743,763


Invesco Private Prime Fund, 0.12%^(d)(e)(f)		1,115,310		1,115,645


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,859,408)				1,859,408


TOTAL INVESTMENTS IN SECURITIES–100.89% (Cost $186,054,451)				243,933,967


OTHER ASSETS LESS LIABILITIES–(0.89)%				(2,156,120	)


NET ASSETS–100.00%			$	241,777,847

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

Invesco V.I. Mid Cap Core Equity Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2020.

^(d)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value December 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	1,051,777		$	24,803,151		$	(25,190,752	)		$	-		$	-			$	664,176		$	6,709

Invesco Liquid Assets Portfolio, Institutional Class			401,834			18,095,444			(17,912,009	)			167			(187	)			585,249			6,027

Invesco Treasury Portfolio, Institutional Class			1,202,031			28,346,458			(28,789,431	)			-			-				759,058			7,330

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Government & Agency Portfolio, Institutional Class			674,953			5,029,273			(5,704,226	)			-			-				-			2,822*

Invesco Liquid Assets Portfolio, Institutional Class			224,984			1,723,466			(1,948,062	)			21			(409	)			-			1,172*

Invesco Private Government Fund			-			10,661,618			(9,917,855	)			-			-				743,763			117*

Invesco Private Prime Fund			-			7,029,340			(5,913,729	)			-			34				1,115,645			302*

Total		$	3,555,579		$	95,688,750		$	(95,376,064	)		$	188		$	(562	)		$	3,867,891		$	24,479

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

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

Invesco V.I. Mid Cap Core Equity Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $182,186,733)*	$	240,066,076


Investments in affiliated money market funds, at value (Cost $3,867,718)		3,867,891


Receivable for:
Fund shares sold		5,189


Dividends		181,325


Investment for trustee deferred compensation and retirement plans		130,501


Total assets		244,250,982



Liabilities:
Payable for:
Investments purchased		65,884


Fund shares reacquired		99,360


Amount due custodian		140,619


Collateral upon return of securities loaned		1,859,408


Accrued fees to affiliates		123,413


Accrued other operating expenses		44,275


Trustee deferred compensation and retirement plans		140,176


Total liabilities		2,473,135


Net assets applicable to shares outstanding	$	241,777,847



Net assets consist of:
Shares of beneficial interest	$	188,713,021


Distributable earnings		53,064,826


	$	241,777,847



Net Assets:
Series I	$	150,989,638


Series II	$	90,788,209



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		14,283,054


Series II		8,866,245


Series I:
Net asset value per share	$	10.57


Series II:
Net asset value per share	$	10.24

*	At December 31, 2020, securities with an aggregate value of $1,771,553 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $6,403)	$	3,058,416


Dividends from affiliated money market funds (includes securities lending income of $44,264)		64,330


Total investment income		3,122,746



Expenses:
Advisory fees		1,583,679


Administrative services fees		358,782


Custodian fees		6,475


Distribution fees - Series II		200,296


Transfer agent fees		36,492


Trustees’ and officers’ fees and benefits		23,180


Reports to shareholders		10,909


Professional services fees		38,173


Other		3,409


Total expenses		2,261,395


Less: Fees waived		(3,854	)


Net expenses		2,257,541


Net investment income		865,205



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:


Unaffiliated investment securities		(5,497,827	)


Affiliated investment securities		(562	)


Foreign currencies		198


		(5,498,191	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		24,445,576


Affiliated investment securities		188


Foreign currencies		(86	)


		24,445,678


Net realized and unrealized gain		18,947,487


Net increase in net assets resulting from operations	$	19,812,692

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

Invesco V.I. Mid Cap Core Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	865,205		$	1,487,761


Net realized gain (loss)		(5,498,191	)		45,992,201


Change in net unrealized appreciation		24,445,678			5,912,021


Net increase in net assets resulting from operations		19,812,692			53,391,983



Distributions to shareholders from distributable earnings:
Series I		(28,871,670	)		(17,475,575	)


Series II		(17,431,471	)		(9,551,503	)


Total distributions from distributable earnings		(46,303,141	)		(27,027,078	)



Share transactions–net:
Series I		9,496,489			(7,906,038	)


Series II		11,755,405			8,650,685


Net increase in net assets resulting from share transactions		21,251,894			744,647


Net increase (decrease) in net assets		(5,238,555	)		27,109,552



Net assets:
Beginning of year		247,016,402			219,906,850


End of year	$	241,777,847		$	247,016,402

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

Invesco V.I. Mid Cap Core Equity Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	12.18		$	0.05		$	0.80			$	0.85			$	(0.08	)		$	(2.38	)		$	(2.46	)		$	10.57		9.25	%		$	150,990		0.94	%^(d)		0.94	%^(d)		0.49	%^(d)		75	%
Year ended 12/31/19			10.97			0.09			2.57				2.66				(0.06	)			(1.39	)			(1.45	)			12.18		25.28				157,959		0.93			0.94			0.70			114
Year ended 12/31/18			14.41			0.06			(1.39	)			(1.33	)			(0.07	)			(2.04	)			(2.11	)			10.97		(11.35	)			148,078		0.91			0.94			0.46			27
Year ended 12/31/17			12.87			0.05			1.85				1.90				(0.07	)			(0.29	)			(0.36	)			14.41		14.92				192,277		0.94			0.96			0.37			45
Year ended 12/31/16			12.12			0.07			1.54				1.61				(0.01	)			(0.85	)			(0.86	)			12.87		13.43				195,464		0.98			1.00			0.57			29
Series II
Year ended 12/31/20			11.88			0.02			0.78				0.80				(0.06	)			(2.38	)			(2.44	)			10.24		8.94				90,788		1.19	^(d)		1.19	^(d)		0.24	^(d)		75
Year ended 12/31/19			10.72			0.05			2.53				2.58				(0.03	)			(1.39	)			(1.42	)			11.88		25.04				89,057		1.18			1.19			0.45			114
Year ended 12/31/18			14.11			0.03			(1.36	)			(1.33	)			(0.02	)			(2.04	)			(2.06	)			10.72		(11.60	)			71,829		1.16			1.19			0.21			27
Year ended 12/31/17			12.61			0.02			1.81				1.83				(0.04	)			(0.29	)			(0.33	)			14.11		14.65				141,120		1.19			1.21			0.12			45
Year ended 12/31/16			11.91			0.04			1.51				1.55				-				(0.85	)			(0.85	)			12.61		13.16				130,118		1.23			1.25			0.32			29

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $138,320 and $80,118 for Series I and Series II shares, respectively.

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

Invesco V.I. Mid Cap Core Equity Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Mid Cap Core Equity Fund

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

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco V.I. Mid Cap Core Equity Fund

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $500 million		0.725%


Next $500 million		0.700%


Next $500 million		0.675%


Over $1.5 billion		0.650%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.725%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $3,854.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $31,347 for accounting and fund administrative services and was reimbursed $327,435 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $718 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Invesco V.I. Mid Cap Core Equity Fund

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	240,066,076	$	–		$–	$	240,066,076


Money Market Funds		2,008,483		1,859,408		–		3,867,891


Total Investments	$	242,074,559	$	1,859,408		$–	$	243,933,967

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	1,379,795	$	944,716


Long-term capital gain		44,923,346		26,082,362


Total distributions	$	46,303,141	$	27,027,078

*	Includes short-term capital gain distributions, if any.

Invesco V.I. Mid Cap Core Equity Fund

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	826,709


Net unrealized appreciation – investments		57,443,142


Net unrealized appreciation - foreign currencies		10


Temporary book/tax differences		(747,065	)


Capital loss carryforward		(4,457,970	)


Shares of beneficial interest		188,713,021


Total net assets	$	241,777,847

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	4,457,970	$–	$	4,457,970

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $162,538,393 and $186,745,226, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	62,003,035


Aggregate unrealized (depreciation) of investments		(4,559,893	)


Net unrealized appreciation of investments	$	57,443,142

Cost of investments for tax purposes is $186,490,825.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, on December 31, 2020, undistributed net investment income was decreased by $283,254 and undistributed net realized gain (loss) was increased by $283,254. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
		Shares			Amount			Shares			Amount


Sold:
Series I		650,434		$	6,303,263			261,011		$	3,199,054


Series II		1,003,597			10,172,288			1,214,662			14,406,495



Issued as reinvestment of dividends:
Series I		3,035,927			28,871,668			1,542,416			17,475,575


Series II		1,890,615			17,431,471			864,389			9,551,503



Reacquired:
Series I		(2,371,419	)		(25,678,442	)		(2,338,334	)		(28,580,667	)


Series II		(1,527,486	)		(15,848,354	)		(1,281,486	)		(15,307,313	)


Net increase in share activity		2,681,668		$	21,251,894			262,658		$	744,647

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Mid Cap Core Equity Fund

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco V.I. Mid Cap Core Equity Fund to Invesco V.I.Main Street Mid Cap Fund.

Invesco V.I. Mid Cap Core Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Mid Cap Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Mid Cap Core Equity Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Mid Cap Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,229.80	$5.27	$1,020.41	$4.77	0.94%
Series II	1,000.00	1,229.10	6.67	1,019.15	6.04	1.19

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Mid Cap Core Equity Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	44,923,346
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Mid Cap Core Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Mid Cap Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Mid Cap Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Mid Cap Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Mid Cap Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Mid Cap Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Mid Cap Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco V.I. Mid Cap Core Equity Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. S&P 500 Index Fund

LOGO



NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE
Invesco Distributors, Inc.				MS-VISPI-AR-1

Management’s Discussion of Fund Performance


Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. S&P 500 Index Fund (the Fund) underperformed the S&P 500 Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	17.99	%
Series II Shares	17.70
S&P 500 Index^q (Broad Market/Style-Specific Index)	18.40
Lipper VUF S&P 500 Funds Index^∎ (Peer Group Index)	16.70
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%², a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner.

The Invesco S&P 500 Index Fund invests in stocks in approximately the same proportion as they are represented in the S&P 500 Index. During the year, the information technology (IT), consumer discretionary, communication services, health care, consumer staples, materials, consumer staples and industrials sectors contributed the most to the Fund’s overall performance. Market sectors delivering negative overall returns for the Fund included energy, financials, real estate and utilities.

Leading contributors to the Fund’s performance for the year included Apple, Amazon-.com,

Microsoft and NVIDIA. Apple and Amazon repeatedly delivered strong earnings and increased revenue growth during the year. The top detractor from the Fund’s performance for the year was Exxon Mobil.The stock’s negative return was associated with the lack of travel during the pandemic. Another detractor from Fund performance was Wells Fargo which was also adversely impacted by the economic impact of the pandemic.

Please note that the Fund’s strategy is principally implemented through equity investments, but the Fund also may use derivative instruments, including S&P 500 futures contracts, to gain exposure to the equity market. During the year, the Fund invested in S&P 500 futures contracts, which generated a positive return and were a slight contributor to Fund performance. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco V.I. S&P 500 Index Fund

1	Source: US Federal Reserve

2	Source: US Bureau of Economic Analysis

3	Source: Lipper Inc.

Portfolio manager(s):

Peter Hubbard

Michael Jeanette

Tony Seisser

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. S&P 500 Index Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee

future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/18/98)	7.21	%
10 Years	13.46
5 Years	14.72
1 Year	17.99

Series II Shares
Inception (6/5/00)	6.12	%
10 Years	13.18
5 Years	14.45
1 Year	17.70

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Variable Investment Series S&P 500 Index Portfolio advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. S&P 500 Index Fund. Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. S&P 500 Index Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. S&P 500 Index Fund

Supplemental Information

Invesco V.I. S&P 500 Index Fund’s investment objective is to provide investment results that, before expenses, correspond to the total return (i.e., the combination of capital changes and income) of the Standard & Poor’s^® 500 Composite Stock Price Index.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

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

∎

The Lipper VUF S&P 500 Funds Index is an unmanaged index considered representative of S&P 500 variable insurance underlying funds tracked by Lipper.

∎

Invesco V.I. S&P 500 Index Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		27.21%
Health Care		13.29
Consumer Discretionary		12.55
Communication Services		10.62
Financials		10.31
Industrials		8.31
Consumer Staples		6.43
Utilities		2.73
Materials		2.60
Real Estate		2.38
Energy		2.26
Money Market Funds Plus Other Assets Less Liabilities		1.31

Top 10 Equity Holdings*


		% of total net assets
1.	Apple, Inc.	6.60%
2.	Microsoft Corp.	5.23
3.	Amazon.com, Inc.	4.32
4.	Facebook, Inc., Class A	2.04
5.	Tesla, Inc.	1.67
6.	Alphabet, Inc., Class A	1.64
7.	Alphabet, Inc., Class C	1.58
8.	Berkshire Hathaway, Inc., Class B	1.40
9.	Johnson & Johnson	1.29
10.	JPMorgan Chase & Co.	1.20

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. S&P 500 Index Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests-98.69%
Advertising-0.07%
Interpublic Group of Cos., Inc. (The)		1,132	$	26,625

Omnicom Group, Inc.		624		38,919

				65,544


Aerospace & Defense-1.59%
Boeing Co. (The)		1,518		324,943

General Dynamics Corp.		665		98,965

Howmet Aerospace, Inc.		1,140		32,536

Huntington Ingalls Industries, Inc.		117		19,946

L3Harris Technologies, Inc.		601		113,601

Lockheed Martin Corp.		704		249,906

Northrop Grumman Corp.		444		135,296

Raytheon Technologies Corp.		4,344		310,639

Teledyne Technologies, Inc.^(b)		107		41,942

Textron, Inc.		662		31,995

TransDigm Group, Inc.^(b)		157		97,159

				1,456,928


Agricultural & Farm Machinery-0.26%
Deere & Co.		897		241,338


Agricultural Products-0.09%
Archer-Daniels-Midland Co.		1,613		81,311


Air Freight & Logistics-0.66%
C.H. Robinson Worldwide, Inc.		391		36,703

Expeditors International of Washington, Inc.		487		46,319

FedEx Corp.		691		179,398

United Parcel Service, Inc., Class B		2,046		344,546

				606,966


Airlines-0.26%
Alaska Air Group, Inc.		358		18,616

American Airlines Group, Inc.		1,746		27,534

Delta Air Lines, Inc.		1,852		74,469

Southwest Airlines Co.		1,713		79,843

United Airlines Holdings, Inc.^(b)		844		36,503

				236,965


Alternative Carriers-0.03%
CenturyLink, Inc.		2,868		27,963


Apparel Retail-0.43%
Gap, Inc. (The)		596		12,033

L Brands, Inc.		678		25,215

Ross Stores, Inc.		1,019		125,143

TJX Cos., Inc. (The)		3,434		234,508

				396,899


Apparel, Accessories & Luxury Goods-0.19%
Hanesbrands, Inc.		1,011		14,741

PVH Corp.		206		19,341

Ralph Lauren Corp.		139		14,420

Tapestry, Inc.		802		24,926

Under Armour, Inc., Class A^(b)		547		9,392

Under Armour, Inc., Class C^(b)		564		8,392


	Shares		Value
Apparel, Accessories & Luxury Goods-(continued)
VF Corp.		927	$	79,175

				170,387


Application Software-2.42%
Adobe, Inc.^(b)		1,373		686,665

ANSYS, Inc.^(b)		249		90,586

Autodesk, Inc.^(b)		629		192,059

Cadence Design Systems, Inc.^(b)		798		108,871

Citrix Systems, Inc.		358		46,576

Intuit, Inc.		752		285,647

Paycom Software, Inc.^(b)		142		64,219

salesforce.com, inc.^(b)		2,617		582,361

Synopsys, Inc.^(b)		441		114,325

Tyler Technologies, Inc.^(b)		117		51,073

				2,222,382


Asset Management & Custody Banks-0.79%
Ameriprise Financial, Inc.		337		65,489

Bank of New York Mellon Corp. (The)		2,331		98,928

BlackRock, Inc.		406		292,945

Franklin Resources, Inc.		777		19,417

Invesco Ltd.^(c)		1,117		19,469

Northern Trust Corp.		604		56,257

State Street Corp.		1,023		74,454

T. Rowe Price Group, Inc.		648		98,101

				725,060


Auto Parts & Equipment-0.14%
Aptiv PLC		773		100,714

BorgWarner, Inc.		709		27,396

				128,110


Automobile Manufacturers-1.94%
Ford Motor Co.		11,175		98,228

General Motors Co.		3,603		150,029

Tesla, Inc.^(b)		2,169		1,530,598

				1,778,855


Automotive Retail-0.27%
Advance Auto Parts, Inc.		201		31,659

AutoZone, Inc.^(b)		66		78,239

CarMax, Inc.^(b)		473		44,680

O’Reilly Automotive, Inc.^(b)		207		93,682

				248,260


Biotechnology-1.86%
AbbVie, Inc.		5,049		541,000

Alexion Pharmaceuticals, Inc.^(b)		626		97,806

Amgen, Inc.		1,665		382,817

Biogen, Inc.^(b)		440		107,739

Gilead Sciences, Inc.		3,585		208,862

Incyte Corp.^(b)		540		46,969

Regeneron Pharmaceuticals, Inc.^(b)		301		145,416

Vertex Pharmaceuticals, Inc.^(b)		744		175,837

				1,706,446

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

Invesco V.I. S&P 500 Index Fund


	Shares		Value
Brewers-0.03%
Molson Coors Beverage Co., Class B		545	$	24,629


Broadcasting-0.15%
Discovery, Inc., Class A^(b)		465		13,992

Discovery, Inc., Class C^(b)		843		22,078

Fox Corp., Class A		998		29,062

Fox Corp., Class B		454		13,112

ViacomCBS, Inc., Class B		1,636		60,957

				139,201


Building Products-0.45%
A.O. Smith Corp.		393		21,544

Allegion PLC		267		31,073

Carrier Global Corp.		2,330		87,888

Fortune Brands Home & Security, Inc.		401		34,374

Johnson Controls International PLC		2,070		96,441

Masco Corp.		759		41,692

Trane Technologies PLC		694		100,741

				413,753


Cable & Satellite-1.07%
Charter Communications, Inc., Class A^(b)		417		275,866

Comcast Corp., Class A		13,057		684,187

DISH Network Corp., Class A^(b)		716		23,156

				983,209


Casinos & Gaming-0.14%
Las Vegas Sands Corp.		954		56,859

MGM Resorts International		1,189		37,465

Wynn Resorts Ltd.		281		31,705

				126,029


Commodity Chemicals-0.20%
Dow, Inc.		2,121		117,716

LyondellBasell Industries N.V., Class A		746		68,378

				186,094


Communications Equipment-0.79%
Arista Networks, Inc.^(b)		159		46,201

Cisco Systems, Inc.		12,084		540,759

F5 Networks, Inc.^(b)		177		31,141

Juniper Networks, Inc.		963		21,677

Motorola Solutions, Inc.		485		82,479

				722,257


Computer & Electronics Retail-0.07%
Best Buy Co., Inc.		669		66,759


Construction & Engineering-0.08%
Jacobs Engineering Group, Inc.		378		41,187

Quanta Services, Inc.		401		28,880

				70,067


Construction Machinery & Heavy Trucks-0.55%
Caterpillar, Inc.		1,554		282,859

Cummins, Inc.		428		97,199

PACCAR, Inc.		1,005		86,711

Wabtec Corp.		519		37,991

				504,760


Construction Materials-0.12%
Martin Marietta Materials, Inc.		180		51,115


	Shares		Value
Construction Materials-(continued)
Vulcan Materials Co.		384	$	56,951

				108,066


Consumer Electronics-0.06%
Garmin Ltd.		433		51,813


Consumer Finance-0.53%
American Express Co.		1,865		225,497

Capital One Financial Corp.		1,308		129,296

Discover Financial Services		889		80,481

Synchrony Financial		1,577		54,738

				490,012


Copper-0.12%
Freeport-McMoRan, Inc.		4,155		108,113


Data Processing & Outsourced Services-4.18%
Automatic Data Processing, Inc.		1,227		216,197

Broadridge Financial Solutions, Inc.		334		51,169

Fidelity National Information Services, Inc.		1,775		251,092

Fiserv, Inc.^(b)		1,592		181,265

FleetCor Technologies, Inc.^(b)		238		64,934

Global Payments, Inc.		857		184,615

Jack Henry & Associates, Inc.		222		35,962

Mastercard, Inc., Class A		2,516		898,061

Paychex, Inc.		915		85,260

PayPal Holdings, Inc.^(b)		3,351		784,804

Visa, Inc., Class A		4,850		1,060,840

Western Union Co. (The)		1,193		26,174

				3,840,373


Distillers & Vintners-0.16%
Brown-Forman Corp., Class B		530		42,098

Constellation Brands, Inc., Class A		488		106,896

				148,994


Distributors-0.12%
Genuine Parts Co.		418		41,980

LKQ Corp.^(b)		813		28,650

Pool Corp.		116		43,210

				113,840


Diversified Banks-2.91%
Bank of America Corp.		21,770		659,849

Citigroup, Inc.		5,954		367,124

JPMorgan Chase & Co.		8,717		1,107,669

U.S. Bancorp		3,920		182,633

Wells Fargo & Co.		11,824		356,848

				2,674,123


Diversified Chemicals-0.04%
Eastman Chemical Co.		393		39,410


Diversified Support Services-0.18%
Cintas Corp.		252		89,072

Copart, Inc.^(b)		599		76,223

				165,295


Drug Retail-0.09%
Walgreens Boots Alliance, Inc.		2,056		81,993

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

Invesco V.I. S&P 500 Index Fund


	Shares		Value
Electric Utilities-1.74%
Alliant Energy Corp.		725	$	37,359

American Electric Power Co., Inc.		1,420		118,243

Duke Energy Corp.		2,105		192,734

Edison International		1,098		68,976

Entergy Corp.		581		58,007

Evergy, Inc.		658		36,526

Eversource Energy		995		86,078

Exelon Corp.		2,791		117,836

FirstEnergy Corp.		1,574		48,180

NextEra Energy, Inc.		5,602		432,194

NRG Energy, Inc.		709		26,623

Pinnacle West Capital Corp.		326		26,064

PPL Corp.		2,232		62,942

Southern Co. (The)		3,021		185,580

Xcel Energy, Inc.		1,504		100,272

				1,597,614


Electrical Components & Equipment-0.48%
AMETEK, Inc.		667		80,667

Eaton Corp. PLC		1,140		136,960

Emerson Electric Co.		1,711		137,513

Rockwell Automation, Inc.		336		84,272

				439,412


Electronic Components-0.21%
Amphenol Corp., Class A		856		111,939

Corning, Inc.		2,209		79,524

				191,463


Electronic Equipment & Instruments-0.17%
FLIR Systems, Inc.		380		16,656

Keysight Technologies, Inc.^(b)		530		70,008

Vontier Corp.^(b)		391		13,059

Zebra Technologies Corp., Class A^(b)		155		59,571

				159,294


Electronic Manufacturing Services-0.15%
IPG Photonics Corp.^(b)		103		23,051

TE Connectivity Ltd.		947		114,653

				137,704


Environmental & Facilities Services-0.23%
Republic Services, Inc.		610		58,743

Rollins, Inc.		642		25,083

Waste Management, Inc.		1,113		131,256

				215,082


Fertilizers & Agricultural Chemicals-0.19%
CF Industries Holdings, Inc.		621		24,039

Corteva, Inc.		2,131		82,512

FMC Corp.		376		43,214

Mosaic Co. (The)		1,002		23,056

				172,821


Financial Exchanges & Data-1.06%
Cboe Global Markets, Inc.		315		29,333

CME Group, Inc., Class A		1,027		186,965

Intercontinental Exchange, Inc.		1,605		185,040

MarketAxess Holdings, Inc.		110		62,762

Moody’s Corp.		463		134,381

MSCI, Inc.		237		105,828


	Shares		Value
Financial Exchanges & Data-(continued)
Nasdaq, Inc.		333	$	44,202

S&P Global, Inc.		689		226,495

				975,006


Food Distributors-0.12%
Sysco Corp.		1,457		108,197


Food Retail-0.08%
Kroger Co. (The)		2,215		70,348


Footwear-0.55%
NIKE, Inc., Class B		3,589		507,736


Gas Utilities-0.04%
Atmos Energy Corp.		357		34,068


General Merchandise Stores-0.51%
Dollar General Corp.		701		147,420

Dollar Tree, Inc.^(b)		672		72,603

Target Corp.		1,432		252,791

				472,814


Gold-0.15%
Newmont Corp.		2,298		137,627


Health Care Distributors-0.21%
AmerisourceBergen Corp.		426		41,646

Cardinal Health, Inc.		849		45,473

Henry Schein, Inc.^(b)		414		27,680

McKesson Corp.		459		79,829

				194,628


Health Care Equipment-3.48%
Abbott Laboratories		5,069		555,005

ABIOMED, Inc.^(b)		130		42,146

Baxter International, Inc.		1,470		117,953

Becton, Dickinson and Co.		830		207,683

Boston Scientific Corp.^(b)		4,095		147,215

Danaher Corp.		1,808		401,629

DexCom, Inc.^(b)		277		102,412

Edwards Lifesciences Corp.^(b)		1,783		162,663

Hologic, Inc.^(b)		735		53,530

IDEXX Laboratories, Inc.^(b)		247		123,468

Intuitive Surgical, Inc.^(b)		337		275,700

Medtronic PLC		3,850		450,989

ResMed, Inc.		420		89,275

STERIS PLC		247		46,816

Stryker Corp.		936		229,358

Teleflex, Inc.		134		55,150

Varian Medical Systems, Inc.^(b)		264		46,203

Zimmer Biomet Holdings, Inc.		601		92,608

				3,199,803


Health Care Facilities-0.17%
HCA Healthcare, Inc.		755		124,167

Universal Health Services, Inc., Class B		225		30,938

				155,105


Health Care REITs-0.19%
Healthpeak Properties, Inc.		1,563		47,250

Ventas, Inc.		1,083		53,110

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

Invesco V.I. S&P 500 Index Fund


	Shares		Value
Health Care REITs-(continued)
Welltower, Inc.		1,211	$	78,255

				178,615


Health Care Services-0.65%
Cigna Corp.		1,033		215,050

CVS Health Corp.		3,743		255,647

DaVita, Inc.^(b)		218		25,593

Laboratory Corp. of America Holdings^(b)		282		57,401

Quest Diagnostics, Inc.		390		46,476

				600,167


Health Care Supplies-0.28%
Align Technology, Inc.^(b)		208		111,151

Cooper Cos., Inc. (The)		142		51,592

DENTSPLY SIRONA, Inc.		634		33,196

West Pharmaceutical Services, Inc.		213		60,345

				256,284


Health Care Technology-0.08%
Cerner Corp.		886		69,533


Home Furnishings-0.04%
Leggett & Platt, Inc.		384		17,011

Mohawk Industries, Inc.^(b)		173		24,385

				41,396


Home Improvement Retail-1.26%
Home Depot, Inc. (The)		3,079		817,844

Lowe’s Cos., Inc.		2,095		336,268

				1,154,112


Homebuilding-0.21%
D.R. Horton, Inc.		961		66,232

Lennar Corp., Class A		797		60,755

NVR, Inc.^(b)		9		36,719

PulteGroup, Inc.		779		33,591

				197,297


Hotel & Resort REITs-0.03%
Host Hotels & Resorts, Inc.		2,048		29,962


Hotels, Resorts & Cruise Lines-0.32%
Carnival Corp.		2,127		46,071

Hilton Worldwide Holdings, Inc.		805		89,564

Marriott International, Inc., Class A		761		100,391

Norwegian Cruise Line Holdings Ltd.^(b)		800		20,344

Royal Caribbean Cruises Ltd.		517		38,615

				294,985


Household Appliances-0.04%
Whirlpool Corp.		180		32,488


Household Products-1.59%
Church & Dwight Co., Inc.		718		62,631

Clorox Co. (The)		366		73,903

Colgate-Palmolive Co.		2,452		209,670

Kimberly-Clark Corp.		973		131,190

Procter & Gamble Co. (The)		7,091		986,642

				1,464,036


Housewares & Specialties-0.03%
Newell Brands, Inc.		1,096		23,268


	Shares		Value
Human Resource & Employment Services-0.02%
Robert Half International, Inc.		332	$	20,743


Hypermarkets & Super Centers-1.14%
Costco Wholesale Corp.		1,262		475,496

Walmart, Inc.		3,965		571,555

				1,047,051


Independent Power Producers & Energy Traders-0.05%
AES Corp. (The)		1,931		45,378


Industrial Conglomerates-1.21%
3M Co.		1,650		288,403

General Electric Co.^(d)		25,050		270,540

Honeywell International, Inc.		2,007		426,889

Roper Technologies, Inc.		301		129,758

				1,115,590


Industrial Gases-0.62%
Air Products and Chemicals, Inc.		633		172,948

Linde PLC (United Kingdom)		1,502		395,792

				568,740


Industrial Machinery-0.83%
Dover Corp.		417		52,646

Flowserve Corp.		378		13,929

Fortive Corp.		978		69,262

IDEX Corp.		218		43,426

Illinois Tool Works, Inc.		824		167,997

Ingersoll Rand, Inc.^(b)		1,077		49,068

Otis Worldwide Corp.		1,182		79,844

Parker-Hannifin Corp.		373		101,609

Pentair PLC		482		25,590

Snap-on, Inc.		158		27,040

Stanley Black & Decker, Inc.		463		82,673

Xylem, Inc.		522		53,135

				766,219


Industrial REITs-0.28%
Duke Realty Corp.		1,075		42,968

Prologis, Inc.		2,114		210,681

				253,649


Insurance Brokers-0.50%
Aon PLC, Class A		654		138,171

Arthur J. Gallagher & Co.		555		68,659

Marsh & McLennan Cos., Inc.		1,451		169,767

Willis Towers Watson PLC		374		78,794

				455,391


Integrated Oil & Gas-1.09%
Chevron Corp.		5,506		464,982

Exxon Mobil Corp.		12,091		498,391

Occidental Petroleum Corp.		2,431		42,080

				1,005,453


Integrated Telecommunication Services-1.39%
AT&T, Inc.^(d)		20,378		586,071

Verizon Communications, Inc.		11,833		695,189

				1,281,260


Interactive Home Entertainment-0.43%
Activision Blizzard, Inc.		2,210		205,199

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

Invesco V.I. S&P 500 Index Fund


	Shares		Value
Interactive Home Entertainment-(continued)
Electronic Arts, Inc.^(b)		838	$	120,337

Take-Two Interactive Software, Inc.^(b)		332		68,986

				394,522


Interactive Media & Services-5.40%
Alphabet, Inc., Class A^(b)		861		1,509,023

Alphabet, Inc., Class C^(b)		830		1,454,061

Facebook, Inc., Class A^(b)		6,875		1,877,975

Twitter, Inc.^(b)		2,296		124,328

				4,965,387


Internet & Direct Marketing Retail-4.84%
Amazon.com, Inc.^(b)		1,220		3,973,454

Booking Holdings, Inc.^(b)		118		262,818

eBay, Inc.		1,872		94,068

Etsy, Inc.^(b)		346		61,557

Expedia Group, Inc.		394		52,166

				4,444,063


Internet Services & Infrastructure-0.12%
Akamai Technologies, Inc.^(b)		472		49,555

VeriSign, Inc.^(b)		293		63,405

				112,960


Investment Banking & Brokerage-0.87%
Charles Schwab Corp. (The)		4,266		226,269

Goldman Sachs Group, Inc. (The)		985		259,754

Morgan Stanley		4,088		280,151

Raymond James Financial, Inc.		354		33,867

				800,041


IT Consulting & Other Services-1.11%
Accenture PLC, Class A		1,812		473,312

Cognizant Technology Solutions Corp., Class A		1,528		125,220

DXC Technology Co.		737		18,978

Gartner, Inc.^(b)		259		41,489

International Business Machines Corp.		2,548		320,742

Leidos Holdings, Inc.		388		40,787

				1,020,528


Leisure Products-0.04%
Hasbro, Inc.		369		34,516


Life & Health Insurance-0.41%
Aflac, Inc.		1,869		83,114

Globe Life, Inc.		284		26,969

Lincoln National Corp.		527		26,513

MetLife, Inc.		2,187		102,680

Principal Financial Group, Inc.		741		36,761

Prudential Financial, Inc.		1,147		89,546

Unum Group		590		13,535

				379,118


Life Sciences Tools & Services-1.19%
Agilent Technologies, Inc.		875		103,679

Bio-Rad Laboratories, Inc., Class A^(b)		62		36,142

Illumina, Inc.^(b)		418		154,660

IQVIA Holdings, Inc.^(b)		555		99,439

Mettler-Toledo International, Inc.^(b)		69		78,638

PerkinElmer, Inc.		324		46,494

Thermo Fisher Scientific, Inc.		1,134		528,195


	Shares		Value
Life Sciences Tools & Services-(continued)
Waters Corp.^(b)		179	$	44,288

				1,091,535


Managed Health Care-1.56%
Anthem, Inc.		711		228,295

Centene Corp.^(b)		1,659		99,590

Humana, Inc.		379		155,492

UnitedHealth Group, Inc.		2,713		951,395

				1,434,772


Metal & Glass Containers-0.10%
Ball Corp.		948		88,335


Movies & Entertainment-1.80%
Live Nation Entertainment, Inc.^(b)		412		30,274

Netflix, Inc.^(b)		1,264		683,482

Walt Disney Co. (The)^(b)		5,178		938,150

				1,651,906


Multi-line Insurance-0.18%
American International Group, Inc.		2,464		93,287

Assurant, Inc.		172		23,430

Hartford Financial Services Group, Inc. (The)		1,040		50,939

				167,656


Multi-Sector Holdings-1.40%
Berkshire Hathaway, Inc., Class B^(b)		5,565		1,290,357


Multi-Utilities-0.82%
Ameren Corp.		717		55,969

CenterPoint Energy, Inc.		1,582		34,235

CMS Energy Corp.		832		50,760

Consolidated Edison, Inc.		971		70,174

Dominion Energy, Inc.		2,333		175,442

DTE Energy Co.		559		67,868

NiSource, Inc.		1,111		25,486

Public Service Enterprise Group, Inc.		1,468		85,584

Sempra Energy		825		105,113

WEC Energy Group, Inc.		916		84,300

				754,931


Office REITs-0.14%
Alexandria Real Estate Equities, Inc.		340		60,595

Boston Properties, Inc.		411		38,852

SL Green Realty Corp.		212		12,631

Vornado Realty Trust		454		16,952

				129,030


Oil & Gas Equipment & Services-0.22%
Baker Hughes Co., Class A		1,906		39,740

Halliburton Co.		2,551		48,214

NOV, Inc.^(b)		1,127		15,474

Schlumberger Ltd.		4,031		87,997

TechnipFMC PLC (United Kingdom)		1,226		11,524

				202,949


Oil & Gas Exploration & Production-0.46%
Apache Corp.		1,096		15,552

Cabot Oil & Gas Corp.		1,157		18,836

Concho Resources, Inc.		571		33,318

ConocoPhillips		3,055		122,169

Devon Energy Corp.		1,111		17,565

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

Invesco V.I. S&P 500 Index Fund


	Shares		Value
Oil & Gas Exploration & Production-(continued)
Diamondback Energy, Inc.		458	$	22,167

EOG Resources, Inc.		1,690		84,280

Hess Corp.		793		41,863

Marathon Oil Corp.		2,291		15,281

Pioneer Natural Resources Co.		477		54,326

				425,357


Oil & Gas Refining & Marketing-0.26%
HollyFrontier Corp.		433		11,193

Marathon Petroleum Corp.		1,889		78,129

Phillips 66		1,249		87,355

Valero Energy Corp.		1,184		66,979

				243,656


Oil & Gas Storage & Transportation-0.21%
Kinder Morgan, Inc.		5,568		76,115

ONEOK, Inc.		1,290		49,510

Williams Cos., Inc. (The)		3,524		70,656

				196,281


Packaged Foods & Meats-0.90%
Campbell Soup Co.		588		28,430

Conagra Brands, Inc.		1,418		51,417

General Mills, Inc.		1,749		102,841

Hershey Co. (The)		428		65,197

Hormel Foods Corp.		815		37,987

JM Smucker Co. (The)		331		38,264

Kellogg Co.		736		45,801

Kraft Heinz Co. (The)		1,881		65,195

Lamb Weston Holdings, Inc.		421		33,150

McCormick & Co., Inc.		718		68,641

Mondelez International, Inc., Class A		4,090		239,142

Tyson Foods, Inc., Class A		854		55,032

				831,097


Paper Packaging-0.26%
Amcor PLC		4,555		53,612

Avery Dennison Corp.		242		37,537

International Paper Co.		1,141		56,731

Packaging Corp. of America		275		37,925

Sealed Air Corp.		451		20,651

Westrock Co.		753		32,778

				239,234


Personal Products-0.19%
Estee Lauder Cos., Inc. (The), Class A		648		172,491


Pharmaceuticals-3.81%
Bristol-Myers Squibb Co.		6,462		400,838

Catalent, Inc.^(b)		476		49,537

Eli Lilly and Co.		2,271		383,436

Johnson & Johnson		7,529		1,184,914

Merck & Co., Inc.		7,235		591,823

Perrigo Co. PLC		396		17,709

Pfizer, Inc.		15,895		585,095

Viatris, Inc.^(b)		3,503		65,646

Zoetis, Inc.		1,360		225,080

				3,504,078


Property & Casualty Insurance-0.72%
Allstate Corp. (The)		870		95,639


	Shares		Value
Property & Casualty Insurance-(continued)
Chubb Ltd.		1,291	$	198,711

Cincinnati Financial Corp.		434		37,919

Loews Corp.		691		31,109

Progressive Corp. (The)		1,675		165,624

Travelers Cos., Inc. (The)		725		101,768

W.R. Berkley Corp.		408		27,099

				657,869


Publishing-0.03%
News Corp., Class A		1,129		20,288

News Corp., Class B		353		6,273

				26,561


Railroads-0.90%
CSX Corp.		2,188		198,561

Kansas City Southern		273		55,728

Norfolk Southern Corp.		727		172,742

Union Pacific Corp.		1,928		401,448

				828,479


Real Estate Services-0.07%
CBRE Group, Inc., Class A^(b)		973		61,027


Regional Banks-0.91%
Citizens Financial Group, Inc.		1,239		44,307

Comerica, Inc.		403		22,512

Fifth Third Bancorp		2,068		57,015

First Republic Bank		499		73,318

Huntington Bancshares, Inc.		2,954		37,309

KeyCorp		2,834		46,506

M&T Bank Corp.		372		47,356

People’s United Financial, Inc.		1,233		15,943

PNC Financial Services Group, Inc. (The)		1,212		180,588

Regions Financial Corp.		2,788		44,942

SVB Financial Group^(b)		150		58,174

Truist Financial Corp.		3,856		184,818

Zions Bancorporation N.A.		476		20,677

				833,465


Reinsurance-0.03%
Everest Re Group Ltd.		116		27,154


Research & Consulting Services-0.31%
Equifax, Inc.		353		68,072

IHS Markit Ltd.		1,067		95,849

Nielsen Holdings PLC		1,036		21,621

Verisk Analytics, Inc.		471		97,775

				283,317


Residential REITs-0.26%
AvalonBay Communities, Inc.		400		64,172

Equity Residential		994		58,924

Essex Property Trust, Inc.		189		44,872

Mid-America Apartment Communities, Inc.		332		42,061

UDR, Inc.		857		32,935

				242,964


Restaurants-1.21%
Chipotle Mexican Grill, Inc.^(b)		80		110,937

Darden Restaurants, Inc.		377		44,908

Domino’s Pizza, Inc.		114		43,714

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

Invesco V.I. S&P 500 Index Fund


	Shares		Value
Restaurants-(continued)
McDonald’s Corp.		2,131	$	457,270

Starbucks Corp.		3,356		359,025

Yum! Brands, Inc.		874		94,882

				1,110,736


Retail REITs-0.21%
Federal Realty Investment Trust		200		17,024

Kimco Realty Corp.		1,255		18,837

Realty Income Corp.		1,002		62,294

Regency Centers Corp.		457		20,835

Simon Property Group, Inc.		888		75,729

				194,719


Semiconductor Equipment-0.64%
Applied Materials, Inc.		2,612		225,416

KLA Corp.		442		114,438

Lam Research Corp.		411		194,103

Teradyne, Inc.		482		57,787

				591,744


Semiconductors-4.40%
Advanced Micro Devices, Inc.^(b)		3,409		312,639

Analog Devices, Inc.		1,057		156,151

Broadcom, Inc.		1,158		507,030

Intel Corp.		11,719		583,841

Maxim Integrated Products, Inc.		775		68,704

Microchip Technology, Inc.		732		101,096

Micron Technology, Inc.^(b)		3,184		239,373

NVIDIA Corp.		1,770		924,294

Qorvo, Inc.^(b)		331		55,035

QUALCOMM, Inc.		3,234		492,668

Skyworks Solutions, Inc.		475		72,618

Texas Instruments, Inc.		2,625		430,841

Xilinx, Inc.		701		99,381

				4,043,671


Soft Drinks-1.40%
Coca-Cola Co. (The)		11,060		606,531

Monster Beverage Corp.^(b)		1,057		97,751

PepsiCo, Inc.		3,953		586,230

				1,290,512


Specialized REITs-1.20%
American Tower Corp.		1,271		285,289

Crown Castle International Corp.		1,218		193,893

Digital Realty Trust, Inc.		780		108,818

Equinix, Inc.		257		183,544

Extra Space Storage, Inc.		374		43,332

Iron Mountain, Inc.		836		24,645

Public Storage		435		100,455

SBA Communications Corp., Class A		318		89,717

Weyerhaeuser Co.		2,167		72,659

				1,102,352


Specialty Chemicals-0.76%
Albemarle Corp.		308		45,436

Celanese Corp.		343		44,569

DuPont de Nemours, Inc.		2,099		149,260

Ecolab, Inc.		711		153,832

International Flavors & Fragrances, Inc.		310		33,740

PPG Industries, Inc.		676		97,493


	Shares		Value
Specialty Chemicals-(continued)
Sherwin-Williams Co. (The)		234	$	171,969

				696,299


Specialty Stores-0.15%
Tiffany & Co.		313		41,144

Tractor Supply Co.		337		47,376

Ulta Beauty, Inc.^(b)		164		47,094

				135,614


Steel-0.05%
Nucor Corp.		876		46,594


Systems Software-6.05%
Fortinet, Inc.^(b)		390		57,927

Microsoft Corp.		21,621		4,808,943

NortonLifeLock, Inc.		1,716		35,658

Oracle Corp.		5,424		350,879

ServiceNow, Inc.^(b)		556		306,039

				5,559,446


Technology Distributors-0.06%
CDW Corp.		414		54,561


Technology Hardware, Storage & Peripherals-6.91%
Apple, Inc.		45,739		6,069,108

Hewlett Packard Enterprise Co.		3,736		44,272

HP, Inc.		3,928		96,589

NetApp, Inc.		644		42,659

Seagate Technology PLC		647		40,217

Western Digital Corp.		878		48,632

Xerox Holdings Corp.		519		12,036

				6,353,513


Tobacco-0.64%
Altria Group, Inc.		5,315		217,915

Philip Morris International, Inc.		4,454		368,747

				586,662


Trading Companies & Distributors-0.20%
Fastenal Co.		1,666		81,351

United Rentals, Inc.^(b)		209		48,469

W.W. Grainger, Inc.		130		53,084

				182,904


Trucking-0.10%
J.B. Hunt Transport Services, Inc.		242		33,070

Old Dominion Freight Line, Inc.		279		54,455

				87,525


Water Utilities-0.09%
American Water Works Co., Inc.		518		79,497


Wireless Telecommunication Services-0.24%
T-Mobile US, Inc.^(b)		1,669		225,065

Total Common Stocks & Other Equity Interests (Cost $21,917,718)				90,699,593


Money Market Funds-1.35%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(e)		431,341		431,341

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(e)		321,408		321,504

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

Invesco V.I. S&P 500 Index Fund


	Shares		Value
Money Market Funds-(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(e)		492,961	$	492,961

Total Money Market Funds (Cost $1,245,848)				1,245,806

TOTAL INVESTMENTS IN SECURITIES-100.04% (Cost $23,163,566)				91,945,399

OTHER ASSETS LESS LIABILITIES-(0.04)%				(41,151	)

NET ASSETS-100.00%			$	91,904,248

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value December 31, 2020		Dividend Income
Invesco Ltd.		$ 21,918		$ 1,108		$ (2,436	)		$1,643			$(2,764	)		$ 19,469		$ 923
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		281,283		4,742,712		(4,592,654	)		-			-			431,341		1,107
Invesco Liquid Assets Portfolio, Institutional Class		221,995		3,417,145		(3,317,732	)		(21	)		117			321,504		1,327
Invesco Treasury Portfolio, Institutional Class		321,467		5,420,241		(5,248,747	)		-			-			492,961		1,184
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		-		19,425		(19,425	)		-			-			-		2	*
Invesco Liquid Assets Portfolio, Institutional Class		-		5,512		(5,512)			-			-			-		1	*
Invesco Private Government Fund		-		66,792		(66,792	)		-			-			-		2	*
Invesco Private Prime Fund		-		29,656		(29,656	)		-			-			-		3	*
Total		$846,663		$13,702,591		$(13,282,954	)		$1,622			$(2,647	)		$1,265,275		$4,549

^(d)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

Open Futures Contracts

Long Futures Contracts

Number of
Contracts

Expiration
Month

Notional
Value

Value

Unrealized
Appreciation

Equity Risk

E-Mini S&P 500 Index

March-2021

$1,124,640

$26,335

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

Invesco V.I. S&P 500 Index Fund

Statement of Assets and Liabilities

December 31, 2020



Assets:
Investments in securities, at value (Cost $21,893,292)	$	90,680,124

Investments in affiliates, at value (Cost $1,270,274)		1,265,275

Other investments:
Variation margin receivable – futures contracts		6,917

Receivable for:
Dividends		66,892

Investment for trustee deferred compensation and retirement plans		45,898

Total assets		92,065,106


Liabilities:
Payable for:
Fund shares reacquired		14,687

Amount due custodian		9,365

Accrued fees to affiliates		45,096

Accrued other operating expenses		39,099

Trustee deferred compensation and retirement plans		52,611

Total liabilities		160,858

Net assets applicable to shares outstanding	$	91,904,248


Net assets consist of:
Shares of beneficial interest	$	13,873,676

Distributable earnings		78,030,572

	$	91,904,248


Net Assets:
Series I	$	38,820,009

Series II	$	53,084,239


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		1,912,945

Series II		2,634,849

Series I:
Net asset value per share	$	20.29

Series II:
Net asset value per share	$	20.15

Statement of Operations

For the year ended December 31, 2020



Investment income:
Dividends	$	1,505,815

Dividends from affiliates (includes securities lending income of $47)		4,588

Total investment income		1,510,403


Expenses:
Advisory fees		100,290

Administrative services fees		137,335

Custodian fees		6,476

Distribution fees - Series II		122,233

Transfer agent fees		4,092

Trustees’ and officers’ fees and benefits		20,988

Licensing fees		17,025

Reports to shareholders		11,365

Professional services fees		35,356

Other		(17,021	)

Total expenses		438,139

Less: Fees waived		(1,301	)

Net expenses		436,838

Net investment income		1,073,565


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		10,068,109

Affiliated investment securities		(2,647	)

Futures contracts		298,849

		10,364,311

Change in net unrealized appreciation of:
Unaffiliated investment securities		2,603,672

Affiliated investment securities		1,622

Futures contracts		4,555

		2,609,849

Net realized and unrealized gain		12,974,160

Net increase in net assets resulting from operations	$	14,047,725

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

Invesco V.I. S&P 500 Index Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	1,073,565		$	1,270,313

Net realized gain		10,364,311			5,915,111

Change in net unrealized appreciation		2,609,849			15,853,714

Net increase in net assets resulting from operations		14,047,725			23,039,138


Distributions to shareholders from distributable earnings:
Series I		(2,904,454	)		(4,162,074	)

Series II		(3,939,993	)		(5,597,313	)

Total distributions from distributable earnings		(6,844,447	)		(9,759,387	)


Share transactions–net:
Series I		(1,001,963	)		(2,676,121	)

Series II		(3,859,935	)		98,753

Net increase (decrease) in net assets resulting from share transactions		(4,861,898	)		(2,577,368	)

Net increase in net assets		2,341,380			10,702,383


Net assets:
Beginning of year		89,562,868			78,860,485

End of year	$	91,904,248		$	89,562,868

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

Invesco V.I. S&P 500 Index Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$18.71		$0.26		$ 2.96			$ 3.22			$(0.33	)		$(1.31	)		$(1.64	)		$20.29		17.99	%		$38,820		0.38	%^(d)		0.38	%^(d)		1.43	%^(d)		4	%
Year ended 12/31/19		16.12		0.29		4.51			4.80			(0.28	)		(1.93	)		(2.21	)		18.71		30.98			36,806		0.41			0.41			1.61			3
Year ended 12/31/18		18.53		0.26		(0.91	)		(0.65	)		(0.30	)		(1.46	)		(1.76	)		16.12		(4.86	)		33,758		0.51			0.51			1.41			3
Year ended 12/31/17		16.78		0.26		3.18			3.44			(0.31	)		(1.38	)		(1.69	)		18.53		21.26			38,450		0.48			0.48			1.46			3
Year ended 12/31/16		16.58		0.30		1.55			1.85			(0.31	)		(1.34	)		(1.65	)		16.78		11.45			34,812		0.41			0.41			1.81			4
Series II
Year ended 12/31/20		18.59		0.22		2.93			3.15			(0.28	)		(1.31	)		(1.59	)		20.15		17.70			53,084		0.63	^(d)		0.63	^(d)		1.18	^(d)		4
Year ended 12/31/19		16.03		0.25		4.47			4.72			(0.23	)		(1.93	)		(2.16	)		18.59		30.62			52,757		0.66			0.66			1.36			3
Year ended 12/31/18		18.43		0.22		(0.91	)		(0.69	)		(0.25	)		(1.46	)		(1.71	)		16.03		(5.07	)		45,102		0.76			0.76			1.16			3
Year ended 12/31/17		16.69		0.22		3.17			3.39			(0.27	)		(1.38	)		(1.65	)		18.43		21.00			55,090		0.73			0.73			1.21			3
Year ended 12/31/16		16.49		0.26		1.54			1.80			(0.26	)		(1.34	)		(1.60	)		16.69		11.20			52,212		0.66			0.66			1.56			4

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $34,682 and $48,893 for Series I and Series II shares, respectively.

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

Invesco V.I. S&P 500 Index Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco V.I. S&P 500 Index Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to provide investment results that, before expenses, correspond to the total return (i.e., the combination of capital changes and income) of the Standard & Poor’s 500® Composite Stock Price Index.

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

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

Invesco V.I. S&P 500 Index Fund

share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

Invesco V.I. S&P 500 Index Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $2 billion		0.120%


Over $2 billion		0.100%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.12%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $1,301.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $12,069 for accounting and fund administrative services and was reimbursed $125,266 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

Level 3 -

Invesco V.I. S&P 500 Index Fund

Level 1

Level 2

Level 3

Total

Investments in Securities

Common Stocks & Other Equity Interests

$90,699,593

$–

$90,699,593

Money Market Funds

1,245,806

–

1,245,806

Total Investments in Securities

91,945,399

–

91,945,399

Other Investments - Assets*

Futures Contracts

26,335

–

26,335

Total Investments

$91,971,734

$–

$91,971,734

*	Unrealized appreciation.

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value

Derivative Assets	Equity Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	26,335

Derivatives not subject to master netting agreements		(26,335	)

Total Derivative Assets subject to master netting agreements	$	-

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

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain on Statement of Operations
	Equity Risk

Realized Gain:
Futures contracts		$298,849

Change in Net Unrealized Appreciation:
Futures contracts		4,555

Total		$303,404

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


	Futures Contracts

Average notional value	$	1,446,381

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

Invesco V.I. S&P 500 Index Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	1,421,367	$	1,124,398


Long-term capital gain		5,423,080		8,634,989


Total distributions	$	6,844,447	$	9,759,387

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020
Undistributed ordinary income	$	1,257,902

Undistributed long-term capital gain		9,594,534

Net unrealized appreciation – investments		67,215,176

Temporary book/tax differences		(37,040	)


Shares of beneficial interest		13,873,676

Total net assets	$	91,904,248

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $2,994,474 and $15,793,553, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments		$67,993,773


Aggregate unrealized (depreciation) of investments		(778,597	)


Net unrealized appreciation of investments	$	67,215,176

Cost of investments for tax purposes is $24,756,558.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of fair fund settlements, on December 31, 2020, undistributed net investment income was increased by $75 and undistributed net realized gain was decreased by $75. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity
	Year ended December 31, 2020^(a)				Year ended December 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Series I		83,700	$	1,520,338		101,728	$	1,853,921

Series II		95,867		1,653,237		79,690		1,455,975


Issued as reinvestment of dividends:
Series I		156,018		2,903,491		242,328		4,160,777

Series II		213,088		3,939,993		327,904		5,597,313

Invesco V.I. S&P 500 Index Fund


	Summary of Share Activity
	Year ended December 31, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Reacquired:
Series I		(293,468	)	$	(5,425,792	)		(470,895	)	$	(8,690,819	)

Series II		(512,091	)		(9,453,165	)		(383,854	)		(6,954,535	)

Net increase (decrease) in share activity		(256,886	)	$	(4,861,898	)		(103,099	)	$	(2,577,368	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 90% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. S&P 500 Index Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. S&P 500 Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. S&P 500 Index Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. S&P 500 Index Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,219.00	$2.18	$1,023.18	$1.98	0.39%
Series II	1,000.00	1,217.60	3.57	1,021.92	3.25	0.64

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. S&P 500 Index Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	5,423,080
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. S&P 500 Index Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey –1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. S&P 500 Index Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco V.I. S&P 500 Index Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Small Cap Equity Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VISCE-AR-1

Management’s Discussion of Fund Performance


Performance summary For the year ended December 31, 2020, Series I shares of Invesco V.I. Small Cap Equity Fund (the Fund) outperformed the Russell 2000 Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	27.25	%
Series II Shares	26.87
S&P 500 Index^q(Broad Market Index)	18.40
Russell 2000 Index^q(Style-Specific Index)	19.96
Lipper VUF Small-Cap Core Funds Index^∎(Peer Group Index)	11.23
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Given this environment, the Fund produced a strong, double-digit return and outperformed its style-specific benchmark during the year. Relative outperformance was largely attributed to positive security selection across a broad set of sectors including information technology (IT), real estate, industrials, consumer discretionary, communication services, financials, utilities and materials. The Fund’s allocation to most of these sectors also provided a positive impact to relative results with

our allocations in the IT, consumer discretionary and utilities sectors contributing the most. Alternatively, stock selection and an underweight allocation in the health care sector detracted the most from relative performance. Security selection in the consumer staples and energy sectors were headwinds along with the Fund’s ancillary cash position.

Top individual contributors to the Fund’s absolute performance during the year included Crocs, Penn National Gaming and Lattice Semiconductor.

Comfort foam shoemaker, Crocs was the leading contributor to Fund performance on an absolute basis and was added to the Fund in the first quarter of 2020 following a significant decline in its stock price due to concerns over business interruption from COVID-19. During the year, the company generated better than expected results driven by strong eCommerce growth offsetting weakness in its retail segment.

Penn National Gaming benefited from strong gaming activity during the year as its casinos gradually reopened following COVID-19 shutdowns and are operating with improved profitability. The regional casino operator also owns a 36%⁴ stake in Barstool Sports whose sports betting app, Barstool Sportsbook, rocketed to become the most downloaded sports betting application in Apple’s app store shortly after its September soft launch.

Strength in Lattice Semiconductor during the year can be attributed to two primary factors. The semiconductor company introduced its Nexus platform which we believe offers significant competitive pricing and performance benefits relative to peers due to its better power efficiency and faster speeds. Additionally, with Nexus now available, Lattice was able to capitalize on improving end market spending including 5G, data centers, auto and industrials.

Top individual detractors from the Fund’s absolute performance included ChampionX, Boot Barn and Viper Energy.

ChampionX (formerly Apergy) and Viper Energy are both energy sector constituents that declined with oil prices early in the year. We exited our position to become more defensive in this space as the oil markets were likely to take longer than other areas of the economy to navigate the COVID driven lock-down.

Boot Barn was among the leading detractors despite being a strong retailer offering good competitive dynamics. However, with oil prices depressed and rig count down, we believed Boot Barn would struggle to sustain growth without this key customer demographic. We exited our position during the year.

We wish to remind you that all positioning changes are based on a bottom-up stock selection process. Our portfolio construction is designed to manage risk and ensure alignment with small-cap market sector exposure

Invesco V.I. Small Cap Equity Fund

within modest over- and underweights. At the close of the year, the Fund’s underweight exposures relative to the Russell 2000 Index were in the health care, energy, utilities, consumer staples, real estate and communication services sectors. Conversely, the Fund’s overweight exposures were in the IT, industrials, financials, materials and consumer discretionary sectors.

At the close of the year, we continued to expect volatility as the global economy ebbs and flows between high COVID-19 infection rates resulting in either government-mandated or self-imposed lockdowns and vaccinations supporting reopenings and a return to normalcy. At the margin, we have shifted out of more defensive stocks and into stocks that we believe have more upside potential in a post-COVID economic and market recovery. Though the situation continues to evolve, we believe the US economy will gradually re-open on a regional basis. We expect unemployment, weakened confidence, de-leveraging, and bankruptcies will be headwinds, while COVID vaccine deployment, growing herd immunity, monetary and fiscal stimulus, as well as pent-up demand will provide tailwinds.

Thank you for your commitment to the Invesco V.I. Small Cap Equity Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

4 Source: Penn National Gaming: pngaming.com

Portfolio manager(s):

Juan Hartsfield (Lead)

Davis Paddock

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Small Cap Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (8/29/03)	9.32	%
10 Years	10.15
5 Years	11.82
1 Year	27.25

Series II Shares
Inception (8/29/03)	9.06	%
10 Years	9.87
5 Years	11.55
1 Year	26.87

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Small Cap Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.

Invesco V.I. Small Cap Equity Fund

Supplemental Information

Invesco V.I. Small Cap Equity Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎	The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Lipper VUF Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core variable insurance underlying funds tracked by Lipper.

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

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

Invesco V.I. Small Cap Equity Fund

Fund Information


Portfolio Composition
By sector		% of total net assets

Information Technology		19.27%

Industrials		19.19

Financials		17.33

Health Care		15.25

Consumer Discretionary		13.43

Real Estate		5.59

Materials		4.69

Other Sectors, Each Less than 2% of Net Assets		4.36

Money Market Funds Plus Other Assets Less Liabilities		0.89



Top 10 Equity Holdings*
		% of total net assets

1. Lattice Semiconductor Corp.		2.00%

2. NeoGenomics, Inc.		1.87

3. Penn National Gaming, Inc.		1.67

4. Ryman Hospitality Properties, Inc.		1.65

5. OneMain Holdings, Inc.		1.61

6. Taylor Morrison Home Corp., Class A		1.43

7. Semtech Corp.		1.31

8. LPL Financial Holdings, Inc.		1.29

9. Piper Sandler Cos.		1.29

10. Visteon Corp.		1.27

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco V.I. Small Cap Equity Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–99.10%

Air Freight & Logistics–0.89%
Air Transport Services Group, Inc.^(b)		69,785	$	2,187,062

Alternative Carriers–1.19%
Iridium Communications, Inc.^(b)		74,189		2,917,482

Apparel Retail–1.25%
American Eagle Outfitters, Inc.		106,295		2,133,341
Children’s Place, Inc. (The)^(b)		18,529		928,303
				3,061,644

Application Software–7.19%
Avalara, Inc.^(b)		14,279		2,354,464
Avaya Holdings Corp.^(b)		110,958		2,124,846
LivePerson, Inc.^(b)		43,740		2,721,940
Manhattan Associates, Inc.^(b)		20,707		2,177,962
Nuance Communications, Inc.^(b)		62,264		2,745,220
Q2 Holdings, Inc.^(b)		21,227		2,685,852
Verint Systems, Inc.^(b)		41,016		2,755,455
				17,565,739

Asset Management & Custody Banks–0.37%
Blucora, Inc.^(b)		57,313		911,850

Auto Parts & Equipment–1.27%
Visteon Corp.^(b)		24,815		3,114,779

Automotive Retail–1.05%
Lithia Motors, Inc., Class A		8,741		2,558,228

Biotechnology–3.07%
CRISPR Therapeutics AG (Switzerland)^(b)		10,417		1,594,947
Emergent BioSolutions, Inc.^(b)		19,046		1,706,522
Natera, Inc.^(b)		27,468		2,733,615
TG Therapeutics, Inc.^(b)		28,206		1,467,276
				7,502,360

Building Products–2.92%
Masonite International Corp.^(b)		24,413		2,400,774
Owens Corning		38,035		2,881,532
Trex Co., Inc.^(b)		22,041		1,845,273
				7,127,579

Casinos & Gaming–1.67%
Penn National Gaming, Inc.^(b)		47,309		4,086,078

Communications Equipment–0.75%
Ciena Corp.^(b)		34,497		1,823,166

Construction & Engineering–2.22%
NV5 Global, Inc.^(b)		35,727		2,814,573
WillScot Mobile Mini Holdings Corp.^(b)		112,560		2,608,015
				5,422,588

Construction Materials–2.04%
Eagle Materials, Inc.		25,061		2,539,932
Summit Materials, Inc., Class A^(b)		121,422		2,438,154
				4,978,086


	Shares		Value

Consumer Finance–1.61%
OneMain Holdings, Inc.		81,551	$	3,927,496

Electric Utilities–0.27%
IDACORP, Inc.		6,900		662,607

Electrical Components & Equipment–2.98%
EnerSys		27,613		2,293,536
Plug Power, Inc.^(b)		77,091		2,614,156
Vertiv Holdings Co.		127,311		2,376,896
				7,284,588

Electronic Equipment & Instruments–2.31%
Badger Meter, Inc.		32,303		3,038,420
Coherent, Inc.^(b)		17,295		2,594,596
				5,633,016

Electronic Manufacturing Services–1.08%
Flex Ltd.^(b)		146,770		2,638,925

Environmental & Facilities Services–0.88%
Casella Waste Systems, Inc., Class A^(b)		34,914		2,162,922

Fertilizers & Agricultural Chemicals–0.97%
Scotts Miracle-Gro Co. (The)		11,872		2,364,190

Financial Exchanges & Data–1.10%
TMX Group Ltd. (Canada)		26,824		2,679,239

Food Retail–0.66%
Sprouts Farmers Market, Inc.^(b)		80,636		1,620,784

Footwear–2.20%
Crocs, Inc.^(b)		39,472		2,473,316
Wolverine World Wide, Inc.		92,960		2,905,000
				5,378,316

Health Care Equipment–3.13%
AtriCure, Inc.^(b)		51,529		2,868,619
CONMED Corp.		23,838		2,669,856
Hill-Rom Holdings, Inc.		21,501		2,106,453
				7,644,928

Health Care Facilities–2.10%
Encompass Health Corp.		32,944		2,724,139
Pennant Group, Inc. (The)^(b)		41,398		2,403,568
				5,127,707

Health Care Services–1.06%
Castle Biosciences, Inc.^(b)		38,479		2,583,865

Health Care Supplies–1.68%
ICU Medical, Inc.^(b)		9,024		1,935,558
OrthoPediatrics Corp.^(b)		52,367		2,160,139
				4,095,697

Health Care Technology–1.24%
Simulations Plus, Inc.		42,142		3,030,853

Heavy Electrical Equipment–0.74%
TPI Composites, Inc.^(b)		34,047		1,797,001

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

Invesco V.I. Small Cap Equity Fund


	Shares		Value
Homebuilding–1.43%

Taylor Morrison Home Corp., Class A^(b)		136,557	$	3,502,687

Hotel & Resort REITs–1.65%

Ryman Hospitality Properties, Inc.		59,332		4,020,336

Hotels, Resorts & Cruise Lines–1.18%
Wyndham Destinations, Inc.		64,219		2,880,864

Industrial Machinery–4.78%
Altra Industrial Motion Corp.		45,536		2,524,061
Gates Industrial Corp. PLC^(b)		166,937		2,130,116
Helios Technologies, Inc.		45,083		2,402,473
ITT, Inc.		31,685		2,440,379
SPX Corp.^(b)		40,019		2,182,636
				11,679,665

Industrial REITs–1.82%
EastGroup Properties, Inc.		16,379		2,261,285
STAG Industrial, Inc.		69,849		2,187,670
				4,448,955

Interactive Media & Services–0.77%
Eventbrite, Inc., Class A^(b)		104,402		1,889,676

Investment Banking & Brokerage–2.58%
LPL Financial Holdings, Inc.		30,234		3,150,988
Piper Sandler Cos.		31,148		3,142,833
				6,293,821

Life & Health Insurance–0.94%
Primerica, Inc.		17,125		2,293,551

Life Sciences Tools & Services–2.98%
Medpace Holdings, Inc.^(b)		19,398		2,700,202
NeoGenomics, Inc.^(b)		84,907		4,571,393
				7,271,595

Multi-line Insurance–0.92%
Assurant, Inc.		16,422		2,237,005

Packaged Foods & Meats–0.67%
Calavo Growers, Inc.		23,622		1,640,075

Paper Packaging–0.78%
Graphic Packaging Holding Co.		112,461		1,905,089

Property & Casualty Insurance–1.36%
Hanover Insurance Group, Inc. (The)		13,909		1,626,240
Selective Insurance Group, Inc.		25,430		1,703,302
				3,329,542

Real Estate Services–1.04%
FirstService Corp. (Canada)		18,500		2,532,069

Regional Banks–7.02%
Columbia Banking System, Inc.		61,422		2,205,050
Community Bank System, Inc.		31,050		1,934,726
Glacier Bancorp, Inc.		47,932		2,205,351
Pacific Premier Bancorp, Inc.		63,715		1,996,191
Pinnacle Financial Partners, Inc.		34,047		2,192,627
South State Corp.		24,581		1,777,206
Webster Financial Corp.		49,241		2,075,508
Western Alliance Bancorporation		46,172		2,768,011
				17,154,670


	Shares		Value
Research & Consulting Services–1.06%
Huron Consulting Group, Inc.^(b)		43,868	$	2,586,019

Restaurants–1.33%
Papa John’s International, Inc.		19,067		1,617,835
Wendy’s Co. (The)		74,059		1,623,373
				3,241,208

Semiconductor Equipment–2.15%
Brooks Automation, Inc.		41,684		2,828,260
Entegris, Inc.		25,162		2,418,068
				5,246,328

Semiconductors–5.79%
Lattice Semiconductor Corp.^(b)		106,797		4,893,439
MACOM Technology Solutions Holdings, Inc.^(b)		56,280		3,097,651
Power Integrations, Inc.		36,285		2,970,290
Semtech Corp.^(b)		44,311		3,194,380
				14,155,760

Specialized Consumer Services–1.03%
Terminix Global Holdings, Inc.^(b)		49,143		2,506,784

Specialized REITs–1.08%
Gaming and Leisure Properties, Inc.		62,379		2,644,870

Specialty Chemicals–0.91%
Ashland Global Holdings, Inc.		27,992		2,216,966

Thrifts & Mortgage Finance–1.43%
Essent Group Ltd.		43,219		1,867,061
Radian Group, Inc.		80,653		1,633,223
				3,500,284

Tires & Rubber–1.01%
Cooper Tire & Rubber Co.		61,089		2,474,105

Trading Companies & Distributors–1.95%
Applied Industrial Technologies, Inc.		32,321		2,520,715
Univar Solutions, Inc.^(b)		118,345		2,249,738
				4,770,453

Trucking–0.76%
Knight-Swift Transportation Holdings, Inc.		44,559		1,863,457

Water Utilities–0.79%
California Water Service Group		35,603		1,923,630
Total Common Stocks & Other Equity Interests (Cost $169,682,624)				242,098,239

Money Market Funds–0.71%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		622,027		622,027
Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		398,715		398,835
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		710,888		710,888
Total Money Market Funds (Cost $1,731,750)				1,731,750
TOTAL INVESTMENTS IN SECURITIES–99.81% (Cost $171,414,374)				243,829,989
OTHER ASSETS LESS LIABILITIES–0.19%				457,753
NET ASSETS–100.00%			$	244,287,742

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

Invesco V.I. Small Cap Equity Fund

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,445,484		$	21,869,405		$	(22,692,862	)		$	-			$	-		$	622,027		$	3,006
Invesco Liquid Assets Portfolio, Institutional Class			1,043,617			15,621,004			(16,267,028	)			(108	)			1,350			398,835			3,614
Invesco Treasury Portfolio, Institutional Class			1,651,983			24,993,605			(25,934,700	)			-				-			710,888			3,056
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			795,743			7,044,651			(7,840,394	)			-				-			-			2,630	*
Invesco Liquid Assets Portfolio, Institutional Class			265,247			1,904,449			(2,169,869	)			24				149			-			979	*
Invesco Private Government Fund			-			22,350,112			(22,350,112	)			-				-			-			132	*
Invesco Private Prime Fund			-			5,120,945			(5,121,019	)			-				74			-			160	*
Total		$	5,202,074		$	98,904,171		$	(102,375,984	)		$	(84	)		$	1,573		$	1,731,750		$	13,577

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

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

Invesco V.I. Small Cap Equity Fund

Statement of Assets and Liabilities

December 31, 2020



Assets:
Investments in securities, at value (Cost $169,682,624)	$	242,098,239

Investments in affiliated money market funds, at value (Cost $1,731,750)		1,731,750

Cash		532,709

Foreign currencies, at value (Cost $12,781)		12,817

Receivable for:
Investments sold		578,368

Fund shares sold		43,207

Dividends		73,744

Investment for trustee deferred compensation and retirement plans		87,023

Total assets		245,157,857


Liabilities:
Payable for:
Investments purchased		280,573

Fund shares reacquired		330,430

Accrued fees to affiliates		120,321

Accrued other operating expenses		43,298

Trustee deferred compensation and retirement plans		95,493

Total liabilities		870,115

Net assets applicable to shares outstanding	$	244,287,742


Net assets consist of:
Shares of beneficial interest	$	158,828,107

Distributable earnings		85,459,635

	$	244,287,742


Net Assets:
Series I	$	129,880,966

Series II	$	114,406,776


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		6,297,436

Series II		5,960,933

Series I:
Net asset value per share	$	20.62

Series II:
Net asset value per share	$	19.19

Statement of Operations

For the year ended December 31, 2020



Investment income:
Dividends (net of foreign withholding taxes of $10,693)	$	2,314,918

Dividends from affiliated money market funds (includes securities lending income of $2,738)		12,414

Total investment income		2,327,332


Expenses:
Advisory fees		1,476,891

Administrative services fees		322,319

Custodian fees		5,674

Distribution fees - Series II		227,183

Transfer agent fees		27,035

Trustees’ and officers’ fees and benefits		21,865

Reports to shareholders		11,470

Professional services fees		32,978

Other		2,787

Total expenses		2,128,202

Less: Fees waived		(3,830	)

Net expenses		2,124,372

Net investment income		202,960


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $72,814)		13,010,945

Affiliated investment securities		1,573

Foreign currencies		436

		13,012,954

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		40,099,158

Affiliated investment securities		(84	)

Foreign currencies		(142	)

		40,098,932

Net realized and unrealized gain		53,111,886

Net increase in net assets resulting from operations	$	53,314,846

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

Invesco V.I. Small Cap Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income		$ 202,960		$	529,966

Net realized gain		13,012,954			29,137,765

Change in net unrealized appreciation		40,098,932			25,301,514

Net increase in net assets resulting from operations		53,314,846			54,969,245


Distributions to shareholders from distributable earnings:
Series I		(9,700,819	)		(13,821,130	)

Series II		(8,807,533	)		(18,517,603	)

Total distributions from distributable earnings		(18,508,352	)		(32,338,733	)


Share transactions–net:
Series I		(7,393,188	)		(1,229,864	)

Series II		623,910			(30,878,941	)

Net increase (decrease) in net assets resulting from share transactions		(6,769,278	)		(32,108,805	)

Net increase (decrease) in net assets		28,037,216			(9,478,293	)


Net assets:
Beginning of year		216,250,526			225,728,819

End of year	$	244,287,742		$	216,250,526

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

Invesco V.I. Small Cap Equity Fund

Financial Highlights

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


																																					Ratio of			Ratio of
																																					expenses			expenses
								Net gains																													to average			to average net			Ratio of net
								(losses)																													net assets			assets without			investment
	Net asset			Net				on securities								Dividends				Distributions																	with fee waivers			fee waivers			income
	value,			investment				(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			(loss)
	beginning			income				realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			(loss)^(a)				unrealized)				operations				income				gains				distributions				of period			return ^(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover^(c)
Series I
Year ended 12/31/20		$	17.73		$	0.04			$	4.48			$	4.52			$	(0.06	)		$	(1.57	)		$	(1.63	)		$	20.62		27.25	%		$	129,881		0.96	%^(d)		0.96	%^(d)		0.21	%^(d)		45	%
Year ended 12/31/19			15.93			0.06				4.03				4.09				–				(2.29	)			(2.29	)			17.73		26.60				118,208		0.96			0.96			0.34			44
Year ended 12/31/18			20.02			0.02				(2.74	)			(2.72	)			–				(1.37	)			(1.37	)			15.93		(15.08	)			106,064		0.96			0.96			0.10			22
Year ended 12/31/17			18.38			(0.01	)			2.53				2.52				–				(0.88	)			(0.88	)			20.02		14.06				149,405		0.97			0.97			(0.02	)		20
Year ended 12/31/16			17.64			0.01				2.06				2.07				–				(1.33	)			(1.33	)			18.38		12.06				161,727		1.01			1.01			0.04			37
Series II
Year ended 12/31/20			16.60			(0.01	)			4.17				4.16				(0.00	)			(1.57	)			(1.57	)			19.19		26.87				114,407		1.21	^(d)		1.21	^(d)		(0.04	)^(d)		45
Year ended 12/31/19			15.07			0.02				3.80				3.82				–				(2.29	)			(2.29	)			16.60		26.32				98,043		1.21			1.21			0.09			44
Year ended 12/31/18			19.05			(0.03	)			(2.58	)			(2.61	)			–				(1.37	)			(1.37	)			15.07		(15.27	)			119,664		1.21			1.21			(0.15	)		22
Year ended 12/31/17			17.58			(0.05	)			2.40				2.35				–				(0.88	)			(0.88	)			19.05		13.73				157,349		1.22			1.22			(0.27	)		20
Year ended 12/31/16			16.96			(0.03	)			1.98				1.95				–				(1.33	)			(1.33	)			17.58		11.84				148,883		1.26			1.26			(0.21	)		37

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $107,367 and $90,873 for Series I and Series II shares, respectively.

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

Invesco V.I. Small Cap Equity Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Small Cap Equity Fund

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Small Cap Equity Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $250 million		0.745%

Next $250 million		0.730%

Next $500 million		0.715%

Next $1.5 billion		0.700%

Next $2.5 billion		0.685%

Next $2.5 billion		0.670%

Next $2.5 billion		0.655%

Over $10 billion		0.640%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.745%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $3,830.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $26,504 for accounting and fund administrative services and was reimbursed $295,815 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $749 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Invesco V.I. Small Cap Equity Fund


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	2,363,813	$	179,127


Long-term capital gain		16,144,539		32,159,606


Total distributions	$	18,508,352	$	32,338,733

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020
Undistributed ordinary income	$	6,543,835

Undistributed long-term capital gain		7,785,112

Net unrealized appreciation – investments		71,196,986

Net unrealized appreciation - foreign currencies		35

Temporary book/tax differences		(66,333	)

Shares of beneficial interest		158,828,107

Total net assets	$	244,287,742

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

Invesco V.I. Small Cap Equity Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $88,877,327 and $112,408,286, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	76,334,742

Aggregate unrealized (depreciation) of investments		(5,137,756	)

Net unrealized appreciation of investments	$	71,196,986

Cost of investments for tax purposes is $172,633,003.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of redemption-in-kind, on December 31, 2020, undistributed net investment income was decreased by $34,081 and undistributed net realized gain was increased by $34,081. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Series I		1,036,038		$	15,659,643			501,715		$	8,900,799

Series II		1,139,291			16,592,309			1,589,687			27,357,249


Issued as reinvestment of dividends:
Series I		559,125			9,700,819			828,605			13,821,130

Series II		545,358			8,807,533			1,185,506			18,517,603


Reacquired:

Series I		(1,963,194	)		(32,753,650	)		(1,321,243	)		(23,951,793	)

Series II		(1,631,642	)		(24,775,932	)		(4,807,788	)		(76,753,793	)

Net increase (decrease) in share activity		(315,024	)	$	(6,769,278	)		(2,023,518	)	$	(32,108,805	)

^(a)

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco V.I. Small Cap Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Small Cap Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Small Cap Equity Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,384.10	$5.75	$1,020.31	$4.88	0.96%
Series II	1,000.00	1,382.80	7.25	1,019.05	6.14	1.21

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Small Cap Equity Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	16,144,539
Corporate Dividends Received Deduction*		97.18%
Qualified Dividend Income*		0.00%
U.S. Treasury Obligations*		0.00%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Small Cap Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Small Cap Equity Fund


Trustees and Officers–(continued)
Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School – Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Small Cap Equity Fund


Trustees and Officers–(continued)
Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Small Cap Equity Fund


Trustees and Officers–(continued)
Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Small Cap Equity Fund


Trustees and Officers–(continued)
Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Small Cap Equity Fund


Trustees and Officers–(continued)
Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Small Cap Equity Fund


Trustees and Officers–(continued)
Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Small Cap Equity Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco V.I. Technology Fund

LOGO



NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE
Invesco Distributors, Inc.				I-VITEC-AR-1

Management’s Discussion of Fund Performance


Performance summary
For the year ended December 31, 2020, Series I shares of Invesco V.I. Technology Fund (the Fund) outperformed the NASDAQ Composite Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	46.11	%
Series II Shares	45.79
NASDAQ Composite Index^q(Broad Market/Style-Specific Index)	44.92
Lipper VUF Science & Technology Funds Classification Average^∎(Peer Group)	47.07

Source(s):^qBloomberg LP; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Given this landscape, the Fund produced a strong, double digit return and outperformed its broad market/style-specific benchmark, the NASDAQ Composite Index, during the year. Performance was driven by both stock selection and market allocation. Key relative contributors included stock selection and overweight exposure in the interactive home entertainment and application software industries, as well as stock selection and underweight exposure in the biotechnology and systems software industries. A lack of exposure in regional banks was also beneficial versus the style-specific benchmark. Conversely,

a lack of automobile manufacturers, an underweight in technology hardware and stock selection in the health care equipment and the internet & direct marketing retail industries detracted from the Fund’s relative returns.

Top individual contributors to the Fund’s absolute and relative performance during the year included Amazon.com, Sea Limited and NVIDIA.

The COVID-19 event has accelerated some of the long-term shifts driven by technological changes and increased connectivity that we seek to capture in the Fund’s investments. eCommerce platforms have seen substantial growth in demand from new users, as well as for the previously underpenetrated categories of food and consumables. An overweight allocation in Amazon was beneficial as the eCommerce giant experienced a surge in demand for food, consumables and office supplies as users worked, schooled and shopped from home in 2020.

Sea Limited, the leading internet platform in Southeast Asia and Taiwan, also benefited from mandated and voluntary social distancing measures through its digital entertainment, eCommerce and digital payments business units. During the second and third quarters of 2020, Sea’s sales and profits were up nearly 100%. Additionally, Free Fire, Sea’s self-developed battle royale game for mobile devices has been quite successful – particularly in markets that tend to have lower-end mobile devices. This is an important and impactful product for Sea given the title earned recognition as the highest grossing mobile game in Latin America and Southeast Asia in 2019 and well into 2020.

NVIDIA designs graphics processing units (GPU) for video gaming, mobile computing and automotive markets. Beyond its initial GPU in 1999 that brought gaming to personal computers, NVIDIA is still a leader in GPUs today, particularly in the high-end market. And NVIDIA has been rapidly expanding into accelerated computing and artificial intelligence (AI). The COVID-19 event has accelerated the use of AI in health care. Leading research institutions, universities and health care start-ups are using NVIDIA’s technology for GPU-accelerated AI in medical imaging to better understand disease and ultimately develop therapies.

Top individual detractors from absolute Fund performance included Broadcom, Boston Scientific and Fiserv.

Broadcom designs a wide range of semiconductors for the wireless, broadband, network and industrial markets. The chip maker’s share price had been slowly recovering from the May 2019 US ban on component exports to Chinese telecommunication giant Huawei (not a Fund holding), which negatively impacted sales and profit expectations. The stock faced additional headwinds as Broadcom withdrew previous guidance as a result

Invesco V.I. Technology Fund

of COVID-19 and reported lower-than-expected profits. We sold the stock during the year.

Boston Scientific is a medical device company with product concentration in the areas of cardiovascular and the nervous system. The company was set up to have multiple product launches in 2020, until COVID-19 hit. As patients opted to delay medical procedures as much as possible during the pandemic, Boston Scientific pushed out product launches and underperformed peers given reduced sales and a relatively high debt load from prior acquisitions. Increased competitive pressures ultimately caused us to sell the stock during the year.

Fiserv is a technology solution provider for banks and other financial institutions. The original investment thesis for owning Fiserv was hindered in the COVID-19 event. Fiserv was originally purchased for its attractive valuation, potential to benefit from merger and acquisition activity and its ability to leverage consumer demand deposit account data to drive higher value to banks and merchants. The COVID-19 event was relatively more detrimental to Fiserv versus competitors given greater exposure to consumer spending and higher amounts of debt on its balance sheet. We sold Fiserv during the year.

At the close of the year, we continued to emphasize innovation, transformative technology and opportunities, which we expect to take market share from mature companies, including the game-changing technologies of mobile, security, cloud and medical technology. We remain optimistic about technology spending and companies’ need to invest in more robust security solutions and for future growth. In our opinion, technology will continue to be a key driver of the increased pace of health care innovation and attractive long-term growth rates. Areas of focus include genomics research and more targeted therapeutics, bioproduction, robotic surgery adoption, and disruption aimed at the healthcare consumer. We attempt to harness multi-year secular trends, which may benefit long-term investors regardless of near-term economic strength.

We expect continued volatility as the global economy ebbs and flows between high COVID-19 infection rates with lockdowns and vaccinations supporting reopenings with a return to normalcy. Interest rates are likely to remain low by historic standards and economic growth is likely to remain muted on a full year basis. Throughout the next year, some quarterly results for sales and profits will have some relatively easy comparisons compared to the early and tight lockdown situation we had during the first and second quarters of 2020. We believe this is a ripe environment for equities in general as pent up demand further propels the cyclical recovery. However, value industries lack pricing power in the face of globalization, overcapacity and increased efficiencies mostly due to technological changes. Therefore, we believe growth will continue to outperform. As ever, we believe change is the fuel for growth. We plan to

be active in our positioning to take advantage of cyclical opportunities as a result of vaccinedeployment and a return to normal while also balancing the portfolio with securities we think will benefit from longer term secular growth. We continue to seek to identify “share-takers,” companies that can gain market share through technology-enabled advantages in their business models and from disruptive shifts in enterprise and consumer behavior.

Thank you for your commitment to the Invesco V.I. Technology Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Janey Luby

Erik Voss (Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Technology Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Souce: Bloomberg LP

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/20/97)			8.39%
10 Years			15.31
5 Years			21.53
1 Year			46.11

Series II Shares
Inception (4/30/04)			11.06%
10 Years			15.03
5 Years			21.22
1 Year			45.79

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Technology Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly.

Invesco V.I. Technology Fund

Supplemental Information

Invesco V.I. Technology Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The NASDAQ Composite Index is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market.

∎

The Lipper VUF Science & Technology Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Science & Technology Funds classification.

∎

Invesco V.I. Technology Fund

Fund Information

Portfolio Composition


By sector		% of total net assets
Information Technology		47.17%

Communication Services		18.52

Consumer Discretionary		16.58

Health Care		13.99

Industrials		2.25

Money Market Funds Plus Other Assets Less Liabilities		1.49

Top 10 Equity Holdings*
		% of total net assets

1. Amazon.com, Inc.		8.06%

2. Microsoft Corp.		5.61

3. Apple, Inc.		5.41

4. QUALCOMM, Inc.		5.32

5. Alphabet, Inc., Class A		5.07

6. Facebook, Inc., Class A		4.44

7. NVIDIA Corp.		3.92

8. Applied Materials, Inc.		3.80

9. RingCentral, Inc., Class A		3.59

10. Booking Holdings, Inc.		3.10


The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. * Excluding money market fund holdings, if any. Data presented here are as of December 31, 2020.

Invesco V.I. Technology Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–98.50%
Application Software–9.70%
Adobe, Inc.^(b)		6,177	$	3,089,241

C3.ai, Inc., Class A^(b)		7,667		1,063,796

Paylocity Holding Corp.^(b)		5,074		1,044,787

RingCentral, Inc., Class A^(b)		19,030		7,211,799

salesforce.com, inc.^(b)		8,039		1,788,919

Splunk, Inc.^(b)		9,420		1,600,364

Synopsys, Inc.^(b)		14,287		3,703,762

				19,502,668


Biotechnology–0.55%
BeiGene Ltd., ADR (China)^(b)		4,273		1,104,100


Construction Machinery & Heavy Trucks–0.23%
Nikola Corp.^(b)(c)		30,629		467,399


Consumer Electronics–2.33%
Sony Corp. (Japan)		46,500		4,675,281


Data Processing & Outsourced Services–5.93%
PayPal Holdings, Inc.^(b)		25,271		5,918,468

Visa, Inc., Class A		27,419		5,997,358

				11,915,826


Health Care Equipment–3.73%
Abbott Laboratories		14,558		1,593,956

Intuitive Surgical, Inc.^(b)		2,941		2,406,032

Teleflex, Inc.		8,520		3,506,576

				7,506,564


Health Care Technology–0.71%
GoodRx Holdings, Inc., Class A^(b)(c)		28,417		1,146,342

Teladoc Health, Inc.^(b)		1,391		278,144

				1,424,486


Interactive Home Entertainment–6.90%
Activision Blizzard, Inc.		29,381		2,728,026

Electronic Arts, Inc.^(b)		11,960		1,717,456

Nintendo Co. Ltd. (Japan)		3,700		2,361,300

Sea Ltd., ADR (Taiwan)^(b)		25,828		5,141,063

Take-Two Interactive Software, Inc.^(b)		9,296		1,931,616

				13,879,461


Interactive Media & Services–10.58%
Alphabet, Inc., Class A^(b)		5,823		10,205,623

Facebook, Inc., Class A^(b)		32,652		8,919,220

ZoomInfo Technologies, Inc., Class A^(b)		44,615		2,151,782

				21,276,625


Internet & Direct Marketing Retail–14.26%
Alibaba Group Holding Ltd., ADR (China)^(b)		26,742		6,223,666

Amazon.com, Inc.^(b)		4,977		16,209,741

Booking Holdings, Inc.^(b)		2,796		6,227,447

				28,660,854


Life Sciences Tools & Services–6.71%
10X Genomics, Inc., Class A^(b)		18,692		2,646,787

Avantor, Inc.^(b)		129,612		3,648,578


	Shares		Value

Life Sciences Tools & Services–(continued)
IQVIA Holdings, Inc.^(b)		26,344	$	4,720,055

Thermo Fisher Scientific, Inc.		5,330		2,482,607

				13,498,027


Managed Health Care–1.21%
UnitedHealth Group, Inc.		6,946		2,435,823


Movies & Entertainment–1.03%
Netflix, Inc.^(b)		3,826		2,068,833


Pharmaceuticals–1.07%
Reata Pharmaceuticals, Inc., Class A^(b)		17,383		2,148,886


Semiconductor Equipment–5.97%
Applied Materials, Inc.		88,403		7,629,179

ASML Holding N.V., New York Shares (Netherlands)		8,957		4,368,508

				11,997,687


Semiconductors–10.44%
NVIDIA Corp.		15,079		7,874,254

QUALCOMM, Inc.		70,163		10,688,631

Semtech Corp.^(b)		33,573		2,420,278

				20,983,163


Systems Software–9.73%
Microsoft Corp.		50,710		11,278,918

Palo Alto Networks, Inc.^(b)		9,865		3,505,923

ServiceNow, Inc.^(b)		8,658		4,765,623

				19,550,464


Technology Hardware, Storage & Peripherals–5.41%
Apple, Inc.		81,905		10,867,974


Trucking–2.01%
Uber Technologies, Inc.^(b)		79,326		4,045,626

Total Common Stocks & Other Equity Interests (Cost $84,633,513)				198,009,747


Money Market Funds–1.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		1,133,386		1,133,386

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(d)(e)		617,322		617,507

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		1,295,298		1,295,298

Total Money Market Funds (Cost $3,046,217)				3,046,191

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $87,679,730)				201,055,938

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.85%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		684,163		684,163

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

Invesco V.I. Technology Fund


	Shares		Value

Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%^(d)(e)(f)		1,025,937	$	1,026,245

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,710,408)				1,710,408

TOTAL INVESTMENTS IN SECURITIES–100.87% (Cost $89,390,138)				202,766,346

OTHER ASSETS LESS LIABILITIES–(0.87)%				(1,750,351	)

NET ASSETS–100.00%			$	201,015,995

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2020.

^(d)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	344,022		$	18,777,184		$	(17,987,820	)		$	-			$	-			$	1,133,386		$	1,885
Invesco Liquid Assets Portfolio, Institutional Class			254,021			13,494,964			(13,131,364	)			(16	)			(98	)			617,507			2,349
Invesco Treasury Portfolio, Institutional Class			393,168			21,459,639			(20,557,509	)			-				-				1,295,298			1,948
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			550,517			2,408,004			(2,958,521	)			-				-				-			1,323	*
Invesco Liquid Assets Portfolio, Institutional Class			183,505			652,303			(836,008	)			-				200				-			544	*
Invesco Private Government Fund			-			13,024,881			(12,340,718	)			-				-				684,163			162	*
Invesco Private Prime Fund			-			9,888,845			(8,862,670	)			-				70				1,026,245			494	*
Total		$	1,725,233		$	79,705,820		$	(76,674,610	)		$	(16	)		$	172			$	4,756,599		$	8,705

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

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

Invesco V.I. Technology Fund

Statement of Assets and Liabilities

December 31, 2020

Statement of Operations

For the year ended December 31, 2020


Assets:
Investments in securities, at value (Cost $84,633,513)*	$	198,009,747

Investments in affiliated money market funds, at value (Cost $4,756,625)		4,756,599

Foreign currencies, at value (Cost $29,704)		29,873

Receivable for:
Fund shares sold		310,946

Dividends		1,215

Investment for trustee deferred compensation and retirement plans		73,526

Total assets		203,181,906


Liabilities:
Payable for:
Fund shares reacquired		97,394

Amount due custodian		145,439

Collateral upon return of securities loaned		1,710,408

Accrued fees to affiliates		85,875

Accrued other operating expenses		45,744

Trustee deferred compensation and retirement plans		81,051

Total liabilities		2,165,911

Net assets applicable to shares outstanding	$	201,015,995


Net assets consist of:
Shares of beneficial interest	$	70,494,261

Distributable earnings		130,521,734

	$	201,015,995


Net Assets:
Series I	$	187,800,658

Series II	$	13,215,337


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,137,660

Series II		387,254

Series I:
Net asset value per share	$	36.55

Series II:
Net asset value per share	$	34.13

*	At December 31, 2020, securities with an aggregate value of $1,591,387 were on loan to brokers.


Investment income:
Dividends (net of foreign withholding taxes of $9,917)	$	696,145

Dividends from affiliated money market funds (includes securities lending income of $10,223)		16,405

Total investment income		712,550


Expenses:
Advisory fees		1,187,451

Administrative services fees		257,969

Custodian fees		11,424

Distribution fees - Series II		27,771

Transfer agent fees		29,390

Trustees’ and officers’ fees and benefits		22,128

Reports to shareholders		10,477

Professional services fees		34,179

Other		2,890

Total expenses		1,583,679

Less: Fees waived		(2,008	)

Net expenses		1,581,671

Net investment income (loss)		(869,121	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		19,543,293

Affiliated investment securities		172

Foreign currencies		(3,492	)

		19,539,973

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		43,893,917

Affiliated investment securities		(16	)

Foreign currencies		168

		43,894,069

Net realized and unrealized gain		63,434,042

Net increase in net assets resulting from operations	$	62,564,921

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

Invesco V.I. Technology Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income (loss)	$	(869,121	)	$	(506,840	)

Net realized gain		19,539,973			15,223,819

Change in net unrealized appreciation		43,894,069			25,304,082

Net increase in net assets resulting from operations		62,564,921			40,021,061


Distributions to shareholders from distributable earnings:
Series I		(14,122,842	)		(10,151,000	)

Series II		(1,087,242	)		(904,027	)

Total distributions from distributable earnings		(15,210,084	)		(11,055,027	)


Share transactions–net:
Series I		16,335,060			(9,079,975	)

Series II		(165,991	)		(1,576,636	)

Net increase (decrease) in net assets resulting from share transactions		16,169,069			(10,656,611	)

Net increase in net assets		63,523,906			18,309,423


Net assets:
Beginning of year		137,492,089			119,182,666

End of year	$	201,015,995		$	137,492,089

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

Invesco V.I. Technology Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Series I
Year ended 12/31/20		$	27.23		$	(0.17	)		$	12.49			$	12.32			$	(3.00	)		$	36.55		46.11	%		$	187,801		0.98	%^(d)		0.98	%^(d)		(0.53	)%^(d)		56	%
Year ended 12/31/19			21.92			(0.09	)			7.71				7.62				(2.31	)			27.23		35.88				127,308		0.99			0.99			(0.36	)		46
Year ended 12/31/18			22.97			(0.12	)			0.22				0.10				(1.15	)			21.92		(0.45	)			109,596		1.03			1.03			(0.47	)		48
Year ended 12/31/17			17.89			(0.09	)			6.34				6.25				(1.17	)			22.97		35.13				113,352		1.06			1.06			(0.41	)		43
Year ended 12/31/16			18.83			(0.06	)			(0.06	)			(0.12	)			(0.82	)			17.89		(0.76	)			87,632		1.10			1.10			(0.33	)		52
Series II
Year ended 12/31/20			25.63			(0.23	)			11.73				11.50				(3.00	)			34.13		45.79				13,215		1.23	^(d)		1.23	^(d)		(0.78	)^(d)		56
Year ended 12/31/19			20.79			(0.15	)			7.30				7.15				(2.31	)			25.63		35.56				10,184		1.24			1.24			(0.61	)		46
Year ended 12/31/18			21.89			(0.17	)			0.22				0.05				(1.15	)			20.79		(0.71	)			9,587		1.28			1.28			(0.72	)		48
Year ended 12/31/17			17.14			(0.14	)			6.06				5.92				(1.17	)			21.89		34.74				9,439		1.31			1.31			(0.66	)		43
Year ended 12/31/16			18.12			(0.10	)			(0.06	)			(0.16	)			(0.82	)			17.14		(1.01	)			6,799		1.35			1.35			(0.58	)		52

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $147,219 and $11,108 for Series I and Series II shares, respectively.

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

Invesco V.I. Technology Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Technology Fund

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Technology Fund

L.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate

First $ 250 million		0.750%

Next $250 million		0.740%

Next $500 million		0.730%

Next $1.5 billion		0.720%

Next $2.5 billion		0.710%

Next $2.5 billion		0.700%

Next $2.5 billion		0.690%

Over $10 billion		0.680%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.75%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $2,008.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $22,356 for accounting and fund administrative services and was reimbursed $235,613 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $924 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Invesco V.I. Technology Fund

Level 1 -

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

Level 2 -

Level 3 -


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	190,973,166	$	7,036,581		$–	$	198,009,747

Money Market Funds		3,046,191		1,710,408		–		4,756,599

Total Investments	$	194,019,357	$	8,746,989		$–	$	202,766,346

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	1,043,018	$	–

Long-term capital gain		14,167,066		11,055,027

Total distributions	$	15,210,084	$	11,055,027

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	1,934,423

Undistributed long-term capital gain		15,668,116

Net unrealized appreciation – investments		112,975,330

Net unrealized appreciation – foreign currencies		169

Temporary book/tax differences		(56,304	)

Shares of beneficial interest		70,494,261

Total net assets	$	201,015,995

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

Invesco V.I. Technology Fund

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $86,901,434 and $89,605,732, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$113,797,607

Aggregate unrealized (depreciation) of investments	(822,277	)

Net unrealized appreciation of investments	$112,975,330


Cost of investments for tax purposes is $89,791,016.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2020, undistributed net investment income (loss) was increased by $871,520 and undistributed net realized gain was decreased by $871,520. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 9–Share Information


				Summary of Share Activity
	Year ended December 31, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Series I		1,316,336		$	40,969,639			672,084		$	16,955,731

Series II		91,668			2,566,999			39,526			966,364


Issued as reinvestment of dividends:
Series I		417,589			14,122,842			412,475			10,151,000

Series II		34,417			1,087,242			39,000			904,027


Reacquired:
Series I		(1,271,839	)		(38,757,421	)		(1,409,534	)		(36,186,706	)

Series II		(136,171	)		(3,820,232	)		(142,286	)		(3,447,027	)

Net increase (decrease) in share activity		452,000		$	16,169,069			(388,735	)	$	(10,656,611	)

^(a)

NOTE 10–Coronavirus (COVID-19) Pandemic

NOTE 11–Subsequent Event

Invesco V.I. Technology Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Technology Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Technology Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Technology Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				ACTUAL						HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)			Ending Account Value (12/31/20)¹			Expenses Paid During Period²			Ending Account Value (12/31/20)			Expenses Paid During Period²			Annualized Expense Ratio
Series I		$	1,000.00		$	1,259.10		$	5.51		$	1,020.26		$	4.93		0.97	%
Series II			1,000.00			1,257.70			6.92			1,019.00			6.19		1.22

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Technology Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	14,167,066
Corporate Dividends Received Deduction*		54.49	%
U.S. Treasury Obligations*		0.00	%
Qualified Dividend Income*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Technology Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None
¹Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco V.I. Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers—(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Technology Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco V.I. Technology Fund


		Annual Report to Shareholders		December 31, 2020
		Invesco V.I. Value Opportunities Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VK-VIVOPP-AR-1

Management’s Discussion of Fund Performance


Performance summary For the year ended December 31, 2020, Series I shares of Invesco V.I. Value Opportunities Fund (the Fund) outperformed the S&P 1500 Value Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares			5.45%
Series II Shares			5.33
S&P 500 Index^q(Broad Market Index)			18.40
S&P 1500 Value Index^q(Style-Specific Index)			1.60
Lipper VUF Multi-Cap Value Funds Index^∎(Peer Group Index)			1.23

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Within the S&P 1500 Value Index, sector performance was mixed during the year. Consumer discretionary and consumer staples posted the largest gains, while energy, real estate and financials posted the biggest losses.

During the year, we continued to use our intrinsic value strategy, seeking to create wealth by maintaining a long-term investment horizon and investing in companies selling at a significant discount to our estimate of their

intrinsic value. We believe intrinsic value represents the fair economic worth of a business. Since our application of this strategy is highly disciplined and relatively unique, it is important to understand the benefits and limitations of our process. First, the investment strategy is intended to preserve your capital while growing it at above-market rates over the long term. Second, our investments have little in common with popular stock market indexes and most of our peers. And third, the Fund’s short-term relative performance will naturally be different from stock market indexes and peers since we typically structure the portfolio significantly differently than these benchmarks.

Drivers of Fund performance were mainly stock-specific during the year. However, the Fund’s lack of exposure to real estate helped the Fund’s relative performance versus the S&P 1500 Value Index as the sector underperformed. Select holdings within the information technology (IT) and materials sectors contributed the most to absolute Fund performance, while select holdings in financials and materials were the largest detractors.

IT companies Flex and Oracle were the largest contributors to absolute Fund performance during the year. Flex is a global electronic contract manufacturing firm that provides products for a diverse set of end markets. Shares of the company rose as the new management team continued to deliver on driving quality sales with higher margins and cash flows resulting in improving return on invested capital. Software company Oracle is a leading provider of enterprise resource planning (ERP) software and database technology. Shares of the company appreciated during 2020 as the company showed steady progress in customer adoption of their cloud-based ERP and database products. Materials company Eastman Chemical was also a large contributor to absolute Fund performance during the year. Eastman Chemical is a global specialty materials company that produces a broad range of products found in items people use every day. Following solid share price appreciation, we sold the Fund’s position in the company based on valuation and to fund more attractive opportunities elsewhere.

Mortgage insurance companies MGIC Investment and Radian Group were among the largest detractors from absolute Fund performance during the year. Shares of both companies declined along with other financial stocks exposed to consumer credit in the first half of the year. Materials company Allegheny Technologies was also a large detractor during the year. The company manufactures specialty metal alloys for aerospace, energy, medical and industrial markets. We sold our position in Allegheny Technologies to fund more attractive investment opportunities elsewhere.

Invesco V.I. Value Opportunities Fund

We believe the single most important indicator of how the Fund is positioned for potential future success is not our recent investment results or popular statistical measures, but rather the difference between current market prices and the Fund’s estimated intrinsic value–the aggregate business value of the portfolio based on our estimate of intrinsic value for each individual holding.

At the end of the year, the difference between the market price and the estimated intrinsic value of the Fund was very attractive, according to our estimation. While there is no assurance that market value will ever reflect our estimate of the Fund’s intrinsic value, we believe the gap between price and estimated intrinsic value may provide above-average capital appreciation.

We will continue to work hard to protect and grow the Fund’s estimated intrinsic value. We thank you for your investment in Invesco V.I. Value Opportunities Fund and for sharing our long-term investment perspective.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Jonathan Edwards (Lead)

Jonathan Mueller

See important Fund and, if applicable, index disclosures later in this report.

Invesco V.I. Value Opportunities Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (9/10/01)	4.84	%
10 Years	8.47
5 Years	9.12
1 Year	5.45
Series II Shares
Inception (9/10/01)	4.58	%
10 Years	8.20
5 Years	8.85
1 Year	5.33
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

Invesco V.I. Value Opportunities Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds),

is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Value Opportunities Fund

Supplemental Information

Invesco V.I. Value Opportunities Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

∎	The S&P 1500 Value Index tracks the performance of US large-, mid- and small-cap value stocks.

∎	The Lipper VUF Multi-Cap Value Funds Index is an unmanaged index considered representative of multicap value variable insurance underlying funds tracked by Lipper.

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

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

Invesco V.I. Value Opportunities Fund

Fund Information


Portfolio Composition
By sector		% of total net assets

Financials		24.48%

Industrials		19.85

Consumer Discretionary		12.71

Information Technology		8.99

Health Care		7.92

Energy		7.89

Consumer Staples		6.88

Materials		6.88

Communication Services		2.64

Utilities		0.56

Money Market Funds Plus Other Assets Less Liabilities		1.20


Top 10 Equity Holdings*
% of total net assets

1. Booking Holdings, Inc.		4.59%

2. Goldman Sachs Group, Inc. (The)		3.95

3. Spectrum Brands Holdings, Inc.		3.67

4. Oracle Corp.		3.51

5. Citigroup, Inc.		3.42

6. ManpowerGroup, Inc.		3.40

7. Wells Fargo & Co.		3.40

8. AECOM		3.25

9. Athene Holding Ltd., Class A		3.24

10. Univar Solutions, Inc.		3.12

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. * Excluding money market fund holdings, if any. Data presented here are as of December 31, 2020.

Invesco V.I. Value Opportunities Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–98.80%

Auto Parts & Equipment–2.47%

Dana, Inc.		109,627	$	2,139,919

Building Products–0.24%

Builders FirstSource, Inc.^(b)		5,100		208,131

Communications Equipment–0.27%

Ciena Corp.^(b)		4,500		237,825

Construction & Engineering–3.25%

AECOM^(b)		56,645		2,819,788

Consumer Finance–0.06%

SLM Corp.		4,400		54,516

Distributors–2.26%

LKQ Corp.^(b)		55,500		1,955,820

Diversified Banks–6.82%

Citigroup, Inc.		48,072		2,964,119

Wells Fargo & Co.		97,700		2,948,586

				5,912,705

Diversified Chemicals–2.60%

Huntsman Corp.		89,600		2,252,544

Electrical Components & Equipment–2.08%

nVent Electric PLC		77,600		1,807,304

Electronic Manufacturing Services–3.58%

Flex Ltd.^(b)		65,365		1,175,263

Jabil, Inc.		45,442		1,932,648

				3,107,911

Food Distributors–2.45%

US Foods Holding Corp.^(b)		63,700		2,121,847

Health Care Services–2.28%

Cigna Corp.		9,500		1,977,710

Health Care Technology–1.14%

Change Healthcare, Inc.^(b)		52,900		986,585

Hotels, Resorts & Cruise Lines–2.89%

Norwegian Cruise Line Holdings Ltd.^(b)		5,700		144,951

Wyndham Destinations, Inc.		52,700		2,364,122

				2,509,073

Household Products–4.44%

Energizer Holdings, Inc.		15,689		661,762

Spectrum Brands Holdings, Inc.		40,309		3,183,605

				3,845,367

Human Resource & Employment Services–3.40%

ManpowerGroup, Inc.		32,700		2,948,886

Independent Power Producers & Energy Traders–0.56%

Vistra Corp.		24,500		481,670

Industrial Conglomerates–2.07%

Carlisle Cos., Inc.		11,500		1,796,070


	Shares		Value

Industrial Machinery–2.99%

Crane Co.		27,800	$	2,158,948

Timken Co. (The)		5,600		433,216

				2,592,164

Interactive Media & Services–2.64%

Baidu, Inc., ADR (China)^(b)		10,600		2,292,144

Internet & Direct Marketing Retail–5.10%

Alibaba Group Holding Ltd., ADR (China)^(b)		1,900		442,187

Booking Holdings, Inc.^(b)		1,785		3,975,677

				4,417,864

Investment Banking & Brokerage–3.95%

Goldman Sachs Group, Inc. (The)		13,000		3,428,230

IT Consulting & Other Services–1.61%

KBR, Inc.		45,200		1,398,036

Life & Health Insurance–3.30%

Athene Holding Ltd., Class A^(b)		65,200		2,812,728

MetLife, Inc.		1,017		47,748

				2,860,476

Managed Health Care–4.50%

Anthem, Inc.		6,400		2,054,976

Centene Corp.^(b)		30,700		1,842,921

				3,897,897

Oil & Gas Exploration & Production–4.25%

Diamondback Energy, Inc.		44,400		2,148,960

Parsley Energy, Inc., Class A		107,900		1,532,180

				3,681,140

Oil & Gas Refining & Marketing–3.65%

Marathon Petroleum Corp.		50,100		2,072,136

Phillips 66		15,600		1,091,064

				3,163,200

Other Diversified Financial Services–2.61%

Equitable Holdings, Inc.		88,300		2,259,597

Paper Packaging–2.16%

Sealed Air Corp.		40,800		1,868,232

Regional Banks–4.15%

TCF Financial Corp.		66,200		2,450,724

Western Alliance Bancorporation		19,100		1,145,045

				3,595,769

Research & Consulting Services–2.04%

Nielsen Holdings PLC		84,800		1,769,776

Specialty Chemicals–2.12%

Axalta Coating Systems Ltd.^(b)		62,800		1,792,940

Element Solutions, Inc.		2,700		47,871

				1,840,811

Systems Software–3.51%

Oracle Corp.		47,095		3,046,576

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

Invesco V.I. Value Opportunities Fund


	Shares		Value
Thrifts & Mortgage Finance–3.59%

MGIC Investment Corp.		163,882	$	2,056,719
Radian Group, Inc.		51,998		1,052,960
				3,109,679
Trading Companies & Distributors–3.77%

AerCap Holdings N.V. (Ireland)^(b)		7,500		341,850

Univar Solutions, Inc.^(b)		142,400		2,707,024
WESCO International, Inc.^(b)		2,800		219,800
				3,268,674
Total Common Stocks & Other Equity Interests (Cost $68,005,213)				85,653,936

Money Market Funds–1.11%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		313,458		313,458


	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		291,345	$	291,432
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		358,238		358,238
Total Money Market Funds (Cost $962,927)				963,128
TOTAL INVESTMENTS IN SECURITIES-99.91% (Cost $68,968,140)				86,617,064
OTHER ASSETS LESS LIABILITIES-0.09%				82,020
NET ASSETS–100.00%			$	86,699,084

Investment

Abbreviations:

ADR	– American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value December 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 563,912		$ 7,073,153		$ (7,323,607	)		$ -		$ -			$313,458		$2,810

Invesco Liquid Assets Portfolio, Institutional Class		412,357		5,111,606		(5,232,524	)		112		(119	)		291,432		3,357

Invesco Treasury Portfolio, Institutional Class		644,471		8,083,604		(8,369,837	)		-		-			358,238		2,970
Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Government & Agency Portfolio, Institutional Class		-		1,356,600		(1,356,600	)		-		-			-		250	*

Invesco Liquid Assets Portfolio, Institutional Class		-		452,402		(452,196	)		-		(206	)		-		105	*
Total		$1,620,740		$22,077,365		$(22,734,764	)		$112		$(325	)		$963,128		$9,49	2

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

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

Invesco V.I. Value Opportunities Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $68,005,213)	$	85,653,936
Investments in affiliated money market funds, at value (Cost $962,927)		963,128
Foreign currencies, at value (Cost $3,099)		3,542
Receivable for:
Investments sold		566,012
Fund shares sold		1,993
Dividends		16,731
Investment for trustee deferred compensation and retirement plans		121,840
Total assets		87,327,182

Liabilities:

Payable for:
Fund shares reacquired		346,610
Amount due custodian		62,501
Accrued fees to affiliates		44,879
Accrued other operating expenses		44,572
Trustee deferred compensation and retirement plans		129,536
Total liabilities		628,098
Net assets applicable to shares outstanding	$	86,699,084

Net assets consist of:

Shares of beneficial interest	$	72,861,950
Distributable earnings		13,837,134

	$	86,699,084

Net Assets:

Series I	$	64,560,350
Series II	$	22,138,734

Shares outstanding, no par value, with an unlimited number of shares authorized:

Series I		11,489,984
Series II		3,946,911
Series I:
Net asset value per share	$	5.62
Series II:
Net asset value per share	$	5.61

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $4,182)	$	1,369,879
Dividends from affiliated money market funds (includes securities lending income of $9,005)		18,142
Total investment income		1,388,021

Expenses:

Advisory fees		511,488
Administrative services fees		120,659
Custodian fees		2,689
Distribution fees - Series II		47,562
Transfer agent fees		24,679
Trustees’ and officers’ fees and benefits		20,822
Reports to shareholders		12,198
Professional services fees		31,116
Other		2,543
Total expenses		773,756
Less: Fees waived		(2,444	)
Net expenses		771,312
Net investment income		616,709

Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(3,878,819	)
Affiliated investment securities		(325	)
Foreign currencies		246
		(3,878,898	)
Change in net unrealized appreciation of:
Unaffiliated investment securities		7,391,104
Affiliated investment securities		112
Foreign currencies		1,467
		7,392,683
Net realized and unrealized gain		3,513,785
Net increase in net assets resulting from operations	$	4,130,494

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

Invesco V.I. Value Opportunities Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019
Operations:

Net investment income	$	616,709		$	233,340
Net realized gain (loss)		(3,878,898	)		4,534,845
Change in net unrealized appreciation		7,392,683			18,922,226
Net increase in net assets resulting from operations		4,130,494			23,690,411

Distributions to shareholders from distributable earnings:

Series I		(2,681,516	)		(13,915,883	)
Series II		(875,536	)		(4,877,021	)
Total distributions from distributable earnings		(3,557,052	)		(18,792,904	)

Share transactions–net:

Series I		(3,516,962	)		4,066,968
Series II		(1,711,474	)		1,082,646
Net increase (decrease) in net assets resulting from share transactions		(5,228,436	)		5,149,614
Net increase (decrease) in net assets		(4,654,994	)		10,047,121

Net assets:

Beginning of year		91,354,078			81,306,957
End of year	$	86,699,084		$	91,354,078

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

Invesco V.I. Value Opportunities Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Year ended 12/31/20		$	5.60		$	0.04			$	0.22			$	0.26			$	(0.02	)		$	(0.22	)		$	(0.24	)		$	5.62		5.45	%		$	64,560		0.99	%^(d)		0.99	%^(d)		0.90	%^(d)		67	%
Year ended 12/31/19			5.50			0.02				1.51	^(e)			1.53				(0.02	)			(1.41	)			(1.43	)			5.60		30.61	^(e)			67,691		0.97			0.97			0.32			34
Year ended 12/31/18			7.58			0.01				(1.30	)			(1.29	)			(0.02	)			(0.77	)			(0.79	)			5.50		(19.18	)			59,998		1.01			1.01			0.22			45
Year ended 12/31/17			6.48			0.02				1.11	^(f)			1.13				(0.03	)			-				(0.03	)			7.58		17.44	^(f)			87,232		0.98			0.98			0.30			28
Year ended 12/31/16			7.82			0.03				1.10				1.13				(0.03	)			(2.44	)			(2.47	)			6.48		18.34				85,722		1.01			1.02			0.43			36
Series II
Year ended 12/31/20			5.58			0.03				0.22				0.25				(0.00	)			(0.22	)			(0.22	)			5.61		5.33				22,139		1.24	^(d)		1.24	^(d)		0.65	^(d)		67
Year ended 12/31/19			5.49			0.00				1.50	^(e)			1.50				-				(1.41	)			(1.41	)			5.58		30.12	^(e)			23,663		1.22			1.22			0.07			34
Year ended 12/31/18			7.56			(0.00	)			(1.30	)			(1.30	)			-				(0.77	)			(0.77	)			5.49		(19.35	)			21,309		1.26			1.26			(0.03	)		45
Year ended 12/31/17			6.45			0.00				1.11	^(f)			1.11				0.00				-				0.00				7.56		17.23	^(f)			35,328		1.23			1.23			0.05			28
Year ended 12/31/16			7.79			0.01				1.10				1.11				(0.01	)			(2.44	)			(2.45	)			6.45		17.92				54,438		1.26			1.27			0.18			36

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $54,570 and $19,025 for Series I and Series II shares, respectively.

^(e)	Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $1.44 and $1.43 for Series I and Series II shares, respectively. Total returns would have been lower.

^(f)	Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $1.09 and $1.09 for Series I and Series II shares, respectively. Total returns would have been lower.

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

Invesco V.I. Value Opportunities Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Invesco V.I. Value Opportunities Fund

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

Invesco V.I. Value Opportunities Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.695%.

For the year ended December 31, 2020, the Adviser waived advisory fees of $2,444.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $10,334 for accounting and fund administrative services and was reimbursed $110,325 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $1,118 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Invesco V.I. Value Opportunities Fund


Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	1,182,372	$	2,447,612

Long-term capital gain		2,374,680		16,345,292

Total distributions	$	3,557,052	$	18,792,904

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	600,358

Net unrealized appreciation - investments		17,238,263

Net unrealized appreciation - foreign currencies		1,605

Temporary book/tax differences		(89,217	)

Capital loss carryforward		(3,913,875	)

Shares of beneficial interest		72,861,950

Total net assets	$	86,699,084

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

Capital Loss Carryforward*

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

Invesco V.I. Value Opportunities Fund

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $48,581,381 and $55,777,415, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	19,022,128

Aggregate unrealized (depreciation) of investments		(1,783,865	)

Net unrealized appreciation of investments	$	17,238,263

Cost of investments for tax purposes is $69,378,801.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of fair fund adjustments and foreign currency transactions, on December 31, 2020, undistributed net investment income was decreased by $2,787 and undistributed net realized gain (loss) was increased by $2,787. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 9–Share Information


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
	Shares			Amount			Shares			Amount

Sold:

Series I		794,326		$	3,215,357			585,705		$	3,555,762

Series II		396,937			1,547,212			183,035			1,127,174


Issued as reinvestment of dividends:

Series I		577,913			2,681,516			2,766,577			13,915,883

Series II		189,101			875,536			971,518			4,877,021


Reacquired:

Series I		(1,977,810	)		(9,413,835	)		(2,173,905	)		(13,404,677	)

Series II		(876,914	)		(4,134,222	)		(801,319	)		(4,921,549	)

Net increase (decrease) in share activity		(896,447	)	$	(5,228,436	)		1,531,611		$	5,149,614

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

NOTE 11–Subsequent Event

Invesco V.I. Value Opportunities Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco V.I. Value Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco V.I. Value Opportunities Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco V.I. Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				ACTUAL						HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)			Ending Account Value (12/31/20)¹			Expenses Paid During Period²			Ending Account Value (12/31/20)			Expenses Paid During Period²			Annualized Expense Ratio
Series I		$	1,000.00		$	1,363.90		$	5.94		$	1,020.11		$	5.08		1.00	%
Series II			1,000.00			1,363.70			7.37			1,018.90			6.29		1.24

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco V.I. Value Opportunities Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,374,680
Corporate Dividends Received Deduction*		91.90	%
Qualified Dividend Income*		94.03	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco V.I. Value Opportunities Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco V.I. Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson -1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown -1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco V.I. Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco V.I. Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort -1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco V.I. Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.	N/A	N/A

		Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation	N/A	N/A

		Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.	N/A	N/A

		Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC

Invesco V.I. Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey -1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco V.I. Value Opportunities Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco V.I. Value Opportunities Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco Oppenheimer V.I. Capital Appreciation Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


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

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Capital Appreciation Fund (the Fund) underperformed the Russell 1000 Growth Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	36.59	%
Series II Shares	36.24
S&P 500 Index^q	18.40
Russell 1000 Growth Index^q	38.49
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Given this landscape, the Fund produced a strong, double digit return but underperformed the Russell 1000 Growth Index during the year. Stock selection in consumer discretionary, information technology (IT) and energy were key relative detractors from Fund performance. Additionally, an overweight in consumer discretionary and energy, and an underweight in IT, relative to the Russell 1000 Growth Index also detracted from returns. Conversely, stock selection in the health care, communication services, materials and industrials sectors were relative contributors to Fund performance. An underweight

in health care and a lack of real estate exposure was also beneficial to relative returns.

Top individual contributors to the Fund’s absolute performance during the year included Amazon.com, PayPal and Moderna.

Pandemic-related movement restrictions grew the rate of new customers as PayPal’s digital payments platform benefited from the shift to eCommerce. Even when COVID-19 restrictions lifted, PayPal’s growth had not significantly slowed from elevated levels. We believe the market is also starting to discount new product releases that should expand Pay-Pal’s total addressable market and support high growth.

We originally purchased Moderna in the summer of 2019 given its promising new messenger-RNA platform which uses genetic material to produce vaccines to provoke an immune response. Its speed of delivery and portability was an important part of our original investment thesis. Having the position and access to the company’s reports to shareholders also gave us confidence around a vaccination timeline at the height of uncertainty in March and April. Moderna made a COVID-19 prototype at an all-time record pace of just 42 days. Also, it is anticipated that it can pivot quickly to handle virus mutations. Moderna contributed to both absolute and relative performance during the year. Following material gains, the shares were sold given their rich valuation.

Top individual absolute detractors from Fund performance included Norwegian Cruise Line Holdings, Tyson Foods and Airbus.

Cruise line stocks like Norwegian Cruise Line Holdings sold off deeply in the first quarter. Early in the year, we had kept exposure thinking COVID-19 might be contained within Asia, which is not yet a major cruising market. Once the virus appeared in Europe, the largest cruise destination market, we reduced exposure significantly and eventually phased out exposure completely as their path to growth would be slow and uncertain.

Invesco Oppenheimer V.I. Capital Appreciation Fund

closures and causing protein shortages. We significantly reduced our exposure throughout the year.

Going into the COVID-19 crisis, Airbus held an unparalleled position in aerospace with an order backlog, a competitor whose main product was deficient and grounded, as well as a strong balance sheet with plenty of liquidity. Global air travel was grounded to a halt this year and has yet to recover fully. We sold Airbus as it seems unlikely that the struggling airlines will be able to purchase new aircrafts anytime soon.

Our fundamental bottom-up research led us to overweight exposures in communication services, consumer discretionary and financials at year end, relative to the Russell 1000 Growth Index. Within consumer discretionary, we were focused on technology-driven share shift, demographics and changing behaviors. Despite being a small position overall, the Fund was overweight in financials given the potential to benefit from economic recovery supported by vaccine rollout. Underweight exposures included IT, health care, real estate and consumer staples. Within IT, semiconductors were the only overweight industry, given a preference for technology-driven companies within the communication services and consumer discretionary sectors. Within health care, we have a preference for life sciences & tools, the “arms dealers” into the biopharma complex, and health care equipment & supplies, with a focus on secular trends such as robotics and disruptive innovators.

At the close of the year, we continued to expect volatility as the global economy ebbs and flows between high COVID-19 infection rates with lockdowns and vaccinations supporting reopening’s with a return to normalcy. Interest rates are likely to remain low by historic standards and economic growth is likely to remain muted on a full year basis, although some quarters will benefit from easy comparisons versus the lockdowns of 2020. We believe this is a ripe environment for equities in general as pent up demand further propels the cyclical recovery. However, value industries lack pricing power in the face of globalization, overcapacity and increased efficiencies mostly due to technological changes. Therefore, we believe growth will continue to outperform. As ever, we believe change is the fuel for growth and our positioning will be active within the unfolding vaccine-related opportunities to go back outside yet balanced with secular growers. We continue to seek to identify “share-takers,” companies that can gain market share through technology-enabled advantages in their business models and from disruptive shifts in enterprise and consumer behavior.

Thank you for your commitment to the Invesco Oppenheimer V.I. Capital Appreciation Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Ash Shah

Ronald Zibelli, Jr. (Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Capital Appreciation Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (4/3/85)	10.98	%
10 Years	14.30
5 Years	16.82
1 Year	36.59

Series II Shares
Inception (9/18/01)	8.46	%
10 Years	14.01
5 Years	16.52
1 Year	36.24

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

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Capital Appreciation Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Capital Appreciation Fund

Supplemental Information

Invesco Oppenheimer V.I. Capital Appreciation Fund’s investment objective is to seek capital appreciation.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

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

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

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

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		35.56	%
Communication Services		19.87
Consumer Discretionary		19.73
Health Care		9.65
Industrials		5.05
Financials		4.40
Consumer Staples		2.73
Other Sectors, Each Less than 2% of Net Assets		1.76
Money Market Funds Plus Other Assets Less Liabilities		1.25

Top 10 Equity Holdings*


	% of total net assets
1. Amazon.com, Inc.		10.48	%
2. Facebook, Inc., Class A		5.10
3. Alphabet, Inc., Class C		5.04
4. Microsoft Corp.		5.00
5. Apple, Inc.		3.92
6. Mastercard, Inc., Class A		3.20
7. Lowe’s Cos., Inc.		2.96
8. PayPal Holdings, Inc.		2.71
9. Activision Blizzard, Inc.		2.56
10. Nintendo Co. Ltd.		2.25

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Capital Appreciation Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–98.74%

Application Software–8.41%
Adobe, Inc.^(b)		12,105	$	6,053,953


Paylocity Holding Corp.^(b)		15,331		3,156,806


RealPage, Inc.^(b)		72,502		6,325,074


RingCentral, Inc., Class A^(b)		37,847		14,342,878


salesforce.com, inc.^(b)		67,198		14,953,571


Splunk, Inc.^(b)		36,077		6,129,122


Trade Desk, Inc. (The), Class A^(b)		20,692		16,574,292


Unity Software, Inc.^(b)		21,509		3,300,986


				70,836,682



Asset Management & Custody Banks–3.25%
Apollo Global Management, Inc.		169,890		8,321,212


Ares Management Corp., Class A		144,275		6,788,139


KKR & Co., Inc., Class A		302,500		12,248,225


				27,357,576



Automotive Retail–0.37%
CarMax, Inc.^(b)		32,775		3,095,926



Biotechnology–1.04%
Alnylam Pharmaceuticals, Inc.^(b)		28,011		3,640,590


BeiGene Ltd., ADR (China)^(b)		18,338		4,738,356


BioNTech SE, ADR (Germany)^(b)		2,176		177,387


Moderna, Inc.^(b)		1,759		183,763


				8,740,096



Cable & Satellite–0.82%
Altice USA, Inc., Class A^(b)		182,895		6,926,234



Consumer Electronics–1.50%
Sony Corp. (Japan)		125,300		12,598,123



Copper–0.96%
Freeport-McMoRan, Inc.		310,927		8,090,295



Data Processing & Outsourced Services–8.11%
Fidelity National Information Services, Inc.		8,399		1,188,123


Mastercard, Inc., Class A		75,491		26,945,757


PayPal Holdings, Inc.^(b)		97,579		22,853,002


Visa, Inc., Class A		49,719		10,875,037


WEX, Inc.^(b)		31,704		6,452,715


				68,314,634



Diversified Support Services–0.46%
Cintas Corp.		11,072		3,913,509



Environmental & Facilities Services–0.46%
GFL Environmental, Inc. (Canada)		132,327		3,861,302



Food Distributors–1.08%
Sysco Corp.		123,010		9,134,723



Health Care Distributors–0.17%
Henry Schein, Inc.^(b)		21,532		1,439,630



Health Care Equipment–3.90%
Danaher Corp.		32,086		7,127,584


DexCom, Inc.^(b)		10,730		3,967,096


	Shares		Value


Health Care Equipment–(continued)
Intuitive Surgical, Inc.^(b)		10,384	$	8,495,150


Teleflex, Inc.		14,219		5,852,114


Zimmer Biomet Holdings, Inc.		47,862		7,375,055


				32,816,999



Health Care Services–0.61%
LHC Group, Inc.^(b)		23,943		5,107,521



Health Care Supplies–0.28%
West Pharmaceutical Services, Inc.		8,330		2,359,972



Health Care Technology–0.37%
GoodRx Holdings, Inc., Class A^(b)		76,456		3,084,235



Home Improvement Retail–2.96%
Lowe’s Cos., Inc.		155,031		24,884,026



Hotels, Resorts & Cruise Lines–0.84%
Wyndham Destinations, Inc.		157,556		7,067,962



Industrial Conglomerates–0.39%
Roper Technologies, Inc.		7,677		3,309,478



Industrial Gases–0.16%
Linde PLC (United Kingdom)		4,990		1,314,915



Industrial Machinery–0.23%
Chart Industries, Inc.^(b)		16,163		1,903,840



Interactive Home Entertainment–7.54%
Activision Blizzard, Inc.		231,711		21,514,366


Electronic Arts, Inc.		78,674		11,297,586


Nintendo Co. Ltd. (Japan)		29,700		18,954,219


Take-Two Interactive Software, Inc.^(b)		56,292		11,696,915


				63,463,086



Interactive Media & Services–10.55%
Alphabet, Inc., Class C^(b)		24,248		42,479,586


Facebook, Inc., Class A^(b)		157,105		42,914,802


ZoomInfo Technologies, Inc., Class A^(b)		71,179		3,432,963


				88,827,351



Internet & Direct Marketing Retail–13.56%
Alibaba Group Holding Ltd., ADR (China)^(b)		75,571		17,587,639


Amazon.com, Inc.^(b)		27,095		88,246,518


Booking Holdings, Inc.^(b)		3,736		8,321,081


				114,155,238



Leisure Facilities–0.21%
Cedar Fair L.P.		44,260		1,741,188



Life & Health Insurance–0.88%
Athene Holding Ltd., Class A^(b)		171,673		7,405,973



Life Sciences Tools & Services–1.69%
10X Genomics, Inc., Class A^(b)		20,777		2,942,023


Avantor, Inc.^(b)		402,192		11,321,705


				14,263,728



Managed Health Care–1.59%
Humana, Inc.		16,839		6,908,536

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

Invesco Oppenheimer V.I. Capital Appreciation Fund


	Shares		Value


Managed Health Care–(continued)
UnitedHealth Group, Inc.		18,513	$	6,492,139


				13,400,675



Movies & Entertainment–0.96%
IMAX Corp.^(b)		109,268		1,969,010


Netflix, Inc.^(b)		11,358		6,141,611


				8,110,621



Oil & Gas Exploration & Production–0.51%
Apache Corp.		300,082		4,258,164



Packaged Foods & Meats–1.64%
Conagra Brands, Inc.		77,987		2,827,809


Nomad Foods Ltd. (United Kingdom)^(b)		98,558		2,505,344


Tyson Foods, Inc., Class A		132,030		8,508,013


				13,841,166



Railroads–0.89%
Kansas City Southern		25,728		5,251,857


Union Pacific Corp.		10,621		2,211,504


				7,463,361



Regional Banks–0.27%
SVB Financial Group^(b)		5,825		2,259,110



Research & Consulting Services–0.52%
CoStar Group, Inc.^(b)		4,762		4,401,421



Restaurants–0.30%
Restaurant Brands International, Inc. (Canada)		42,058		2,570,164



Semiconductor Equipment–2.36%
Applied Materials, Inc.		171,999		14,843,513


ASML Holding N.V., New York Shares (Netherlands)		10,283		5,015,225


				19,858,738



Semiconductors–4.75%
NVIDIA Corp.		20,697		10,807,973


QUALCOMM, Inc.		121,611		18,526,220


Semtech Corp.^(b)		147,480		10,631,833


				39,966,026

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


Specialty Chemicals–0.13%
Sherwin-Williams Co. (The)		1,523	$	1,119,268



Systems Software–8.01%
Microsoft Corp.		189,085		42,056,286


Palo Alto Networks, Inc.^(b)		40,103		14,252,205


ServiceNow, Inc.^(b)		20,233		11,136,850


				67,445,341



Technology Hardware, Storage & Peripherals–3.92%
Apple, Inc.		248,617		32,988,990



Trading Companies & Distributors–1.04%
Fastenal Co.		69,365		3,387,093


United Rentals, Inc.^(b)		23,177		5,374,978


				8,762,071



Trucking–1.05%
Knight-Swift Transportation Holdings, Inc.		37,170		1,554,450


Lyft, Inc., Class A^(b)		105,501		5,183,264


Uber Technologies, Inc.^(b)		41,559		2,119,509


				8,857,223


Total Common Stocks & Other Equity Interests (Cost $418,014,016)				831,316,581



Money Market Funds–1.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		2,929,702		2,929,702


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		2,091,768		2,092,396


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		3,348,230		3,348,230


Total Money Market Funds (Cost $8,370,494)				8,370,328


TOTAL INVESTMENTS IN SECURITIES–99.74% (Cost $426,384,510)				839,686,909


OTHER ASSETS LESS LIABILITIES–0.26%				2,227,170


NET ASSETS–100.00%			$	841,914,079

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	44,120,538		$	(41,190,836	)		$	-			$	-			$	2,929,702		$	1,833

Invesco Liquid Assets Portfolio, Institutional Class			-			5,253,956			(3,161,312	)			(166	)			(82	)			2,092,396			88

Invesco Treasury Portfolio, Institutional Class			-			8,406,329			(5,058,099	)			-				-				3,348,230			20

Total		$	-		$	57,780,823		$	(49,410,247	)		$	(166	)		$	(82	)		$	8,370,328		$	1,941

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $418,014,016)	$	831,316,581


Investments in affiliated money market funds, at value (Cost $8,370,494)		8,370,328


Cash		1,505,232


Foreign currencies, at value (Cost $174)		175


Receivable for:
Fund shares sold		1,397,204


Dividends		351,846


Investment for trustee deferred compensation and retirement plans		123,810


Total assets		843,065,176



Liabilities:
Payable for:
Fund shares reacquired		479,877


Accrued fees to affiliates		387,372


Accrued other operating expenses		160,037


Trustee deferred compensation and retirement plans		123,811


Total liabilities		1,151,097


Net assets applicable to shares outstanding	$	841,914,079



Net assets consist of:
Shares of beneficial interest	$	389,236,307


Distributable earnings		452,677,772


	$	841,914,079



Net Assets:
Series I	$	626,303,582


Series II	$	215,610,497



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,903,873


Series II		3,140,962


Series I:
Net asset value per share	$	70.34


Series II:
Net asset value per share	$	68.64

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $117,777)	$	5,042,128


Dividends from affiliated money market funds		1,941


Total investment income		5,044,069



Expenses:
Advisory fees		5,135,174


Administrative services fees		1,180,137


Custodian fees		3,755


Distribution fees - Series II		472,733


Transfer agent fees		39,446


Trustees’ and officers’ fees and benefits		25,800


Reports to shareholders		67,615


Professional services fees		46,399


Other		16,126


Total expenses		6,987,185


Less: Fees waived		(598,281	)


Net expenses		6,388,904


Net investment income (loss)		(1,344,835	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		44,096,343


Affiliated investment securities		(82	)


Foreign currencies		5,111


Forward foreign currency contracts		(3,325	)


		44,098,047


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		187,485,006


Affiliated investment securities		(166	)


Foreign currencies		24,045


		187,508,885


Net realized and unrealized gain		231,606,932


Net increase in net assets resulting from operations	$	230,262,097

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income (loss)	$	(1,344,835	)	$	234,983


Net realized gain		44,098,047			107,254,371


Change in net unrealized appreciation		187,508,885			103,531,279


Net increase in net assets resulting from operations		230,262,097			211,020,633



Distributions to shareholders from distributable earnings:
Series I		(81,814,036	)		(49,378,533	)


Series II		(28,225,418	)		(18,651,335	)


Total distributions from distributable earnings		(110,039,454	)		(68,029,868	)



Share transactions–net:
Series I		(6,360,539	)		(29,869,839	)


Series II		(10,935,911	)		23,369,205


Net increase (decrease) in net assets resulting from share transactions		(17,296,450	)		(6,500,634	)


Net increase in net assets		102,926,193			136,490,131



Net assets:
Beginning of year		738,987,886			602,497,755


End of year	$	841,914,079		$	738,987,886

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	Ratios are based on average daily net assets (000’s omitted) of $550,544 and $189,093 for Series I and Series II shares, respectively.

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

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

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

The Fund is non-diversified and will invest in securities of fewer issues than if it were diversified.

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

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

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

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

Invesco Oppenheimer V.I. Capital Appreciation Fund

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate

Upto $200 million		0.750%


Next $ 200 million		0.720%


Next $ 200 million		0.690%


Next $ 200 million		0.660%


Next $ 200 million		0.600%


Over $1 billion		0.580%

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

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.69%.

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

For the year ended December 31, 2020, the Adviser waived advisory fees of $598,281.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $106,431 for accounting and fund administrative services and was reimbursed $1,073,706 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco Oppenheimer V.I. Capital Appreciation Fund

For the year ended December 31, 2020, the Fund incurred $3,520 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	799,764,239	$	31,552,342		$–	$	831,316,581


Money Market Funds		8,370,328		–		–		8,370,328


Total Investments	$	808,134,567	$	31,552,342		$–	$	839,686,909

NOTE 4–Derivative Investments

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

Effect of Derivative Investments for the year ended December 31, 2020

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


	Location of Gain (Loss) on Statement of Operations
	Currency
	Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(3,325)



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

	Forward Foreign Currency Contracts


Average notional value		$289,807

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

Invesco Oppenheimer V.I. Capital Appreciation Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	4,657,573	$	2,174,989


Long-term capital gain		105,381,881		65,854,879


Total distributions	$	110,039,454	$	68,029,868

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Undistributed long-term capital gain	$	45,467,293


Net unrealized appreciation – investments		409,655,865


Net unrealized appreciation – foreign currencies		12,610


Temporary book/tax differences		(2,457,996	)


Shares of beneficial interest		389,236,307


Total net assets	$	841,914,079

The Fund does not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $273,944,016 and $417,124,220, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	411,594,426

Aggregate unrealized (depreciation) of investments		(1,938,561	)


Net unrealized appreciation of investments	$	409,655,865

Cost of investments for tax purposes is $430,031,044.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnership transactions and net operating loss, on December 31, 2020, undistributed net investment income (loss) was increased by $675,712, undistributed net realized gain was increased by $708,758 and shares of beneficial interest was decreased by $1,384,470. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity
	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Series I		286,935	$	18,471,044		222,808	$	12,378,336
Series II		706,142		41,437,974		809,631		43,673,830

Issued as reinvestment of dividends:
Series I		1,269,813		81,814,036		930,266		49,378,533
Series II		448,663		28,225,406		357,511		18,651,335

Issued in connection with acquisitions:

Invesco Oppenheimer V.I. Capital Appreciation Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Series I		(1,658,108	)	$	(106,645,619	)		(1,646,179	)	$	(91,626,708	)


Series II		(1,435,287	)		(80,599,291	)		(713,247	)		(38,955,960	)


Net increase (decrease) in share activity		(381,842	)	$	(17,296,450	)		(39,210	)	$	(6,500,634	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 29% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Capital Appreciation Fund to Invesco V.I. Capital Appreciation Fund.

Further, effective April 30, 2021, the Fund’s sub-classification under the Investment Company Act of 1940 will change from “diversified” to “non-diversified” and a related fundamental investment restriction will be eliminated.

Invesco Oppenheimer V.I. Capital Appreciation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Capital Appreciation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Capital Appreciation Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. Capital Appreciation Fund (formerly known as Oppenheimer Capital Appreciation Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Capital Appreciation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,251.30	$4.53	$1,021.11	$4.06	0.80%
Series II	1,000.00	1,249.70	5.94	1,019.86	5.33	1.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Capital Appreciation Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:



		Federal and State Income Tax
		Long-Term Capital Gain Distributions			$105,381,881
		Qualified Dividend Income*			0.00%
		Corporate Dividends Received Deduction*			100.00%
		U.S. Treasury Obligations*			0.00%
		* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Capital Appreciation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Capital Appreciation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco Oppenheimer V.I. Capital Appreciation Fund


		Annual Report to Shareholders		December 31, 2020
		Invesco Oppenheimer V.I. Conservative Balanced Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VICBAL-AR-1

Management’s Discussion of Fund Performance


Performance summary For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Conservative Balanced Fund (the Fund) outperformed the Custom Invesco Oppenheimer V.I. Conservative Balanced Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares			14.86%
Series II Shares			14.59
Russell 3000 Index^q			20.89
Bloomberg Barclays U.S. Aggregate Bond Index^q			7.51
Custom Invesco Oppenheimer V.I. Conservative Balanced Index^∎			13.69
Source(s): ^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

During the year, stock selection in the communication services and financials sectors were the largest contributors to the equity holding’s performance versus the Russell 3000 Index. This was offset by weaker stock selection in the health care and consumer discretionary sectors.

The largest individual contributors to performance during the year included NVIDIA and Microsoft. NVIDIA experienced strength in both its gaming and data center businesses

for accelerated computing. Those end markets had secular growth tailwinds, and both were in the early stages of new product cycles.

Microsoft benefited from strong execution and various tailwinds that were accelerated due to the pandemic including the increased need and importance of technology to work from home. The company experienced continued momentum for commercial cloud offerings and reported strong revenue growth and increased operating margin.

The largest individual detractors to performance during the fiscal year included SL Green and ExxonMobil. SL Green is a pure play on New York City office space. The stock was hit very hard when investors grew concerned that COVID-19 would inflict long-term damage on New York office demand. The collapse of an anticipated building sale due to the buyer’s inability to obtain financing also dealt a blow to the stock, as the proceeds had been earmarked for share buybacks. During the year, we disposed of our previous investment in SL Green.

ExxonMobil was negatively impacted by the general weakness across the energy sector. Oil prices and related equities were hit particularly hard during the first quarter of 2020 when mandatory quarantines dramatically reduced demand for driving and flying.

In fixed income markets, the 10-year US Treasury yield continued to decline at the start of the year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the year at 0.88%, 85 basis points lower than at the beginning of the year.⁴ (A basis point is one one-hundredth of a percentage point.)

US corporate markets posted gains in the fourth quarter, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising coronavirus infections nationwide. Cyclical sectors like energy and financials lead the way, while real estate and consumer staples lagged. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with estimates for employment gains and GDP growth down from the third quarter. However, bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. With a potential vaccine in sight for the end of 2020 or early 2021 the broader bond market ended the year in positive territory.

Overweight exposure to investment grade bonds was the most notable contributor to

Invesco Oppenheimer V.I. Conservative Balanced Fund

Fund performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index. However, trading friction detracted from Fund performance with the majority of the impact occurring in the second quarter due to market volatility and higher than usual bid/offers. With regard to security selection, in the financial institutions and technology sectors, security selection contributed to relative Fund performance during the year. The Fund’s allocation to cash holdings also contributed to relative performance. Meanwhile, security selection in the investment grade industrial sector and high yield banking sector detracted from relative Fund performance.

Thank you for your continued investment in Invesco Oppenheimer V.I. Conservative Balanced Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

4 Source: US Department of the Treasury

Portfolio manager(s):

Michael Hyman

Magnus Krantz

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

2 Source: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (2/9/87)			7.20%
10 Years			7.46
5 Years			8.00
1 Year			14.86
Series II Shares
Inception (5/1/02)			4.51%
10 Years			7.18
5 Years			7.73
1 Year			14.59

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Conservative Balanced Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Conservative Balanced Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Conservative Balanced Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Supplemental Information

Invesco Oppenheimer V.I. Conservative Balanced Fund’s investment objective is to seek total return.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

The Custom Invesco Oppenheimer V.I. Conservative Balanced Index is composed of 65% Bloomberg Barclays U.S. Aggregate Bond Index/35% Russell 3000 Index.

∎

The Russell 3000^® Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎

Invesco Oppenheimer V.I. Conservative Balanced Fund

Fund Information

Portfolio Composition


By security type		% of total net assets

Common Stocks & Other Equity Interests		43.75%


U.S. Dollar Denominated Bonds & Notes		23.35


Asset-Backed Securities		13.14


U.S. Government Sponsored Agency Mortgage-Backed Securities		11.44


U.S. Treasury Securities		5.69


Security Types Each Less Than 1% of Portfolio		1.37

Other Assets Less Liabilities		1.26


Top 10 Equity Holdings*
		% of total net assets

1. Microsoft Corp.		2.66%

2. Amazon.com, Inc.		2.03

3. Alphabet, Inc., Class A		1.91

4. Apple, Inc.		1.59

5. NVIDIA Corp.		1.48

6. JPMorgan Chase & Co.		1.37

7. Facebook, Inc., Class A		1.34

8. QUALCOMM, Inc.		1.07

9. Mastercard, Inc., Class A		0.97

10. Verizon Communications, Inc.		0.91


The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. * Excluding money market fund holdings, if any. Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–43.75%
Aerospace & Defense–0.71%
Boeing Co. (The)		3,550	$	759,913

Lockheed Martin Corp.		1,818		645,354

				1,405,267


Air Freight & Logistics–0.43%
United Parcel Service, Inc., Class B		5,097		858,335


Alternative Carriers–0.00%
ORBCOMM, Inc.^(b)		375		2,782


Apparel Retail–0.37%
Ross Stores, Inc.		5,955		731,334


Application Software–0.83%
Q2 Holdings, Inc.^(b)		4,970		628,854

Workday, Inc., Class A^(b)		4,252		1,018,822

				1,647,676


Automobile Manufacturers–0.28%
General Motors Co.		13,181		548,857


Automotive Retail–0.41%
CarMax, Inc.^(b)		8,619		814,151


Biotechnology–0.29%
Seagen, Inc.^(b)		3,321		581,640


Cable & Satellite–0.36%
Charter Communications, Inc., Class A^(b)		1,093		723,074


Commodity Chemicals–0.20%
Valvoline, Inc.		17,323		400,854


Communications Equipment–0.44%
Motorola Solutions, Inc.		5,124		871,387


Construction Machinery & Heavy Trucks–0.33%
Caterpillar, Inc.		3,622		659,276


Construction Materials–0.22%
Vulcan Materials Co.		2,978		441,667


Consumer Finance–0.41%
Capital One Financial Corp.		8,335		823,915


Data Processing & Outsourced Services–1.48%
Fiserv, Inc.^(b)		8,897		1,013,012

Mastercard, Inc., Class A		5,440		1,941,754

				2,954,766


Distillers & Vintners–0.33%
Constellation Brands, Inc., Class A		3,010		659,340


Diversified Banks–1.37%
JPMorgan Chase & Co.		21,510		2,733,276


Diversified Metals & Mining–0.29%
Compass Minerals International, Inc.		9,440		582,637


	Shares		Value
Electric Utilities–0.53%
Avangrid, Inc.		16,320	$	741,744

Portland General Electric Co.		7,373		315,343

				1,057,087


Electrical Components & Equipment–0.22%
Rockwell Automation, Inc.		1,765		442,680


Financial Exchanges & Data–0.75%
Intercontinental Exchange, Inc.		12,900		1,487,241


Food Distributors–0.38%
Sysco Corp.		10,252		761,313


Footwear–0.34%
NIKE, Inc., Class B		4,795		678,349


Gas Utilities–0.33%
National Fuel Gas Co.		7,788		320,320

Suburban Propane Partners L.P.		22,085		328,183

				648,503


Health Care Equipment–1.13%
Boston Scientific Corp.^(b)		18,211		654,686

CryoPort, Inc.^(b)		9,707		425,943

DexCom, Inc.^(b)		1,212		448,101

Zimmer Biomet Holdings, Inc.		4,627		712,974

				2,241,704


Health Care Facilities–0.32%
HCA Healthcare, Inc.		3,859		634,651


Health Care Services–0.45%
LHC Group, Inc.^(b)		4,189		893,597


Health Care Technology–0.31%
Teladoc Health, Inc.^(b)		3,104		620,676


Home Improvement Retail–0.64%
Home Depot, Inc. (The)		4,792		1,272,851


Homebuilding–0.37%
D.R. Horton, Inc.		10,580		729,174


Hotels, Resorts & Cruise Lines–0.23%
Airbnb, Inc., Class A^(b)		3,184		467,411


Household Products–0.61%
Procter & Gamble Co. (The)		8,763		1,219,284


Human Resource & Employment Services–0.28%
Korn Ferry		12,820		557,670


Hypermarkets & Super Centers–0.45%
Walmart, Inc.		6,196		893,153


Industrial Conglomerates–0.76%
General Electric Co.		59,685		644,598

Honeywell International, Inc.		4,117		875,686

				1,520,284

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Shares		Value
Industrial Machinery–0.36%
Stanley Black & Decker, Inc.		4,005	$	715,133


Industrial REITs–0.72%
Prologis, Inc.		14,481		1,443,176


Insurance Brokers–0.34%
Arthur J. Gallagher & Co.		5,537		684,982


Integrated Oil & Gas–0.74%
Exxon Mobil Corp.		25,321		1,043,732

TOTAL S.A., ADR (France)		10,445		437,750

				1,481,482


Integrated Telecommunication Services–0.91%
Verizon Communications, Inc.		30,775		1,808,031


Interactive Home Entertainment–0.77%
Zynga, Inc., Class A^(b)		154,290		1,522,842


Interactive Media & Services–4.10%
Alphabet, Inc., Class A^(b)		2,163		3,790,961

Facebook, Inc., Class A^(b)		9,781		2,671,778

Snap, Inc., Class A^(b)		33,890		1,696,872

				8,159,611


Internet & Direct Marketing Retail–2.03%
Amazon.com, Inc.^(b)		1,238		4,032,079


Internet Services & Infrastructure–0.07%
Snowflake, Inc., Class A^(b)		480		135,072


IT Consulting & Other Services–0.30%
Perspecta, Inc.		24,907		599,761


Leisure Facilities–0.11%
Cedar Fair L.P.		5,485		215,780


Life Sciences Tools & Services–0.22%
Avantor, Inc.^(b)		15,586		438,746


Managed Health Care–0.87%
UnitedHealth Group, Inc.		4,953		1,736,918


Metal & Glass Containers–0.20%
Silgan Holdings, Inc.		10,567		391,824


Multi-Utilities–0.15%
Consolidated Edison, Inc.		4,263		308,087


Office REITs–0.21%
Alexandria Real Estate Equities, Inc.		2,308		411,332


Office Services & Supplies–0.21%
ACCO Brands Corp.		48,950		413,627


Oil & Gas Refining & Marketing–0.24%
Valero Energy Corp.		8,435		477,168


Oil & Gas Storage & Transportation–0.15%
Shell Midstream Partners L.P.		29,695		299,326


Paper Products–0.24%
Schweitzer-Mauduit International, Inc., Class A		11,635		467,843


	Shares		Value
Pharmaceuticals–1.44%
AstraZeneca PLC, ADR (United Kingdom)		21,183	$	1,058,938

Catalent, Inc.^(b)		8,464		880,849

Merck & Co., Inc.		11,234		918,941

				2,858,728


Property & Casualty Insurance–0.62%
Progressive Corp. (The)		12,480		1,234,022


Railroads–0.55%
Canadian Pacific Railway Ltd. (Canada)		3,140		1,088,607


Regional Banks–1.08%
East West Bancorp, Inc.		15,001		760,701

Signature Bank		3,464		468,644

SVB Financial Group^(b)		2,395		928,853

				2,158,198


Restaurants–0.65%
Starbucks Corp.		12,053		1,289,430


Semiconductor Equipment–0.82%
Applied Materials, Inc.		18,890		1,630,207


Semiconductors–3.03%
NVIDIA Corp.		5,638		2,944,164

QUALCOMM, Inc.		14,039		2,138,701

Texas Instruments, Inc.		5,787		949,820

				6,032,685


Soft Drinks–0.59%
Coca-Cola Co. (The)		21,420		1,174,673


Specialized REITs–0.15%
EPR Properties		8,940		290,550


Specialty Stores–0.39%
Tractor Supply Co.		5,577		784,015


Systems Software–2.66%
Microsoft Corp.		23,799		5,293,374


Technology Hardware, Storage & Peripherals–1.59%
Apple, Inc.		23,800		3,158,022


Trading Companies & Distributors–0.39%
Fastenal Co.		16,040		783,233

Total Common Stocks & Other Equity Interests (Cost $58,232,271)				87,084,426


	Principal Amount
U.S. Dollar Denominated Bonds & Notes–23.35%
Advertising–0.25%
Interpublic Group of Cos., Inc. (The),
3.75%, 10/01/2021	$	198,000		202,989

4.20%, 04/15/2024		135,000		150,302

WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		132,000		146,377

				499,668


Aerospace & Defense–0.23%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025^(c)		101,000		114,661

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
Aerospace & Defense–(continued)
L3Harris Technologies, Inc., 3.85%, 06/15/2023	$	137,000	$	148,055

Northrop Grumman Corp., 4.75%, 06/01/2043		77,000		102,847

Raytheon Technologies Corp., 3.95%, 08/16/2025		85,000		97,509

				463,072


Agricultural & Farm Machinery–0.02%
Deere & Co., 3.10%, 04/15/2030		30,000		34,359


Airlines–0.52%
Delta Air Lines Pass-Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/2028		162,977		163,231

Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025^(c)		185,000		197,803

4.75%, 10/20/2028^(c)		311,000		339,713

United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		312,000		337,963

				1,038,710


Apparel Retail–0.15%
Ross Stores, Inc., 3.38%, 09/15/2024		154,000		165,102

0.88%, 04/15/2026		71,000		71,045

4.70%, 04/15/2027		26,000		30,714

1.88%, 04/15/2031		36,000		36,187

				303,048


Application Software–0.02%
Autodesk, Inc., 4.38%, 06/15/2025		42,000		48,051


Asset Management & Custody Banks–0.25%
Ameriprise Financial, Inc., 3.00%, 04/02/2025		124,000		135,182

Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		102,000		113,837

Carlyle Finance Subsidiary LLC, 3.50%, 09/19/2029^(c)		63,000		69,305

CI Financial Corp. (Canada), 3.20%, 12/17/2030		173,000		177,458

				495,782


Automobile Manufacturers–0.81%
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022^(c)		149,000		154,153

General Motors Financial Co., Inc., 4.20%, 11/06/2021		194,000		199,984

4.15%, 06/19/2023		127,000		136,676

Hyundai Capital America, 5.75%, 04/06/2023^(c)		166,000		183,940

4.13%, 06/08/2023^(c)		137,000		147,894

Nissan Motor Acceptance Corp., 3.65%, 09/21/2021^(c)		266,000		270,700

Volkswagen Group of America Finance LLC (Germany), 4.00%, 11/12/2021^(c)		311,000		320,584

1.63%, 11/24/2027^(c)		200,000		201,870

				1,615,801


	Principal Amount		Value
Biotechnology–0.19%
AbbVie, Inc., 3.85%, 06/15/2024	$	223,000	$	245,821

2.95%, 11/21/2026		52,000		57,567

4.05%, 11/21/2039		60,000		72,585

				375,973


Brewers–0.17%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		81,000		139,789

Bacardi Ltd. (Bermuda), 4.70%, 05/15/2028^(c)		171,000		203,024

				342,813


Broadcasting–0.34%
Discovery Communications LLC, 4.00%, 09/15/2055^(c)		453,000		507,068

Fox Corp., 3.05%, 04/07/2025		42,000		45,987

ViacomCBS, Inc., 4.20%, 06/01/2029		65,000		77,864

4.38%, 03/15/2043		42,000		49,621

				680,540


Cable & Satellite–0.42%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 5.13%, 07/01/2049		42,000		51,264

3.85%, 04/01/2061		135,000		136,048

Comcast Corp., 4.00%, 03/01/2048		35,000		44,045

2.80%, 01/15/2051		121,000		126,032

2.45%, 08/15/2052		134,000		130,534

2.65%, 08/15/2062		166,000		166,196

Cox Communications, Inc., 1.80%, 10/01/2030^(c)		51,000		50,985

2.95%, 10/01/2050^(c)		81,000		82,820

Time Warner Cable LLC, 4.50%, 09/15/2042		46,000		53,905

				841,829


Communications Equipment–0.18%
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		202,000		223,808

Motorola Solutions, Inc., 4.60%, 02/23/2028		106,000		127,907

				351,715


Consumer Finance–0.31%
American Express Co., 3.13%, 05/20/2026		77,000		86,338

Series C, 3.50% (3 mo. USD LIBOR +3.29%)^(d)(e)		184,000		179,560

Capital One Financial Corp., 3.80%, 01/31/2028		38,000		43,818

Discover Bank, 4.65%, 09/13/2028		122,000		146,071

Discover Financial Services, 3.75%, 03/04/2025		44,000		48,471

Synchrony Financial, 4.25%, 08/15/2024		102,000		112,755

				617,013

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
Distillers & Vintners–0.07%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022^(c)	$	134,000	$	141,514


Distributors–0.08%
Genuine Parts Co., 1.88%, 11/01/2030		152,000		150,950


Diversified Banks–3.96%
Australia & New Zealand Banking Group Ltd. (Australia), 2.57%, 11/25/2035^(c)(f)		200,000		204,182

Banco Santander S.A. (Spain), 2.75%, 12/03/2030		200,000		206,592

Bank of America Corp., 3.37%, 01/23/2026^(f)		117,000		128,855

3.82%, 01/20/2028^(f)		77,000		88,458

4.27%, 07/23/2029^(f)		64,000		76,225

2.59%, 04/29/2031^(f)		105,000		112,611

1.90%, 07/23/2031^(f)		265,000		267,818

1.92%, 10/24/2031^(f)		270,000		273,651

7.75%, 05/14/2038		115,000		196,414

Bank of Ireland Group PLC (Ireland), 4.50%, 11/25/2023^(c)		263,000		288,460

Bank of Montreal (Canada), Series E, 3.30%, 02/05/2024		101,000		109,595

BBVA Bancomer S.A. (Mexico), 1.88%, 09/18/2025^(c)		200,000		202,250

BBVA USA, 2.50%, 08/27/2024		252,000		267,826

BNP Paribas S.A. (France), 2.59%, 08/12/2035^(c)(f)		200,000		204,697

BPCE S.A. (France), 4.50%, 03/15/2025^(c)		184,000		208,198

Citigroup, Inc., 3.11%, 04/08/2026^(f)		143,000		156,426

4.08%, 04/23/2029^(f)		110,000		129,045

4.41%, 03/31/2031^(f)		117,000		141,887

Series V, 4.70%^(d)(f)		160,000		164,714

Credit Agricole S.A. (France), 4.38%, 03/17/2025^(c)		304,000		341,649

Danske Bank A/S (Denmark), 3.24%, 12/20/2025^(c)(f)		200,000		214,220

HSBC Holdings PLC (United Kingdom), 3.95%, 05/18/2024^(f)		109,000		117,615

4.04%, 03/13/2028^(f)		135,000		154,194

4.58%, 06/19/2029^(f)		183,000		216,638

4.60%^(d)(f)		225,000		229,527

JPMorgan Chase & Co., 3.80%, 07/23/2024^(f)		170,000		184,572

2.08%, 04/22/2026^(f)		185,000		195,506

3.78%, 02/01/2028^(f)		136,000		156,427

3.54%, 05/01/2028^(f)		104,000		118,963

2.96%, 05/13/2031^(f)		144,000		158,053

3.11%, 04/22/2041^(f)		115,000		128,738

Mitsubishi UFJ Financial Group, Inc. (Japan), 3.74%, 03/07/2029		79,000		92,991

National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034^(c)(f)		154,000		173,179

Royal Bank of Canada (Canada), 3.70%, 10/05/2023		118,000		128,716

Standard Chartered PLC (United Kingdom), 3.27%, 02/18/2036^(c)(f)		221,000		231,448


	Principal Amount		Value
Diversified Banks–(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan), 1.47%, 07/08/2025	$	200,000	$	205,008

2.14%, 09/23/2030		291,000		292,657

Truist Bank, 2.64%, 09/17/2029^(f)		376,000		397,939

U.S. Bancorp, Series W, 3.10%, 04/27/2026		101,000		112,545

1.38%, 07/22/2030		107,000		107,286

Wells Fargo & Co., 2.19%, 04/30/2026^(f)		54,000		56,903

3.58%, 05/22/2028^(f)		102,000		115,648

3.07%, 04/30/2041^(f)		77,000		83,887

4.75%, 12/07/2046		79,000		103,498

Westpac Banking Corp. (Australia), 2.89%, 02/04/2030^(f)		92,000		96,485

2.67%, 11/15/2035^(f)		42,000		43,319

				7,885,515


Diversified Capital Markets–0.63%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		197,000		218,927

Credit Suisse Group AG (Switzerland), 4.55%, 04/17/2026		154,000		181,269

4.19%, 04/01/2031^(c)(f)		250,000		294,248

5.10%^(c)(d)(f)		201,000		209,543

UBS Group AG (Switzerland), 4.13%, 04/15/2026^(c)		160,000		185,186

4.25%, 03/23/2028^(c)		147,000		172,135

				1,261,308


Diversified Chemicals–0.10%
Dow Chemical Co. (The), 3.63%, 05/15/2026		92,000		103,715

Eastman Chemical Co., 3.50%, 12/01/2021		98,000		100,689

				204,404


Diversified Metals & Mining–0.31%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024^(c)		86,000		93,654

5.38%, 04/01/2025^(c)		203,000		237,787

5.63%, 04/01/2030^(c)		216,000		275,451

				606,892


Diversified REITs–0.10%
Brixmor Operating Partnership L.P., 4.13%, 05/15/2029		65,000		74,867

4.05%, 07/01/2030		106,000		121,791

				196,658


Drug Retail–0.06%
Walgreen Co., 3.10%, 09/15/2022		121,000		126,345


Electric Utilities–0.58%
AEP Texas, Inc., 3.95%, 06/01/2028^(c)		172,000		201,394

Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/2030		18,000		20,648

Series C, 3.00%, 12/01/2060		111,000		112,994

EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(c)		231,000		252,277

Emera US Finance L.P. (Canada), 2.70%, 06/15/2021		146,000		147,146

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
Electric Utilities–(continued)
Enel Finance International N.V. (Italy), 2.88%, 05/25/2022^(c)	$	313,000	$	323,046

Eversource Energy, Series Q, 0.80%, 08/15/2025		26,000		25,973

Fortis, Inc. (Canada), 3.06%, 10/04/2026		51,000		56,206

Virginia Electric and Power Co., 2.45%, 12/15/2050		19,000		19,105

				1,158,789


Electrical Components & Equipment–0.10%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		194,000		197,134


Electronic Components–0.02%
Corning, Inc., 5.45%, 11/15/2079		32,000		43,931


Electronic Manufacturing Services–0.08%
Jabil, Inc., 3.00%, 01/15/2031		148,000		157,691


Environmental & Facilities Services–0.08%
Republic Services, Inc., 1.75%, 02/15/2032		153,000		153,417


Financial Exchanges & Data–0.15%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		110,000		115,515

Moody’s Corp., 3.25%, 05/20/2050		47,000		52,320

2.55%, 08/18/2060		40,000		37,594

S&P Global, Inc., 1.25%, 08/15/2030		97,000		95,655

				301,084


Gas Utilities–0.02%
East Ohio Gas Co. (The), 1.30%, 06/15/2025^(c)		40,000		40,791


Health Care Equipment–0.04%
Becton, Dickinson and Co., 3.70%, 06/06/2027		71,000		81,496


Health Care Facilities–0.07%
CommonSpirit Health, 1.55%, 10/01/2025		73,000		75,050

West Virginia United Health System Obligated Group, 3.13%, 06/01/2050		53,000		54,844

				129,894


Health Care REITs–0.26%
Healthcare Trust of America Holdings L.P., 3.50%, 08/01/2026		87,000		98,621

2.00%, 03/15/2031		106,000		106,179

Healthpeak Properties, Inc., 3.00%, 01/15/2030		112,000		122,616

Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		133,000		139,943

Welltower, Inc., 2.70%, 02/15/2027		53,000		58,431

				525,790


Health Care Services–0.47%
Cigna Corp., 4.13%, 11/15/2025		102,000		117,519


	Principal Amount		Value
Health Care Services–(continued)
CVS Health Corp., 1.30%, 08/21/2027	$	149,000	$	149,720

2.70%, 08/21/2040		64,000		64,845

Fresenius Medical Care US Finance II, Inc. (Germany), 5.88%, 01/31/2022^(c)		130,000		136,931

Sutter Health, Series 20A, 3.16%, 08/15/2040		245,000		260,408

3.36%, 08/15/2050		180,000		196,133

				925,556


Home Improvement Retail–0.08%
Lowe’s Cos., Inc., 1.30%, 04/15/2028		104,000		104,941

4.50%, 04/15/2030		48,000		59,764

				164,705


Homebuilding–0.06%
D.R. Horton, Inc., 4.75%, 02/15/2023		118,000		127,033


Independent Power Producers & Energy Traders–0.20%
AES Corp. (The), 1.38%, 01/15/2026^(c)		104,000		105,004

2.45%, 01/15/2031^(c)		114,000		115,571

Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028^(c)		146,000		172,504

				393,079


Industrial Conglomerates–0.09%
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		160,000		178,160


Industrial REITs–0.03%
Lexington Realty Trust, 2.70%, 09/15/2030		59,000		61,512


Insurance Brokers–0.03%
Marsh & McLennan Cos., Inc., 4.35%, 01/30/2047		46,000		61,052


Integrated Oil & Gas–0.32%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		239,000		244,056

Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(c)		127,000		131,011

Occidental Petroleum Corp., 2.90%, 08/15/2024		228,000		219,792

4.50%, 07/15/2044		48,000		40,890

				635,749


Integrated Telecommunication Services–1.36%
AT&T, Inc., 4.30%, 02/15/2030		136,000		162,577

2.55%, 12/01/2033^(c)		595,000		613,150

3.10%, 02/01/2043		160,000		162,335

3.50%, 09/15/2053^(c)		262,000		262,014

3.55%, 09/15/2055^(c)		16,000		15,946

3.80%, 12/01/2057^(c)		80,000		83,421

3.65%, 09/15/2059^(c)		11,000		11,055

3.50%, 02/01/2061		102,000		101,596

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
Integrated Telecommunication Services–(continued)
T–Mobile USA, Inc., 3.50%, 04/15/2025^(c)	$	160,000	$	176,957

Verizon Communications, Inc., 0.85%, 11/20/2025		167,000		168,353

1.75%, 01/20/2031		204,000		203,229

2.65%, 11/20/2040		175,000		176,992

4.52%, 09/15/2048		71,000		92,594

2.88%, 11/20/2050		214,000		215,825

3.00%, 11/20/2060		252,000		253,750

				2,699,794


Interactive Home Entertainment–0.09%
Activision Blizzard, Inc., 2.50%, 09/15/2050		185,000		180,828


Interactive Media & Services–0.08%
Alphabet, Inc., 1.90%, 08/15/2040		30,000		29,445

2.25%, 08/15/2060		137,000		132,655

				162,100


Internet & Direct Marketing Retail–0.32%
Expedia Group, Inc., 4.63%, 08/01/2027^(c)		101,000		112,930

Prosus N.V. (Netherlands), 3.83%, 02/08/2051^(c)		531,000		521,571

				634,501


Internet Services & Infrastructure–0.16%
VeriSign, Inc., 5.25%, 04/01/2025		105,000		119,503

4.75%, 07/15/2027		189,000		203,118

				322,621


Investment Banking & Brokerage–0.92%
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		126,000		140,224

3.75%, 02/25/2026		66,000		75,007

3.50%, 11/16/2026		68,000		76,390

1.09%, 12/09/2026^(f)		163,000		164,834

0.87% (SOFR + 0.79%), 12/09/2026^(e)		700,000		704,822

Morgan Stanley, 5.00%, 11/24/2025		131,000		156,816

2.19%, 04/28/2026^(f)		94,000		99,349

4.43%, 01/23/2030^(f)		97,000		118,283

3.62%, 04/01/2031^(f)		120,000		139,462

Raymond James Financial, Inc., 3.63%, 09/15/2026		63,000		72,348

4.65%, 04/01/2030		60,000		73,673

				1,821,208


IT Consulting & Other Services–0.06%
DXC Technology Co., 4.75%, 04/15/2027		101,000		115,678


Life & Health Insurance–0.86%
AIA Group Ltd. (Hong Kong), 3.20%, 09/16/2040^(c)		200,000		210,026

Athene Global Funding, 1.20%, 10/13/2023^(c)		242,000		243,947

2.95%, 11/12/2026^(c)		203,000		217,966


	Principal Amount		Value
Life & Health Insurance–(continued)
Athene Holding Ltd., 6.15%, 04/03/2030	$	132,000	$	164,426

3.50%, 01/15/2031		54,000		57,153

Belrose Funding Trust, 2.33%, 08/15/2030^(c)		133,000		137,089

Lincoln National Corp., 3.80%, 03/01/2028		76,000		88,029

Manulife Financial Corp. (Canada), 4.06%, 02/24/2032^(f)		97,000		106,167

Pacific LifeCorp, 3.35%, 09/15/2050^(c)		136,000		151,552

Prudential Financial, Inc., 5.20%, 03/15/2044^(f)		184,000		195,695

Reliance Standard Life Global Funding II, 2.75%, 01/21/2027^(c)		139,000		146,243

				1,718,293


Managed Health Care–0.32%
Anthem, Inc., 3.13%, 05/15/2022		124,000		128,684

Children’s Hospital, Series 2020, 2.93%, 07/15/2050		90,000		90,353

Community Health Network, Inc., Series 20-A, 3.10%, 05/01/2050		193,000		194,939

Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/2041		84,000		85,018

2.88%, 09/01/2050		81,000		83,659

New York and Presbyterian Hospital (The), 2.26%, 08/01/2040		61,000		59,763

				642,416


Multi–Utilities–0.38%
Ameren Corp., 2.50%, 09/15/2024		83,000		88,557

3.50%, 01/15/2031		61,000		70,229

CenterPoint Energy, Inc., 4.25%, 11/01/2028		61,000		72,293

Dominion Energy, Inc., 2.72%, 08/15/2021^(g)		160,000		162,012

Series C, 3.38%, 04/01/2030		101,000		115,124

DTE Energy Co., Series F, 1.05%, 06/01/2025		54,000		54,641

WEC Energy Group, Inc., 1.38%, 10/15/2027		102,000		103,801

1.80%, 10/15/2030		92,000		92,418

				759,075


Office REITs–0.13%
Highwoods Realty L.P., 2.60%, 02/01/2031		31,000		31,673

Office Properties Income Trust, 4.50%, 02/01/2025		212,000		224,816

				256,489


Oil & Gas Exploration & Production–0.21%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		184,000		193,179

Concho Resources, Inc., 2.40%, 02/15/2031		45,000		47,174

EQT Corp., 3.00%, 10/01/2022		29,000		29,272

Pioneer Natural Resources Co., 1.90%, 08/15/2030		140,000		138,783

				408,408

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
Oil & Gas Storage & Transportation–0.76%
Energy Transfer Operating L.P., 4.25%, 03/15/2023	$	107,000	$	113,804

Kinder Morgan Energy Partners L.P., 5.80%, 03/01/2021		108,000		108,884

Kinder Morgan, Inc., 2.00%, 02/15/2031		85,000		85,964

5.20%, 03/01/2048		52,000		66,242

MPLX L.P., 1.33% (3 mo. USD LIBOR + 1.10%), 09/09/2022^(e)		144,000		144,026

1.75%, 03/01/2026		134,000		138,746

4.25%, 12/01/2027		77,000		90,508

2.65%, 08/15/2030		142,000		148,983

ONEOK, Inc., 5.85%, 01/15/2026		48,000		57,544

6.35%, 01/15/2031		180,000		231,104

Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		74,000		84,954

Sunoco Logistics Partners Operations L.P., 4.00%, 10/01/2027		85,000		93,030

Williams Cos., Inc. (The), 3.70%, 01/15/2023		137,000		145,209

				1,508,998


Other Diversified Financial Services–0.30%
Avolon Holdings Funding Ltd. (Ireland), 4.25%, 04/15/2026^(c)		78,000		84,094

Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/2027^(c)		48,000		53,541

1.60%, 03/30/2031^(c)		190,000		189,258

2.80%, 09/30/2050^(c)		87,000		88,994

Equitable Holdings, Inc., 4.35%, 04/20/2028		66,000		78,046

KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050^(c)		85,000		94,605

				588,538


Packaged Foods & Meats–0.48%
Conagra Brands, Inc., 4.60%, 11/01/2025		130,000		153,262

Experian Finance PLC (United Kingdom), 2.75%, 03/08/2030^(c)		311,000		338,030

Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021^(c)		339,000		343,216

Tyson Foods, Inc., 3.90%, 09/28/2023		112,000		122,360

				956,868


Paper Packaging–0.09%
Berry Global, Inc., 1.57%, 01/15/2026^(c)		60,000		60,594

Packaging Corp. of America, 3.65%, 09/15/2024		112,000		122,820

				183,414


Pharmaceuticals–0.78%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(c)		335,000		365,245


	Principal Amount		Value
Pharmaceuticals–(continued)
Bristol-Myers Squibb Co., 0.75%, 11/13/2025	$	160,000	$	161,171

1.45%, 11/13/2030		248,000		249,320

2.35%, 11/13/2040		24,000		24,701

2.55%, 11/13/2050		80,000		81,923

Elanco Animal Health, Inc., 5.90%, 08/28/2028		145,000		171,553

Mylan, Inc., 3.13%, 01/15/2023^(c)		126,000		132,341

Royalty Pharma PLC, 1.20%, 09/02/2025^(c)		53,000		53,859

1.75%, 09/02/2027^(c)		50,000		51,489

2.20%, 09/02/2030^(c)		59,000		60,657

Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		160,000		198,974

				1,551,233


Property & Casualty Insurance–0.27%
Arch Capital Group Ltd., 3.64%, 06/30/2050		73,000		85,119

CNA Financial Corp., 3.45%, 08/15/2027		94,000		106,601

Fidelity National Financial, Inc., 3.40%, 06/15/2030		92,000		101,179

2.45%, 03/15/2031		142,000		144,665

W.R. Berkley Corp., 4.00%, 05/12/2050		81,000		99,085

				536,649


Railroads–0.18%
CSX Corp., 2.50%, 05/15/2051		155,000		153,968

Union Pacific Corp., 2.15%, 02/05/2027		89,000		94,653

2.40%, 02/05/2030		110,000		118,590

				367,211


Real Estate Development–0.05%
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		99,000		101,520


Regional Banks–0.56%
Citizens Financial Group, Inc., 3.25%, 04/30/2030		60,000		67,847

Fifth Third Bancorp, 2.55%, 05/05/2027		78,000		84,978

Fifth Third Bank N.A., 3.85%, 03/15/2026		160,000		181,495

Huntington Bancshares, Inc., 4.00%, 05/15/2025		137,000		155,240

KeyCorp, 4.15%, 10/29/2025		43,000		49,954

PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		104,000		116,294

Santander Holdings USA, Inc., 3.50%, 06/07/2024		102,000		110,228

Synovus Financial Corp., 3.13%, 11/01/2022		72,000		74,788

Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000		263,653

				1,104,477


Reinsurance–0.07%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		132,000		141,692

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
Residential REITs–0.27%
Essex Portfolio L.P., 3.00%, 01/15/2030	$	61,000	$	67,024

1.65%, 01/15/2031		66,000		65,677

2.65%, 09/01/2050		118,000		113,495

Mid-America Apartments L.P., 1.70%, 02/15/2031		43,000		42,914

Spirit Realty L.P., 3.20%, 01/15/2027		83,000		88,251

VEREIT Operating Partnership L.P., 2.20%, 06/15/2028		76,000		77,781

2.85%, 12/15/2032		69,000		72,174

				527,316


Restaurants–0.01%
McDonald’s Corp., 3.30%, 07/01/2025		19,000		21,175


Retail REITs–0.41%
Kimco Realty Corp., 1.90%, 03/01/2028		166,000		171,501

2.70%, 10/01/2030		81,000		87,357

Kite Realty Group L.P., 4.00%, 10/01/2026		81,000		85,025

Realty Income Corp., 3.25%, 01/15/2031		110,000		124,840

Regency Centers L.P., 2.95%, 09/15/2029		98,000		104,773

Retail Properties of America, Inc., 4.75%, 09/15/2030		95,000		101,005

Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080^(c)(f)		133,000		138,811

5.13%, 09/24/2080^(c)(f)		4,000		4,225

				817,537


Semiconductor Equipment–0.06%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 2.70%, 05/01/2025^(c)		33,000		35,540

3.88%, 06/18/2026^(c)		81,000		92,863

				128,403


Semiconductors–0.60%
Analog Devices, Inc., 2.95%, 04/01/2025		52,000		56,800

Broadcom, Inc., 2.25%, 11/15/2023		175,000		182,881

4.70%, 04/15/2025		215,000		246,432

3.15%, 11/15/2025		180,000		196,620

4.15%, 11/15/2030		148,000		171,428

QUALCOMM, Inc., 2.15%, 05/20/2030		160,000		169,516

3.25%, 05/20/2050		155,000		179,932

				1,203,609


Soft Drinks–0.07%
Keurig Dr Pepper, Inc., 4.06%, 05/25/2023		125,000		135,897


Specialized REITs–0.27%
Agree L.P., 2.90%, 10/01/2030		42,000		44,684


	Principal Amount		Value
Specialized REITs–(continued)
American Tower Corp., 3.00%, 06/15/2023	$	112,000	$	118,710

4.00%, 06/01/2025		70,000		79,114

1.30%, 09/15/2025		82,000		83,907

Crown Castle International Corp., 3.30%, 07/01/2030		42,000		47,060

Equinix, Inc., 3.20%, 11/18/2029		60,000		66,225

Life Storage L.P., 2.20%, 10/15/2030		48,000		49,053

Simon Property Group L.P., 3.50%, 09/01/2025		38,000		42,217

				530,970


Systems Software–0.14%
Leidos, Inc., 2.30%, 02/15/2031^(c)		191,000		194,834

VMware, Inc., 3.90%, 08/21/2027		70,000		78,985

				273,819


Technology Hardware, Storage & Peripherals–0.50%
Apple, Inc., 4.38%, 05/13/2045		76,000		104,160

2.55%, 08/20/2060		480,000		493,703

Dell International LLC/EMC Corp., 5.30%, 10/01/2029^(c)		157,000		192,409

Lenovo Group Ltd. (China), 3.42%, 11/02/2030^(c)		200,000		210,373

				1,000,645


Thrifts & Mortgage Finance–0.09%
Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030^(c)(f)		150,000		174,865


Tobacco–0.34%
Altria Group, Inc., 3.49%, 02/14/2022		85,000		87,935

BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		117,000		121,557

Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022^(c)		328,000		342,143

Philip Morris International, Inc., 0.88%, 05/01/2026		124,000		124,580

				676,215


Trucking–0.31%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.65%, 07/29/2021^(c)		90,000		91,406

4.00%, 07/15/2025^(c)		106,000		120,256

1.20%, 11/15/2025^(c)		36,000		36,334

3.40%, 11/15/2026^(c)		120,000		133,531

Ryder System, Inc., 2.50%, 09/01/2024		58,000		61,640

4.63%, 06/01/2025		98,000		113,599

3.35%, 09/01/2025		48,000		53,525

				610,291

Total U.S. Dollar Denominated Bonds & Notes (Cost $43,144,515)				46,481,576


Asset-Backed Securities–13.14%
Alternative Loan Trust, Series 2005-29CB, Class A4, 5.00%, 07/25/2035		123,206		100,141

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
American Credit Acceptance Receivables Trust, Series 2017-4, Class D, 3.57%, 01/10/2024^(c)	$	166,254	$	168,452

Series 2018-2, Class C, 3.70%, 07/10/2024^(c)		67,477		67,766

Series 2018-3, Class D, 4.14%, 10/15/2024^(c)		25,000		25,586

Series 2018-4, Class C, 3.97%, 01/13/2025^(c)		119,614		120,908

Series 2019-3, Class C, 2.76%, 09/12/2025^(c)		155,000		157,937

AmeriCredit Automobile Receivables Trust, Series 2017-2, Class D, 3.42%, 04/18/2023		320,000		329,087

Series 2017-4, Class D, 3.08%, 12/18/2023		205,000		211,302

Series 2018-3, Class C, 3.74%, 10/18/2024		260,000		274,001

Series 2019-2, Class C, 2.74%, 04/18/2025		100,000		104,235

Series 2019-2, Class D, 2.99%, 06/18/2025		270,000		282,756

Series 2019-3, Class D, 2.58%, 09/18/2025		130,000		135,065

Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.47%, 12/25/2059^(c)(h)		128,909		130,301

Series 2020-3, Class A1, 1.69%, 04/25/2065^(c)(h)		373,912		377,024

Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR, 1.46% (3 mo. USD LIBOR + 1.25%), 07/25/2030^(c)(e)		423,812		423,917

Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037		28,512		28,170

Series 2007-C, Class 1A4, 3.48%, 05/20/2036^(h)		9,490		9,368

Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 3.60%, 06/25/2034^(h)		26,014		26,064

Bank, Series 2019-BNK16, Class XA, IO, 0.96%, 02/15/2052⁽ⁱ⁾		1,564,204		98,655

Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 2.41% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(e)		162,741		163,082

Series 2006-1, Class A1, 2.37% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(e)		59,534		60,925

Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.52%, 01/15/2051⁽ⁱ⁾		2,175,845		63,722

Capital Auto Receivables Asset Trust, Series 2017-1, Class D, 3.15%, 02/20/2025^(c)		40,000		40,619

Series 2018-2, Class B, 3.48%, 10/20/2023^(c)		125,000		125,953

Series 2018-2, Class C, 3.69%, 12/20/2023^(c)		120,000		122,006


	Principal Amount		Value
CarMax Auto Owner Trust, Series 2017-1, Class D, 3.43%, 07/17/2023	$	245,000	$	246,355

Series 2017-4, Class D, 3.30%, 05/15/2024		110,000		112,575

CCG Receivables Trust, Series 2018-1, Class B, 3.09%, 06/16/2025^(c)		90,000		90,848

Series 2018-2, Class C, 3.87%, 12/15/2025^(c)		60,000		61,848

Series 2019-2, Class B, 2.55%, 03/15/2027^(c)		105,000		107,844

Series 2019-2, Class C, 2.89%, 03/15/2027^(c)		100,000		102,629

CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.92%, 11/13/2050⁽ⁱ⁾		841,558		34,893

Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(c)(h)		28,566		29,339

Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.36%, 01/25/2036^(h)		65,846		63,796

CHL Mortgage Pass-Through Trust, Series 2005-26, Class 1A8, 5.50%, 11/25/2035		38,198		32,585

Series 2006-6, Class A3, 6.00%, 04/25/2036		24,437		18,598

Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 1.03%, 11/10/2046⁽ⁱ⁾		405,128		9,986

Series 2014-GC21, Class AA, 3.48%, 05/10/2047		74,308		77,845

Series 2017-C4, Class XA, IO, 1.10%, 10/12/2050⁽ⁱ⁾		2,248,923		119,032

Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 1A1, 3.88% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(e)		154,156		157,423

CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		70,000		71,044

Series 2019-A, Class A4, 3.22%, 01/15/2026		120,000		126,928

COLT Mortgage Loan Trust, Series 2020-1, Class A1, 2.49%, 02/25/2050^(c)(h)		263,525		266,981

Series 2020-2, Class A1, 1.85%, 03/25/2065^(c)(h)		193,311		196,033

COMM Mortgage Trust, Series 2012-CR5, Class XA, IO, 1.51%, 12/10/2045⁽ⁱ⁾		297,329		7,238

Series 2013-CR6, Class AM, 3.15%, 03/10/2046^(c)		255,000		265,354

Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		54,362		57,006

Series 2014-CR21, Class AM, 3.99%, 12/10/2047		865,000		950,971

Series 2014-LC15, Class AM, 4.20%, 04/10/2047		140,000		153,932

Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		495,000		544,372

CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		571,000		617,506

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036	$	99,970	$	79,090

Dell Equipment Finance Trust, Series 2018-1, Class B, 3.34%, 06/22/2023^(c)		90,000		90,729

Series 2019-1, Class C, 3.14%, 03/22/2024^(c)		330,000		337,602

Series 2019-2, Class D, 2.48%, 04/22/2025^(c)		110,000		111,812

Drive Auto Receivables Trust, Series 2017-1, Class D, 3.84%, 03/15/2023		135,875		137,517

Series 2018-1, Class D, 3.81%, 05/15/2024		116,050		118,350

Series 2018-2, Class D, 4.14%, 08/15/2024		230,000		236,711

Series 2018-3, Class D, 4.30%, 09/16/2024		215,000		222,817

Series 2018-5, Class C, 3.99%, 01/15/2025		210,000		214,911

Series 2019-1, Class C, 3.78%, 04/15/2025		340,000		346,560

DT Auto Owner Trust, Series 2017-1A, Class D, 3.55%, 11/15/2022^(c)		44		44

Series 2017-2A, Class D, 3.89%, 01/15/2023^(c)		16,037		16,072

Series 2017-3A, Class D, 3.58%, 05/15/2023^(c)		21,483		21,651

Series 2017-3A, Class E, 5.60%, 08/15/2024^(c)		195,000		200,773

Series 2017-4A, Class D, 3.47%, 07/17/2023^(c)		42,944		43,133

Series 2018-3A, Class B, 3.56%, 09/15/2022^(c)		26,744		26,776

Series 2018-3A, Class C, 3.79%, 07/15/2024^(c)		105,000		106,314

Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.01%, 05/25/2065^(c)(h)		86,465		87,917

Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 03/15/2024^(c)		322,000		328,798

Series 2019-4A, Class D, 2.58%, 09/15/2025^(c)		230,000		236,744

First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 0.80% (1 mo. USD LIBOR + 0.65%), 11/25/2035^(e)		55,402		25,995

Flagship Credit Auto Trust, Series 2016-1, Class C, 6.22%, 06/15/2022^(c)		133,305		134,590

Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 0.76% (1 mo. USD LIBOR + 0.60%), 09/15/2024^(e)		550,000		554,111


	Principal Amount		Value
FREMF Mortgage Trust, Series 2013-K25, Class C, 3.62%, 11/25/2045^(c)(h)	$	60,000	$	62,366

Series 2013-K26, Class C, 3.60%, 12/25/2045^(c)(h)		40,000		41,749

Series 2013-K27, Class C, 3.50%, 01/25/2046^(c)(h)		110,000		114,680

Series 2013-K28, Class C, 3.49%, 06/25/2046^(c)(h)		450,000		472,372

Series 2014-K715, Class C, 4.12%, 02/25/2046^(c)(h)		180,000		179,762

GLS Auto Receivables Trust, Series 2018-1A, Class A, 2.82%, 07/15/2022^(c)		8,361		8,370

GS Mortgage Securities Trust, Series 2012-GC6, Class A3, 3.48%, 01/10/2045		54,793		55,674

Series 2013-GC16, Class AS, 4.65%, 11/10/2046		65,000		71,079

Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		15,804		16,127

Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		56,035		58,516

Series 2020-GC47, Class A5, 2.38%, 05/12/2053		225,000		242,593

GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.33%, 07/25/2035^(h)		8,401		8,578

HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.77% (1 mo. USD LIBOR + 0.62%), 07/25/2035^(e)		4,570		4,584

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.37%, 12/15/2047		325,000		339,775

Series 2013-C16, Class AS, 4.52%, 12/15/2046		330,000		359,433

Series 2013-LC11, Class AS, 3.22%, 04/15/2046		78,000		81,195

Series 2014-C20, Class AS, 4.04%, 07/15/2047		245,000		267,714

Series 2016-JP3, Class A2, 2.43%, 08/15/2049		128,912		130,193

JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 3.06%, 07/25/2035^(h)		41,731		41,387

Series 2018-8, Class A17, 4.00%, 01/25/2049^(c)(h)		4,171		4,175

JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047^(h)		270,000		278,608

Series 2014-C25, Class AS, 4.07%, 11/15/2047		105,000		115,635

Series 2015-C27, Class XA, IO, 1.16%, 02/15/2048⁽ⁱ⁾		2,105,926		83,663

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 3.11%, 04/21/2034^(h)		14,758		14,790

Morgan Stanley BAML Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047		720,000		784,843

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		240,000		251,267

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal Amount		Value
Morgan Stanley Capital I Trust, Series 2011-C2, Class A4, 4.66%, 06/15/2044^(c)	$	57,196	$	57,585

Series 2017-HR2, Class XA, IO, 0.79%, 12/15/2050⁽ⁱ⁾		764,387		33,821

Morgan Stanley ReRemic Trust, Series 2012-R3, Class 1B, 2.64%, 11/26/2036^(c)(h)		169,000		161,287

Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		80,533		81,898

Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.24% (3 mo. USD LIBOR + 1.02%), 04/19/2030^(c)(e)		276,000		274,945

OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 1.50% (3 mo. USD LIBOR + 1.26%), 07/15/2030^(c)(e)		250,000		250,125

Series 2020-8RA, Class A1, 1.00% (1.22% - 3 mo. USD LIBOR), 01/17/2032^(c)(e)		366,000		366,183

Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.00% (1.22% - 3 mo. USD LIBOR), 01/15/2033^(c)(e)		339,000		339,276

OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.48% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(c)(e)		272,907		273,615

Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(c)		115,000		118,045

Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(c)		360,000		367,108

RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 3.04%, 07/26/2045^(c)(h)		2,278		2,297

Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		5,579		5,204

Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 02/25/2024^(c)(h)		120,007		122,561

Santander Drive Auto Receivables Trust, Series 2017-1, Class E, 5.05%, 07/15/2024^(c)		410,000		416,986

Series 2017-3, Class D, 3.20%, 11/15/2023		295,000		300,185

Series 2018-1, Class D, 3.32%, 03/15/2024		110,000		112,539

Series 2018-2, Class D, 3.88%, 02/15/2024		170,000		175,616

Series 2018-5, Class C, 3.81%, 12/16/2024		170,375		172,281

Series 2019-2, Class D, 3.22%, 07/15/2025		195,000		202,915

Series 2019-3, Class D, 2.68%, 10/15/2025		165,000		169,744


	Principal Amount		Value
Santander Retail Auto Lease Trust, Series 2019-A, Class C, 3.30%, 05/22/2023^(c)	$	320,000	$	329,638

Series 2019-B, Class C, 2.77%, 08/21/2023^(c)		115,000		118,410

Series 2019-C, Class C, 2.39%, 11/20/2023^(c)		205,000		210,577

Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050^(c)(h)		152,527		156,074

Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.51% (3 mo. USD LIBOR + 1.29%), 04/18/2033(c)(e)		250,000		250,312

TICP CLO XV Ltd., Series 2020-15A, Class A, 1.50% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(c)(e)		256,000		256,330

Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039^(c)		280,000		282,831

UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.00%, 11/15/2050⁽ⁱ⁾		1,494,516		71,969

United Auto Credit Securitization Trust, Series 2019-1, Class C, 3.16%, 08/12/2024^(c)		139,182		139,849

Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 01/25/2060^(c)(g)		335,307		341,976

Series 2020-1, Class A2, 2.64%, 01/25/2060^(c)(g)		99,729		101,752

Series 2020-INV1, Class A1, 1.98%, 03/25/2060^(c)(h)		90,494		91,918

Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055^(c)		175,429		175,966

WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003-AR10, Class A7, 2.57%, 10/25/2033^(h)		38,396		38,664

Series 2005-AR14, Class 1A4, 2.90%, 12/25/2035^(h)		44,307		44,289

Series 2005-AR16, Class 1A1, 2.75%, 12/25/2035^(h)		43,293		42,851

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		288,534		299,028

Series 2017-C42, Class XA, IO, 0.88%, 12/15/2050⁽ⁱ⁾		1,064,556		54,379

Westlake Automobile Receivables Trust, Series 2017-2A, Class E, 4.63%, 07/15/2024^(c)		320,000		321,459

Series 2018-1A, Class D, 3.41%, 05/15/2023^(c)		212,931		214,549

Series 2018-3A, Class B, 3.32%, 10/16/2023^(c)		16,322		16,341

Series 2019-3A, Class C, 2.49%, 10/15/2024^(c)		265,000		271,368

WFRBS Commercial Mortgage Trust, Series 2011-C3, Class XA, IO, 1.27%, 03/15/2044^(c)(i)		1,482,413		1,020

Series 2013-C14, Class AS, 3.49%, 06/15/2046		155,000		162,754

Series 2014-C20, Class AS, 4.18%, 05/15/2047		150,000		163,144

Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(h)		165,000		180,318

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal
	Amount		Value

World Financial Network Credit Card Master Trust, Series 2018-A, Class A, 3.07%, 12/16/2024	$	540,000	$	541,766

Series 2018-B, Class A, 3.46%, 07/15/2025		245,000		250,406

Series 2018-C, Class A, 3.55%, 08/15/2025		490,000		502,427

Series 2019-A, Class A, 3.14%, 12/15/2025		75,000		77,364

Series 2019-B, Class A, 2.49%, 04/15/2026		260,000		268,050

Series 2019-C, Class A, 2.21%, 07/15/2026		225,000		232,069

Total Asset-Backed Securities (Cost $25,800,602)				26,152,212


U.S. Government Sponsored Agency Mortgage-Backed Securities–11.44%
Collateralized Mortgage Obligations–0.99%
Fannie Mae Interest STRIPS, IO, 7.00%, 06/25/2023 to 04/25/2032^(j)		32,249		2,776

7.50%, 08/25/2023 to 11/25/2023^(j)		41,772		2,811

6.50%, 02/25/2032 to 02/25/2033^(j)		116,443		22,650

6.50%, 02/25/2033^(h)(j)		31,663		5,979

6.00%, 06/25/2033 to 08/25/2035^(j)		87,725		16,543

5.50%, 09/25/2033 to 06/25/2035^(j)		246,132		43,842

6.00%, 09/25/2035^(h)(j)		35,505		6,525

Fannie Mae REMICs, IO, 5.50%, 06/25/2023 to 07/25/2046^(j)		420,577		341,771

6.55%, 02/25/2024 to 05/25/2035^(e)(j)		108,922		20,570

4.00%, 08/25/2026 to 08/25/2047^(j)		307,865		30,990

3.00%, 11/25/2027^(j)		131,866		7,571

6.95% (7.10% - 1 mo. USD LIBOR), 11/25/2030^(e)(j)		36,339		6,586

7.75% (7.90% - 1 mo. USD LIBOR), 11/25/2031^(e)(j)		52,469		10,474

7.80% (7.95% - 1 mo. USD LIBOR), 01/25/2032^(e)(j)		12,101		2,499

7.95% (8.10% - 1 mo. USD LIBOR), 03/25/2032^(e)(j)		13,979		3,105

7.85%, 04/25/2032 to 12/25/2032^(e)(j)		167,430		37,017

7.94% (8.10% - 1 mo. USD LIBOR), 12/18/2032^(e)(j)		16,800		2,737

8.10%, 02/25/2033 to 05/25/2033^(e)(j)		79,118		18,718

7.40% (1 mo. USD LIBOR + 7.55%), 10/25/2033^(e)(j)		9,964		2,228

5.90%, 03/25/2035 to 07/25/2038^(e)(j)		31,300		5,572

6.60% (6.75% - 1 mo. USD LIBOR), 03/25/2035^(e)(j)		5,673		972

6.45% (6.60% - 1 mo. USD LIBOR), 05/25/2035^(e)(j)		291,825		47,690

3.50%, 08/25/2035^(j)		334,945		40,689


	Principal
	Amount		Value

Collateralized Mortgage Obligations–(continued)
5.95% (6.10% - 1 mo. USD LIBOR), 10/25/2035^(e)(j)	$	26,196	$	5,187

6.39% (1 mo. USD LIBOR + 6.54%), 06/25/2037^(e)(j)		47,882		9,970

6.40% (6.55% - 1 mo. USD LIBOR), 10/25/2041^(e)(j)		68,523		14,421

6.00% (6.15% - 1 mo. USD LIBOR), 12/25/2042^(e)(j)		248,010		49,352

PO, 0.00%, 09/25/2023^(k)		10,781		10,637

6.00%, 11/25/2028		21,420		24,278

13.80% (1 mo. USD LIBOR + 14.10%), 12/25/2033^(e)		38		39

0.40% (1 mo. USD LIBOR + 0.25%), 08/25/2035^(e)		25,164		25,185

24.02% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(e)		33,583		55,183

23.66% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		3,739		5,579

23.66% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		19,818		32,199

1.09% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(e)		15,231		15,599

1.50%, 01/25/2040		78,576		79,127

5.00%, 04/25/2040 to 09/25/2047^(e)(j)		711,248		136,886

Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, 0.50%, 03/25/2024^(h)		4,845,245		52,558

Series KC03, Class X1, 0.63%, 11/25/2024^(h)		2,713,198		44,707

Series K734, Class X1, 0.65%, 02/25/2026^(h)		2,066,437		59,079

Series K735, Class X1, 1.10%, 05/25/2026^(h)		2,033,436		93,170

Series K093, Class X1, 0.95%, 05/25/2029^(h)		1,650,526		115,483

Freddie Mac REMICs, 1.50%, 07/15/2023		128,861		129,759

6.50%, 03/15/2032 to 06/15/2032		68,630		80,741

3.50%, 05/15/2032		17,191		18,479

24.17% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(e)		7,485		12,427

0.56% (1 mo. USD LIBOR + 0.40%), 09/15/2035^(e)		44,029		44,336

IO, 7.49%, 07/15/2026 to 03/15/2029^(e)(j)		56,003		7,559

3.00%, 06/15/2027 to 05/15/2040^(j)		426,560		26,775

2.50%, 05/15/2028^(j)		80,399		4,334

6.54% (6.70% - 1 mo. USD LIBOR), 01/15/2035^(e)(j)		209,341		38,527

6.59% (6.75% - 1 mo. USD LIBOR), 02/15/2035^(e)(j)		12,885		2,327

6.56% (6.72% - 1 mo. USD LIBOR), 05/15/2035^(e)(j)		94,267		14,969

6.84% (7.00% - 1 mo. USD LIBOR), 12/15/2037^(e)(j)		12,802		2,923

5.84% (6.00% - 1 mo. USD LIBOR), 04/15/2038^(e)(j)		5,163		906

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Principal
	Amount		Value

Collateralized Mortgage Obligations–(continued)
5.91% (6.07% - 1 mo. USD LIBOR), 05/15/2038^(e)(j)	$	42,425	$	8,468

6.09% (6.25% - 1 mo. USD LIBOR), 12/15/2039^(e)(j)		20,136		3,833

4.00%, 04/15/2040 to 03/15/2045^(j)		147,605		25,352

5.94% (6.10% - 1 mo. USD LIBOR), 01/15/2044^(e)(j)		102,239		11,166

Freddie Mac STRIPS, IO, 7.00%, 04/01/2027^(j)		27,562		3,741

3.00%, 12/15/2027^(j)		166,459		10,970

3.27%, 12/15/2027^(h)(j)		43,166		2,326

6.50%, 02/01/2028^(j)		7,118		1,020

6.00%, 12/15/2032^(j)		22,090		3,559

PO, 0.00%, 06/01/2026^(k)		7,194		6,993

				1,970,444


Federal Home Loan Mortgage Corp. (FHLMC)–0.11%
9.00%, 08/01/2022 to 05/01/2025		380		412

6.50%, 07/01/2028 to 04/01/2034		11,776		13,460

7.00%, 10/01/2031 to 10/01/2037		38,765		44,686

5.00%, 12/01/2034		1,533		1,743

5.50%, 09/01/2039		135,913		157,897


				218,198


Federal National Mortgage Association (FNMA)–0.06%
8.50%, 07/01/2032		844		847

7.50%, 01/01/2033		30,591		36,118

6.00%, 03/01/2037		66,334		79,519

				116,484


Government National Mortgage Association (GNMA)–2.45%
7.50%, 01/15/2023 to 06/15/2024		6,520		6,639

8.00%, 04/15/2023		1,330		1,347

7.00%, 01/15/2024		4,874		4,892

IO, 7.35% (7.50% - 1 mo. USD LIBOR), 02/16/2032^(e)(j)		40,237		25

6.40% (6.55% - 1 mo. USD LIBOR), 04/16/2037^(e)(j)		179,570		36,021

6.50% (6.65% - 1 mo. USD LIBOR), 04/16/2041^(e)(j)		85,069		14,834

4.50%, 09/16/2047^(j)		248,638		36,203

6.05% (6.20% - 1 mo. USD LIBOR), 10/16/2047^(e)(j)		233,649		42,540

TBA, 2.50%, 01/01/2051^(l)		4,465,000		4,726,100

				4,868,601


Uniform Mortgage-Backed Securities–7.83%
TBA 2.00%, 01/01/2036 to 02/01/2051^(l)		15,012,000		15,588,222

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $22,898,439)				22,761,949


	Principal
	Amount		Value

U.S. Treasury Securities–5.69%
U.S. Treasury Bonds–1.05%
1.38%, 11/15/2040	$	627,000	$	619,016

1.38%, 08/15/2050		1,564,800		1,462,599

				2,081,615


U.S. Treasury Notes–4.64%
0.13%, 11/30/2022		211,500		211,533

0.13%, 12/15/2023		1,249,900		1,248,386

0.38%, 11/30/2025		4,728,100		4,734,010

0.63%, 11/30/2027		728,900		728,558

0.88%, 11/15/2030		2,328,400		2,319,669

				9,242,156

Total U.S. Treasury Securities (Cost $11,307,434)				11,323,771


Agency Credit Risk Transfer Notes–0.62%
Fannie Mae Connecticut Avenue Securities Series 2014-C04, Class 2M2, 5.15% (1 mo. USD LIBOR + 5.00%), 11/25/2024^(e)		173,894		178,828

Series 2016-C02, Class 1M2, 6.15% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(e)		144,573		153,832

Freddie Mac Series 2014-DN1, Class M2, STACR^®, 2.35% (1 mo. USD LIBOR + 2.20%), 02/25/2024^(e)		971		972

Series 2014-DN3, Class M3, STACR^®, 4.15% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(e)		100,789		103,211

Series 2014-HQ2, Class M3, STACR^®, 3.90% (1 mo. USD LIBOR + 3.75%), 09/25/2024^(e)		331,194		341,253

Series 2018-HQA1, Class M2, STACR^®, 2.45% (1 mo. USD LIBOR + 2.30%), 09/25/2030^(e)		86,816		86,882

Series 2018-DNA2, Class M1, STACR^®, 0.95% (1 mo. USD LIBOR + 0.80%), 12/25/2030^(c)(e)		49,435		49,471

Series 2018-HRP2, Class M2, STACR^®, 1.40% (1 mo. USD LIBOR + 1.25%), 02/25/2047^(c)(e)		143,172		143,144

Series 2018-DNA3, Class M1, STACR^®, 0.90% (1 mo. USD LIBOR + 0.75%), 09/25/2048^(c)(e)		177		177

Series 2018-HQA2, Class M1, STACR^®, 0.90% (1 mo. USD LIBOR + 0.75%), 10/25/2048^(c)(e)		28,180		28,196

Series 2019-HRP1, Class M2, STACR^®, 1.55% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(c)(e)		59,848		59,815

Series 2020-DNA5, Class M1, STACR^®, 1.38% (SOFR + 1.30%), 10/25/2050^(c)(e)		95,000		95,374

Total Agency Credit Risk Transfer Notes (Cost $1,266,268)				1,241,155


	Shares
Preferred Stocks–0.52%
Asset Management & Custody Banks–0.10%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(d)(f)		175,000		193,427


Diversified Banks–0.12%
Citigroup, Inc., 5.00%, Series U, Pfd.^(d)(f)		240,000		250,050

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund



	Shares		Value

Investment Banking & Brokerage–0.16%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(d)(f)		302,000	$	319,365


Life & Health Insurance–0.08%
MetLife, Inc., 3.85%, Series G, Pfd.^(d)(f)		157,000		166,028


Other Diversified Financial Services–0.06%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(d)(f)		105,000		111,956

Total Preferred Stocks (Cost $979,000)				1,040,826


	Principal
	Amount
Municipal Obligations–0.23%
Maryland (State of) Health & Higher Educational Facilities Authority (University of MD Medical System), Series 2020 D, Ref. RB, 3.05%, 07/01/2040	$	80,000		83,057

Series 2020 D, Ref. RB, 3.20%, 07/01/2050		105,000		109,051

Investment Abbreviations:


ADR	–	American Depositary Receipt
CLO	–	Collateralized Loan Obligation
Ctfs.	–	Certificates
IO	–	Interest Only
LIBOR	–	London Interbank Offered Rate
Pfd.	–	Preferred
PO	–	Principal Only
RB	–	Revenue Bonds
Ref.	–	Refunding
REIT	–	Real Estate Investment Trust
REMICs	–	Real Estate Mortgage Investment Conduits
SOFR	–	Secured Overnight Financing Rate
STACR^®	–	Structured Agency Credit Risk
STRIPS	–	Separately Traded Registered Interest and Principal Security
TBA	–	To Be Announced
USD	–	U.S. Dollar


	Principal
	Amount		Value

Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041	$	265,000	$	267,231

Total Municipal Obligations (Cost $450,000)				459,339

TOTAL INVESTMENTS IN SECURITIES–98.74% (Cost $164,078,529)				196,545,254

OTHER ASSETS LESS LIABILITIES–1.26%				2,514,347

NET ASSETS–100.00%			$	199,059,601

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $26,502,564, which represented 13.31% of the Fund’s Net Assets.

^(d)	Perpetual bond with no specified maturity date.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(f)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(h)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2020.

⁽ⁱ⁾

^(j)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(k)	Zero coupon bond issued at a discount.

^(l)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1O.


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value December 31, 2020			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	862,312		$	(862,312	)		$	-		$	-		$	-		$	11	*
Invesco Private Prime Fund			-			1,293,469			(1,293,469	)			-			-			-			60	*
Total		$	-		$	2,155,781		$	(2,155,781	)		$	-		$	-		$	-		$	71

*	Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		158		March-2021		$	34,914,297			$	31,782			$	31,782
U.S. Treasury 5 Year Notes		56		March-2021			7,065,188				11,591				11,591
U.S. Treasury Ultra Bonds		24		March-2021			5,125,500				(78,803	)			(78,803	)
Subtotal-Long Futures Contracts											(35,430	)			(35,430	)

Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Notes		54		March-2021			(7,456,219	)			(11,505	)			(11,505	)
U.S. Treasury 10 Year Ultra Bonds		37		March-2021			(5,785,297	)			4,141				4,141
.U.S. Treasury Long Bonds		11		March-2021			(1,905,063	)			8,860				8,860
Subtotal-Short Futures Contracts											1,496				1,496
Total Futures Contracts										$	(33,934	)		$	(33,934	)

^(a)	Futures contracts collateralized by $168,804 cash held with Bank of America, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Statement of Assets and Liabilities

December 31, 2020



Assets:
Investments in securities, at value (Cost $164,078,529)	$	196,545,254

Other investments: Variation margin receivable – futures contracts		373,443

Deposits with brokers: Cash collateral – exchange-traded futures contracts		168,804

Cash		22,606,590

Receivable for: Investments sold		12,779,731

Fund shares sold		54,825

Dividends		58,442

Interest		476,193

Principal paydowns		484

Investment for trustee deferred compensation and retirement plans		66,338

Total assets		233,130,104


Liabilities:
Payable for: Investments purchased		33,717,134

Fund shares reacquired		40,351

Accrued fees to affiliates		86,660

Accrued other operating expenses		160,020

Trustee deferred compensation and retirement plans		66,338

Total liabilities		34,070,503

Net assets applicable to shares outstanding	$	199,059,601


Net assets consist of:
Shares of beneficial interest	$	153,777,241

Distributable earnings		45,282,360

	$	199,059,601


Net Assets:
Series I	$	150,982,726

Series II	$	48,076,875


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,419,644

Series II		2,719,127

Series I: Net asset value per share	$	17.93

Series II: Net asset value per share	$	17.68

Statement of Operations

For the year ended December 31, 2020


Investment income:
Interest (net of foreign withholding taxes of $64)	$	2,983,481

Dividends (net of foreign withholding taxes of $10,199)		1,333,719

Dividends from affiliated money market funds (includes securities lending income of $227)		227

Total investment income		4,317,427

Expenses:
Advisory fees		1,396,456

Administrative services fees		289,746

Custodian fees		41,108

Distribution fees - Series II		113,503

Transfer agent fees		19,992

Trustees’ and officers’ fees and benefits		20,290

Reports to shareholders		52,610

Professional services fees		46,765

Other		8,645

Total expenses		1,989,115

Less: Fees waived		(603,705	)

Net expenses		1,385,410

Net investment income		2,932,017


Realized and unrealized gain (loss) from:
Net realized gain (loss) from: Unaffiliated investment securities		8,266,120

Foreign currencies		42

Futures contracts		1,542,437

Swap agreements		(51	)

		9,808,548

Change in net unrealized appreciation of: Unaffiliated investment securities		13,458,348

Foreign currencies		258

Futures contracts		320,210

		13,778,816

Net realized and unrealized gain		23,587,364

Net increase in net assets resulting from operations	$	26,519,381

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	2,932,017		$	3,922,312

Net realized gain		9,808,548			4,974,593

Change in net unrealized appreciation		13,778,816			21,690,735

Net increase in net assets resulting from operations		26,519,381			30,587,640


Distributions to shareholders from distributable earnings:
Series I		(6,277,496	)		(5,596,424	)

Series II		(1,887,499	)		(1,648,251	)

Total distributions from distributable earnings		(8,164,995	)		(7,244,675	)


Share transactions–net:
Series I		(7,271,309	)		(13,751,593	)

Series II		(2,260,271	)		(2,673,730	)

Net increase (decrease) in net assets resulting from share transactions		(9,531,580	)		(16,425,323	)

Net increase in net assets		8,822,806			6,917,642


Net assets:
Beginning of year		190,236,795			183,319,153

End of year	$	199,059,601		$	190,236,795

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations^(a)			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)(e)
Series I
Year ended 12/31/20		$16.31		$0.27		$2.11			$2.38			$(0.36	)		$(0.40	)		$(0.76	)		$17.93		14.86	%		$150,983		0.67	%^(f)		0.99	%^(f)		1.60	%^(f)		311	%
Year ended 12/31/19		14.43		0.33		2.16			2.49			(0.36	)		(0.25	)		(0.61	)		16.31		17.51			144,384		0.67			1.00			2.11			68
Year ended 12/31/18		15.92		0.32		(1.13	)		(0.81	)		(0.31	)		(0.37	)		(0.68	)		14.43		(5.32	)		140,290		0.67			0.98			2.05			60
Year ended 12/31/17		14.86		0.27		1.09			1.36			(0.30	)		–			(0.30	)		15.92		9.25			166,015		0.67			0.94			1.74			76
Year ended 12/31/16		14.46		0.26		0.49			0.75			(0.35	)		–			(0.35	)		14.86		5.26			172,573		0.67			0.94			1.78			68

Series II
Year ended 12/31/20		16.09		0.23		2.08			2.31			(0.32	)		(0.40	)		(0.72	)		17.68		14.59			48,077		0.92	^(f)		1.24	^(f)		1.35	^(f)		311
Year ended 12/31/19		14.24		0.29		2.13			2.42			(0.32	)		(0.25	)		(0.57	)		16.09		17.22			45,853		0.92			1.25			1.86			68
Year ended 12/31/18		15.71		0.27		(1.10	)		(0.83	)		(0.27	)		(0.37	)		(0.64	)		14.24		(5.53	)		43,029		0.92			1.23			1.80			60
Year ended 12/31/17		14.67		0.23		1.07			1.30			(0.26	)		–			(0.26	)		15.71		8.95			51,633		0.92			1.19			1.49			76
Year ended 12/31/16		14.28		0.22		0.48			0.70			(0.31	)		–			(0.31	)		14.67		4.96			51,743		0.92			1.19			1.53			68

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $489,567,330 and $509,769,207, $685,887,902 and $703,549,464, $729,295,309 and $711,803,922 and $737,550,642 and $742,753,245 for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are based on average daily net assets (000’s omitted) of $144,435 and $45,401 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Conservative Balanced Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company -Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek total return.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. Conservative Balanced Fund

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

L.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lockin” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Invesco Oppenheimer V.I. Conservative Balanced Fund

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

P.	Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Q.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


First $ 200 million		0.750%


Next $ 200 million		0.720%


Next $ 200 million		0.690%


Next $ 200 million		0.660%


Over $ 800 million		0.600%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.74%.

Invesco Oppenheimer V.I. Conservative Balanced Fund

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.67% and Series II shares to 0.92% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, the Adviser waived advisory fees of $603,705.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $27,320 for accounting and fund administrative services and was reimbursed $262,426 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $735 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

Level 1 -

Prices are determined using quoted prices in an active market for identical assets.

Level 2 -

Level 3 -


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests		$87,084,426		$ -		$-		$ 87,084,426

U.S. Dollar Denominated Bonds & Notes		-		46,481,576		-		46,481,576

Asset-Backed Securities		-		26,152,212		-		26,152,212

U.S. Government Sponsored Agency Mortgage-Backed Securities		-		22,761,949		-		22,761,949

U.S. Treasury Securities		-		11,323,771		-		11,323,771

Agency Credit Risk Transfer Notes		-		1,241,155		-		1,241,155

Preferred Stocks		-		1,040,826		-		1,040,826

Municipal Obligations		-		459,339		-		459,339

Total Investments in Securities		87,084,426		109,460,828		-		196,545,254


Other Investments - Assets*

Futures Contracts		56,374		-		-		56,374

Invesco Oppenheimer V.I. Conservative Balanced Fund


	Level 1			Level 2		Level 3		Total

Other Investments - Liabilities*

Futures Contracts	$	(90,308	)	$	-		$-	$	(90,308	)

Total Other Investments		(33,934	)		-		-		(33,934	)

Total Investments	$	87,050,492		$	109,460,828		$-	$	196,511,320

*	Unrealized appreciation (depreciation).

NOTE 4-Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value

Derivative Assets	Interest Rate Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	56,374

Derivatives not subject to master netting agreements		(56,374	)

Total Derivative Assets subject to master netting agreements	$	-


	Value

Derivative Liabilities	Interest Rate Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(90,308	)

Derivatives not subject to master netting agreements		90,308

Total Derivative Liabilities subject to master netting agreements	$	-

^(a)	The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended December 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Interest Rate Risk		Total
Realized Gain (Loss):
Futures contracts	$	-		$	1,542,437	$	1,542,437
Swap agreements		(51	)		-		(51	)
Change in Net Unrealized Appreciation:
Futures contracts		-			320,210		320,210
Total	$	(51	)	$	1,862,647	$	1,862,596

The table below summarizes the average notional value of derivatives held during the period.


	Futures Contracts		Swap Agreements

Average notional value	$	48,142,311	$	3,439,094

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

Invesco Oppenheimer V.I. Conservative Balanced Fund

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	6,064,889	$	4,189,683


Long-term capital gain		2,100,106		3,054,992


Total distributions	$	8,164,995	$	7,244,675

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	8,544,929

Undistributed long-term capital gain		4,172,842

Net unrealized appreciation – investments		33,044,233

Net unrealized appreciation – foreign currencies		380

Temporary book/tax differences		(480,024	)

Shares of beneficial interest		153,777,241

Total net assets	$	199,059,601

The Fund does not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $427,618,744 and $443,453,457, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $147,871,241 and $141,685,323, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$36,693,262

Aggregate unrealized (depreciation) of investments	(3,649,029	)

Net unrealized appreciation of investments	$33,044,233

Cost of investments for tax purposes is $163,467,087.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns and foreign currencies, on December 31, 2020, undistributed net investment income was increased by $51,424, undistributed net realized gain was decreased by $47,506 and shares of beneficial interest was decreased by $3,918. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


		Summary of Share Activity

	Year ended December 31, 2020^(a)				Year ended December 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Series I		293,180	$	4,958,390		137,278	$	2,146,719

Series II		407,137		6,648,678		190,204		2,932,620

Invesco Oppenheimer V.I. Conservative Balanced Fund


		Summary of Share Activity
	Year ended December 31, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Series I		366,462		$	6,277,496			362,933		$	5,596,424

Series II		111,753			1,887,499			108,224			1,648,251


Reacquired:
Series I		(1,093,831	)		(18,507,195	)		(1,371,558	)		(21,494,736	)

Series II		(649,731	)		(10,796,448	)		(470,960	)		(7,254,601	)

Net increase (decrease) in share activity		(565,030	)	$	(9,531,580	)		(1,043,879	)	$	(16,425,323	)

^(a)

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Conservative Balanced Fund to Invesco V.I. Conservative Balanced Fund.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Conservative Balanced Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Conservative Balanced Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. Conservative Balanced Fund (formerly known as Oppenheimer Conservative Balanced Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Conservative Balanced Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹		Expenses Paid During Period²		Ending Account Value (12/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Series I	$1,000.00		$1,102.60		$3.54		$1,021.77		$3.40	0.67%
Series II	1,000.00		1,101.40		4.86		1,020.51		4.67	0.92

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2020 through December 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,100,106
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		16.15	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Conservative Balanced Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Conservative Balanced Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Conservative Balanced Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli -1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort -1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairmanof Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Conservative Balanced Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Conservative Balanced Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Conservative Balanced Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco Oppenheimer V.I. Conservative Balanced Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VIDMCG-AR-1

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund (the Fund) outperformed the Russell Midcap Growth Index.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.


Series I Shares	40.69	%
Series II Shares	40.24
Russell Midcap Growth Index^q	35.59
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner.

During the year, stock selection in the information technology, financials and consumer discretionary sectors were the largest contributors to the Fund’s performance versus the Russell Midcap Growth Index. This was partially offset by weaker stock selection in the consumer staples, real estate and communication services sectors.

The largest individual contributors to the Fund’s performance during the year included RingCentral, Twilio and Trade Desk.

RingCentral is a global provider of cloud enterprise unified communications and collaboration software. RingCentral’s cloud-based suite of telephony, video and messaging solutions was well-built for the mobile

workforce and helped produce one of the most consistent growth profiles in the software industry.

Twilio is the leading provider of cloud communications services that allows developers to communicate with end users using phone calls, text messages and video. Twilio reported strong results during the year, driven by broad-based digital transformation strength that was able to more than offset the decline in the company’s travel/hospitality exposure.

Trade Desk provides a technology based self-serve programmatic platform that enables ad buyers to purchase internet advertising more efficiently and effectively. Coronavirus headwinds reversed course over the year and gave way to strong second half growth for Trade Desk. During the year, management provided positive comments about the breadth of the ad spend recovery across virtually all of the company’s customer verticals (except travel) and provided a positive outlook for Connected TV ad spending.

The largest individual detractors from the Fund’s performance during the year included TransDigm Group, CBRE Group and Hilton Worldwide Holdings.

TransDigm Group is a leader in highly engineered, proprietary aircraft components and systems for commercial and military aircraft. The company was under pressure due to the uncertainty of aftermarket and original equipment manufacturer volumes as a result of the travel slow down due to COVID-19. We exited our position.

CBRE Group is an industry-leading, multinational commercial real estate services firm. The spread of the coronavirus and the increased risk of a global recession created a headwind to transactional activity across industries. The commercial real estate industry was not immune, and the CBRE service providers had large businesses that were highly dependent on completed transactions that were more challenged with heightened uncertainty regarding future corporate real estate needs. We exited our position.

Hilton Worldwide Holdings is a multinational hospitality company that manages and franchises a broad portfolio of hotels and resorts. The spread of the coronavirus increased the risk of a global recession and was a clear headwind for the hospitality industry. Travel restrictions and stay-at-home orders curtailed travel volumes, both domestically and internationally.

Our long-term investment process remains the same. We seek dynamic companies with above-average, sustainable revenue and earnings growth that we believe are positioned to outperform. This includes leading firms in structurally attractive industries with committed management teams that have proven records of success.

We thank you for your continued investment in Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Portfolio manager(s):

Justin Livengood

Ronald J. Zibelli, Jr. (Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (8/15/86)	10.61	%
10 Years	15.92
5 Years	19.40
1 Year	40.69

Series II Shares
Inception (10/16/00)	4.39	%
10 Years	15.62
5 Years	19.09
1 Year	40.24

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Discovery Mid Cap Growth Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Supplemental Information

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund’s investment objective is to seek capital appreciation.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Russell Midcap^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/ service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Fund Information


Portfolio Composition
By sector		% of total net assets

Information Technology		35.03%

Health Care		20.41

Industrials		15.98

Consumer Discretionary		14.07

Financials		5.97

Materials		3.26

Communication Services		2.84

Other Sectors, Each Less than 2% of Net Assets		1.60

Money Market Funds Plus Other Assets Less Liabilities		0.84


Top 10 Equity Holdings*
% of total net assets

1. Synopsys, Inc.		2.32%

2. Monolithic Power Systems, Inc.		2.24

3. RingCentral, Inc., Class A		2.18

4. Twilio, Inc., Class A		2.16

5. IDEXX Laboratories, Inc.		2.12

6. Align Technology, Inc.		1.92

7. Coupa Software, Inc.		1.84

8. MSCI, Inc.		1.80

9. West Pharmaceutical Services, Inc.		1.79

10. Chipotle Mexican Grill, Inc.		1.77

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

December 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–99.16%
Air Freight & Logistics–0.73%
XPO Logistics, Inc.^(b)		71,091	$	8,474,047


Apparel, Accessories & Luxury Goods–1.41%
lululemon athletica, inc.^(b)		47,045		16,373,071


Application Software–13.89%
Atlassian Corp. PLC, Class A^(b)		42,624		9,968,475

Avalara, Inc.^(b)		76,347		12,588,857

Coupa Software, Inc.^(b)		62,990		21,347,941

DocuSign, Inc.^(b)		79,401		17,650,842

Dynatrace, Inc.^(b)		232,638		10,066,246

Five9, Inc.^(b)		33,761		5,887,919

HubSpot, Inc.^(b)		29,595		11,732,642

RingCentral, Inc., Class A^(b)		66,667		25,264,793

Synopsys, Inc.^(b)		103,989		26,958,108

Trade Desk, Inc. (The), Class A^(b)		24,404		19,547,604

				161,013,427


Asset Management & Custody Banks–1.17%
KKR & Co., Inc., Class A		335,028		13,565,284


Auto Parts & Equipment–1.47%
Aptiv PLC		130,924		17,058,088


Automotive Retail–1.26%
Carvana Co.^(b)		23,454		5,618,171

Lithia Motors, Inc., Class A		30,861		9,032,089

				14,650,260


Biotechnology–1.45%
Alnylam Pharmaceuticals, Inc.^(b)		51,769		6,728,417

Seagen, Inc.^(b)		57,725		10,109,956

				16,838,373


Brewers–1.05%
Boston Beer Co., Inc. (The), Class A^(b)		12,275		12,204,910


Building Products–2.36%
Trane Technologies PLC		97,029		14,084,729

Trex Co., Inc.^(b)		158,376		13,259,239

				27,343,968


Copper–1.26%
Freeport-McMoRan, Inc.		559,760		14,564,955


Data Processing & Outsourced Services–0.87%
Black Knight, Inc.^(b)		114,312		10,099,465


Distributors–1.61%
Pool Corp.		50,246		18,716,635


Diversified Support Services–2.90%
Cintas Corp.		45,400		16,047,084

Copart, Inc.^(b)		138,261		17,593,712

				33,640,796


Electrical Components & Equipment–4.21%
AMETEK, Inc.		132,365		16,008,223

Generac Holdings, Inc.^(b)		60,214		13,693,266


	Shares		Value

Electrical Components & Equipment–(continued)
Regal Beloit Corp.		48,341	$	5,936,758

Rockwell Automation, Inc.		52,725		13,223,957

				48,862,204


Electronic Equipment & Instruments–2.49%
Trimble, Inc.^(b)		228,664		15,267,895

Zebra Technologies Corp., Class A^(b)		35,369		13,593,368

				28,861,263


Fertilizers & Agricultural Chemicals–0.96%
FMC Corp.		96,770		11,121,776


Financial Exchanges & Data–2.91%
MarketAxess Holdings, Inc.		22,429		12,797,090

MSCI, Inc.		46,793		20,894,479

				33,691,569


Health Care Equipment–7.28%
DexCom, Inc.^(b)		48,134		17,796,103

IDEXX Laboratories, Inc.^(b)		49,266		24,626,596

Masimo Corp.^(b)		75,035		20,137,893

ResMed, Inc.		64,647		13,741,366

STERIS PLC		42,850		8,121,789

				84,423,747


Health Care Services–0.74%
Amedisys, Inc.^(b)		29,365		8,613,635


Health Care Supplies–3.71%
Align Technology, Inc.^(b)		41,558		22,207,764

West Pharmaceutical Services, Inc.		73,270		20,758,124

				42,965,888


Health Care Technology–1.32%
Veeva Systems, Inc., Class A^(b)		56,235		15,309,979


Home Improvement Retail–1.07%
Floor & Decor Holdings, Inc., Class A^(b)		133,576		12,402,532


Homebuilding–1.53%
D.R. Horton, Inc.		80,734		5,564,188

TopBuild Corp.^(b)		66,303		12,205,056

				17,769,244


Homefurnishing Retail–0.48%
RH^(b)		12,499		5,593,552


Hotels, Resorts & Cruise Lines–0.87%
Hilton Worldwide Holdings, Inc.		90,647		10,085,385


Industrial Conglomerates–0.99%
Roper Technologies, Inc.		26,564		11,451,475


Industrial Machinery–1.74%
IDEX Corp.		72,663		14,474,470

ITT, Inc.		73,618		5,670,058

				20,144,528


Interactive Media & Services–1.51%
Pinterest, Inc., Class A^(b)		181,694		11,973,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund


	Shares		Value

Interactive Media & Services–(continued)
Zillow Group, Inc., Class C^(b)		42,450	$	5,510,010

				17,483,645

Internet & Direct Marketing Retail–1.37%
Chewy, Inc., Class A^(b)		176,899		15,901,451

Internet Services & Infrastructure–2.93%
Twilio, Inc., Class A^(b)		74,137		25,095,374

Wix.com Ltd. (Israel)^(b)		35,678		8,918,073

				34,013,447

Investment Banking & Brokerage–0.77%
LPL Financial Holdings, Inc.		86,151		8,978,657

IT Consulting & Other Services–2.43%
EPAM Systems, Inc.^(b)		46,200		16,555,770

Globant S.A. (Argentina)^(b)		53,333		11,605,794

				28,161,564

Leisure Products–0.68%
Peloton Interactive, Inc., Class A^(b)		51,668		7,839,069

Life Sciences Tools & Services–4.67%
Bio-Rad Laboratories, Inc., Class A^(b)		23,348		13,610,483

Charles River Laboratories International, Inc.^(b)		41,382		10,339,707

ICON PLC (Ireland)^(b)		34,790		6,783,354

Maravai LifeSciences Holdings, Inc., Class A^(b)		175,926		4,934,724

Mettler-Toledo International, Inc.^(b)		7,924		9,030,824

Repligen Corp.^(b)		49,180		9,424,364

				54,123,456

Movies & Entertainment–1.33%
Roku, Inc.^(b)		46,526		15,447,563

Paper Packaging–1.04%
Avery Dennison Corp.		77,902		12,083,379

Pharmaceuticals–1.25%
Catalent, Inc.^(b)		138,791		14,443,979

Regional Banks–1.12%
First Republic Bank		88,688		13,030,928

Research & Consulting Services–1.26%
TransUnion		147,576		14,642,491


	Shares		Value

Restaurants–1.77%
Chipotle Mexican Grill, Inc.^(b)		14,818	$	20,548,269

Semiconductor Equipment–4.84%
Enphase Energy, Inc.^(b)		72,305		12,687,359

Entegris, Inc.		161,357		15,506,408

Lam Research Corp.		29,079		13,733,139

Teradyne, Inc.		118,653		14,225,308

				56,152,214

Semiconductors–5.86%
Marvell Technology Group Ltd.		220,747		10,494,312

Microchip Technology, Inc.		143,751		19,853,451

Monolithic Power Systems, Inc.		70,836		25,942,268

ON Semiconductor Corp.^(b)		356,870		11,680,355

				67,970,386

Specialized REITs–0.55%
SBA Communications Corp., Class A		22,519		6,353,285

Specialty Stores–0.54%
Five Below, Inc.^(b)		35,509		6,213,365

Systems Software–1.72%
Crowdstrike Holdings, Inc., Class A^(b)		94,230		19,959,799

Trading Companies & Distributors–0.45%
United Rentals, Inc.^(b)		22,674		5,258,327

Trucking–1.34%
Old Dominion Freight Line, Inc.		79,337		15,484,996

Total Common Stocks & Other Equity Interests (Cost $691,796,998)				1,149,930,326

Money Market Funds–1.16%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		4,694,901		4,694,901

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		3,352,066		3,353,072

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		5,365,601		5,365,601

Total Money Market Funds (Cost $13,413,579)				13,413,574

TOTAL INVESTMENTS IN SECURITIES–100.32% (Cost $705,210,577)				1,163,343,900

OTHER ASSETS LESS LIABILITIES-(0.32)%				(3,713,041	)

NET ASSETS–100.00%			$	1,159,630,859

Investment Abbreviations:

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value December 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$5,411,943		$182,978,908		$(183,695,950	)		$ -		$ -		$4,694,901		$34,981

Invesco Liquid Assets Portfolio, Institutional Class		-		55,877,602		(52,524,788	)		(5)		263		3,353,072		4,740

Invesco Treasury Portfolio, Institutional Class		-		88,623,434		(83,257,833	)		-		-		5,365,601		1,701

Total		$5,411,943		$327,479,944		$(319,478,571	)		$(5)		$263		$13,413,574		$41,422

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

December 31, 2020



Assets:
Investments in securities, at value (Cost $ 691,796,998)	$	1,149,930,326
Investments in affiliated money market funds, at value (Cost $13,413,579)		13,413,574
Receivable for:
Fund shares sold		119,975
Dividends		162,029
Investment for trustee deferred compensation and retirement plans		213,655
Other assets		1,025
Total assets		1,163,840,584

Liabilities:
Payable for:
Fund shares reacquired		3,205,288
Amount due custodian		104,825
Accrued fees to affiliates		501,081
Accrued other operating expenses		171,643
Trustee deferred compensation and retirement plans		226,888
Total liabilities		4,209,725
Net assets applicable to shares outstanding	$	1,159,630,859

Net assets consist of:
Shares of beneficial interest	$	577,827,255
Distributable earnings		581,803,604
	$	1,159,630,859

Net Assets:
Series I	$	963,414,122

Series II	$	196,216,737

Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		9,009,332

Series II		2,001,207
Series I:
Net asset value per share	$	106.94
Series II:
Net asset value per share	$	98.05

Statement of Operations

For the year ended December 31, 2020



Investment income:
Dividends (net of foreign withholding taxes of $3,813)	$	3,890,944

Dividends from affiliated money market funds		41,422

Total investment income		3,932,366


Expenses:
Advisory fees		6,207,521

Administrative services fees		1,483,863

Distribution fees - Series II		325,857

Transfer agent fees		71,588

Trustees’ and officers’ fees and benefits		32,484

Reports to shareholders		58,436

Professional services fees		36,903

Other		17,620

Total expenses		8,234,272

Less: Fees waived		(586,880	)

Net expenses		7,647,392

Net investment income (loss)		(3,715,026	)


Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(118,411))		129,593,783

Affiliated investment securities		263

Foreign currencies		35

		129,594,081

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		232,836,363

Affiliated investment securities		(5	)

232,836,358
Net realized and unrealized gain		362,430,439

Net increase in net assets resulting from operations	$	358,715,413

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income (loss)		$ (3,715,026)		$	260,969

Net realized gain		129,594,081			67,792,034

Change in net unrealized appreciation		232,836,358			163,454,901

Net increase in net assets resulting from operations		358,715,413			231,507,904


Distributions to shareholders from distributable earnings:
Series I		(59,869,406	)		(84,658,513	)

Series II		(5,791,819	)		(5,797,957	)

Total distributions from distributable earnings		(65,661,225	)		(90,456,470	)


Share transactions–net:
Series I		33,303,183			(25,925,623	)

Series II		88,537,075			8,283,693

Net increase (decrease) in net assets resulting from share transactions		121,840,258			(17,641,930	)

Net increase in net assets		414,894,446			123,409,504


Net assets:
Beginning of year		744,736,413			621,326,909

End of year	$	1,159,630,859		$	744,736,413

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


																																					Ratio of			Ratio of
																																					expenses			expenses
								Net gains																													to average			to average net			Ratio of net
								(losses)																													net assets			assets without			investment
	Net asset			Net				on securities								Dividends				Distributions																	with fee waivers			fee waivers			income
	value,			investment				(both				Total from				from net				from net								Net asset						Net assets,			and/or			and/or			(loss)
	beginning			income				realized and				investment				investment				realized				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			(loss)^(a)				unrealized)				operations				income				gains				distributions				of period			return ^(b)			(000’s omitted)			absorbed			absorbed^(c)			net assets			turnover^(d)
Series I
Year ended 12/31/20		$	83.82		$	(0.32	)		$	30.78			$	30.46			$	(0.04	)		$	(7.30	)		$	(7.34	)		$	106.94		40.70	%		$	963,414		0.80	%^(e)		0.86	%^(e)		(0.37	)%^(e)		87	%
Year ended 12/31/19			68.65			0.04	^(f)			26.04				26.08				–				(10.91	)			(10.91	)			83.82		39.37				693,424		0.80			0.87			0.05	^(f)		76
Year ended 12/31/18			84.21			(0.19	)			(3.07	)			(3.26	)			–				(12.30	)			(12.30	)			68.65		(6.08	)			586,273		0.80			0.86			(0.23	)		104
Year ended 12/31/17			72.65			(0.10	)			20.08				19.98				(0.03	)			(8.39	)			(8.42	)			84.21		28.79				694,675		0.80			0.84			(0.12	)		105
Year ended 12/31/16			76.85			0.03				1.69				1.72				–				(5.92	)			(5.92	)			72.65		2.34				603,708		0.80			0.84			0.04			141
Series II
Year ended 12/31/20			77.70			(0.50	)			28.15				27.65				–				(7.30	)			(7.30	)			98.05		40.24				196,217		1.05	^(e)		1.11	^(e)		(0.62	)^(e)		87
Year ended 12/31/19			64.41			(0.14	)^(f)			24.34				24.20				–				(10.91	)			(10.91	)			77.70		39.01				51,312		1.05			1.12			(0.19	)^(f)		76
Year ended 12/31/18			79.87			(0.37	)			(2.79	)			(3.16	)			–				(12.30	)			(12.30	)			64.41		(6.31	)			35,054		1.05			1.11			(0.48	)		104
Year ended 12/31/17			69.43			(0.28	)			19.11				18.83				–				(8.39	)			(8.39	)			79.87		28.46				39,599		1.05			1.09			(0.37	)		105
Year ended 12/31/16			73.88			(0.15	)			1.62				1.47				–				(5.92	)			(5.92	)			69.43		2.08				32,252		1.05			1.09			(0.21	)		141

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $123,217,891 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco V.I. Mid Cap Growth Fund into the Fund.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $786,269 and $130,343 for Series I and Series II shares, respectively.

^(f)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended December 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.13) and (0.16)% for Series I Shares and $(0.30) and (0.40)% for Series II Shares.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate
Up to $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $700 million		0.600	%
Over $1.5 billion		0.580	%

*	The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.68%.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, the Adviser waived advisory fees of $586,880.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $132,146 for accounting and fund administrative services and was reimbursed $1,351,717 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $2,005 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	271,534	$ –
Long-term capital gain		65,389,691	90,456,470
Total distributions	$	65,661,225	$90,456,470

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed long-term capital gain	$	124,943,743

Net unrealized appreciation – investments		457,041,987

Temporary book/tax differences		(182,126	)

Shares of beneficial interest		577,827,255

Total net assets	$	1,159,630,859

The Fund does not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $723,206,925 and $822,616,662, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	457,855,522

Aggregate unrealized (depreciation) of investments		(813,535	)

Net unrealized appreciation of investments	$	457,041,987

Cost of investments for tax purposes is $706,301,913.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and net operating losses, on December 31, 2020, undistributed net investment income (loss) was increased by $3,724,819, undistributed net realized gain was decreased by $1,759,687 and shares of beneficial interest was decreased by $1,965,132. Further, as a result of tax deferrals acquired in the reorganization of Invesco V.I. Mid Cap Growth Fund into the Fund, undistributed net investment income (loss) was decreased by $100,750, undistributed net realized gain was decreased by $2,937,165 and shares of beneficial interest was increased by $3,037,915. These reclassifications had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019

	Shares		Amount		Shares		Amount

Sold:
Series I		1,005,686	$	81,011,069		189,092	$	15,154,696

Series II		1,316,158		93,201,526		150,758		11,141,446


Issued as reinvestment of dividends:
Series I		839,683		59,869,406		1,097,324		84,658,513

Series II		88,384		5,791,819		80,955		5,797,957

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount


Issued in connection with acquisitions:^(b)

Series I		803,912		$	57,978,197			-		$	-

Series II		775,472			51,406,035			-			-


Reacquired:

Series I		(1,912,557	)		(165,555,489	)		(1,553,777	)		(125,738,832	)

Series II		(839,168	)		(61,862,305	)		(115,611	)		(8,655,710	)

Net increase (decrease) in share activity		2,077,570		$	121,840,258			(151,259	)	$	(17,641,930	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 30, 2020, the Fund acquired all the net assets of Invesco V.I. Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020 and by the shareholders of the Target Fund on April 24, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 1,579,384 shares of the Fund for 30,799,415 shares outstanding of the Target Fund as of the close of business on April 30, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 30, 2020. The Target Fund’s net assets as of the close of business on April 30, 2020 of $109,384,232, including $25,370,264 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $753,884,659 and $863,268,891 immediately after the acquisition.

The pro forma results of operations for the year ended December 31, 2020 assuming the reorganization had been completed on January 1, 2020, the beginning of the annual reporting period are as follows:



Net investment income (loss)	$	(4,379,802)

Net realized/unrealized gains		349,391,558

Change in net assets resulting from operations	$	345,011,756

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 1, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco

Oppenheimer V.I. Discovery Mid Cap Growth Fund to Invesco V.I. Discovery Mid Cap Growth Fund.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund (formerly known as Oppenheimer Discovery Mid Cap Growth Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,285.80	$4.60	$1,021.11	$4.06	0.80%
Series II	1,000.00	1,284.30	6.03	1,019.86	5.33	1.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	65,389,691
Corporate Dividends Received Deduction*		0.00%
Qualified Dividend Income*		0.00%
U.S. Treasury Obligations*		0.00%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.	N/A	N/A
		Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation	N/A	N/A
		Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.	N/A	N/A
		Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée	N/A	N/A
		Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco Oppenheimer V.I. Global Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VIGLBL-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Global Fund (the Fund) outperformed the MSCI All Country World Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	27.64	%
Series II Shares	27.34
MSCI All Country World Index^q	16.25

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

outperformed developed market equities for the year.

The Fund outperformed the MSCI All Country World Index in 8 of 11 sectors. Stock selection in the communication services sector and consumer discretionary sector, as well as an overweight allocation in the information technology sector added most to relative Fund performance compared to the MSCI All Country World Index. Stock selection in the real estate sector, an underweight allocation in the materials sector and stock selection in health care detracted most from relative performance.

On a geographic basis, stock selection in the US and Japan contributed most to relative Fund performance during the year. Overweight exposure to France and stock selection in Germany detracted the most from relative Fund performance.

The top three individual contributors to relative Fund performance during the year were JD.com, Alphabet and PayPal Holdings. JD.com had a strong year. It is the number two player in e-commerce in China and has demonstrated through the pandemic the strength and relevance of its end to end service model, which marries the company’s e-commerce platform with its wholly owned distribution network. As the pandemic swept across parts of China, JD.com was able to operate in a highly effective manner. Alphabet is involved in some of the fastest growing and most exciting trends within the global economy. It dominates the online search market. Alphabet’s Google has benefited from an increase in brand and direct-response digital ad spending as search and YouTube ad revenue continue to grow. The firm’s cloud segment also continues to grow at a healthy pace. PayPal was another strong contributor. In a world of shelter-at-home mandates and social distancing, the adoption of digital payments has hastened at a pace that few predicted. As investors have grasped PayPal’s enhanced utility, the stock has climbed steadily.

The three top detractors from relative Fund performance during the year were Airbus, Citigroup and DLF Limited. Airbus, the wide-body aircraft maker, has appealing traits, among them are limited competition and structurally growing demand for travel.

COVID-19, however, has dropped an exogenous shock to the system, which will take time to heal. We are content to remain patient here, though the near term will be difficult. Citigroup was also a victim of COVID-19. The aftermath of the pandemic has ushered in a period of low interest rates that central bankers have indicated may go on for years. That means that net interest margins will be compressed for an extended period. We decided to exit Citigroup earlier this year. DLF Limited, an Indian real estate owner and developer, was negatively impacted by COVID-19. Its lease income and development business took a hit due to the pandemic environment.

Our holdings are selected for the sustainability of their purpose and the sensibility of their price. If we have this combination well calibrated, our portfolio should be able to weather most transient challenges and create meaningful economic value for our clients over the medium to long-term.

We invest with a long-term structural mind-set, considering the attractiveness of a company’s attributes and ecosystem over as long as a 10-year horizon. Thus, the cyclical influences weigh very little on our thinking about, or the positioning of the portfolio. This remains the case. Our holdings are largely invested in industries that are growing organically, on a sustained basis, and our individual holdings are substantial beneficiaries.

We thank you for your continued investment in Invesco Oppenheimer V.I. Global Fund.

Portfolio manager(s):

John Delano

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Global Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (11/12/90)	10.65	%
10 Years	11.64
5 Years	14.84
1 Year	27.64

Series II Shares
Inception (7/13/00)	7.39	%
10 Years	11.36
5 Years	14.56
1 Year	27.34

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Global Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Global Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Global Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Global Fund

Supplemental Information

Invesco Oppenheimer V.I. Global Fund’s investment objective is to seek capital appreciation.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The MSCI All Country World Index is an unmanaged index considered representative of large and mip-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎

Invesco Oppenheimer V.I. Global Fund

Fund Information

Portfolio Composition


By country	% of total net assets

United States		53.03	%
Japan		16.62
France		10.74
China		4.27
India		3.17
Sweden		2.85
United Kingdom		2.69
Germany		2.49
Countries, each less than 2% of portfolio		3.89
Money Market Funds Plus Other Assets Less Liabilities		0.25

Top 10 Equity Holdings*


	% of total net assets
1. Alphabet, Inc., Class A		8.49	%
2. LVMH Moet Hennessy Louis Vuitton SE		5.12
3. Adobe, Inc.		4.56
4. Facebook, Inc., Class A		4.41
5. JD.com, Inc., ADR		4.27
6. Intuit, Inc.		4.14
7. S&P Global, Inc.		3.93
8. Nidec Corp.		3.79
9. Murata Manufacturing Co. Ltd.		3.07
10. PayPal Holdings, Inc.		2.95

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Global Fund

Schedule of Investments

December 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–99.74%
Brazil–1.13%
StoneCo Ltd., Class A^(a)		372,550	$	31,264,396



China–4.27%
JD.com, Inc., ADR^(a)		1,339,962		117,782,660



Denmark–0.07%
Ascendis Pharma A/S, ADR^(a)		11,288		1,882,613



France–10.74%
Airbus SE^(a)		680,495		74,751,980


Dassault Systemes SE		38,783		7,878,502


Kering S.A.		99,733		72,505,659


LVMH Moet Hennessy Louis Vuitton SE		226,201		141,337,330


				296,473,471



Germany–2.49%
SAP SE		522,999		68,726,532



India–3.16%
DLF Ltd.		15,300,485		48,898,966


ICICI Bank Ltd., ADR		2,588,928		38,471,469


				87,370,435



Italy–0.26%
Brunello Cucinelli S.p.A.^(a)		168,134		7,299,610



Japan–16.62%
Capcom Co. Ltd.		621,200		40,387,770


FANUC Corp.		130,200		32,057,498


Keyence Corp.		142,744		80,333,793


MINEBEA MITSUMI, Inc.		23,500		467,535


Murata Manufacturing Co. Ltd.		941,800		84,819,582


Nidec Corp.		830,700		104,663,996


Omron Corp.		488,500		43,597,331


Takeda Pharmaceutical Co. Ltd.		570,194		20,670,474


TDK Corp.		345,300		52,081,194


				459,079,173



Netherlands–0.78%
ASML Holding N.V.		27,638		13,356,394


uniQure N.V.^(a)		224,410		8,107,934


				21,464,328



Spain–1.21%
Industria de Diseno Textil S.A.		1,048,822		33,396,511



Sweden–2.85%
Assa Abloy AB, Class B		1,392,179		34,242,634


Atlas Copco AB, Class A		869,665		44,475,321


				78,717,955



Switzerland–0.44%
Zur Rose Group AG^(a)		37,587		12,007,235



United Kingdom–2.69%
Farfetch Ltd., Class A^(a)		680,013		43,391,630


Prudential PLC		1,680,293		31,015,244


				74,406,874


	Shares		Value


United States–53.03%
Adobe, Inc.^(a)		251,555	$	125,807,687


Agilent Technologies, Inc.		403,780		47,843,892


Alphabet, Inc., Class A^(a)		133,749		234,413,847


Amazon.com, Inc.^(a)		11,588		37,741,305


Analog Devices, Inc.		37,502		5,540,171


Anthem, Inc.		31,962		10,262,679


Avantor, Inc.^(a)		1,277,507		35,961,822


Blueprint Medicines Corp.^(a)		144,841		16,243,918


Boston Scientific Corp.^(a)		364,376		13,099,317


Castle Biosciences, Inc.^(a)		88,909		5,970,239


Centene Corp.^(a)		152,916		9,179,548


Charles River Laboratories International, Inc.^(a)		15,842		3,958,282


Colgate-Palmolive Co.		159,181		13,611,567


Dun & Bradstreet Holdings, Inc.^(a)		152,740		3,803,226


Electronic Arts, Inc.^(a)		171,682		24,653,535


Equifax, Inc.		227,885		43,945,343


Facebook, Inc., Class A^(a)		445,893		121,800,132


Fidelity National Information Services, Inc.		224,339		31,734,995


Illumina, Inc.^(a)		48,640		17,996,800


Intuit, Inc.		301,185		114,405,122


Ionis Pharmaceuticals, Inc.^(a)		269,759		15,252,174


IQVIA Holdings, Inc.^(a)		56,176		10,065,054


MacroGenics, Inc.^(a)		356,733		8,154,916


Maxim Integrated Products, Inc.		846,454		75,038,147


Microsoft Corp.		124,384		27,665,489


Nuance Communications, Inc.^(a)		194,676		8,583,265


PayPal Holdings, Inc.^(a)		347,921		81,483,098


Pegasystems, Inc.		128,483		17,121,645


Phathom Pharmaceuticals, Inc.^(a)		244,311		8,116,011


S&P Global, Inc.		330,481		108,639,019


Sage Therapeutics, Inc.^(a)		98,037		8,481,181


Sarepta Therapeutics, Inc.^(a)		113,843		19,409,093


Twist Bioscience Corp.^(a)		12,647		1,786,895


United Parcel Service, Inc., Class B		274,709		46,260,996


Veracyte, Inc.^(a)		323,430		15,828,664


Visa, Inc., Class A		133,784		29,262,574


Walt Disney Co. (The)^(a)		314,785		57,032,746


Zimmer Biomet Holdings, Inc.		54,094		8,335,345


				1,464,489,739


Total Common Stocks & Other Equity Interests (Cost $897,266,729)				2,754,361,532



Preferred Stocks–0.01%
India–0.01%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		4,053,320		220,785


Money Market Funds–0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(c)		1,723,917		1,723,917

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(b)(c)		1,230,642		1,231,011

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Fund


	Shares		Value

Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(b)(c)		1,970,192	$	1,970,192


Total Money Market Funds (Cost $4,925,243)				4,925,120


TOTAL INVESTMENTS IN SECURITIES–99.93% (Cost $902,191,972)				2,759,507,437


OTHER ASSETS LESS LIABILITIES–0.07%				2,059,455


NET ASSETS–100.00%			$	2,761,566,892

Investment Abbreviations:

ADR – American Depositary Receipt

Pfd. – Preferred

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio,

Institutional Class		$	20,491,964		$	301,904,366		$	(320,672,413	)		$	-			$	-			$	1,723,917		$	36,162

Invesco Liquid Assets Portfolio, Institutional Class			-			35,350,405			(34,118,928	)			(123	)			(343	)			1,231,011			782

Invesco Treasury Portfolio, Institutional Class			-			56,560,647			(54,590,455	)			-				-				1,970,192			248

Total		$	20,491,964		$	393,815,418		$	(409,381,796	)		$	(123	)		$	(343	)		$	4,925,120		$	37,192

^(c)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $897,266,729)	$	2,754,582,317


Investments in affiliated money market funds, at value (Cost $4,925,243)		4,925,120


Cash		67,364


Foreign currencies, at value (Cost $426,710)		426,547


Receivable for:
Investments sold		2,637,634


Fund shares sold		256,291


Dividends		5,110,029


Investment for trustee deferred compensation and retirement plans		198,843


Total assets		2,768,204,145



Liabilities:
Payable for:
Fund shares reacquired		4,433,807


Accrued foreign taxes		204,726


Accrued fees to affiliates		1,374,555


Accrued trustees’ and officers’ fees and benefits		92


Accrued other operating expenses		425,230


Trustee deferred compensation and retirement plans		198,843


Total liabilities		6,637,253


Net assets applicable to shares outstanding	$	2,761,566,892



Net assets consist of:
Shares of beneficial interest	$	783,363,295


Distributable earnings		1,978,203,597


	$	2,761,566,892



Net Assets:
Series I	$	1,438,772,522


Series II	$	1,322,794,370



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		27,602,871


Series II		25,757,163


Series I:
Net asset value per share	$	52.12


Series II:
Net asset value per share	$	51.36

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $1,404,254)	$	17,915,575


Dividends from affiliated money market funds		37,192


Interest		3,050


Total investment income		17,955,817



Expenses:
Advisory fees		14,738,266


Administrative services fees		3,867,071


Custodian fees		146,420


Distribution fees - Series II		2,772,032


Transfer agent fees		69,671


Trustees’ and officers’ fees and benefits		42,586


Reports to shareholders		187,761


Professional services fees		62,861


Other		46,253


Total expenses		21,932,921


Less: Fees waived		(900,944	)


Net expenses		21,031,977


Net investment income (loss)		(3,076,160	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		143,259,179


Affiliated investment securities		(343	)


Foreign currencies		142,138


		143,400,974


Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (net of foreign taxes of $351,510)		453,802,961


Affiliated investment securities		(123	)


Foreign currencies		361,102


		454,163,940


Net realized and unrealized gain		597,564,914


Net increase in net assets resulting from operations	$	594,488,754

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income (loss)	$	(3,076,160	)	$	14,040,147


Net realized gain		143,400,974			90,146,991


Change in net unrealized appreciation		454,163,940			529,044,048


Net increase in net assets resulting from operations		594,488,754			633,231,186



Distributions to shareholders from distributable earnings:
Series I		(54,374,979	)		(194,974,813	)


Series II		(46,721,722	)		(166,963,633	)


Total distributions from distributable earnings		(101,096,701	)		(361,938,446	)



Share transactions–net:
Series I		(164,348,638	)		21,278,948


Series II		(89,155,546	)		156,942,783


Net increase (decrease) in net assets resulting from share transactions		(253,504,184	)		178,221,731


Net increase in net assets		239,887,869			449,514,471



Net assets:
Beginning of year		2,521,679,023			2,072,164,552


End of year	$	2,761,566,892		$	2,521,679,023

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Series I
Year ended 12/31/20		$	42.55		$	(0.01	)		$	11.51			$	11.50			$	(0.31	)		$	(1.62	)		$	(1.93	)		$	52.12		27.64	%		$	1,438,773		0.77	%^(e)		0.81	%^(e)		(0.01	)%^(e)		13	%
Year ended 12/31/19			38.00			0.29				11.03				11.32				(0.40	)			(6.37	)			(6.77	)			42.55		31.79				1,334,573		0.77			0.80			0.70			23
Year ended 12/31/18			47.42			0.37				(5.99	)			(5.62	)			(0.47	)			(3.33	)			(3.80	)			38.00		(13.18	)			1,160,317		0.78			0.78			0.81			16
Year ended 12/31/17			35.02			0.29				12.50				12.79				(0.39	)			–				(0.39	)			47.42		36.66				1,479,034		0.76			0.76			0.69			9
Year ended 12/31/16			38.00			0.26				(0.42	)			(0.16	)			(0.38	)			(2.44	)			(2.82	)			35.02		0.08				1,245,070		0.77			0.77			0.75			14
Series II
Year ended 12/31/20			41.95			(0.11	)			11.34				11.23				(0.20	)			(1.62	)			(1.82	)			51.36		27.34				1,322,794		1.02	^(e)		1.06	^(e)		(0.26	)^(e)		13
Year ended 12/31/19			37.53			0.18				10.89				11.07				(0.28	)			(6.37	)			(6.65	)			41.95		31.45				1,187,107		1.02			1.04			0.45			23
Year ended 12/31/18			46.88			0.26				(5.92	)			(5.66	)			(0.36	)			(3.33	)			(3.69	)			37.53		(13.39	)			911,848		1.03			1.03			0.56			16
Year ended 12/31/17			34.64			0.18				12.36				12.54				(0.30	)			–				(0.30	)			46.88		36.32				1,309,590		1.01			1.01			0.43			9
Year ended 12/31/16			37.59			0.17				(0.41	)			(0.24	)			(0.27	)			(2.44	)			(2.71	)			34.64		(0.16	)			1,065,147		1.02			1.02			0.49			14

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $1,264,399 and $1,108,813 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Global Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. Global Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $4.2 billion		0.600%


Over $5 billion		0.580%

*	The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.62%.

Invesco Oppenheimer V.I. Global Fund

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.77% and Series II shares to 1.02% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2020, the Adviser waived advisory fees of $900,944.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $341,006 for accounting and fund administrative services and was reimbursed $3,526,065 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $660 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco Oppenheimer V.I. Global Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	31,264,396	$	–		$–	$	31,264,396


China		117,782,660		–		–		117,782,660


Denmark		1,882,613		–		–		1,882,613


France		–		296,473,471		–		296,473,471


Germany		–		68,726,532		–		68,726,532


India		38,692,254		48,898,966		–		87,591,220


Italy		–		7,299,610		–		7,299,610


Japan		–		459,079,173		–		459,079,173


Netherlands		8,107,934		13,356,394		–		21,464,328


Spain		–		33,396,511		–		33,396,511


Sweden		–		78,717,955		–		78,717,955


Switzerland		–		12,007,235		–		12,007,235


United Kingdom		43,391,630		31,015,244		–		74,406,874


United States		1,464,489,739		–		–		1,464,489,739


Money Market Funds		4,925,120		–		–		4,925,120


Total Investments	$	1,710,536,346	$	1,048,971,091		$–	$	2,759,507,437

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	13,783,397	$	18,844,750


Long-term capital gain		87,313,304		343,093,696


Total distributions	$	101,096,701	$	361,938,446

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	664,007


Undistributed long-term capital gain		132,503,952


Net unrealized appreciation – investments		1,845,078,442


Net unrealized appreciation - foreign currencies		150,725


Temporary book/tax differences		(193,529	)


Shares of beneficial interest		783,363,295


Total net assets	$	2,761,566,892

The Fund does not have a capital loss carryforward as of December 31, 2020.

Invesco Oppenheimer V.I. Global Fund

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $306,078,552 and $647,310,848, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,846,839,285


Aggregate unrealized (depreciation) of investments		(1,760,843	)


Net unrealized appreciation of investments	$	1,845,078,442

Cost of investments for tax purposes is $914,428,995.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2020, undistributed net investment income (loss) was increased by $3,058,576 and undistributed net realized gain was decreased by $3,058,576. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 9–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
		Shares			Amount			Shares			Amount


Sold:
Series I		1,282,828		$	53,569,521			1,087,675		$	44,342,732


Series II		4,607,818			189,694,783			5,583,631			232,838,451



Issued as reinvestment of dividends:
Series I		1,182,836			54,374,979			5,090,726			194,974,813


Series II		1,030,929			46,721,722			4,415,859			166,963,633



Reacquired:
Series I		(6,229,273	)		(272,293,138	)		(5,343,326	)		(218,038,597	)


Series II		(8,181,254	)		(325,572,051	)		(5,995,084	)		(242,859,301	)


Net increase (decrease) in share activity		(6,306,116	)	$	(253,504,184	)		4,839,481		$	178,221,731

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

NOTE 11–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Global Fund to Invesco V.I. Global Fund.

Invesco Oppenheimer V.I. Global Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Global Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Global Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. Global Fund (formerly known as Oppenheimer Global Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Global Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,299.90	$4.45	$1,021.27	$3.91	0.77%
Series II	1,000.00	1,298.40	5.89	1,020.01	5.18	1.02

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Global Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	87,313,304
Corporate Dividends Received Deduction*		80.23	%
Qualified Dividend Income*		0.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Global Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Global Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco Oppenheimer V.I. Global Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco Oppenheimer V.I. Global Strategic Income Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE



Invesco Distributors, Inc.		O-VIGLSI-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Global Strategic Income Fund (the Fund) underperformed the Bloomberg Barclays U.S. Aggregate Bond Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	3.40	%
Series II Shares	2.99
Bloomberg Barclays U.S. Aggregate Bond Index^q	7.51

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

During the year ended December 31, 2020, financial markets were predominantly driven by the COVID-19 pandemic and the swift response of extraordinary monetary and fiscal support globally.

News of the pandemic overwhelmed the market’s previous expectations for 2020 global growth, which were supported by receding global trade concerns and indications that the US Federal Reserve (the Fed) would hold interest rates steady. The first quarter of 2020 was characterized by extreme volatility in the capital markets as COVID-19 spread rapidly across the globe. As global equity markets spiraled downward and interest rates in developed markets (DM) generally fell, yield spreads between Treasuries and both credit and emerging market (EM) debt widened significantly. These trends were further exacerbated by funding pressures and lower oil prices that resulted from increased supply as Russia and Saudi Arabia began a price war.

Central banks and governments globally responded with monetary and fiscal stimulus of unprecedented scale. Major central banks, along with those in EM countries, swiftly cut interest rates and instituted other extraordinary policies. Notably, the Fed’s actions dwarfed those taken in 2008 and were implemented within a fraction of the time, including reducing short-term interest rates to zero, signaling unlimited quantitative easing in US Treasuries and reprising many of the 2008 liquidity programs. Investors reacted positively as funding concerns eased, and global equity and debt markets recovered some of their earlier losses by quarter end.

In the second quarter, the pandemic’s spread continued across the globe (albeit at a slower rate) and economic indicators signaled that the economies of many countries, including the US, bottomed in April. In Asia, China’s economic activity improved as lockdowns eased, raising hopes for economic recovery. In Europe, to further boost support, the European Central Bank provided more favorable refinancing conditions in the form of targeted longer-term refinancing operations and increased its bond purchasing program twice. In EM economies, more central banks elected

to cut interest rates rather than hold rates steady, with 12 of the 20 primary EM central banks cutting rates by at least 1.50%.¹ Buoyed by global policy support measures, investor sentiment improved as global equity and fixed income markets recovered throughout the quarter.

Several key trends from the second quarter developed further throughout the third quarter. US cases increased sharply early on, while several European countries had smaller flare-ups throughout the period, some of which caused reversals in reopening the economy. Second quarter GDP data released in July reflected COVID-19’s global economic impact with sharp contractions across multiple countries. US GDP showed a -31.4% annualized contraction.² However, more recent indicators suggest that economies of many countries, including the US, are gradually recovering. In Asia, a rise in retail sales and a tightening labor market in China suggest the region’s economic recovery has further to run.

Governments and policymakers across the world continue to provide fiscal and monetary policy support in response to the COVID-19 pandemic. In the third quarter, the US Federal Reserve implemented further measures to boost dollar liquidity, such as extending its dollar swap lines with other central banks until the end of March 2021. The Fed left policy rates unchanged and adjusted its inflation target to an “average” of 2%, thereby giving itself more flexibility around monetary policy.³ This, coupled with Fed assurances that it would provide whatever monetary support is needed, improved investor sentiment. Meanwhile, European Union leaders launched a €750 billion1 package aimed at funding post-pandemic relief efforts, while the European Central Bank held policy rates unchanged and granted Eurozone banks extra capital relief, enabling them to increase lending to governments, businesses and households. In emerging market economies, most central banks left policy rates unchanged, while central banks in Mexico, Colombia and Egypt cut interest rates to provide additional support to their economies.

Central banks across the global maintained very accommodative stances throughout the

fourth quarter, while the pandemic worsened in many countries as infections, hospitalizations and deaths rose. As a result, several countries, particularly in Europe, implemented varying levels of lockdowns that put pressure on nascent economic recoveries. For much of the quarter, the US struggled to pass another substantial fiscal stimulus package, putting added pressure on its economic recovery. Yet US elections outcomes in favor of the Democrats may indicate greater fiscal spending to come. During the quarter, several pharmaceutical firms announced vaccines with high efficacy against COVID-19, improving investor sentiment and providing a strong catalyst for a rally in global capital markets. Buoyed by continued monetary support and the beginning of vaccine distributions, global markets extended their recovery through quarter end.

Compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which consists primarily of higher quality US exposures, the Fund takes a global perspective across the credit spectrum. Over the year, the Fund’s emerging market local rates and US investment grade credit contributed to Fund performance, while positioning in DM high yield and EM foreign currencies detracted.

Coming into 2020, portfolio positioning continued to favor EM rates and foreign currency (FX) exposure given attractive yields and additional room for central bank rate cuts amidst a low inflationary environment, as well as less attractive negative/low yielding rates and FX in DM countries. Beyond that, a supportive backdrop of recovering global growth and easier US financial conditions existed given a pausing (and perhaps cutting) Fed. However, a sharp reassessment of global growth prospects and a large correction in asset prices occurred in March. Global markets sold off as COVID-19 spread, but the severe liquidity stress experienced in the second half of the month, which added an additional leg of dislocation unwarranted by fundamentals, is what truly took markets by surprise. As a result, the Fund’s higher EM exposure and lower DM duration positioning led to underperformance in the first quarter.

Rather than reducing the overall risk level of the portfolio, and thus inhibiting the Fund from taking advantage of opportunities, the team consolidated exposures to where they believed the best opportunities to be going forward, including focusing on areas well supported by global central banks. This included largely maintaining our EM rates exposure, as we believed these central banks had more room to cut, rotating into lower beta credit exposure, as well as creating more balanced foreign currency exposure between EM and DM, with the expectation of the US dollar weakening over the longer term. The second quarter witnessed a fairly sharp market reversal and the beginning of a recovery trade, which largely continued in the third and

Invesco Oppenheimer V.I. Global Strategic Income Fund

fourth quarters, as the magnitude of the economic downturn was met with large policy easing by the Fed and global central banks, along with large fiscal spending. The seismic shift in global central bank policy created significant opportunities in EM and DM interest rates, which we correctly anticipated to be among the first opportunities realized. The Fund rebounded strongly in the second quarter, benefiting from EM rates positions, as most central banks materially cut their policy rates (by 1.50% on average)¹ while longer-term rates had also fallen due to lowered inflation expectations, along with EM and DM market credit positions, as spreads rebounded (although still remained wide of their tightenings in early February). These trends largely prevailed in the third and fourth quarters, with the Fund ending the year in positive territory.

In terms of positioning, we continue to favor EM interest rate exposure, although we have shifted focus to the three- to five-year maturity range of country yield curves given attractive total return potential. We also increased our foreign currency exposure, as we see a tremendous opportunity over the next two to three years with the Fed having removed much support for the US dollar. We incrementally increased the Fund’s exposure to US and developed market credit, while reducing emerging market credit exposure. Overall, fiscal and monetary policy actions globally continue to be supportive, and we remain quite constructive in seeking global income opportunities.

Please note that we implemented our strategy using derivative instruments, including futures, forwards, swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund.

market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

Thank you for investing in Invesco Oppenheimer V.I. Global Strategic Income Fund.

1 Source: International Monetary Fund

2 Source: US Bureau of Economic Analysis

3 Source: US Federal Reserve

Portfolio manager(s):

Hemant Baijal (Lead)

Christopher (Chris) Kelly

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/3/93)	5.57	%
10 Years	3.61
5 Years	4.40
1 Year	3.40

Series II Shares
Inception (3/19/01)	5.14	%
10 Years	3.34
5 Years	4.15
1 Year	2.99

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Global Strategic Income Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Global Strategic Income Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Global Strategic Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Supplemental Information

Invesco Oppenheimer V.I. Global Strategic Income Fund’s investment objective is to seek total return.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

Invesco Oppenheimer V.I. Global Strategic Income Fund

Fund Information

Portfolio Composition


By security type		% of total net assets
Non-U.S. Dollar Denominated Bonds & Notes			35.69	%
U.S. Dollar Denominated Bonds & Notes			32.59
Asset-Backed Securities			6.87
U.S. Government Sponsored Agency Mortgage-Backed Securities			3.81
U.S. Treasury Securities			1.98
Preferred Stocks			1.33
Variable Rate Senior Loan Interests			1.22
Agency Credit Risk Transfer Notes			1.18
Security Types Each Less Than 1% of Portfolio			1.36
Money Market Funds Plus Other Assets Less Liabilities			13.97

Top Five Debt Issuers*
		% of total net assets
1.	Hellenic Republic Government Bond		8.34	%
2.	Italy Buoni Poliennali Del Tesoro		3.79
3.	Australia Government Bond		3.70
4.	Indonesia Treasury Bond		3.54
5.	Uniform Mortgage-Backed Securities		2.26

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Consolidated Schedule of Investments

December 31, 2020


	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–35.69%^(a)
Argentina–1.51%
Argentina Treasury Bond BONCER,
1.00%, 08/05/2021		ARS	814,936,715	$	12,922,595
1.40%, 03/25/2023		ARS	69,727,000		986,961
1.50%, 03/25/2024		ARS	51,260,000		665,611
4.00%, 04/27/2025		ARS	29,500,000		835,862
Argentine Bonos del Tesoro, 18.20%, 10/03/2021		ARS	9,285,000		98,334
					15,509,363

Australia–3.70%
Australia Government Bond, Series 152, 2.75%, 11/21/2028^(b)		AUD	18,600,000		16,550,251
Series 162, 1.75%, 06/21/2051^(b)		AUD	29,071,000		21,351,577
					37,901,828

Austria–0.48%
Erste Group Bank AG, 6.50%^(b)(c)(d)		EUR	400,000		547,053
Republic of Austria Government Bond, 2.10%, 09/20/2117^(b)		EUR	1,610,000		4,407,313
					4,954,366

Brazil–0.39%
Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2045		BRL	3,400,000		3,020,323
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(b)		BRL	4,411,125		974,504
					3,994,827

Chile–0.54%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033^(b)		CLP	4,000,000,000		5,483,181

Colombia–0.35%
Colombian TES, Series B, 10.00%, 07/24/2024		COP	10,146,000,000		3,608,669

Cyprus–0.98%
Cyprus Government International Bond, 1.25%, 01/21/2040^(b)		EUR	7,565,000		10,013,611

Czech Republic–0.15%
CPI Property Group S.A., 4.88%^(b)(c)(d)		EUR	1,200,000		1,539,206

Denmark–0.04%
Danske Bank A/S, 5.88%^(b)(c)(d)		EUR	360,000		461,079


	Principal Amount			Value

Egypt–0.56%
Egypt Government Bond, 16.00%, 06/11/2022		EGP	50,300,000	$	3,315,684
Egypt Government International Bond, 4.75%, 04/16/2026^(b)		EUR	1,900,000		2,416,624
					5,732,308

Germany–0.15%
Commerzbank AG, 6.13%^(b)(c)(d)		EUR	1,200,000		1,568,613

Greece–8.34%
Hellenic Republic Government Bond,
1.50%, 06/18/2030^(b)		EUR	45,850,000		60,533,073
1.88%, 02/04/2035^(b)		EUR	17,978,000		24,834,970
Series GDP, 0.00%, 10/15/2042^(e)		EUR	23,730,000		96,246
					85,464,289

India–2.22%
India Government Bond,
7.72%, 05/25/2025		INR	15,000,000		226,229
8.20%, 09/24/2025		INR	215,600,000		3,313,869
7.59%, 01/11/2026		INR	300,000,000		4,536,163
7.27%, 04/08/2026		INR	600,000,000		8,984,295
8.24%, 02/15/2027		INR	215,000,000		3,342,957
7.17%, 01/08/2028		INR	155,000,000		2,302,593
					22,706,106

Indonesia–3.53%
Indonesia Treasury Bond,
6.50%, 02/15/2031		IDR	95,000,000,000		7,081,818
Series FR56, 8.38%, 09/15/2026		IDR	104,095,000,000		8,495,087
Series FR59, 7.00%, 05/15/2027		IDR	90,000,000,000		6,913,768
Series FR64, 6.13%, 05/15/2028		IDR	20,000,000,000		1,445,979
Series FR74, 7.50%, 08/15/2032		IDR	72,480,000,000		5,627,214
Series FR78, 8.25%, 05/15/2029		IDR	29,100,000,000		2,390,330
Series FR82, 7.00%, 09/15/2030		IDR	55,000,000,000		4,245,374
					36,199,570

Italy–4.46%
Banca Monte dei Paschi di Siena S.p.A., 5.38%, 01/18/2028^(b)(c)		EUR	750,000		798,272
Intesa Sanpaolo S.p.A., 7.75%^(b)(c)(d)		EUR	1,300,000		1,907,759
5.50%^(b)(c)(d)		EUR	1,300,000		1,693,757
Italy Buoni Poliennali Del Tesoro, 2.80%, 03/01/2067^(b)		EUR	23,691,000		38,859,590

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount			Value
Italy–(continued)
UniCredit S.p.A., 9.25%^(b)(c)(d)		EUR	1,800,000	$	2,417,493
					45,676,871

Ivory Coast–0.65%
Ivory Coast Government International Bond,
5.25%, 03/22/2030^(b)		EUR	1,819,000		2,389,874
4.88%, 01/30/2032^(b)		EUR	790,000		994,906
6.88%, 10/17/2040^(b)		EUR	2,330,000		3,246,564
					6,631,344

Mexico–0.06%
J.P. Morgan S.A./Hipotecaria Su Casita S.A. de C.V., 6.47%, 08/26/2035^(b)(f)		MXN	5,808,600		42,878
Mexican Bonos, Series M, 7.75%, 11/13/2042		MXN	10,000,000		579,276
					622,154

Netherlands–0.73%
ABN AMRO Bank N.V., 4.38%^(b)(c)(d)		EUR	3,200,000		4,164,161
Cooperatieve Rabobank U.A., 4.38%^(b)(c)(d)		EUR	1,200,000		1,625,230
Maxeda DIY Holding B.V., 5.88%, 10/01/2026^(b)		EUR	418,000		533,757
Stichting AK Rabobank Certificaten, 6.50%^(b)(d)		EUR	715,625		1,161,432
					7,484,580

Portugal–0.62%
Banco Comercial Portugues S.A., 4.50%, 12/07/2027^(b)(c)		EUR	500,000		607,350
Caixa Geral de Depositos S.A., 10.75%^(b)(c)(d)		EUR	3,600,000		4,852,850
Novo Banco S.A.,
3.50%, 02/19/2043^(b)		EUR	750,000		804,640
3.50%, 03/18/2043^(b)		EUR	110,000		118,277
					6,383,117

Russia–1.62%
Mos.ru, 5.00%, 08/22/2034		RUB	22,725,040		0
Russian Federal Bond - OFZ,
Series 6212, 7.05%, 01/19/2028		RUB	250,000,000		3,653,296
Series 6221, 7.70%, 03/23/2033		RUB	133,300,000		2,031,689
Series 6225, 7.25%, 05/10/2034		RUB	537,500,000		7,912,081
Series 6228, 7.65%, 04/10/2030		RUB	200,000,000		3,055,057
					16,652,123


	Principal Amount			Value
South Africa–1.15%
Republic of South Africa Government Bond, Series 2037, 8.50%, 01/31/2037		ZAR	9,400,000	$	530,316
Series R186, 10.50%, 12/21/2026		ZAR	101,775,000		8,201,990
Republic of South Africa Government International Bond, Series 2048, 8.75%, 02/28/2048		ZAR	54,000,000		3,027,618
					11,759,924

Spain–2.24%
Banco Bilbao Vizcaya Argentaria S.A.,
5.88%^(b)(c)(d)		EUR	2,625,000		3,298,130
6.00%^(b)(c)(d)		EUR	600,000		788,331
6.00%^(b)(c)(d)		EUR	2,800,000		3,786,456
Banco Santander S.A.,
4.38%^(b)(c)(d)		EUR	2,600,000		3,192,203
6.25%^(b)(c)(d)		EUR	3,900,000		4,886,934
4.75%^(b)(c)(d)		EUR	1,200,000		1,472,027
Bankinter S.A.,
8.63%^(b)(c)(d)		EUR	1,145,000		1,436,382
6.25%^(b)(c)(d)		EUR	1,200,000		1,616,067
CaixaBank S.A., 5.88%^(b)(c)(d)		EUR	1,800,000		2,430,961
					22,907,491

Supranational–0.28%
African Development Bank, 0.00%, 01/17/2050^(e)		ZAR	78,000,000		539,684
European Bank for Reconstruction and Development, 6.85%, 06/21/2021		IDR	10,600,000,000		764,102
International Finance Corp.,
0.00%, 02/15/2029^(b)(e)		TRY	3,700,000		190,301
0.00%, 03/23/2038^(e)		MXN	90,000,000		1,409,576
					2,903,663

Thailand–0.14%
Thailand Government Bond, 3.30%, 06/17/2038		THB	35,000,000		1,455,768

United Kingdom–0.55%
eG Global Finance PLC, 6.25%, 10/30/2025^(b)		EUR	150,000		189,239
HSBC Holdings PLC,
5.25%^(b)(c)(d)		EUR	1,300,000		1,661,597
6.00%^(b)(c)(d)		EUR	1,555,000		2,087,266
Iceland Bondco PLC, 4.63%, 03/15/2025^(b)		GBP	391,000		533,607
Natwest Group PLC, 5.13%^(c)(d)		GBP	780,000		1,117,983
					5,589,692

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–0.25%
AT&T, Inc., 2.05%, 05/19/2032	EUR	1,820,000	$	2,538,942
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $362,556,049)				365,742,685

U.S. Dollar Denominated Bonds & Notes–32.59%
Argentina–0.35%
Argentine Bonad Bonds, 0.10%, 11/30/2021	$	4,616,450		2,602,524
Argentine Republic Government International Bond, 2.50%, 07/09/2041^(g)		2,600,000		986,700
				3,589,224

Australia–0.01%
FMG Resources August 2006 Pty. Ltd., 4.75%, 05/15/2022^(b)		119,000		122,644

Belgium–0.00%
Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028^(b)		5,000		5,349

Brazil–1.03%
B2W Digital Lux S.a.r.l., 4.38%, 12/20/2030^(b)		815,000		844,544
Banco do Brasil S.A., 6.25%^(b)(c)(d)		625,000		641,562
Braskem Netherlands Finance B.V., 8.50%, 01/23/2081^(b)(c)		390,000		434,659
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(b)		650,000		751,569
CSN Islands XI Corp., 6.75%, 01/28/2028^(b)		560,000		607,040
Petrobras Global Finance B.V., 5.09%, 01/15/2030		5,200,000		5,817,500
Yara International ASA, 3.15%, 06/04/2030^(b)		1,300,000		1,409,122
				10,505,996


	Principal Amount		Value

Canada–0.88%
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030^(b)	$	642,000	$	651,893
Canadian Natural Resources Ltd., 2.05%, 07/15/2025		2,600,000		2,729,700
Cenovus Energy, Inc., 4.25%, 04/15/2027		598,000		653,321
GFL Environmental, Inc., 3.50%, 09/01/2028^(b)		324,000		330,953
Magna International, Inc., 2.45%, 06/15/2030		1,300,000		1,399,357
Nutrien Ltd., 2.95%, 05/13/2030		1,300,000		1,431,763
Parkland Corp., 6.00%, 04/01/2026^(b)		567,000		596,413
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076^(c)		1,130,000		1,261,166
				9,054,566

Chile–0.14%
AES Gener S.A., 6.35%, 10/07/2079^(b)(c)		750,000		825,937
Antofagasta PLC, 2.38%, 10/14/2030^(b)		650,000		653,250
				1,479,187

China–0.65%
CIFI Holdings Group Co. Ltd.,
6.45%, 11/07/2024^(b)		800,000		865,000
6.00%, 07/16/2025^(b)		650,000		697,159
Country Garden Holdings Co. Ltd., 5.40%, 05/27/2025^(b)		1,690,000		1,827,422
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, 7.50%, 05/01/2025^(b)		135,000		119,475
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021^(b)		1,250,000		1,257,813
Logan Group Co. Ltd.,
7.50%, 08/25/2022^(b)		565,000		581,679
5.25%, 02/23/2023^(b)		1,250,000		1,274,998
				6,623,546

Congo, Democratic Republic of the–0.12%
HTA Group Ltd., 7.00%, 12/18/2025^(b)		1,170,000		1,265,823

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Denmark–0.03%
Danske Bank A/S, 6.13%^(b)(c)(d)	$	250,000	$	265,116

Dominican Republic–0.41%
Dominican Republic International Bond,
5.95%, 01/25/2027^(b)		650,000		766,188
6.40%, 06/05/2049^(b)		1,187,000		1,397,692
5.88%, 01/30/2060^(b)		1,800,000		1,989,000
				4,152,880

Egypt–0.20%
Egypt Government International Bond,
8.50%, 01/31/2047^(b)		1,300,000		1,477,612
8.70%, 03/01/2049^(b)		522,000		605,194
				2,082,806

France–1.35%
BNP Paribas S.A.,
6.75%^(b)(c)(d)		2,000,000		2,090,620
7.38%^(b)(c)(d)		1,300,000		1,504,834
Credit Agricole S.A.,
8.13%^(b)(c)(d)		433,000		527,946
6.88%^(b)(c)(d)		1,600,000		1,776,104
La Mondiale SAM, 4.80%, 01/18/2048^(b)(c)		858,000		917,524
Societe Generale S.A.,
7.38%^(b)(c)(d)		1,600,000		1,642,000
8.00%^(b)(c)(d)		2,145,000		2,518,706
Total Capital International S.A., 3.13%, 05/29/2050		2,600,000		2,820,648
				13,798,382

Ghana–0.14%
Ghana Government International Bond,
7.88%, 03/26/2027^(b)		650,000		716,753
8.95%, 03/26/2051^(b)		650,000		679,933
				1,396,686

Hong Kong–0.33%
Melco Resorts Finance Ltd., 4.88%, 06/06/2025^(b)		3,250,000		3,357,249

India–0.44%
Azure Power Energy Ltd., 5.50%, 11/03/2022^(b)		1,515,000		1,556,663
NTPC Ltd., 4.50%, 03/19/2028^(b)		650,000		727,727
Oil India International Pte. Ltd., 4.00%, 04/21/2027^(b)		2,119,000		2,278,073
				4,562,463


	Principal Amount		Value

Indonesia–1.22%
Indonesia Government International Bond, 4.45%, 04/15/2070	$	1,300,000	$	1,600,010
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026^(b)		2,285,000		2,387,825
PT Indonesia Asahan Aluminium (Persero),
4.75%, 05/15/2025^(b)		2,600,000		2,875,600
5.45%, 05/15/2030^(b)		1,300,000		1,565,717
PT Pertamina (Persero), 4.70%, 07/30/2049^(b)		650,000		745,948
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.13%, 05/15/2027^(b)		1,300,000		1,441,128
PT Tower Bersama Infrastructure Tbk, 4.25%, 01/21/2025^(b)		650,000		676,000
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.88%, 07/17/2049^(b)		1,040,000		1,186,458
				12,478,686

Ireland–0.59%
AerCap Global Aviation Trust, 6.50%, 06/15/2045^(b)(c)		503,000		514,318
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025^(b)(e)		640,519		638,529
Series 119, 0.00%, 04/30/2025^(b)(e)		681,434		679,317
Series 120, 0.00%, 04/30/2025^(b)(e)		852,983		850,334
Series 122, 0.00%, 04/30/2025^(b)(e)		747,347		745,026
Series 124, 0.00%, 04/30/2025^(b)(e)		600,240		598,375
Series 126, 0.00%, 04/30/2025^(b)(e)		671,504		669,418
Series 127, 0.00%, 04/30/2025^(b)(e)		777,798		775,382
0.00%, 04/30/2025^(b)(e)		610,445		608,550
				6,079,249

Italy–0.09%
Telecom Italia Capital S.A., 7.20%, 07/18/2036		690,000		933,101

Japan–0.13%
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		1,300,000		1,385,656

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Kazakhstan–0.07%
Astana-Finance JSC, 0.00%, 12/22/2024^(b)(e)(f)	$	315,159	$ 0
KazMunayGas National Co. JSC, 3.50%, 04/14/2033^(b)		650,000	711,690
			711,690

Luxembourg–0.29%
ArcelorMittal S.A., 3.60%, 07/16/2024		2,500,000	2,698,786
Intelsat Jackson Holdings S.A., 8.50%, 10/15/2024^(b)(h)		367,000	263,286
			2,962,072

Macau–0.51%
MGM China Holdings Ltd., 5.38%, 05/15/2024^(b)		1,505,000	1,557,833
Sands China Ltd.,
3.80%, 01/08/2026^(b)		520,000	556,639
4.38%, 06/18/2030^(b)		650,000	726,030
Wynn Macau Ltd., 4.88%, 10/01/2024^(b)		2,335,000	2,371,438
			5,211,940

Mexico–0.68%
Banco Mercantil del Norte S.A., 8.38%^(b)(c)(d)		650,000	776,919
Cemex S.A.B. de C.V., 5.45%, 11/19/2029^(b)		1,015,000	1,118,286
Petroleos Mexicanos,
6.88%, 10/16/2025^(b)		1,300,000	1,426,620
4.50%, 01/23/2026		1,797,000	1,793,388
6.49%, 01/23/2027		650,000	687,375
6.38%, 01/23/2045		1,300,000	1,193,725
			6,996,313

Netherlands–0.34%
ING Groep N.V., 5.75%^(c)(d)		500,000	543,857
UPC Holding B.V., 5.50%, 01/15/2028^(b)		481,000	508,357
VEON Holdings B.V., 3.38%, 11/25/2027^(b)		2,355,000	2,422,377
			3,474,591

Nigeria–0.07%
Nigeria Government International Bond, 9.25%, 01/21/2049^(b)		600,000	707,013


	Principal Amount		Value
Oman–0.30%
Oman Government International Bond, 4.75%, 06/15/2026^(b)	$	3,018,000	$ 3,027,145
Peru–0.15%
Banco de Credito del Peru, 3.13%, 07/01/2030^(b)(c)		650,000	666,257
Nexa Resources S.A., 6.50%, 01/18/2028^(b)		780,000	920,887
			1,587,144

Saudi Arabia–0.05%
ADES International Holding PLC, 8.63%, 04/24/2024^(b)		500,000	502,500
South Africa–0.13%
Republic of South Africa Government International Bond, 5.75%, 09/30/2049		1,300,000	1,306,920
Spain–0.08%
Banco Santander S.A., 2.75%, 12/03/2030		800,000	826,368
Sri Lanka–0.13%
Sri Lanka Government International Bond,
6.35%, 06/28/2024^(b)		1,210,000	742,940
6.20%, 05/11/2027^(b)		200,000	114,908
6.75%, 04/18/2028^(b)		873,000	503,616
			1,361,464

Sweden–0.06%
Skandinaviska Enskilda Banken AB, 5.13%^(b)(c)(d)		600,000	627,825

Switzerland–1.41%
Argentum Netherlands B.V. for Swiss Re Ltd., 5.75%, 08/15/2050^(b)(c)		1,560,000	1,775,085
Credit Suisse Group AG,
7.13%^(b)(c)(d)		570,000	602,342
7.50%^(b)(c)(d)		2,020,000	2,253,914
6.38%^(b)(c)(d)		965,000	1,075,575
6.25%^(b)(c)(d)		625,000	685,508
7.50%^(b)(c)(d)		540,000	589,950
UBS Group AG,
7.00%^(b)(c)(d)		650,000	713,014
7.00%^(b)(c)(d)		2,400,000	2,737,500
7.13%^(b)(c)(d)		2,600,000	2,681,250
6.88%^(b)(c)(d)		630,000	637,494
5.13%^(b)(c)(d)		650,000	697,125
			14,448,757

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Thailand–0.44%
Bangkok Bank PCL,
3.73%, 09/25/2034^(b)(c)	$	700,000	$ 730,200
5.00%^(b)(c)(d)		1,130,000	1,184,297
Thaioil Treasury Center Co. Ltd.,
3.50%, 10/17/2049^(b)		1,300,000	1,254,068
3.75%, 06/18/2050^(b)		1,300,000	1,294,943
			4,463,508

Ukraine–0.64%
Metinvest B.V.,
8.50%, 04/23/2026^(b)		1,250,000	1,409,375
7.65%, 10/01/2027^(b)		200,000	219,500
7.75%, 10/17/2029^(b)		920,000	1,010,675
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026^(b)		600,000	623,100
Ukraine Government International Bond,
7.75%, 09/01/2024^(b)		650,000	724,233
7.75%, 09/01/2025^(b)		938,000	1,054,054
7.30%, 03/15/2033^(b)		1,430,000	1,565,764
			6,606,701

United Arab Emirates–0.16%
Emirate of Dubai Government International Bond, 3.90%, 09/09/2050^(b)		1,650,000	1,627,106
United Kingdom–1.21%
BAT Capital Corp., 2.26%, 03/25/2028		2,600,000	2,701,268
BP Capital Markets PLC, 4.88%^(c)(d)		910,000	1,017,562
eG Global Finance PLC, 8.50%, 10/30/2025^(b)		296,000	314,204
HSBC Holdings PLC,
6.38%^(c)(d)		2,080,000	2,276,092
6.38%^(c)(d)		1,465,000	1,584,031
Natwest Group PLC, 6.00%^(c)(d)		535,000	587,360
Standard Chartered PLC, 7.50%^(b)(c)(d)		1,625,000	1,701,042
Standard Life Aberdeen PLC, 4.25%, 06/30/2028^(b)		1,225,000	1,311,853


	Principal Amount		Value
United Kingdom–(continued)
Virgin Media Secured Finance PLC,
5.50%, 08/15/2026^(b)	$	169,000	$ 175,866
5.50%, 05/15/2029^(b)		130,000	141,094
Vodafone Group PLC, 7.00%, 04/04/2079^(c)		500,000	622,633
			12,433,005

United States–17.76%
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029^(b)		487,000	521,090
AdaptHealth LLC, 4.63%, 08/01/2029^(b)		291,000	299,366
AECOM, 5.13%, 03/15/2027		189,000	210,998
Akumin, Inc., 7.00%, 11/01/2025^(b)		685,000	721,819
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 03/15/2029^(b)		272,000	275,128
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028^(b)		2,600,000	2,845,375
Allison Transmission, Inc., 3.75%, 01/30/2031^(b)		756,000	774,900
Ally Financial, Inc.,
5.75%, 11/20/2025		521,000	606,962
8.00%, 11/01/2031		254,000	373,385
American Airlines Group, Inc., 5.00%, 06/01/2022^(b)		262,000	236,032
Amsted Industries, Inc., 5.63%, 07/01/2027^(b)		165,000	175,900
Anagram International, Inc./Anagram Holdings LLC, 5% PIK Rate, 5% Cash Rate, 08/15/2026^(b)(i)		17,059	16,974
Antero Resources Corp., 5.00%, 03/01/2025		724,000	689,157
Applied Materials, Inc., 2.75%, 06/01/2050		1,300,000	1,417,331
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 8.25%, 12/31/2028^(b)		66,000	66,000
ASGN, Inc., 4.63%, 05/15/2028^(b)		239,000	248,964
Ashland LLC, 4.75%, 08/15/2022		18,000	18,889
Banff Merger Sub, Inc., 9.75%, 09/01/2026^(b)		323,000	349,234

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Bausch Health Cos., Inc.,
7.00%, 03/15/2024^(b)	$	349,000	$ 359,383
5.75%, 08/15/2027^(b)		156,000	167,603
Becton, Dickinson and Co., 3.79%, 05/20/2050		2,600,000	3,091,449
Belo Corp., 7.75%, 06/01/2027		207,000	241,988
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025^(b)		427,000	455,822
BMC East LLC, 5.50%, 10/01/2024^(b)		508,000	521,970
BorgWarner, Inc., 2.65%, 07/01/2027		1,300,000	1,398,530
Boxer Parent Co., Inc., 9.13%, 03/01/2026^(b)		376,000	405,610
Brink’s Co. (The),
5.50%, 07/15/2025^(b)		53,000	56,677
4.63%, 10/15/2027^(b)		591,000	618,703
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025		2,080,000	2,150,666
Calpine Corp.,
5.25%, 06/01/2026^(b)		164,000	169,904
3.75%, 03/01/2031^(b)		556,000	551,666
Calumet Specialty Products Partners L.P./Calumet Finance Corp.,
7.63%, 01/15/2022		142,000	141,079
9.25%, 07/15/2024^(b)		260,000	291,200
Camelot Finance S.A., 4.50%, 11/01/2026^(b)		503,000	525,949
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024^(b)		500,000	548,760
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025^(b)		703,000	729,289
Carnival Corp.,
11.50%, 04/01/2023^(b)		5,765,000	6,674,573
10.50%, 02/01/2026^(b)		328,000	382,530
Carrier Global Corp., 2.70%, 02/15/2031		1,300,000	1,398,370
CCM Merger, Inc., 6.38%, 05/01/2026^(b)		491,000	516,777


	Principal Amount		Value
United States–(continued)
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/2023^(b)	$	92,000	$ 92,748
5.75%, 02/15/2026^(b)		387,000	399,810
5.13%, 05/01/2027^(b)		253,000	268,819
5.88%, 05/01/2027^(b)		60,000	62,385
5.00%, 02/01/2028^(b)		550,000	582,175
4.50%, 08/15/2030^(b)		529,000	562,065
Celanese US Holdings LLC, 5.88%, 06/15/2021		1,019,000	1,041,521
Centene Corp.,
5.38%, 06/01/2026^(b)		561,000	592,394
5.38%, 08/15/2026^(b)		393,000	416,089
4.63%, 12/15/2029		474,000	526,853
3.38%, 02/15/2030		360,000	379,316
Charles River Laboratories International, Inc., 4.25%, 05/01/2028^(b)		541,000	567,612
Charles Schwab Corp. (The), Series G, 5.38%^(c)(d)		2,500,000	2,790,625
Choice Hotels International, Inc., 3.70%, 01/15/2031		3,900,000	4,326,640
Clarios Global L.P., 6.75%, 05/15/2025^(b)		122,000	131,647
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		100,000	108,806
Clearway Energy Operating LLC, 4.75%, 03/15/2028^(b)		472,000	506,664
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)		269,000	266,618
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025^(b)		362,000	426,255
CNX Resources Corp.,
7.25%, 03/14/2027^(b)		492,000	527,065
6.00%, 01/15/2029^(b)		151,000	154,980

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Colfax Corp.,
6.00%, 02/15/2024^(b)	$	149,000	$ 154,777
6.38%, 02/15/2026^(b)		70,000	74,835
Comstock Resources, Inc., 9.75%, 08/15/2026		477,000	512,298
Continental Resources, Inc., 5.75%, 01/15/2031^(b)		288,000	320,214
Cox Communications, Inc., 2.95%, 10/01/2050^(b)		956,000	977,481
Crown Castle International Corp., 3.25%, 01/15/2051		1,300,000	1,371,697
CSC Holdings LLC,
5.88%, 09/15/2022		100,000	106,063
5.50%, 04/15/2027^(b)		304,000	322,544
6.50%, 02/01/2029^(b)		280,000	316,659
4.63%, 12/01/2030^(b)		729,000	761,903
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)		273,000	279,589
CVS Health Corp., 1.30%, 08/21/2027		1,300,000	1,306,283
Cxloyalty Group, Inc., 15.50% PIK Rate, 12.50% Cash Rate, 11/10/2022^(b)(i)		1,345,033	1,429,098
Dana Financing Luxembourg S.a.r.l., 6.50%, 06/01/2026^(b)		180,000	188,977
Dana, Inc.,
5.38%, 11/15/2027		146,000	155,034
5.63%, 06/15/2028		253,000	272,826
Darling Ingredients, Inc., 5.25%, 04/15/2027^(b)		79,000	84,149
DaVita, Inc.,
4.63%, 06/01/2030^(b)		255,000	270,459
3.75%, 02/15/2031^(b)		757,000	770,047
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024^(b)		409,000	424,593
6.20%, 07/15/2030^(b)		2,600,000	3,383,155
Delta Air Lines, Inc.,
7.00%, 05/01/2025^(b)		575,000	664,249
7.38%, 01/15/2026		1,775,000	2,028,880


	Principal Amount		Value
United States–(continued)
Diamond Sports Group LLC/ Diamond Sports Finance Co.,
5.38%, 08/15/2026^(b)	$	766,000	$ 623,811
6.63%, 08/15/2027^(b)		387,000	234,619
Discovery Communications LLC, 3.63%, 05/15/2030		1,040,000	1,192,110
DISH DBS Corp.,
5.88%, 11/15/2024		283,000	297,150
7.75%, 07/01/2026		150,000	168,112
DISH Network Corp., Conv., 3.38%, 08/15/2026		100,000	95,573
Diversified Healthcare Trust, 9.75%, 06/15/2025		522,000	593,180
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026^(b)		157,000	169,069
eBay, Inc., 2.70%, 03/11/2030		520,000	559,980
Embarq Corp., 8.00%, 06/01/2036		300,000	370,597
Encompass Health Corp., 4.75%, 02/01/2030		475,000	509,646
Energizer Holdings, Inc., 4.38%, 03/31/2029^(b)		495,000	513,325
Energy Transfer Operating L.P., Series A, 6.25%^(c)(d)		175,000	139,563
EnerSys, 5.00%, 04/30/2023^(b)		497,000	521,539
EnPro Industries, Inc., 5.75%, 10/15/2026		606,000	646,032
EPR Properties, 3.75%, 08/15/2029		2,700,000	2,590,899
EQM Midstream Partners L.P.,
6.50%, 07/01/2027^(b)		268,000	302,157
5.50%, 07/15/2028		577,000	631,803
Everi Payments, Inc., 7.50%, 12/15/2025^(b)		175,000	182,200
Expedia Group, Inc., 3.60%, 12/15/2023^(b)		1,300,000	1,386,262
Flex Acquisition Co., Inc., 7.88%, 07/15/2026^(b)		228,000	240,157
Flex Ltd., 3.75%, 02/01/2026		2,769,000	3,099,450
Ford Motor Co.,
8.50%, 04/21/2023		649,000	732,835
9.00%, 04/22/2025		265,000	325,986
9.63%, 04/22/2030		84,000	118,680
4.75%, 01/15/2043		241,000	246,121

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025	$	204,000	$ 222,064
4.13%, 08/04/2025		2,500,000	2,626,562
3.38%, 11/13/2025		206,000	211,214
4.39%, 01/08/2026		138,000	145,050
5.11%, 05/03/2029		638,000	711,338
Freeport-McMoRan, Inc.,
4.63%, 08/01/2030		2,210,000	2,429,398
5.40%, 11/14/2034		1,223,000	1,532,572
5.45%, 03/15/2043		64,000	79,799
Frontier Communications Corp.,
10.50%, 09/15/2022^(h)		732,000	383,213
11.00%, 09/15/2025^(h)		105,000	55,322
Gartner, Inc.,
4.50%, 07/01/2028^(b)		298,000	314,762
3.75%, 10/01/2030^(b)		221,000	232,326
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025		150,000	146,156
6.25%, 05/15/2026		274,000	258,045
7.75%, 02/01/2028		112,000	107,345
Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		731,000	764,809
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029^(b)		499,000	541,103
Gray Television, Inc., 7.00%, 05/15/2027^(b)		460,000	504,275
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		453,000	467,510
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		279,000	289,061
Hanesbrands, Inc.,
5.38%, 05/15/2025^(b)		308,000	326,255
4.88%, 05/15/2026^(b)		222,000	241,425


	Principal Amount		Value
United States–(continued)
HCA, Inc.,
5.38%, 02/01/2025	$	133,000	$ 149,760
5.38%, 09/01/2026		654,000	752,934
5.63%, 09/01/2028		163,000	192,629
4.13%, 06/15/2029		491,000	569,936
7.50%, 11/06/2033		235,000	327,487
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025^(b)		245,000	267,969
Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)		465,000	484,472
HighPoint Operating Corp., 8.75%, 06/15/2025		81,000	31,995
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028^(b)		809,000	830,002
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026^(b)		100,000	106,250
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)		522,000	526,894
Hologic, Inc., 3.25%, 02/15/2029^(b)		276,000	281,347
Host Hotels & Resorts L.P., Series D, 3.75%, 10/15/2023		3,280,000	3,466,456
Howmet Aerospace, Inc., 6.88%, 05/01/2025		163,000	192,544
Hyundai Capital America, 1.80%, 10/15/2025^(b)		1,888,000	1,937,452
Ingles Markets, Inc., 5.75%, 06/15/2023		78,000	79,023
International Game Technology PLC, 6.25%, 02/15/2022^(b)		1,279,000	1,322,953
Intrado Corp., 5.38%, 07/15/2022^(b)		332,000	249,830
IRB Holding Corp., 6.75%, 02/15/2026^(b)		734,000	758,479
iStar, Inc., 4.75%, 10/01/2024		584,000	592,337
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		346,000	366,760
Jabil, Inc., 3.00%, 01/15/2031		1,300,000	1,385,122
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030^(b)		335,000	385,337

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023^(b)	$	293,000	$ 294,068
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		400,000	554,920
5.00%, 06/04/2042		265,000	310,929
4.38%, 06/01/2046		402,000	434,959
5.50%, 06/01/2050^(b)		672,000	848,623
L Brands, Inc., 6.88%, 11/01/2035		367,000	412,646
Lamar Media Corp.,
5.75%, 02/01/2026		177,000	182,845
4.00%, 02/15/2030		157,000	163,182
Lennar Corp.,
4.50%, 04/30/2024		89,000	98,512
4.75%, 05/30/2025		244,000	279,227
5.00%, 06/15/2027		381,000	449,580
Level 3 Financing, Inc.,
5.25%, 03/15/2026		433,000	447,960
3.63%, 01/15/2029^(b)		189,000	188,882
Lithia Motors, Inc.,
5.25%, 08/01/2025^(b)		452,000	470,598
4.63%, 12/15/2027^(b)		126,000	133,166
4.38%, 01/15/2031^(b)		26,000	27,934
Louisiana-Pacific Corp., 4.88%, 09/15/2024		816,000	837,930
Macy’s, Inc., 8.38%, 06/15/2025^(b)		953,000	1,059,355
Marriott International, Inc., 4.63%, 06/15/2030		255,000	299,428
Series GG, 3.50%, 10/15/2032		3,640,000	3,989,672
Mattel, Inc., 6.75%, 12/31/2025^(b)		281,000	296,868
Meredith Corp., 6.88%, 02/01/2026		309,000	301,854
Meritage Homes Corp., 5.13%, 06/06/2027		497,000	557,167
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc.,
5.63%, 05/01/2024		233,000	253,510
5.75%, 02/01/2027		70,000	78,640


	Principal Amount		Value
United States–(continued)
MGM Resorts International,
6.00%, 03/15/2023	$	758,000	$ 814,850
5.75%, 06/15/2025		82,000	90,817
4.63%, 09/01/2026		221,000	234,277
Micron Technology, Inc., 4.66%, 02/15/2030		424,000	521,105
Motorola Solutions, Inc., 2.30%, 11/15/2030		520,000	530,433
MPLX L.P., 1.75%, 03/01/2026		1,820,000	1,884,459
MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029		466,000	501,752
Mueller Industries, Inc., 6.00%, 03/01/2027		467,000	476,835
Murphy Oil Corp., 6.38%, 12/01/2042		195,000	173,550
Murray Energy Corp., 12.00%, 04/15/2024^(b)(h)		2,352,945	45,035
Navient Corp.,
6.63%, 07/26/2021		157,000	160,631
6.50%, 06/15/2022		147,000	155,929
6.13%, 03/25/2024		288,000	308,337
5.88%, 10/25/2024		210,000	223,650
6.75%, 06/25/2025		203,000	221,016
6.75%, 06/15/2026		110,000	120,106
5.00%, 03/15/2027		277,000	279,806
5.63%, 08/01/2033		632,000	607,905
Netflix, Inc.,
5.88%, 11/15/2028		1,090,000	1,308,583
5.38%, 11/15/2029^(b)		262,000	309,160
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026^(b)		254,000	260,826
9.75%, 07/15/2028^(b)		214,000	235,400
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026^(b)		84,000	89,828
NGL Energy Partners L.P./NGL Energy Finance Corp.,
7.50%, 11/01/2023		618,000	438,780
6.13%, 03/01/2025		245,000	155,881
7.50%, 04/15/2026		98,000	60,944
Nucor Corp., 2.70%, 06/01/2030		780,000	858,647

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Occidental Petroleum Corp.,
2.70%, 02/15/2023	$	49,000	$	49,045
6.95%, 07/01/2024		165,000		178,613
2.90%, 08/15/2024		996,000		960,144
6.38%, 09/01/2028		136,000		144,075
6.13%, 01/01/2031		214,000		229,558
6.20%, 03/15/2040		249,000		247,755
4.10%, 02/15/2047		324,000		265,461
Oceaneering International, Inc., 6.00%, 02/01/2028		28,000		25,095
Omnicare, Inc., 4.75%12/01/2022		1,765,000		1,870,030
OneMain Finance Corp.,
6.88%, 03/15/2025		434,000		504,796
7.13%, 03/15/2026		543,000		642,779
5.38%, 11/15/2029		456,000		514,140
4.00%, 09/15/2030		565,000		586,956
Parsley Energy LLC/Parsley Finance Corp.,
5.38%, 01/15/2025^(b)		115,000		118,482
4.13%, 02/15/2028^(b)		214,000		227,241
Party City Holdings, Inc., 5.75% (6 mo. USD LIBOR + 5.00%), 07/15/2025^(b)(j)		31,559		28,561
Penske Automotive Group, Inc., 5.50%, 05/15/2026		337,000		350,691
Phillips 66, 2.15%, 12/15/2030		3,900,000		3,965,510
Pilgrim’s Pride Corp.,
5.75%, 03/15/2025^(b)		158,000		162,400
5.88%, 09/30/2027^(b)		223,000		242,147
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		780,000		839,098
PulteGroup, Inc.,
7.88%, 06/15/2032		160,000		240,044
6.38%, 05/15/2033		170,000		233,601
6.00%, 02/15/2035		175,000		238,385
QEP Resources, Inc., 5.63%, 03/01/2026		806,000		885,331
Quicken Loans LLC, 5.25%, 01/15/2028^(b)		98,000		104,799
QVC, Inc., 5.45%, 08/15/2034		264,000		275,220
Radian Group, Inc., 4.88%, 03/15/2027		300,000		330,210
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		204,000		212,976
Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		445,000		458,072
6.88%, 04/15/2040^(b)		351,000		383,766


	Principal Amount		Value
United States–(continued)
Roper Technologies, Inc.,
1.40%, 09/15/2027	$	1,300,000	$	1,316,746
2.00%, 06/30/2030		780,000		797,476
RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)		497,000		520,443
RR Donnelley & Sons Co., 8.25%, 07/01/2027		165,000		189,441
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025^(b)		183,000		203,816
SBA Communications Corp., 4.00%, 10/01/2022		186,000		188,209
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)		570,000		606,229
Scientific Games International, Inc.,
8.63%, 07/01/2025^(b)		135,000		147,994
8.25%, 03/15/2026^(b)		542,000		584,983
Scripps Escrow II, Inc., 3.88%, 01/15/2029^(b)		285,000		297,645
Seagate HDD Cayman, 4.13%, 01/15/2031^(b)		1,040,000		1,113,627
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)		303,000		320,422
Sensata Technologies B.V.,
4.88%, 10/15/2023^(b)		487,000		526,569
5.63%, 11/01/2024^(b)		163,000		182,668
Sensata Technologies, Inc., 3.75%, 02/15/2031^(b)		81,000		84,064
ServiceMaster Co. LLC (The), 7.45%, 08/15/2027		480,000		560,309
Simmons Foods, Inc., 5.75%, 11/01/2024^(b)		597,000		611,179
SM Energy Co., 10.00%, 01/15/2025^(b)		528,000		568,590
Southern Co. (The), Series B, 4.00%, 01/15/2051^(c)		2,846,000		3,017,407
Southwest Airlines Co., 5.25%, 05/04/2025		780,000		903,896
Southwestern Energy Co.,
6.45%, 01/23/2025		44,000		45,843
7.50%, 04/01/2026		307,000		322,503
7.75%, 10/01/2027		151,000		163,318
Sprint Capital Corp., 8.75%, 03/15/2032		341,000		540,272

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Sprint Corp.,
7.88%, 09/15/2023	$	449,000	$	520,413
7.63%, 03/01/2026		421,000		523,181
Standard Industries, Inc., 5.00%, 02/15/2027^(b)		698,000		730,719
Station Casinos LLC, 4.50%, 02/15/2028^(b)		526,000		530,931
Steel Dynamics, Inc., 3.25%, 01/15/2031		780,000		873,586
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025^(b)		454,000		451,537
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		70,000		74,499
5.88%, 03/15/2028		487,000		527,694
Sysco Corp., 3.30%, 02/15/2050		3,905,000		4,095,014
Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)		507,000		547,243
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.13%, 02/01/2025		391,000		401,993
5.88%, 04/15/2026		781,000		829,496
6.50%, 07/15/2027		70,000		76,125
5.00%, 01/15/2028		246,000		260,129
5.50%, 03/01/2030		75,000		81,498
4.88%, 02/01/2031^(b)		82,000		89,093
TEGNA, Inc., 5.50%, 09/15/2024^(b)		58,000		59,033
Teleflex, Inc., 4.88%, 06/01/2026		393,000		410,626
Tenneco, Inc., 5.38%, 12/15/2024		313,000		303,011
Terraform Global Operating LLC, 6.13%, 03/01/2026^(b)		227,000		232,916


	Principal Amount		Value
United States–(continued)
TerraForm Power Operating LLC,
4.25%, 01/31/2023^(b)	$	104,000	$	107,705
5.00%, 01/31/2028^(b)		29,000		32,640
Titan International, Inc., 6.50%, 11/30/2023		365,000		338,955
Triumph Group, Inc., 8.88%, 06/01/2024^(b)		134,000		147,316
Universal Health Services, Inc., 2.65%, 10/15/2030^(b)		1,460,000		1,518,383
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		505,000		539,981
Valvoline, Inc., 3.63%, 06/15/2031^(b)		433,000		445,884
ViacomCBS, Inc., 4.95%, 05/19/2050		1,300,000		1,685,424
Viatris, Inc., 3.85%, 06/22/2040^(b)		780,000		880,396
Vistra Operations Co. LLC,
5.50%, 09/01/2026^(b)		87,000		90,780
5.63%, 02/15/2027^(b)		149,000		158,700
5.00%, 07/31/2027^(b)		326,000		345,886
Wabtec Corp., 3.20%, 06/15/2025		780,000		842,205
William Carter Co. (The),
5.50%, 05/15/2025^(b)		80,000		85,109
5.63%, 03/15/2027^(b)		225,000		237,234
WPX Energy, Inc.,
5.75%, 06/01/2026		406,000		427,416
5.25%, 10/15/2027		48,000		50,943
5.88%, 06/15/2028		26,000		28,374
4.50%, 01/15/2030		27,000		28,661
WRKCo, Inc., 3.00%, 06/15/2033		1,820,000		2,002,324
XPO Logistics, Inc.,
6.13%, 09/01/2023^(b)		313,000		319,064
6.75%, 08/15/2024^(b)		147,000		156,371
				181,949,442
Total U.S. Dollar Denominated Bonds & Notes (Cost $318,518,176)				333,970,113

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Asset-Backed Securities–6.87%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025^(b)	$	1,720,000	$	1,785,992
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 2.37% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(j)		16,825		17,218
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.52%, 01/15/2051^(k)		5,691,434		166,681
Capital Auto Receivables Asset Trust, Series 2017-1, Class D, 3.15%, 02/20/2025^(b)		110,000		111,703
CarMax Auto Owner Trust,
Series 2019-3, Class D, 2.85%, 01/15/2026		990,000		1,024,683
Series 2017-4, Class D, 3.30%, 05/15/2024		280,000		286,554
Series 2018-1, Class D, 3.37%, 07/15/2024		195,000		201,810
CCG Receivables Trust,
Series 2018-1, Class C, 3.42%, 06/16/2025^(b)		70,000		70,721
Series 2019-1, Class B, 3.22%, 09/14/2026^(b)		140,000		145,517
Series 2019-1, Class C, 3.57%, 09/14/2026^(b)		35,000		36,367
Series 2018-1, Class B, 3.09%, 06/16/2025^(b)		240,000		242,260
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.92%, 11/13/2050^(k)		2,203,179		91,349
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.36%, 01/25/2036^(l)		7,183		6,960
CHL Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		240,147		239,153
Series 2005-JA, Class A7, 5.50%, 11/25/2035		254,820		253,369
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.10%, 10/12/2050^(k)		5,850,046		309,633


	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 3.51%, 05/25/2035^(l)	$	296,447	$	300,523
Series 2006-AR1, Class 1A1, 3.88% (1yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(j)		74,606		76,187
Series 2014-8, Class 1A2, 0.44% (1mo. USD LIBOR + 0.29%), 07/20/2036^(b)(j)		1,619,483		1,575,419
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		185,000		187,759
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.51%, 12/10/2045^(k)		2,365,420		57,581
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		1,600,000		1,759,586
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		25,000		27,485
Credit Acceptance Auto Loan Trust,
Series 2019-1A, Class B, 3.75%, 04/17/2028^(b)		85,000		88,489
Series 2019-1A, Class C, 3.94%, 06/15/2028^(b)		515,000		538,701
Series 2018-1A, Class C, 3.77%, 06/15/2027^(b)		1,040,000		1,056,815
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 0.39% (1mo. USD LIBOR + 0.23%), 12/15/2035^(j)		9,999		9,897
Series 2006-H, Class 2A1A, 0.31% (1mo. USD LIBOR + 0.15%), 11/15/2036^(j)		12,534		9,961

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024^(b)	$	270,000	$	276,220
Series 2019-2, Class D, 2.48%, 04/22/2025^(b)		1,290,000		1,311,249
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1, 5.89%, 06/25/2036^(l)		35,956		35,004
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Class 1A2, 0.59% (1 mo. USD LIBOR + 0.44%), 07/22/2036^(b)(j)		1,639,418		1,637,301
DT Auto Owner Trust,
Series 2019-2A, Class D, 3.48%, 02/18/2025^(b)		285,000		295,991
Series 2019-4A, Class D, 2.85%, 07/15/2025^(b)		2,050,000		2,114,700
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024^(b)		2,170,000		2,263,356
Series 2019-4A, Class D, 2.58%, 09/15/2025^(b)		2,730,000		2,810,045


	Principal Amount		Value
FREMF Mortgage Trust,
Series 2017-K62, Class B, 3.87%, 01/25/2050^(b)(l)	$	280,000	$	307,333
Series 2016-K54, Class C, 4.05%, 04/25/2048^(b)(l)		1,810,000		1,938,576
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.33%, 07/25/2035^(l)		4,982		5,087
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.77% (1 mo. USD LIBOR + 0.62%), 07/25/2035^(j)		3,324		3,333
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		235,000		244,625
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 3.06%, 07/25/2035^(l)		24,107		23,908
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047^(l)		680,000		701,678
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.25% (1 mo. USD LIBOR + 0.10%), 08/25/2036^(j)		784,998		371,889
Morgan Stanley BAML Trust, Series 2014- C14, Class B, 4.86%, 02/15/2047^(l)		240,000		262,740
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		570,000		596,759
Morgan Stanley Capital I Trust, Series 2017- HR2, Class XA, IO, 0.79%, 12/15/2050^(k)		1,997,269		88,371

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Navistar Financial Dealer Note Master Owner Trust II,
Series 2019-1, Class C, 1.10% (1 mo. USD LIBOR + 0.95%), 05/25/2024^(b)(j)	$	270,000	$ 269,973
Series 2019-1, Class D, 1.60% (1 mo. USD LIBOR + 1.45%), 05/25/2024^(b)(j)		255,000	255,259
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(b)		1,410,000	1,447,339
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		8,829	8,237
Residential Asset Securitization Trust, Series 2005-A6CB, Class A7, 6.00%, 06/25/2035		1,345,551	1,252,634
Santander Retail Auto Lease Trust,
Series 2019-B, Class C, 2.77%, 08/21/2023^(b)		1,410,000	1,451,813
Series 2019-C, Class C, 2.39%, 11/20/2023^(b)		2,365,000	2,429,343
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.00%, 11/15/2050^(k)		3,750,943	180,628
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2005-AR16, Class 1A1, 2.75%, 12/25/2035^(l)		4,615	4,568
Series 2003-AR10, Class A7, 2.57%, 10/25/2033^(l)		27,897	28,092
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.88%, 12/15/2050^(k)		2,769,817	141,485


	Principal Amount		Value
WFRBS Commercial Mortgage Trust,
Series 2011-C3, Class XA, IO, 1.27%, 03/15/2044^(b)(k)	$	2,185,450	$ 1,504
Series 2013-C14, Class AS, 3.49%, 06/15/2046		640,000	672,015
Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(l)		395,000	431,671
Series 2014-C20, Class AS, 4.18%, 05/15/2047		490,000	532,937
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, 3.46% (3 mo. USD LIBOR + 3.25%), 07/23/2029^(b)(j)		250,000	249,972
Alba PLC, Series 2007-1, Class F, 3.29% (3 mo. GBP LIBOR + 3.25%), 03/17/2039^(b)(j)	GBP	409,387	518,173
Eurosail PLC,
Series 2006-2X, Class E1C, 3.29% (3 mo. GBP LIBOR + 3.25%), 12/15/2044^(b)(j)	GBP	1,830,000	2,214,696
Series 2007-1X, Class C1A, 0.00% (3 mo. EURIBOR + 0.44%), 03/13/2045^(b)(j)	EUR	7,369,000	7,766,633
Series 2006-3X, Class D1C, 0.94% (3 mo. GBP LIBOR + 0.90%), 09/10/2044^(b)(j)	GBP	1,500,000	1,678,311
Gemgarto PLC, Series 2018-1, Class E, 2.29% (3 mo. GBP LIBOR + 2.25%), 09/16/2065^(b)(j)	GBP	2,224,480	2,937,310
Ludgate Funding PLC, Series 2007-1, Class MA, 0.27% (3 mo. GBP LIBOR + 0.24%), 01/01/2061^(b)(j)	GBP	1,209,892	1,541,173
Prosil Acquisition S.A., Series 2019-1, Class A, 1.49% (3 mo. EURIBOR + 2.00%), 10/31/2039^(b)(j)	EUR	2,286,587	2,383,633

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Alhambra SME Funding,
Series 2019-1, Class A, 2.00% (1 mo. EURIBOR + 2.00%), 11/30/2028^(b)(j)	EUR	4,232,659	$ 5,005,103
Series 2019-1, Class B, 2.50% (1 mo. EURIBOR + 2.50%), 11/30/2028^(b)(j)	EUR	625,000	731,317
Series 2019-1, Class D, 8.68% (1 mo. EURIBOR + 9.25%), 11/30/2028^(b)(j)	EUR	141,425	154,094
Futura S.r.l., Series 2019-1, Class A, 2.61% (6 mo. EURIBOR + 3.00%), 07/31/2044^(b)(j)	EUR	2,364,161	2,808,112
BBVA Consumer Auto, Series 2018-1, Class C, 2.30%, 07/20/2031^(b)	EUR	5,000,000	6,129,397
IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044^(b)(j)	EUR	1,104,329	1,231,793
Total Asset-Backed Securities (Cost $68,615,710)			70,423,753

U.S. Government Sponsored Agency Mortgage-Backed Securities–3.81%
Fannie Mae Interest STRIPS,
IO, 7.50%, 03/25/2023^(m)	$	20,661	1,224
7.50%, 05/25/2023^(m)		2,481	152
7.50%, 01/25/2024^(m)		55,111	4,203
6.50%, 04/25/2029^(m)		15,650	2,378
6.50%, 06/25/2031^(m)		168,105	24,806
6.50%, 02/25/2032^(m)		87,319	13,901
6.50%, 04/25/2032^(m)		24,906	4,841
6.50%, 07/25/2032^(m)		25,025	4,380
6.00%, 12/25/2032^(m)		50,240	8,517
6.00%, 02/25/2033^(m)		98,894	18,211
6.00%, 03/25/2033^(m)		437,308	76,253
6.00%, 03/25/2033^(m)		79,511	14,259
6.00%, 10/25/2033^(m)		230,581	43,355
5.50%, 01/25/2034^(m)		74,372	12,697
5.50%, 04/25/2034^(m)		81,463	14,525
5.50%, 04/25/2034^(m)		43,775	7,744


	Principal Amount		Value
5.50%, 02/25/2035^(m)	$	28,472	$ 4,925
5.50%, 06/25/2035^(m)		57,560	9,363
6.00%, 08/25/2035^(m)		37,151	7,572
Fannie Mae REMICs,
IO, 6.55% (6.70% - 1 mo. USD LIBOR), 02/25/2024^(j)(m)		261	12
4.00%, 08/25/2026		718	724
6.55% (1 mo. USD LIBOR + 6.70%), 10/25/2031^(j)(m)		12,292	2,231
7.74% (7.90% - 1 mo. USD LIBOR), 11/18/2031^(j)(m)		25,601	5,536
7.75% (7.90% - 1 mo. USD LIBOR), 11/25/2031^(j)(m)		4,538	955
7.74% (7.90% - 1 mo. USD LIBOR), 12/18/2031^(j)(m)		5,796	1,071
7.80% (7.95% - 1 mo. USD LIBOR), 01/25/2032^(j)(m)		4,994	1,031
7.95% (8.10% - 1 mo. USD LIBOR), 03/25/2032^(j)(m)		7,298	1,621
6.85% (7.00% - 1 mo. USD LIBOR), 04/25/2032^(j)(m)		27,508	5,481
7.65% (7.80% - 1 mo. USD LIBOR), 04/25/2032^(j)(m)		3,787	833
7.85% (8.00% - 1 mo. USD LIBOR), 07/25/2032^(j)(m)		5,678	1,260
7.85% (8.00% - 1 mo. USD LIBOR), 07/25/2032^(j)(m)		7,803	1,740
7.85% (8.00% - 1 mo. USD LIBOR), 09/25/2032^(j)(m)		3,805	859
7.94% (8.10% - 1 mo. USD LIBOR), 12/18/2032^(j)(m)		6,908	1,125
7.94% (8.10% - 1 mo. USD LIBOR), 12/18/2032^(j)(m)		46,866	10,439
8.10% (8.25% - 1 mo. USD LIBOR), 02/25/2033^(j)(m)		12,073	2,829
7.00%, 03/25/2033^(m)		80,245	15,511
7.00%, 04/25/2033^(m)		62,251	13,197
8.10% (8.25% - 1 mo. USD LIBOR), 05/25/2033^(j)(m)		41,887	9,961
7.40% (1 mo. USD LIBOR + 7.55%), 10/25/2033^(j)(m)		203,046	45,395

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
5.90% (6.05% - 1 mo. USD LIBOR), 03/25/2035^(j)(m)	$	257,947	$ 47,018
6.60% (6.75% - 1 mo. USD LIBOR), 03/25/2035^(j)(m)		6,714	1,151
6.45% (6.60% - 1 mo. USD LIBOR), 05/25/2035^(j)(m)		140,783	23,007
6.55% (6.70% - 1 mo. USD LIBOR), 05/25/2035^(j)(m)		226,102	42,723
6.60% (6.75% - 1 mo. USD LIBOR), 05/25/2035^(j)(m)		333,576	50,105
7.08% (1 mo. USD LIBOR + 7.23%), 09/25/2036^(j)(m)		253,189	43,038
6.39% (1 mo. USD LIBOR + 6.54%), 06/25/2037^(j)(m)		217,715	45,334
5.90% (6.05% - 1 mo. USD LIBOR), 07/25/2038^(j)(m)		9,192	1,567
4.00%, 03/25/2041		31,494	34,477
4.00%, 04/25/2041^(m)		478,453	46,048
6.40% (6.55% - 1 mo. USD LIBOR), 10/25/2041^(j)(m)		101,724	21,409
6.00% (6.15% - 1 mo. USD LIBOR), 12/25/2042^(j)(m)		318,392	63,358
5.50%, 12/25/2025		218,762	228,281
6.00%, 01/25/2032		41,462	47,099
1.15% (1 mo. USD LIBOR + 1.00%), 04/25/2032^(j)		21,258	21,715
1.15% (1 mo. USD LIBOR + 1.00%), 04/25/2032^(j)		6,546	6,687
0.65% (1 mo. USD LIBOR + 0.50%), 09/25/2032^(j)		52,055	52,301
1.15% (1 mo. USD LIBOR + 1.00%), 09/25/2032^(j)		93,041	95,062
0.66% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(j)		15,702	15,772
1.15% (1 mo. USD LIBOR + 1.00%), 12/25/2032^(j)		93,039	95,060
0.55% (1 mo. USD LIBOR + 0.40%), 11/25/2033^(j)		10,000	10,032
24.02% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(j)		51,993	85,434
23.66% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(j)		69,883	113,545
1.09% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(j)		11,018	11,284


	Principal Amount		Value
Federal Home Loan Mortgage Corp.,
6.00%, 11/01/2021	$	4,928	$ 5,536
6.50%, 11/01/2022		1,834	1,855
6.50%, 08/01/2031		78,551	88,312
5.00%, 09/01/2033		133,057	153,779
7.00%, 10/01/2037		12,509	14,407
Federal National Mortgage Association,
5.50%, 04/01/2021		212	212
5.00%, 12/01/2021		3,250	3,409
5.00%, 01/01/2022		82	86
5.50%, 04/01/2022		1,204	1,220
5.50%, 04/01/2022		953	960
5.50%, 07/01/2022		1,170	1,198
5.00%, 01/01/2024		23	25
7.50%, 10/01/2029		62,963	73,551
7.00%, 07/01/2032		26,313	30,540
8.50%, 07/01/2032		291	292
7.50%, 03/01/2033		183,233	216,021
7.00%, 04/01/2033		3,486	4,028
5.00%, 07/01/2033		138,394	159,052
5.50%, 02/01/2035		13,416	15,767
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, 0.65%, 02/25/2026^(l)		1,677,108	47,948
Series K735, Class X1, 1.10%, 05/25/2026^(l)		2,943,505	134,868
Series K093, Class X1, 0.95%, 05/25/2029^(l)		20,065,609	1,403,936
Freddie Mac REMICs,
1.50%, 07/15/2023		50,188	50,538
5.00%, 09/15/2023		135,531	140,837
6.75%, 02/15/2024		40,177	42,616
7.00%, 09/15/2026		155,093	172,235
0.61% (1 mo. USD LIBOR + 0.45%), 12/15/2028^(j)		140,381	140,713
0.61% (1 mo. USD LIBOR + 0.45%), 02/15/2029^(j)		4,042	4,052
6.00%, 04/15/2029		77,492	87,565
6.50%, 10/15/2029		60,203	68,873
0.71% (1 mo. USD LIBOR + 0.55%), 06/15/2031^(j)		83,506	84,003
6.50%, 06/15/2031		7,806	9,001
6.50%, 10/15/2031		30,606	35,993
0.71% (1 mo. USD LIBOR + 0.55%), 01/15/2032^(j)		49,256	49,568
1.16% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(j)		20,674	21,115
1.16% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(j)		21,156	21,608
1.16% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(j)		18,394	18,787

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
1.16% (1 mo. USD LIBOR + 1.00%), 03/15/2032^(j)	$	21,964	$ 22,086
3.50%, 05/15/2032		26,380	28,356
6.50%, 06/15/2032		104,635	121,687
24.17% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(j)		50,031	83,061
4.00%, 06/15/2038		36,476	40,100
3.00%, 05/15/2040		2,273	2,341
IO, 5.84% (1 mo. USD LIBOR + 6.00%), 03/15/2024^(j)(m)		91,509	6,652
7.79% (1 mo. USD LIBOR + 7.95%), 12/15/2026^(j)(m)		102,175	11,882
8.55% (8.70% - 1 mo. USD LIBOR), 07/17/2028^(j)(m)		2,305	184
8.55% (8.70% - 1 mo. USD LIBOR), 07/17/2028^(j)(m)		5,014	505
7.49% (1 mo. USD LIBOR + 7.65%), 03/15/2029^(j)(m)		198,698	32,620
7.94% (8.10% - 1 mo. USD LIBOR), 06/15/2029^(j)(m)		7,578	1,444
7.84% (1 mo. USD LIBOR + 8.00%), 04/15/2032^(j)(m)		355,881	53,612
6.89% (1 mo. USD LIBOR + 7.05%), 10/15/2033^(j)(m)		85,443	17,094
6.54% (6.70% - 1 mo. USD LIBOR), 01/15/2035^(j)(m)		86,612	15,940
6.59% (6.75% - 1 mo. USD LIBOR), 02/15/2035^(j)(m)		15,215	2,748
6.56% (1 mo. USD LIBOR + 6.72%), 05/15/2035^(j)(m)		179,397	36,055
6.56% (6.72% - 1 mo. USD LIBOR), 05/15/2035^(j)(m)		116,561	18,509
6.84% (7.00% - 1 mo. USD LIBOR), 12/15/2037^(j)(m)		55,404	12,649
5.84% (6.00% - 1 mo. USD LIBOR), 04/15/2038^(j)(m)		17,938	3,149
5.91% (6.07% - 1 mo. USD LIBOR), 05/15/2038^(j)(m)		110,203	21,997
6.09% (6.25% - 1 mo. USD LIBOR), 12/15/2039^(j)(m)		29,725	5,658
4.00%, 04/15/2040		32,788	33,387


	Principal Amount		Value
Freddie Mac STRIPS,
IO, 6.50%, 02/01/2028^(m)	$	2,548	$ 365
7.00%, 09/01/2029^(m)		16,176	2,870
6.00%, 12/15/2032^(m)		36,341	5,855
Government National Mortgage Association,
ARM 3.13% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 11/20/2025^(j)		1,093	1,124
8.00%, 05/15/2026		6,176	6,202
7.00%, 04/15/2028		10,148	11,294
7.00%, 07/15/2028		20,864	23,208
IO, 6.40% (6.55% - 1 mo. USD LIBOR), 04/16/2037^(j)(m)		134,097	26,899
6.50% (6.65% - 1 mo. USD LIBOR), 04/16/2041^(j)(m)		220,585	38,465
TBA, 2.50%, 01/01/2051⁽ⁿ⁾		9,715,000	10,283,105
Uniform Mortgage-Backed Securities,
TBA, 2.00%, 01/01/2036⁽ⁿ⁾		9,150,000	9,565,390
2.50%, 02/01/2051⁽ⁿ⁾		12,900,000	13,573,706
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $38,815,828)			39,011,329

U.S. Treasury Securities-1.98%
U.S. Treasury Inflation – Indexed Notes-1.98%
0.13%, 04/15/2025 (Cost $19,535,231)^(o)		19,535,231	20,338,831

	Shares
Preferred Stocks-1.33%
United States-1.33%
AT&T, Inc., 2.88%, Series B, Pfd.^(c)		3,900,000	4,804,933
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(c)		1,300,000	1,436,890
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(c)		2,600,000	2,749,500
Claire’s Holdings LLC, Series A, Pfd.		71	14,378
MetLife, Inc., 3.85%, Series G, Pfd.^(c)		4,333,000	4,582,147
Total Preferred Stocks (Cost $12,763,870)			13,587,848

	Principal Amount
Variable Rate Senior Loan Interests-1.22%^(p)(q)
Canada-0.04%
Valeant Pharmaceuticals International, Inc., First Lien Incremental Term Loan, 2.90% (3 mo. USD LIBOR + 2.75%), 11/27/2025		438,000	434,636

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Principal Amount		Value
Colombia-1.09%
Avianca Holdings S.A., Term Loan A-1, 11/10/2021^(f)		4,784,220	$ 4,784,221
Avianca Holdings S.A., Term Loan A-1, 11/10/2021^(f)(r)		1,359,349	1,359,349
Avianca Holdings S.A., Term Loan A-2, 11/10/2021^(f)		3,910,003	3,910,003
Avianca Holdings S.A., Term Loan A-2, 11/10/2021^(f)(r)		1,089,997	1,089,997
			11,143,570

United States-0.09%
Claire’s Stores, Inc., Term Loan B (1 mo. USD LIBOR + 6.50%), 12/18/2026		72,242	61,046
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.75%), 02/06/2026		428,760	429,772
PetSmart, Inc., Term Loan (1 mo. USD LIBOR + 4.00%), 03/11/2022		353,054	353,908
Windstream Services LLC, Term Loan B-6 (3 mo. Prime Rate + 5.00%), 03/29/2021^(f)		81,688	50,237
			894,963
Total Variable Rate Senior Loan Interests (Cost $12,247,489)			12,473,169

Agency Credit Risk Transfer Notes–1.18%
United States–1.18%
Connecticut Avenue Securities Trust,
Series 2018-R07, Class 1M2, 2.55% (1 mo. USD LIBOR + 2.40%), 04/25/2031^(b)(j)	$	1,349,485	1,353,784
Series 2019-R02, Class 1M2, 2.45% (1 mo. USD LIBOR + 2.30%), 08/25/2031^(b)(j)		397,217	398,264


	Principal Amount		Value
United States-(continued)
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 3.00% (1 mo. USD LIBOR + 2.85%), 11/25/2029^(j)	$	863,167	$ 872,600
Series 2017-C07, Class 1M2, 2.55% (1 mo. USD LIBOR + 2.40%), 05/25/2030^(j)		408,323	407,702
Series 2018-C04, Class 2M2, 2.70% (1 mo. USD LIBOR + 2.55%), 12/25/2030^(j)		549,614	553,539
Series 2018-C06, Class 2M2, 2.25% (1 mo. USD LIBOR + 2.10%), 03/25/2031^(j)		883,345	876,053
Series 2019-R03, Class 1M2, 2.30% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(b)(j)		887,360	889,710
Federal Home Loan Mortgage Corp.,
Series 2016-DNA2, Class M3, STACR^®, 4.80% (1 mo. USD LIBOR + 4.65%), 10/25/2028^(j)		738,987	772,172
Series 2016-DNA3, Class M3, STACR^®, 5.15% (1 mo. USD LIBOR + 5.00%), 12/25/2028^(j)		3,069,004	3,220,376
Freddie Mac, STACR^®,
Series 2017-DNA1, Class M2, STACR^®, 3.40% (1 mo. USD LIBOR + 3.25%), 07/25/2029^(j)		1,903,414	1,956,660
Series 2019-HRP1, Class M2, STACR^®, 1.55% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(b)(j)		743,115	742,701
Total Agency Credit Risk Transfer Notes (Cost $11,772,732)			12,043,561

Investment Companies-0.06%
United States-0.06%
Invesco Master Event-Linked Bond Fund, Class R6,^(s)(t) (Cost $571,315)		40,868	640,083

	Shares
Common Stocks & Other Equity Interests-0.02%
Kazakhstan-0.00%
Astana-Finance JSC, GDR^(b)(f)		446,837	0

United States-0.02%
ACNR Holdings, Inc.		762	6,668

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Shares		Value
United States-(continued)
ACNR Holdings, Inc.^(f)		149	$ 1,304
Claire’s Holdings LLC^(s)		235	51,406
Cxloyalty Group, Inc., Wts., expiring 4/10/2024^(f)		775	0
McDermott International Ltd.^(u)		15,957	12,925
McDermott International Ltd.^(f)		23,067	18,684
McDermott International Ltd., Series A, Wts., expiring 6/30/2027^(u)		31,946	4,153
McDermott International Ltd., Series B, Wts., expiring 6/30/2027^(u)		35,496	4,614
Party City Holdco, Inc.^(u)		3,211	19,751
Sabine Oil & Gas Holdings, Inc.^(s)(u)		837	11,718
Whiting Petroleum Corp.^(u)		4,716	117,900
			249,123
Total Common Stocks & Other Equity Interests (Cost $3,263,580)			249,123


	Shares		Value
Money Market Funds-10.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(s)(v)		36,794,763	$ 36,794,763
Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(s)(v)		26,266,853	26,274,733
Invesco Treasury Portfolio, Institutional Class, 0.01%^(s)(v)		42,051,158	42,051,158
Total Money Market Funds (Cost $105,122,955)			105,120,654

Options Purchased-1.28%^(w)
(Cost $14,116,983)			13,067,508
TOTAL INVESTMENTS IN SECURITIES-96.29% (Cost $967,899,918)			986,668,657
OTHER ASSETS LESS LIABILITIES-3.71%			38,011,895
NET ASSETS-100.00%			$1,024,680,552

Investment Abbreviations:


ARM		- Adjustable Rate Mortgage
ARS		- Argentina Peso
AUD		- Australian Dollar
BRL		- Brazilian Real
CLP		- Chile Peso
Conv.		- Convertible
COP		- Colombia Peso
Ctfs.		- Certificates
EGP		- Egypt Pound
EUR		- Euro
EURIBOR		- Euro Interbank Offered Rate
GBP		- British Pound Sterling
GDR		- Global Depositary Receipt
IDR		- Indonesian Rupiah
INR		- Indian Rupee
IO		- Interest Only
LIBOR		- London Interbank Offered Rate
MXN		- Mexican Peso
Pfd.		- Preferred
PIK		- Pay-in-Kind
REMICs		- Real Estate Mortgage Investment Conduits
RUB		- Russian Ruble
STACR^®		- Structured Agency Credit Risk
STRIPS		- Separately Traded Registered Interest and Principal Security
TBA		- To Be Announced
THB		- Thai Baht
TRY		- Turkish Lira
USD		- U.S. Dollar
Wts.		- Warrants
ZAR		- South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Notes to Consolidated Schedule of Investments:

^(a)	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $488,327,193, which represented 47.66% of the Fund’s Net Assets.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Perpetual bond with no specified maturity date.

^(e)	Zero coupon bond issued at a discount.

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(g)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(h)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at December 31, 2020 was $746,856, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(j)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(k)

^(l)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2020.

^(m)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

⁽ⁿ⁾	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1R.

^(o)	Principal amount of security and interest payments are adjusted for inflation. See Note 1J.

^(p)

^(q)

^(r)	All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 7.

^(s)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2020.


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	111,331,442		$	740,897,646		$	(815,434,325	)		$	-			$	-			$	36,794,763		$	283,967
Invesco Liquid Assets Portfolio, Institutional Class			-			97,399,170			(71,117,197	)			(2,301	)			(4,939	)			26,274,733			7,053
Invesco Treasury Portfolio, Institutional Class			-			155,838,673			(113,787,515	)			-				-				42,051,158			2,177
Investments in Other Affiliates:
Carlyle Tactical Private Credit Fund			664,049			-			(669,100	)			38,352				(33,301	)			-			-
Claire’s Holdings LLC*			152,750			-			-				(101,344	)			-				51,406			-
Invesco Conservative Income Fund, Class Y			26,120,338			105,283			(26,238,636	)			98,868				(85,853	)			-			105,179
Invesco Master Event-Linked Bond Fund, Class R6			25,095,080			372,432			(24,510,979	)			(7,378,291	)			7,061,841				640,083			514,267
Invesco Oppenheimer Limited-Term Bond Fund			9,920			-			(9,942	)			-				22				-			-
Sabine Oil & Gas Holdings, Inc.*			58,800			-			-				(47,082	)			-				11,718			48,965
Total		$	163,432,379		$	994,613,204		$	(1,051,767,694	)		$	(7,391,798	)		$	6,937,770			$	105,823,861		$	961,608

At December 31, 2020, this security was no longer an affiliate of the Fund.

^(t)	Effective September 30, 2020, the underlying fund’s name changed.

^(u)	Non-income producing security.

^(v)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(w)	The table below details options purchased.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional
Value

Value

Currency Risk

CNH Versus TWD

Call

Goldman Sachs International

11/17/2021

TWD

4.10

CNH

50,000,000

179,606

EUR Versus USD

Call

Bank of America, N.A.

02/01/2021

USD

1.25

EUR

650,000

242,833

EUR Versus USD

Call

Bank of America, N.A.

02/01/2021

USD

1.25

EUR

650,000

113,313

EUR Versus USD

Call

Bank of America, N.A.

02/19/2021

USD

1.26

EUR

1,300,000

166,720

GBP Versus USD

Call

Morgan Stanley and Co.

International PLC

02/02/2021

USD

1.39

GBP

720,981

641,945

Subtotal – Foreign Currency Call Options Purchased

1,344,417

Currency Risk

EUR Versus NOK

Put

Goldman Sachs International

01/06/2021

NOK

8.65

EUR

3,650,000

EUR Versus NOK

Put

Goldman Sachs International

01/06/2021

NOK

8.36

EUR

3,650,000

EUR Versus NOK

Put

J.P. Morgan Chase Bank, N.A.

08/26/2021

NOK

8.90

EUR

3,750,000

91,216

EUR Versus PLN

Put

Morgan Stanley and Co.

International PLC

10/28/2021

PLN

4.20

EUR

2,500,000

137,426

USD Versus BRL

Put

Goldman Sachs International

02/01/2021

BRL

5.10

USD

12,500,000

192,838

USD Versus BRL

Put

Goldman Sachs International

02/12/2021

BRL

3.85

USD

1,250,000

124

USD Versus BRL

Put

Goldman Sachs International

04/26/2021

BRL

4.75

USD

1,250,000

213,844

USD Versus BRL

Put

Goldman Sachs International

08/17/2021

BRL

3.85

USD

1,460,000

31,396

USD Versus BRL

Put

Morgan Stanley and Co.

International PLC

02/24/2021

BRL

5.00

USD

1,500,000

461,314

USD Versus CNH

Put

J.P. Morgan Chase Bank, N.A.

07/15/2021

CNH

6.35

USD

625,000

122,374

USD Versus CNH

Put

Standard Chartered Bank PLC

07/28/2021

CNH

6.40

USD

1,400,000

841,795

USD Versus IDR

Put

Goldman Sachs International

02/23/2021

IDR

14,115.00

USD

13,000,000

271,167

USD Versus IDR

Put

J.P. Morgan Chase Bank, N.A.

05/05/2021

IDR

14,020.00

USD

18,750,000

393,488

USD Versus INR

Put

Goldman Sachs International

04/09/2021

INR

69.50

USD

1,300,000

100,948

USD Versus INR

Put

Goldman Sachs International

06/11/2021

INR

71.00

USD

1,250,000

360,043

USD Versus INR

Put

Goldman Sachs International

07/02/2021

INR

70.50

USD

1,250,000

280,674

USD Versus INR

Put

Standard Chartered Bank PLC

04/09/2021

INR

69.70

USD

1,300,000

116,202

USD Versus KRW

Put

Bank of America, N.A.

03/18/2021

KRW

1,071.00

USD

20,000,000

153,200

USD Versus MXN

Put

Bank of America, N.A.

02/10/2021

MXN

19.55

USD

625,000

222,053

USD Versus MXN

Put

Citibank, N.A.

03/04/2021

MXN

19.98

USD

12,500,000

287,138

USD Versus MXN

Put

J.P. Morgan Chase Bank, N.A.

01/21/2021

MXN

20.15

USD

18,750,000

398,775

USD Versus MXN

Put

J.P. Morgan Chase Bank, N.A.

01/06/2022

MXN

20.10

USD

25,000,000

933,900

USD Versus MXN

Put

Morgan Stanley and Co.

International PLC

02/16/2021

MXN

19.77

USD

15,000,000

233,040

USD Versus NOK

Put

J.P. Morgan Chase Bank, N.A.

05/10/2021

NOK

8.55

USD

15,000,000

399,240

USD Versus RUB

Put

Goldman Sachs International

03/08/2021

RUB

67.99

USD

29,450,000

39,964

USD Versus RUB

Put

Goldman Sachs International

03/26/2021

RUB

74.80

USD

29,450,000

814,145

USD Versus RUB

Put

Goldman Sachs International

04/29/2021

RUB

70.00

USD

3,500,000

617,890

USD Versus RUB

Put

J.P. Morgan Chase Bank, N.A.

06/02/2021

RUB

67.00

USD

3,500,000

256,186

USD Versus TRY

Put

Goldman Sachs International

11/11/2021

TRY

7.70

USD

10,000,000

252,150

USD Versus ZAR

Put

Goldman Sachs International

03/18/2021

ZAR

14.17

USD

20,000,000

210,240

USD Versus ZAR

Put

Standard Chartered Bank PLC

02/16/2021

ZAR

14.40

USD

23,000,000

264,753

Subtotal – Foreign Currency Put Options Purchased

8,697,531

Total Foreign Currency Options Purchased

10,041,948

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Description

Type of

Contract

Counterparty

Exercise
Rate

Pay/
Receive

Exercise
Rate

Floating Rate

Index

Payment

Frequency

Expiration
Date

Notional
Value

Value

Interest Rate Risk

1 Year Interest Rate Swap

Put

Bank of America, N.A.

(0.41

Pay

6 Month EUR LIBOR

Semi-Annually

02/08/2021

EUR

312,500,000

1,336

2 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

0.61

Pay

6 Month EUR LIBOR

Semi-Annually

04/06/2021

EUR

146,000,000

2 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

0.62

Pay

6 Month EUR LIBOR

Semi-Annually

04/12/2021

EUR

146,250,000

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.00

Pay

3 Month USD LIBOR

Quarterly

05/31/2022

USD

46,800,000

1,510,788

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.00

Pay

3 Month USD LIBOR

Quarterly

09/26/2022

USD

36,800,000

1,415,273

5 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.12

Pay

6 Month EUR LIBOR

Semi-Annually

03/29/2021

EUR

146,200,000

Total Interest Rate Swaptions Purchased

2,927,445

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $ 1,737,859.

Open Over-The-Counter Credit Default Swaptions Purchased^(a)

Counterparty

Type of
Contract

Exercise
Rate

Reference

Entity

(Pay)/
Receive
Fixed
Rate

Payment

Frequency

Expiration
Date

Implied
Credit
Spread

Notional
Value

Value

Credit Risk

J.P. Morgan Chase Bank, N.A.

Call

22.50%

Markit iTraxx Europe

Crossover Index,
Series 34, Version 1

Receive

Quarterly

03/17/2021

2.4086

15,600,000

98,115

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.


						Open Over-The-Counter Credit Default Swaptions Written^(a)
Counterparty	Type of Contract		Exercise Rate			Reference Entity	(Pay)/ Receive Fixed Rate	Payment Frequency	Expiration Date	Implied Credit Spread^(b)			Premiums Received				Notional Value		Value			Unrealized Appreciation
Credit Risk
Goldman Sachs International		Put		1.05	%	Markit CDX North America High Yield Index, Series 35, Version 1	Pay	Quarterly	02/17/2021		2.9323	%	$	(319,800	)	USD		78,000,000	$	(316,500	)	$	3,300
J.P. Morgan Chase Bank, N.A.		Put		3.25		Markit iTraxx Europe Crossover Index, Series 34, Version 1	Pay	Quarterly	03/17/2021		2.4086			(140,167	)	EUR		15,600,000		(107,041	)		33,126
Total Credit Default Swaptions Written													$	(459,967	)				$	(423,541	)	$	36,426

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.

^(b)

Implied credit spreads represent the current level, as of December 31, 2020, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


			Open Over-The-Counter Foreign Currency Options Written^(a)


Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Premiums Received				Notional Value		Value			Unrealized Appreciation (Depreciation)


Currency Risk


USD Versus BRL		Call	Goldman Sachs International	09/01/2021	BRL		6.00	$	(329,100	)	USD		12,500,000	$	(274,050	)	$	55,050


USD Versus BRL		Call	Morgan Stanley and Co. International PLC	02/24/2021	BRL		5.50		(279,600	)	USD		15,000,000		(193,575	)		86,025


USD Versus CNH		Call	Standard Chartered Bank PLC	07/28/2021	CNH		7.13		(164,360	)	USD		14,000,000		(52,010	)		112,350


USD Versus CNH		Call	Standard Chartered Bank PLC	11/08/2021	CNH		6.90		(570,000	)	USD		30,000,000		(345,570	)		224,430


USD Versus GBP		Call	Morgan Stanley and Co. International PLC	02/12/2021	GBP		1.39		(142,932	)	GBP		310,022		(134,198	)		8,734


USD Versus IDR		Call	Goldman Sachs International	02/23/2021	IDR		14,750.00		(92,534	)	USD		13,000,000		(34,359	)		58,175


USD Versus IDR		Call	J.P. Morgan Chase Bank, N.A.	05/05/2021	IDR		15,120.00		(198,750	)	USD		18,750,000		(110,625	)		88,125


USD Versus INR		Call	Goldman Sachs International	04/09/2021	INR		77.50		(209,560	)	USD		1,300,000		(112,090	)		97,470


USD Versus INR		Call	Goldman Sachs International	06/11/2021	INR		83.00		(210,000	)	USD		1,250,000		(19,780	)		190,220


USD Versus INR		Call	Goldman Sachs International	07/02/2021	INR		84.05		(124,375	)	USD		1,250,000		(23,956	)		100,419


USD Versus INR		Call	Standard Chartered Bank PLC	04/09/2021	INR		77.75		(231,010	)	USD		1,300,000		(98,809	)		132,201


USD Versus KRW		Call	Bank of America, N.A.	03/18/2021	KRW		1,130.00		(113,540	)	USD		20,000,000		(85,640	)		27,900


USD Versus MXN		Call	Bank of America, N.A.	05/10/2021	MXN		22.35		(250,388	)	USD		12,500,000		(126,275	)		124,113


USD Versus MXN		Call	Citibank, N.A.	03/04/2021	MXN		22.52		(251,367	)	USD		12,500,000		(38,363	)		213,004


USD Versus MXN		Call	J.P. Morgan Chase Bank, N.A.	01/21/2021	MXN		21.50		(109,375	)	USD		9,375,000		(13,772	)		95,603


USD Versus MXN		Call	J.P. Morgan Chase Bank, N.A.	01/06/2022	MXN		23.09		(570,125	)	USD		25,000,000		(626,025	)		(55,900	)


USD Versus MXN		Call	Morgan Stanley and Co. International PLC	05/14/2021	MXN		22.50		(139,425	)	USD		7,500,000		(72,765	)		66,660


USD Versus NOK		Call	J.P. Morgan Chase Bank, N.A.	05/10/2021	NOK		9.70		(215,700	)	USD		15,000,000		(67,020	)		148,680


USD Versus RUB		Call	Goldman Sachs International	02/24/2021	RUB		80.00		(339,125	)	USD		1,250,000		(168,331	)		170,794


USD Versus RUB		Call	Goldman Sachs International	03/26/2021	RUB		88.69		(648,430	)	USD		29,450,000		(92,296	)		556,134


USD Versus RUB		Call	Goldman Sachs International	04/29/2021	RUB		95.00		(334,376	)	USD		28,000,000		(89,404	)		244,972


USD Versus RUB		Call	Goldman Sachs International	08/23/2021	RUB		85.00		(288,000	)	USD		1,250,000		(215,969	)		72,031


USD Versus RUB		Call	J.P. Morgan Chase Bank, N.A.	06/02/2021	RUB		82.00		(434,280	)	USD		28,000,000		(465,164	)		(30,884	)


USD Versus TRY		Call	Goldman Sachs International	11/11/2021	TRY		12.00		(392,543	)	USD		12,500,000		(179,475	)		213,068


USD Versus ZAR		Call	Goldman Sachs International	03/18/2021	ZAR		15.61		(271,220	)	USD		20,000,000		(273,840	)		(2,620	)


USD Versus ZAR		Call	Standard Chartered Bank PLC	02/16/2021	ZAR		15.75		(244,099	)	USD		23,000,000		(152,835	)		91,264


Subtotal – Foreign Currency Call Options Written									(7,154,214	)					(4,066,196	)		3,088,018

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


			Open Over-The-Counter Foreign Currency Options Written^(a)–(continued)


Description	Type of Contract		Counterparty	Expiration Date		Exercise Price		Premiums Received				Notional Value		Value			Unrealized Appreciation (Depreciation)


Currency Risk


CNH Versus TWD		Put	Goldman Sachs International	11/17/2021	TWD		3.83	$	(93,183	)	CNH		65,000,000	$	(127,694	)	$	(34,511	)


USD Versus GBP		Put	Morgan Stanley and Co. International PLC	02/12/2021	GBP		1.28		(180,600	)	GBP		15,588,465		(18,610	)		161,990


USD Versus IDR		Put	Goldman Sachs International	02/23/2021	IDR		13,685.00		(42,913	)	USD		13,000,000		(78,169	)		(35,256	)


USD Versus JPY		Put	J.P. Morgan Chase Bank, N.A.	01/06/2021	JPY		100.00		(112,386	)	USD		30,000,000		(450	)		111,936


USD Versus MXN		Put	Citibank, N.A.	03/04/2021	MXN		18.57		(99,731	)	USD		12,500,000		(24,938	)		74,793


USD Versus MXN		Put	J.P. Morgan Chase Bank, N.A.	01/21/2021	MXN		19.25		(80,874	)	USD		18,750,000		(45,375	)		35,499


USD Versus MXN		Put	J.P. Morgan Chase Bank, N.A.	01/06/2022	MXN		18.40		(224,600	)	USD		25,000,000		(266,350	)		(41,750	)


Subtotal – Foreign Currency Put Options Written									(834,287	)					(561,586	)		272,701


Total - Foreign Currency Options Written								$	(7,988,501	)				$	(4,627,782	)	$	3,360,719

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.


Open Over-The-Counter Interest Rate Swaptions Written^(a)
Description	Type of Contract		Counterparty	Exercise Rate	Floating Rate Index	Pay/ Receive Exercise Rate	Payment Frequency	Expiration Date	Premiums Received			Notional Value		Value			Unrealized Appreciation

Interest Rate Risk
5 Year Interest Rate Swap		Put	Bank of America, N.A.	0.89%	3 Month CDOR	Pay	Quarterly	01/11/2021	$	(55,874	)		CAD35,814,000	$	(4,233	)	$	51,641
5 Year Interest Rate Swap		Put	Bank of America, N.A.	0.90	3 Month CDOR	Pay	Quarterly	01/04/2021		(44,609	)		CAD30,375,000		(126	)		44,483
5 Year Interest Rate Swap		Put	Bank of America, N.A.	0.88	3 Month CDOR	Pay	Quarterly	01/11/2021		(40,828	)		CAD26,000,000		(3,918	)		36,910
5 Year Interest Rate Swap		Put	Bank of America, N.A.	0.86	3 Month CDOR	Pay	Quarterly	01/14/2021		(40,756	)		CAD26,000,000		(11,709	)		29,047
5 Year Interest Rate Swap		Put	Bank of America, N.A.	0.88	3 Month CDOR	Pay	Quarterly	01/25/2021		(31,056	)		CAD20,465,000		(11,833	)		19,223
5 Year Interest Rate Swap		Put	Bank of America, N.A.	0.87	3 Month CDOR	Pay	Quarterly	01/21/2021		(26,795	)		CAD16,800,000		(9,376	)		17,419
5 Year Interest Rate Swap		Put	Bank of America, N.A.	0.88	3 Month CDOR	Pay	Quarterly	01/18/2021		(7,726	)		CAD 5,200,000		(2,063	)		5,663
10 Year Interest Rate Swap		Put	J.P. Morgan Chase Bank, N.A.	1.15	3 Month USD LIBOR	Pay	Quarterly	01/11/2021		(51,350	)		USD13,000,000		(1,130	)		50,220
5 Year Interest Rate Swap		Put	Toronto-Dominion Bank (The)	0.89	3 Month CDOR	Pay	Quarterly	01/07/2021		(35,006	)		CAD22,400,000		(934	)		34,072
5 Year Interest Rate Swap		Put	Toronto-Dominion Bank (The)	0.88	3 Month CDOR	Pay	Quarterly	01/04/2021		(32,764	)		CAD22,310,000		(334	)		32,430
5 Year Interest Rate Swap		Put	Toronto-Dominion Bank (The)	0.88	3 Month CDOR	Pay	Quarterly	01/08/2021		(31,929	)		CAD20,465,000		(2,180	)		29,749
5 Year Interest Rate Swap		Put	Toronto-Dominion Bank (The)	0.85	3 Month CDOR	Pay	Quarterly	01/14/2021		(41,774	)		CAD26,000,000		(13,128	)		28,646
5 Year Interest Rate Swap		Put	Toronto-Dominion Bank (The)	0.85	3 Month CDOR	Pay	Quarterly	01/21/2021		(54,462	)		CAD35,000,000		(26,789	)		27,673
5 Year Interest Rate Swap		Put	Toronto-Dominion Bank (The)	0.85	3 Month CDOR	Pay	Quarterly	01/29/2021		(49,003	)		CAD31,400,000		(33,530	)		15,473
Total Open Over-The-Counter Interest Rate Swaptions Written									$	(543,932	)			$	(121,283	)	$	422,649

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)


Interest Rate Risk


Australia 10 Year Bonds		104		March-2021	$	11,804,731		$	32,247		$	32,247


U.S. Treasury 2 Year Notes		188		March-2021		41,543,594			5,580			5,580


U.S. Treasury 10 Year Notes		342		March-2021		47,222,719			71,619			71,619


U.S. Treasury Long Bonds		426		March-2021		73,777,875			(473,500	)		(473,500	)


Subtotal–Long Futures Contracts									(364,054	)		(364,054	)



Short Futures Contracts


Interest Rate Risk


Canadian Government Bond		828		March-2021		(96,987,037	)		(274,761	)		(274,761	)


Euro BTP		502		March-2021		(93,222,921	)		(571,333	)		(571,333	)


Euro Bund		13		March-2021		(2,821,181	)		(5,740	)		(5,740	)


Euro Buxl		150		March-2021		(41,274,670	)		(414,400	)		(414,400	)


U.S. Treasury 5 Year Notes		183		March-2021		(23,088,024	)		(58,987	)		(58,987	)


U.S. Treasury 10 Year Ultra Bonds		227		March-2021		(35,493,578	)		25,400			25,400


U.S. Treasury Ultra Bonds		462		March-2021		(98,665,875	)		(313,192	)		(313,192	)


Subtotal–Short Futures Contracts									(1,613,013	)		(1,613,013	)


Total Futures Contracts								$	(1,977,067	)	$	(1,977,067	)

^(a)	Futures contracts collateralized by $12,731,784 cash held with Merrill Lynch, the futures commission merchant.


Open Forward Foreign Currency Contracts


Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty			Deliver			Receive		Unrealized Appreciation (Depreciation)

Currency Risk
01/05/2021	Bank of America, N.A.		BRL		46,226,984	USD		8,915,522	$	15,791
01/05/2021	Bank of America, N.A.		USD		8,895,450	BRL		46,226,984		4,281
01/15/2021	Bank of America, N.A.		USD		16,700,000	MXN		357,722,900		1,255,048
02/02/2021	Bank of America, N.A.		BRL		44,075,000	USD		8,495,648		12,969
02/02/2021	Bank of America, N.A.		USD		10,000,000	BRL		52,980,000		196,538
03/17/2021	Bank of America, N.A.		USD		26,765,863	AUD		35,582,967		683,193
03/17/2021	Bank of America, N.A.		USD		4,531,875	EUR		3,730,000		32,288
03/17/2021	Bank of America, N.A.		USD		2,257,000	GBP		1,699,395		67,966
03/17/2021	Bank of America, N.A.		USD		34,647,391	NOK		303,864,550		783,026
03/17/2021	Bank of America, N.A.		USD		6,530,127	ZAR		99,319,968		167,266
04/19/2021	Bank of America, N.A.		USD		14,677,590	EUR		12,300,000		384,053
05/28/2021	Bank of America, N.A.		USD		7,230,136	ZAR		119,525,000		762,902
03/17/2021	Citibank, N.A.		EGP		20,500,000	USD		1,279,052		395
03/17/2021	Citibank, N.A.		RUB		1,916,836,068	USD		25,825,887		77,145
03/17/2021	Citibank, N.A.		USD		10,323,700	CLP		7,534,612,493		281,589
03/17/2021	Citibank, N.A.		USD		2,205,074	EUR		1,815,936		16,971
03/17/2021	Citibank, N.A.		USD		28,731,341	IDR		408,559,662,500		477,134
03/17/2021	Citibank, N.A.		USD		20,787,301	NOK		182,250,000		462,936
01/08/2021	Goldman Sachs International		NOK		243,000,000	USD		28,911,957		571,088
01/08/2021	Goldman Sachs International		USD		28,432,650	EUR		23,500,000		278,644
01/11/2021	Goldman Sachs International		USD		8,575,000	RUB		704,142,128		947,351
01/11/2021	Goldman Sachs International		USD		6,100,000	ZAR		113,074,480		1,586,442
02/10/2021	Goldman Sachs International		USD		1,539,099	ZAR		23,875,425		77,687
02/25/2021	Goldman Sachs International		RUB		492,093,750	USD		7,250,000		625,701
02/25/2021	Goldman Sachs International		USD		8,750,000	RUB		741,125,000		1,226,623
03/08/2021	Goldman Sachs International		BRL		40,000,000	USD		9,713,453		2,022,264

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty			Deliver			Receive		Unrealized Appreciation (Depreciation)
03/09/2021	Goldman Sachs International		RUB		108,013,248	USD		1,470,000	$	17,824
03/09/2021	Goldman Sachs International		USD		3,300,000	RUB		265,390,620		268,024
03/17/2021	Goldman Sachs International		USD		47,948,256	EUR		39,432,752		303,087
03/17/2021	Goldman Sachs International		USD		22,054,707	RUB		1,643,373,377		20,628
03/17/2021	Goldman Sachs International		USD		692,037	TRY		5,622,803		43,421
03/17/2021	Goldman Sachs International		USD		16,920,562	ZAR		257,548,241		446,559
05/10/2021	Goldman Sachs International		USD		10,500,000	MXN		229,941,600		890,423
11/12/2021	Goldman Sachs International		USD		1,043,256	TRY		9,165,000		45,297
01/05/2021	J.P. Morgan Chase Bank, N.A.		USD		10,279,946	BRL		53,421,794		4,948
01/29/2021	J.P. Morgan Chase Bank, N.A.		USD		11,550,000	ZAR		189,720,300		1,316,452
02/02/2021	J.P. Morgan Chase Bank, N.A.		USD		1,013,538	BRL		5,280,026		2,657
02/08/2021	J.P. Morgan Chase Bank, N.A.		RUB		690,200,000	USD		10,122,832		815,295
02/08/2021	J.P. Morgan Chase Bank, N.A.		USD		9,299,004	RUB		690,200,000		8,532
03/17/2021	J.P. Morgan Chase Bank, N.A.		CNY		64,440,947	USD		9,848,251		3,945
03/17/2021	J.P. Morgan Chase Bank, N.A.		EUR		6,625,000	USD		8,131,744		25,154
03/17/2021	J.P. Morgan Chase Bank, N.A.		MXN		11,370,000	USD		568,960		2,219
03/17/2021	J.P. Morgan Chase Bank, N.A.		RUB		269,605,316	USD		3,629,777		8,185
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		24,429,060	AUD		32,022,687		273,560
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		9,380,839	CAD		11,940,842		1,869
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		8,674,763	CLP		6,441,950,667		392,557
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		37,781,065	CNY		248,513,063		182,973
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		75,588,867	EUR		62,067,247		358,864
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		31,302,168	GBP		23,503,920		853,887
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		35,900,635	INR		2,670,073,842		386,560
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		14,856,796	JPY		1,547,870,145		146,337
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		3,975,000	MXN		80,904,368		57,708
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		12,684,727	NOK		111,276,770		290,075
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		14,027,235	THB		434,744,750		485,420
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		17,342,403	TRY		141,163,905		1,121,730
03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		8,832,120	ZAR		133,155,206		146,868
03/17/2021	J.P. Morgan Chase Bank, N.A.		ZAR		58,740,563	USD		3,975,000		13,977
08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		18,061,785	EUR		15,525,000		1,004,090
08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		18,000,000	NOK		171,829,250		2,019,946
01/10/2022	J.P. Morgan Chase Bank, N.A.		USD		4,500,000	MXN		93,574,800		7,574
02/02/2021	Morgan Stanley and Co. International PLC		USD		9,076,462	BRL		47,292,905		25,537
02/05/2021	Morgan Stanley and Co. International PLC		USD		4,975,000	CLP		3,747,170,000		298,248
03/17/2021	Morgan Stanley and Co. International PLC		RUB		378,713,402	USD		5,096,056		8,822
03/17/2021	Morgan Stanley and Co. International PLC		USD		10,689,266	AUD		14,213,126		274,882
03/17/2021	Morgan Stanley and Co. International PLC		USD		10,000,000	CAD		12,730,600		3,273
03/17/2021	Morgan Stanley and Co. International PLC		USD		4,646,088	CLP		3,391,801,424		128,017
03/17/2021	Morgan Stanley and Co. International PLC		USD		2,249,690	EUR		1,850,820		15,040
03/17/2021	Morgan Stanley and Co. International PLC		USD		11,788,854	JPY		1,228,162,857		115,433
03/17/2021	Morgan Stanley and Co. International PLC		USD		6,892,462	THB		206,932,400		15,358
05/10/2021	Morgan Stanley and Co. International PLC		MXN		201,372,442	USD		10,000,000		24,783
05/11/2021	Morgan Stanley and Co. International PLC		USD		6,450,000	MXN		133,708,500		172,639
08/26/2021	Morgan Stanley and Co. International PLC		USD		9,910,000	BRL		53,543,829		296,803
03/17/2021	Royal Bank of Canada		USD		5,353,300	EUR		4,412,581		46,095
03/17/2021	Royal Bank of Canada		USD		4,817,607	GBP		3,625,000		141,808
03/17/2021	Royal Bank of Canada		USD		1,237,344	JPY		128,968,342		12,715

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to							Unrealized Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
11/10/2021	Standard Chartered Bank PLC		USD		11,341,294	CNY		76,892,840	$	235,285


Subtotal–Appreciation										26,798,674



Currency Risk


01/05/2021	Bank of America, N.A.		BRL		44,075,000	USD		8,481,344		(4,082	)


01/05/2021	Bank of America, N.A.		USD		8,500,482	BRL		44,075,000		(15,056	)


01/15/2021	Bank of America, N.A.		MXN		401,926,250	USD		18,511,144		(1,662,585	)


02/02/2021	Bank of America, N.A.		USD		11,935,268	BRL		61,695,888		(61,269	)


03/17/2021	Bank of America, N.A.		EUR		28,109,536	USD		34,152,524		(243,321	)


03/17/2021	Bank of America, N.A.		GBP		12,746,000	USD		16,928,218		(509,771	)


03/17/2021	Bank of America, N.A.		JPY		318,830,276	USD		3,058,500		(31,845	)


03/17/2021	Bank of America, N.A.		MXN		26,404,376	USD		1,309,936		(6,200	)


03/17/2021	Bank of America, N.A.		USD		1,879,953	CAD		2,390,097		(1,896	)


05/28/2021	Bank of America, N.A.		ZAR		119,525,000	USD		7,000,000		(993,039	)


08/30/2021	Bank of America, N.A.		EUR		15,580,700	USD		18,300,000		(834,280	)


03/17/2021	Citibank, N.A.		COP		12,764,000,000	USD		3,478,877		(251,713	)


03/17/2021	Citibank, N.A.		EUR		86,875,000	USD		105,491,478		(811,916	)


03/17/2021	Citibank, N.A.		GBP		3,623,000	USD		4,816,760		(139,918	)


03/17/2021	Citibank, N.A.		IDR		516,394,000,000	USD		36,314,627		(603,068	)


03/17/2021	Citibank, N.A.		MXN		20,265,845	USD		1,005,521		(4,638	)


01/05/2021	Goldman Sachs International		BRL		55,573,778	USD		10,694,052		(5,147	)


01/05/2021	Goldman Sachs International		USD		10,883,268	BRL		55,573,778		(184,070	)


01/11/2021	Goldman Sachs International		RUB		704,142,127	USD		9,513,699		(8,652	)


01/11/2021	Goldman Sachs International		ZAR		113,074,480	USD		6,129,263		(1,557,179	)


02/03/2021	Goldman Sachs International		BRL		23,591,680	USD		4,480,000		(60,350	)


02/08/2021	Goldman Sachs International		RUB		690,200,000	USD		9,298,002		(9,535	)


02/08/2021	Goldman Sachs International		USD		10,139,786	RUB		690,200,000		(832,249	)


02/10/2021	Goldman Sachs International		ZAR		23,875,425	USD		1,550,000		(66,786	)


02/18/2021	Goldman Sachs International		USD		3,175,000	BRL		16,068,357		(83,792	)


02/24/2021	Goldman Sachs International		RUB		238,281,250	USD		3,125,000		(82,952	)


02/25/2021	Goldman Sachs International		IDR		121,832,000,000	USD		8,250,000		(474,899	)


02/25/2021	Goldman Sachs International		RUB		249,031,250	USD		3,348,950		(3,374	)


03/08/2021	Goldman Sachs International		USD		9,643,202	BRL		40,000,000		(1,952,013	)


03/17/2021	Goldman Sachs International		EUR		3,637,883	USD		4,423,485		(27,961	)


03/17/2021	Goldman Sachs International		MXN		203,296,000	USD		10,108,781		(24,583	)


03/17/2021	Goldman Sachs International		RUB		198,747,540	USD		2,667,269		(2,495	)


04/15/2021	Goldman Sachs International		INR		726,862,500	USD		9,750,000		(94,596	)


04/28/2021	Goldman Sachs International		BRL		9,144,450	USD		1,575,000		(179,907	)


04/30/2021	Goldman Sachs International		RUB		620,546,850	USD		7,700,000		(596,028	)


06/15/2021	Goldman Sachs International		INR		677,925,000	USD		8,625,000		(484,798	)


08/19/2021	Goldman Sachs International		USD		4,500,000	BRL		22,756,050		(159,785	)


08/24/2021	Goldman Sachs International		RUB		155,600,000	USD		2,000,000		(53,785	)


09/03/2021	Goldman Sachs International		BRL		12,744,514	USD		2,395,000		(32,930	)


11/12/2021	Goldman Sachs International		TRY		31,150,000	USD		3,500,000		(199,773	)


01/05/2021	J.P. Morgan Chase Bank, N.A.		BRL		53,421,794	USD		9,895,215		(389,678	)


01/29/2021	J.P. Morgan Chase Bank, N.A.		ZAR		189,720,300	USD		11,565,843		(1,300,609	)


02/02/2021	J.P. Morgan Chase Bank, N.A.		USD		3,024,815	BRL		15,474,954		(46,503	)


02/08/2021	J.P. Morgan Chase Bank, N.A.		RUB		690,200,000	USD		9,299,004		(8,532	)


02/18/2021	J.P. Morgan Chase Bank, N.A.		BRL		16,065,000	USD		2,923,354		(167,208	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		AUD		77,702,351	USD		58,478,866		(1,461,503	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		CLP		6,791,780,000	USD		8,960,997		(598,722	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)


Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty			Deliver			Receive		Unrealized Appreciation (Depreciation)


03/17/2021	J.P. Morgan Chase Bank, N.A.		CNY		65,863,000	USD		10,000,000	$	(61,545	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		EUR		140,771,150	USD		171,307,615		(945,056	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		GBP		21,767,369	USD		29,074,125		(706,131	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		INR		1,815,060,000	USD		24,404,496		(262,776	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		MXN		445,957,292	USD		22,068,124		(160,781	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		RUB		101,387,885	USD		1,361,167		(770	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		THB		678,210,000	USD		21,675,881		(964,135	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		TRY		19,759,625	USD		2,500,000		(84,544	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		31,993,409	EUR		26,078,890		(82,335	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		10,000,000	HUF		2,907,100,000		(207,864	)


03/17/2021	J.P. Morgan Chase Bank, N.A.		ZAR		653,717,098	USD		42,884,693		(1,197,085	)


04/19/2021	J.P. Morgan Chase Bank, N.A.		EUR		16,413,233	USD		20,000,000		(98,394	)


04/28/2021	J.P. Morgan Chase Bank, N.A.		BRL		3,587,500	USD		625,000		(63,476	)


05/07/2021	J.P. Morgan Chase Bank, N.A.		IDR		39,503,750,000	USD		2,750,000		(61,176	)


05/19/2021	J.P. Morgan Chase Bank, N.A.		IDR		140,043,750,000	USD		8,750,000		(1,204,835	)


06/03/2021	J.P. Morgan Chase Bank, N.A.		RUB		646,721,600	USD		7,840,000		(773,715	)


08/30/2021	J.P. Morgan Chase Bank, N.A.		NOK		162,250,000	USD		18,063,302		(840,559	)


01/10/2022	J.P. Morgan Chase Bank, N.A.		MXN		140,358,825	USD		6,750,000		(11,198	)


02/02/2021	Morgan Stanley and Co. International PLC		BRL		57,992,842	USD		10,950,000		(211,310	)


02/02/2021	Morgan Stanley and Co. International PLC		USD		4,037,370	BRL		20,627,523		(67,394	)


02/05/2021	Morgan Stanley and Co. International PLC		CLP		3,747,170,000	USD		4,911,873		(361,375	)


03/17/2021	Morgan Stanley and Co. International PLC		CLP		14,290,948,000	USD		19,113,231		(1,001,887	)


03/17/2021	Morgan Stanley and Co. International PLC		EUR		17,690,561	USD		21,503,054		(143,757	)


03/17/2021	Morgan Stanley and Co. International PLC		MXN		194,990,734	USD		9,652,919		(66,465	)


03/17/2021	Morgan Stanley and Co. International PLC		NOK		60,723,208	USD		6,921,562		(158,727	)


03/17/2021	Morgan Stanley and Co. International PLC		USD		9,395,801	CAD		11,942,533		(11,764	)


08/26/2021	Morgan Stanley and Co. International PLC		EUR		8,290,000	USD		9,914,840		(265,011	)


03/17/2021	Natwest Markets PLC		EUR		805,000	USD		977,592		(7,435	)


03/17/2021	Royal Bank of Canada		EUR		56,986,842	USD		69,135,866		(595,295	)


03/17/2021	Standard Chartered Bank PLC		AUD		7,125,000	USD		5,341,114		(155,182	)


04/15/2021	Standard Chartered Bank PLC		INR		953,461,600	USD		12,740,000		(173,645	)


11/10/2021	Standard Chartered Bank PLC		CNY		66,018,240	USD		9,720,000		(219,357	)


Subtotal–Depreciation										(28,489,970	)


Total Forward Foreign Currency Contracts									$	(1,691,296	)


	Open Centrally Cleared Credit Default Swap Agreements^(a)


Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(b)				Notional Value		Upfront Payments Paid (Received)			Value		Unrealized Appreciation (Depreciation)

Credit Risk
Markit iTraxx Europe Crossover Index, Series 34, Version 1		Buy		(5.00	)%		Quarterly		12/20/2025		2.4086	%	EUR		6,500,000	$	860,670		$	943,394	$	82,724
Markit iTraxx Europe Index, Series 34, Version 1		Buy		(1.00	)		Quarterly		12/20/2025		1.1164		EUR		8,125,000		54,395			55,754		1,359
Brazilian Government International Bonds		Sell		1.00			Quarterly		06/20/2022		0.5678		USD		2,500,000		(43,299	)		16,853		60,152
UniCredit S.p.A.		Sell		1.00			Quarterly		12/20/2025		0.7159		EUR		2,600,000		21,290			44,999		23,709
Subtotal - Appreciation																	893,056			1,061,000		167,944

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Open Centrally Cleared Credit Default Swap Agreements^(a)–(continued)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(b)				Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk
Host Hotels & Resorts, L.P.		Buy		(1.00	)%		Quarterly		12/20/2023		0.8660	%	USD		3,280,000	$	10,454		$	(11,949	)	$	(22,403	)
Indonesia Government International Bond		Buy		(1.00	)		Quarterly		12/20/2025		0.6807		USD		4,475,000		30,084			(68,194	)		(98,278	)
South Africa Government International Bond		Buy		(1.00	)		Quarterly		12/20/2025		2.0187		USD		2,600,000		237,530			128,619			(108,911	)
ViacomCBS, Inc.		Buy		(1.00	)		Quarterly		12/20/2025		0.6437		USD		1,300,000		(17,682	)		(22,229	)		(4,547	)
United Mexican States International Bonds		Buy		(1.00	)		Quarterly		12/20/2025		0.8119		USD		975,000		(2,356	)		(8,876	)		(6,520	)
Markit CDX North America High Yield Index, Series 35, Version 1		Sell		5.00			Quarterly		12/20/2025		2.9323		USD		13,260,000		(959,182	)		(1,234,837	)		(275,655	)
Subtotal - Depreciation																	(701,152	)		(1,217,466	)		(516,314	)
Total Centrally Cleared Credit Default Swap Agreements																$	191,904		$	(156,466	)	$	(348,370	)

^(a)	Centrally cleared swap agreements collateralized by $17,568,401 cash held with Counterparties.

^(b)

Open Centrally Cleared Interest Rate Swap Agreements^(a)

Pay/

Receive

Floating

Rate

Floating Rate Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Pay

3 Month COOVIBR

Quarterly

2.50

Quarterly

12/24/2023

COP

12,490,000,000

–

1,794

Pay

3 Month COOVIBR

Quarterly

2.53

Quarterly

12/23/2023

COP

19,870,000,000

–

8,082

Pay

3 Month COOVIBR

Quarterly

3.03

Quarterly

07/10/2025

COP

9,400,000,000

–

10,954

Pay

6 Month CDOR

Semi-
Annually

0.76

Semi-Annually

06/29/2025

CAD

71,760,000

(256

)

12,858

13,114

Pay

28 Day MXN TIIE

At
Maturity

4.80

At Maturity

07/23/2025

MXN

57,800,000

–

17,816

Pay

3 Month COOVIBR

Quarterly

3.09

Quarterly

07/09/2025

COP

9,125,000,000

–

18,326

Receive

6 Month CLICP

Semi-
Annually

(0.52

)

Semi-Annually

06/26/2022

CLP

12,625,000,000

–

23,548

Pay

3 Month COOVIBR

Quarterly

3.08

Quarterly

07/09/2025

COP

19,250,000,000

–

36,124

Pay

28 Day MXN TIIE

At
Maturity

4.67

At Maturity

07/02/2024

MXN

200,100,000

–

54,601

Pay

1 Month
BZDIOVRA

At
Maturity

4.11

At Maturity

01/02/2023

BRL

61,435,394

–

78,486

Pay

1 Month
BZDIOVRA

At
Maturity

5.10

At Maturity

01/02/2024

BRL

41,182,210

–

102,606

Pay

1 Month
BZDIOVRA

At
Maturity

5.92

At Maturity

01/02/2025

BRL

32,532,661

–

104,865

Pay

1 Month
BZDIOVRA

At
Maturity

5.75

At Maturity

01/02/2025

BRL

16,852,097

–

105,932

Pay

28 Day MXN TIIE

At
Maturity

4.81

At Maturity

07/23/2025

MXN

453,900,000

–

147,540

Pay

1 Month
BZDIOVRA

At
Maturity

7.26

At Maturity

01/02/2029

BRL

17,661,546

–

152,229

Pay

1 Month
BZDIOVRA

At
Maturity

5.93

At Maturity

01/02/2025

BRL

21,886,802

–

186,173

Pay

1 Month
BZDIOVRA

At
Maturity

6.03

At Maturity

01/02/2025

BRL

23,294,056

–

219,377

Receive

28 Day MXN TIIE

At
Maturity

(7.07

)

At Maturity

12/12/2029

MXN

247,125,000

–

270,524

Pay

3 Month COOVIBR

Quarterly

5.56

Quarterly

08/26/2026

COP

12,803,000,000

–

462,824

Pay

1 Month
BZDIOVRA

At
Maturity

6.61

At Maturity

01/02/2023

BRL

358,875,496

–

693,012

Pay

1 Month
BZDIOVRA

At
Maturity

5.56

At Maturity

01/02/2023

BRL

107,234,096

–

1,065,461

Pay

1 Month
BZDIOVRA

At
Maturity

8.42

At Maturity

01/02/2025

BRL

26,699,194

–

1,069,206

Pay

1 Month
BZDIOVRA

At
Maturity

8.68

At Maturity

01/04/2027

BRL

24,429,011

–

1,164,671

Subtotal – Appreciation

(256

)

6,007,009

6,007,265

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)

Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date			Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay	6 Month CDOR	Semi-Annually		1.06	%		Semi-Annually		03/26/2030	CAD		107,225,000	$	1,006	$	(670,255	)	$	(671,261	)

Pay	3 Month CNRR007	Quarterly		2.04			Quarterly		06/18/2022	CNY		247,500,000		–		(220,796	)		(220,796	)

Pay	28 Day MXN TIIE	At Maturity		6.91			At Maturity		12/12/2029	MXN		107,250,000		–		(210,971	)		(210,971	)

Pay	3 Month CNRR007	Quarterly		1.99			Quarterly		06/15/2022	CNY		175,000,000		–		(175,007	)		(175,007	)

Pay	3 Month CNRR007	Quarterly		2.13			Quarterly		06/30/2022	CNY		181,250,000		–		(134,117	)		(134,117	)

Pay	3 Month CNRR007	Quarterly		2.23			Quarterly		07/07/2022	CNY		227,270,000		–		(117,204	)		(117,204	)

Receive	3 Month CNRR007	Quarterly		(2.77	)		Quarterly		10/16/2025	CNY		89,000,000		–		(70,119	)		(70,119	)

Pay	6 Month CLICP	Semi-Annually		1.20			Semi-Annually		06/26/2025	CLP		5,125,000,000		–		(54,337	)		(54,337	)

Pay	6 Month CLICP	Semi-Annually		1.16			Semi-Annually		07/13/2025	CLP		4,875,000,000		–		(42,343	)		(42,343	)

Pay	3 Month CNRR007	Quarterly		2.13			Quarterly		06/29/2022	CNY		45,000,000		–		(32,765	)		(32,765	)

Pay	3 Month CNRR007	Quarterly		2.40			Quarterly		07/13/2022	CNY		225,000,000		–		(29,801	)		(29,801	)

Receive	28 Day MXN TIIE	At Maturity		(5.50	)		At Maturity		11/29/2030	MXN		64,600,000		–		(25,530	)		(25,530	)

Pay	6 Month CDOR	Semi-Annually		0.75			Semi-Annually		11/30/2025	CAD		3,900,000		–		(7,011	)		(7,011	)

Receive	6 Month CLICP	Semi-Annually		(0.57	)		Semi-Annually		07/13/2022	CLP		12,062,500,000		–		(2,373	)		(2,373	)


Subtotal–Depreciation														1,006		(1,792,629	)		(1,793,635	)


Total Centrally Cleared Interest Rate Swap Agreements													$	750	$	4,214,380		$	4,213,630

^(a)	Centrally cleared swap agreements collateralized by $17,568,401 cash held with Counterparties.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund


		Open Over-The-Counter Credit Default Swap Agreements^(a)
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(b)				Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk
Bank of America, N.A.	Uruguary Government International Bonds		Sell		1.00	%		Quarterly		12/20/2021		0.4992	%	USD		2,697,000	$	(10,651	)	$	13,215		$	23,866
Citibank, N.A.	Assicurazioni Generali S.p.A.		Sell		1.00			Quarterly		12/20/2024		0.4783		EUR		2,500,000		39,744			64,097			24,353
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		0.4996		EUR		15,000,000		1,459,853			1,652,327			192,474
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Index, Series 32, Version 1		Sell		5.00			Quarterly		12/20/2021		4.8707		EUR		2,500,000		(187,417	)		3,808			191,225
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG		Sell		1.00			Quarterly		12/20/2025		0.5545		EUR		5,200,000		115,743			141,998			26,255
Subtotal-Appreciation																		1,417,272			1,875,445			458,173
Credit Risk
Barclays Bank PLC	Royal Bank of Scotland PLC Froup PLC (The)		Buy		(1.00	)		Quarterly		12/20/2025		0.8133		EUR		1,560,000		(4,567	)		(17,854	)		(13,287	)
Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00	)		Quarterly		12/20/2024		0.8553		EUR		1,250,000		12,909			(8,865	)		(21,774	)
J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		0.4996		EUR		2,500,000		47,313			(117,966	)		(165,279	)
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland PLC Froup PLC (The)		Buy		(1.00	)		Quarterly		12/20/2021		0.2772		EUR		2,500,000		15,689			(21,744	)		(37,433	)
J.P. Morgan Chase Bank, N.A.	UniCredit S.p.A.		Buy		(1.00	)		Quarterly		12/20/2025		1.2108		EUR		1,300,000		36,275			16,503			(19,772	)
J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland PLC Froup PLC (The)		Buy		(1.00	)		Quarterly		12/20/2025		1.2499		EUR		1,200,000		24,212			18,200			(6,012	)
J.P. Morgan Chase Bank, N.A.	Deutsche Bank AG		Buy		(1.00	)		Quarterly		12/20/2025		1.838		EUR		1,300,000		103,387			65,213			(38,174	)
Subtotal–Depreciation																		235,218			(66,513	)		(301,731	)
Total Open Over-The-Counter Credit Default Swap Agreements																	$	1,652,490		$	1,808,932		$	156,442

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.

^(b)

Open Over-The-Counter Interest Rate Swap Agreements^(a)

Counterparty

Pay/
Receive
Floating
Rate

Floating Rate
Index

Payment
Frequency

(Pay)/
Received
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Bank of America, N.A.

Pay

FBIL Overnight MIBOR

Semi-Annually

6.33

Semi-Annually

01/31/2022

INR 210,000,000

$–

112,414

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

6.77

Annually

01/14/2030

RUB 198,000,000

–

95,446

Subtotal–Appreciation

–

207,860

Interest Rate Risk

Standard Chartered Bank PLC

Receive

FBIL Overnight MIBOR

Semi-Annually

(6.44

)

Semi-Annually

01/10/2024

INR 250,000,000

–

(253,303

)

(253,303

)

Total Over-The-Counter Interest Rate Swap Agreements

$–

(45,443

)

(45,443

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Open Over-The-Counter Total Return Swap Agreements^(a)(b)

Counterparty

Pay/

Receive

Reference Entity

Fixed
Rate

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Credit Risk

J.P. Morgan Chase Bank, N.A.

Pay

J.P. Morgan EMBI Global Core High Yield Index

(1.00

Maturity

8,128

February-2021

$2,600,000

$–

$71,848

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,737,859.

^(b)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

Abbreviations:


AUD		-Australian Dollar
BRL		-Brazilian Real
CAD		-Canadian Dollar
CDOR		-Canadian Dealer Offered Rate
CLP		-Chile Peso
CNH		-Chinese Renminbi
CNY		-Chinese Yuan Renminbi
COP		-Colombia Peso
EGP		-Egypt Pound
EMBI		-Emerging Markets Bond Index
EUR		-Euro
FBIL		-Financial Benchmarks India Private Ltd.
GBP		-British Pound Sterling
HUF		-Hungarian Forint
IDR		-Indonesian Rupiah
INR		-Indian Rupee
JPY		-Japanese Yen
KRW		-South Korean Won
LIBOR		-London Interbank Offered Rate
MIBOR		-Mumbai Interbank Offered Rate
MOSKP		-Moscow Prime Offered Rate
MXN		-Mexican Peso
NOK		-Norwegian Krone
PLN		-Polish Zloty
RUB		-Russian Ruble
THB		-Thai Baht
TIIE		-Interbank Equilibrium Interest Rate
TRY		-Turkish Lira
TWD		-New Taiwan Dollar
TWD		-Taiwan New Dollar
USD		-U.S. Dollar
ZAR		-South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $860,762,798)	$	880,844,796

Investments in affiliates, at value (Cost $107,137,120)		105,823,861

Other investments:
Variation margin receivable – futures contracts		3,370,659

Swaps receivable – OTC		221,597

Unrealized appreciation on swap agreements – OTC		737,881

Premiums paid on swap agreements - OTC		1,652,487

Unrealized appreciation on forward foreign currency contracts outstanding		26,798,674

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		12,731,784

Cash collateral – centrally cleared swap agreements		17,568,401

Cash collateral – OTC Derivatives		1,737,859

Cash		27,091,119

Foreign currencies, at value (Cost $2,706,555)		2,704,128

Receivable for:
Investments sold		102,239,310

Fund shares sold		8,167,083

Interest		9,034,478

Investment for trustee deferred compensation and retirement plans		172,885

Other assets		7,543

Total assets		1,200,904,545


Liabilities:
Other investments:
Options written, at value (premiums received $8,992,400)		5,172,606

Variation margin payable – centrally cleared swap agreements		192,303

Unrealized depreciation on forward foreign currency contracts outstanding		28,489,970

Swaps payable – OTC		30,032

Unrealized depreciation on swap agreements – OTC		555,034

Payable for:
Investments purchased		137,473,398

Fund shares reacquired		147,864

Accrued foreign taxes		453,498

Accrued fees to affiliates		554,561

Accrued other operating expenses		532,496

Trustee deferred compensation and retirement plans		172,885

Unfunded loan commitments		2,449,346

Total liabilities		176,223,993

Net assets applicable to shares outstanding	$	1,024,680,552


Net assets consist of:
Shares of beneficial interest	$	1,183,411,311

Distributable earnings (loss)		(158,730,759	)

	$	1,024,680,552


Net Assets:
Series I	$	363,404,182

Series II	$	661,276,370


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		75,175,422

Series II		132,392,462

Series I: Net asset value per share		$ 4.83

Series II: Net asset value per share		$ 4.99

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Consolidated Statement of Operations

For the year ended December 31, 2020


Investment income:
Interest (net of foreign withholding taxes of $700,141)	$	38,872,137

Dividends from affiliates		961,608

Dividends (net of foreign withholding taxes of $(9,170))		127,251

Total investment income		39,960,996


Expenses:
Advisory fees		6,791,251

Administrative services fees		1,650,231

Custodian fees		41,292

Distribution fees - Series II		1,646,352

Transfer agent fees		48,751

Trustees’ and officers’ fees and benefits		28,901

Reports to shareholders		161,756

Professional services fees		116,685

Other		46,734

Total expenses		10,531,953

Less: Fees waived		(521,836	)

Net expenses		10,010,117

Net investment income		29,950,879



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $203,486)		(14,448,559	)

Affiliated investment securities		6,937,770

Foreign currencies		(2,561,574	)

Forward foreign currency contracts		(11,337,981	)

Futures contracts		11,844,277

Option contracts written		(72,762,542	)
Swap agreements		27,132,098

		(55,196,511	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $242,101)		48,760,886

Affiliated investment securities		(7,391,798	)

Foreign currencies		1,058,621

Forward foreign currency contracts		8,632,803

Futures contracts		(823,291	)

Option contracts written		(3,894,553	)

Swap agreements		2,720,121

		49,062,789

Net realized and unrealized gain (loss)		(6,133,722	)

Net increase in net assets resulting from operations	$	23,817,157

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	29,950,879		$	65,657,033


Net realized gain (loss)		(55,196,511	)		(4,708,162	)


Change in net unrealized appreciation		49,062,789			79,839,376


Net increase in net assets resulting from operations		23,817,157			140,788,247



Distributions to shareholders from distributable earnings:
Series I		(21,122,311	)		(15,389,942	)


Series II		(34,704,644	)		(36,879,378	)


Total distributions from distributable earnings		(55,826,955	)		(52,269,320	)



Share transactions–net:
Series I		(20,356,992	)		25,392,026


Series II		(54,615,245	)		(410,787,898	)


Net increase (decrease) in net assets resulting from share transactions		(74,972,237	)		(385,395,872	)


Net increase (decrease) in net assets		(106,982,035	)		(296,876,945	)



Net assets:
Beginning of year		1,131,662,587			1,428,539,532


End of year	$	1,024,680,552		$	1,131,662,587

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)(e)
Series I
Year ended 12/31/20		$	4.97		$	0.15		$	(0.01	)		$	0.14			$	(0.28	)		$	4.83		3.19	%		$	363,404		0.82	%^(f)		0.87	%^(f)		3.10	%^(f)		324	%
Year ended 12/31/19			4.66			0.24			0.26				0.50				(0.19	)			4.97		10.80				395,324		0.77	^(g)		0.82			4.86	^(h)		134
Year ended 12/31/18			5.13			0.25			(0.47	)			(0.22	)			(0.25	)			4.66		(4.40	)			346,707		0.81	^(g)		0.88	^(g)		5.07	^(h)		68
Year ended 12/31/17			4.94			0.22			0.09				0.31				(0.12	)			5.13		6.27				393,337		0.76	^(g)		0.82	^(g)		4.40	^(h)		74
Year ended 12/31/16			4.88			0.20			0.11				0.31				(0.25	)			4.94		6.53				401,308		0.74	^(g)		0.79	^(g)		4.00	^(h)		80
Series II
Year ended 12/31/20			5.13			0.14			(0.01	)			0.13				(0.27	)			4.99		2.79				661,276		1.07	^(f)		1.12	^(f)		2.85	^(f)		324
Year ended 12/31/19			4.80			0.23			0.27				0.50				(0.17	)			5.13		10.61				736,339		1.02	^(g)		1.08			4.60	^(h)		134
Year ended 12/31/18			5.27			0.24			(0.48	)			(0.24	)			(0.23	)			4.80		(4.54	)			1,081,833		1.06	^(g)		1.13	^(g)		4.82	^(h)		68
Year ended 12/31/17			5.07			0.22			0.08				0.30				(0.10	)			5.27		6.04				1,277,689		1.01	^(g)		1.07	^(g)		4.15	^(h)		74
Year ended 12/31/16			5.00			0.19			0.12				0.31				(0.24	)			5.07		6.27				1,284,022		0.99	^(g)		1.04	^(g)		3.75	^(h)		80

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.04%, 0.02%, 0.01% and 0.01% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $1,644,610,033 and 1,693,210,282, $2,177,497,748 and $2,279,114,634, $2,370,164,194 and $2,399,236,376, $2,271,944,419 and $2,153,905,799, $1,798,210,272 and $1,766,445,159 for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	Ratios are based on average daily net assets (000’s omitted) of $360,997 and $658,541 for Series I and Series II shares, respectively.

^(g)	Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

^(h)	Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Notes to Consolidated Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Global Strategic Income Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer V.I Global Strategic Income Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek total return.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

Invesco Oppenheimer V.I. Global Strategic Income Fund

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

Invesco Oppenheimer V.I. Global Strategic Income Fund

and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

M.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Invesco Oppenheimer V.I. Global Strategic Income Fund

purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate

Invesco Oppenheimer V.I. Global Strategic Income Fund

payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of December 31, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

Other Risks – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange-traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

U.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

V.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $200 million		0.600%
Next $4 billion		0.500%
Over $5 billion		0.480%

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.67%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.84% and Series II shares to 1.09% of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through June 30, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense

Invesco Oppenheimer V.I. Global Strategic Income Fund

on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended December 31, 2020, the Adviser waived advisory fees of $521,836.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $146,437 for accounting and fund administrative services and was reimbursed $1,503,794 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

During the year ended December 31, 2020, there were transfers from Level 2 to Level 3 of $93,116, due to lack of availability of market data for these securities.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–	$	365,699,807	$	42,878	$	365,742,685
U.S. Dollar Denominated Bonds & Notes		–		333,970,113		–		333,970,113
Asset-Backed Securities		–		70,423,753		–		70,423,753
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		39,011,329		–		39,011,329
U.S. Treasury Securities		–		20,338,831		–		20,338,831
Preferred Stocks		–		13,587,848		–		13,587,848
Variable Rate Senior Loan Interests		–		1,279,362		11,193,807		12,473,169
Agency Credit Risk Transfer Notes		–		12,043,561		–		12,043,561
Investment Companies		640,083		–		–		640,083
Common Stocks & Other Equity Interests		150,576		78,559		19,988		249,123
Money Market Funds		105,120,654		–		–		105,120,654
Options Purchased		–		13,067,508		–		13,067,508
Total Investments in Securities		105,911,313		869,500,671		11,256,673		986,668,657

Other Investments - Assets*
Futures Contracts		134,846		–		–		134,846
Forward Foreign Currency Contracts		–		26,798,674		–		26,798,674
Swap Agreements		–		6,913,090		–		6,913,090
		134,846		33,711,764		–		33,846,610

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Liabilities*


Futures Contracts	$	(2,111,913	)	$	–		$	–	$	(2,111,913	)


Forward Foreign Currency Contracts		–			(28,489,970	)		–		(28,489,970	)


Options Written		–			(5,172,606	)		–		(5,172,606	)


Swap Agreements		–			(2,864,983	)		–		(2,864,983	)


		(2,111,913	)		(36,527,559	)		–		(38,639,472	)


Total Other Investments		(1,977,067	)		(2,815,795	)		–		(4,792,862	)


Total Investments	$	103,934,246		$	866,684,876		$	11,256,673	$	981,875,795

*	Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended December 31, 2020:


	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Value 12/31/2020
Variable Rate Senior Loan Interests	$	66,846	$	10,880,000	$	(66,846	)	$	18,335	$	29,709		$	215,525	$	50,238		$-	$11,193,807
Non-U.S. Dollar Denominated Bonds & Notes		-		-		-			-		(1,011,900	)		1,011,900		42,878		-	42,878
Common Stocks & Other Equity Interests		-		395,120		-			-		(3,201,217	)		2,826,085		-		-	19,988
Total	$	66,846	$	11,275,120	$	(66,846	)	$	18,335	$	(4,183,408	)	$	4,053,510	$	93,116		$-	$11,256,673

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value

Derivative Assets	Credit Risk			Currency Risk		Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	-	$	134,846		$	134,846


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		167,944			-		6,007,265			6,175,209


Unrealized appreciation on forward foreign currency contracts outstanding		-			26,798,674		-			26,798,674


Unrealized appreciation on swap agreements – OTC		530,021			-		207,860			737,881


Options purchased, at value – OTC^(b)		98,115			10,041,948		2,927,445			13,067,508


Total Derivative Assets		796,080			36,840,622		9,277,416			46,914,118


Derivatives not subject to master netting agreements		(167,944	)		-		(6,142,111	)		(6,310,055	)


Total Derivative Assets subject to master netting agreements	$	628,136		$	36,840,622	$	3,135,305		$	40,604,063

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Value

Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	-		$	(2,111,913	)	$	(2,111,913	)


Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(516,314	)		-			(1,793,635	)		(2,309,949	)


Unrealized depreciation on forward foreign currency contracts outstanding		-			(28,489,970	)		-			(28,489,970	)


Unrealized depreciation on swap agreements – OTC		(301,731	)		-			(253,303	)		(555,034	)


Options written, at value – OTC		(423,541	)		(4,627,782	)		(121,283	)		(5,172,606	)


Total Derivative Liabilities		(1,241,586	)		(33,117,752	)		(4,280,134	)		(38,639,472	)


Derivatives not subject to master netting agreements		516,314			-			3,905,548			4,421,862


Total Derivative Liabilities subject to master netting agreements	$	(725,272	)	$	(33,117,752	)	$	(374,586	)	$	(34,217,610	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)	Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2020.


	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received/Pledged)

Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount


Bank of America, N.A.	$	4,365,321	$	899,455	$	136,280	$	5,401,056	$	(4,363,344	)	$	(255,173	)	$	-		$	(4,618,517	)	$	782,539		$	-	$	(782,539	)	$	-


Barclays Bank PLC		-		-		-		-		-			-			(13,287	)		(13,287	)		(13,287	)		-		-			(13,287	)


Citibank, N.A.		1,316,170		287,138		24,353		1,627,661		(1,811,253	)		(63,301	)		(21,774	)		(1,896,328	)		(268,667	)		-		268,667			-


Goldman Sachs International		9,371,063		6,491,098		95,446		15,957,607		(7,177,639	)		(2,005,913	)		-			(9,183,552	)		6,774,055			-		(3,150,000	)		3,624,055


J.P. Morgan Chase Bank, N.A.		9,931,382		2,693,342		703,399		13,328,123		(11,699,130	)		(1,702,952	)		(296,702	)		(13,698,784	)		(370,661	)		-		-			(370,661	)


Morgan Stanley and Co. International PLC		1,378,835		1,473,725		-		2,852,560		(2,287,690	)		(419,148	)		-			(2,706,838	)		145,722			-		-			145,722


Natwest Markets PLC		-		-		-		-		(7,435	)		-			-			(7,435	)		-			-		-			-


Royal Bank of Canada		200,618		-		-		200,618		(595,295	)		-			-			(595,295	)		(394,677	)		-		394,677			-


Standard Chartered Bank PLC		235,285		1,222,750		-		1,458,035		(548,184	)		(649,224	)		(253,303	)		(1,450,711	)		7,324			-		-			7,324


Toronto-Dominion Bank (The)		-		-		-		-		-			(76,895	)		-			(76,895	)		-			-		-			-


Total	$	26,798,674	$	13,067,508	$	959,478	$	40,825,660	$	(28,489,970	)	$	(5,172,606	)	$	(585,066	)	$	(34,247,642	)	$	6,578,018		$	-	$	(3,269,195	)	$	3,308,823

Effect of Derivative Investments for the year ended December 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations

	Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	-	$	(11,337,981	)	$	-		$	-		$	(11,337,981	)


Futures contracts		-		-			-			11,844,277			11,844,277


Options purchased^(a)		-		2,560,458			(1,630,713	)		(4,198,151	)		(3,268,406	)


Options written		-		(21,901,143	)		1,034,512			(51,895,911	)		(72,762,542	)


Swap agreements		7,903,809		-			-			19,228,289			27,132,098

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Location of Gain (Loss) on Consolidated Statement of Operations

	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-		$	8,632,803		$	-		$	-		$	8,632,803


Futures contracts		-			-			-			(823,291	)		(823,291	)


Options purchased^(a)		498,381			1,861,434			2,609,109			(823,724	)		4,145,200


Options written		(110,548	)		(2,541,025	)		(847,115	)		(395,865	)		(3,894,553	)


Swap agreements		1,742,556			-			-			977,565			2,720,121


Total	$	10,034,198		$	(22,725,454	)	$	1,165,793		$	(26,086,811	)	$	(37,612,274	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts		Futures Contracts		Swaptions Purchased		Foreign Currency Options Purchased		Swaptions Written		Foreign Currency Options Written		Swap Agreements
Average notional value	$	2,156,165,866	$	544,361,362	$	1,372,389,487	$	385,625,271	$	740,796,897	$	608,347,307	$	2,678,576,302

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

NOTE 7–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of December 31, 2020. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve.


Borrower	Type		Principal Amount		Value
Avianca Holdings S.A.		Term Loan A-1	$	1,359,349	$	1,359,349
Avianca Holdings S.A.		Term Loan A-2		1,089,997		1,089,997
					$	2,449,346

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	55,826,955	$	52,269,320

*	Includes short-term capital gain distributions, if any.

Invesco Oppenheimer V.I. Global Strategic Income Fund


Tax Components of Net Assets at Period-End:
	2020


Undistributed ordinary income	$	43,016,327


Net unrealized appreciation – investments		24,406,251


Net unrealized appreciation - foreign currencies		1,145,633


Temporary book/tax differences		(169,103	)


Capital loss carryforward		(227,129,867	)


Shares of beneficial interest		1,183,411,311


Total net assets	$	1,024,680,552

The Fund has a capital loss carryforward as of December 31, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	112,395,747	$	114,734,120	$	227,129,867

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $3,063,567,107 and $3,281,561,500, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $70,910,716 and $54,096,307, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$ 95,995,524


Aggregate unrealized (depreciation) of investments	(71,589,273	)


Net unrealized appreciation of investments	$ 24,406,251

Cost of investments for tax purposes is $959,122,031.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency gain loss, income from swap agreements, income from subsidiary, straddle losses deferred and partnership transactions, on December 31, 2020, undistributed net investment income was increased by $3,232,428, undistributed net realized gain (loss) was decreased by $3,231,930 and shares of beneficial interest was decreased by $498. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity
	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Series I		7,198,242	$	34,167,624		18,615,624	$	91,652,597
Series II		2,731,449		13,393,044		5,575,798		28,193,986

Issued as reinvestment of dividends:
Series I		4,591,807		21,122,311		3,199,572		15,389,942
Series II		7,290,891		34,704,644		7,435,359		36,879,378

Invesco Oppenheimer V.I. Global Strategic Income Fund


	Summary of Share Activity


	Year ended December 31, 2020^(a)						Year ended December 31, 2019

	Shares			Amount			Shares			Amount


Reacquired:
Series I		(16,117,197	)	$	(75,646,927	)		(16,669,750	)	$	(81,650,513	)


Series II		(21,278,732	)		(102,712,933	)		(94,815,980	)		(475,861,262	)


Net increase (decrease) in share activity		(15,583,540	)	$	(74,972,237	)		(76,659,377	)	$	(385,395,872	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

NOTE 13–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Global Strategic Income Fund to Invesco V.I. Global Strategic Income Fund.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Global Strategic Income Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Oppenheimer V.I. Global Strategic Income Fund and its subsidiary (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related consolidated statement of operations for the year ended December 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the consolidated financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of Invesco Oppenheimer V.I. Global Strategic Income Fund and its subsidiary (formerly known as Oppenheimer Global Strategic Income Fund/VA) as of and for the year ended December 31, 2018 and the consolidated financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 17, 2021

Invesco Oppenheimer V.I. Global Strategic Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,086.50	$4.30	$1,021.01	$4.17	0.82%
Series II	1,000.00	1,084.90	5.61	1.019.76	5.43	1.07

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. –1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée	N/A	N/A

		Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco Oppenheimer V.I. Global Strategic Income Fund



		Annual Report to Shareholders		December 31, 2020

		Invesco Oppenheimer V.I. Government Money Fund

LOGO

NOT FDC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Invesco Distributors, Inc.

O-VIGMKT-AR-1

Management’s Discussion

Fund Information

This annual report for Invesco Oppenheimer V.I. Government Money Fund (the Fund) covers the year ended December 31, 2020.

As of December 31, 2020, the Fund’s net assets totaled $365 million. As of the same date, the Fund’s weighted average maturity was 12 days and the Fund’s weighted average life was 117 days.

Market conditions affecting money market funds

We appreciate your continued investment in Invesco Oppenheimer V.I. Government Money Fund.

1 Source: US Federal Reserve

2 Source: Bloomberg LP

See important Fund and, if applicable, index disclosures later in this report.

Team managed by Invesco Advisers, Inc.


Portfolio Composition by Maturity*
In days, as of 12/31/2020

1-7			52.7%
8-30			0.0
31-60			3.3
61-90			4.4
91-180			9.9
181+			29.7

*The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

Invesco Oppenheimer V.I. Government Money Fund

Supplemental Information

Invesco Oppenheimer V.I. Government Money Fund’s investment objective is to seek income consistent with stability of principal.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

Invesco Oppenheimer V.I. Government Money Fund

Schedule of Investments

December 31, 2020


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Government Sponsored Agency Securities-38.94%
Federal Farm Credit Bank (FFCB)-4.39%
Federal Farm Credit Bank (SOFR + 0.08%)^(a)		0.16%		03/10/2022	$	3,000	$	3,000,000

Federal Farm Credit Bank (SOFR + 0.19%)^(a)		0.27%		07/14/2022		3,000		3,000,000

Federal Farm Credit Bank (SOFR + 0.07%)^(a)		0.15%		08/11/2022		5,000		5,000,000

Federal Farm Credit Bank (SOFR + 0.09%)^(a)		0.17%		10/07/2022		5,000		5,000,000

								16,000,000


Federal Home Loan Bank (FHLB)-12.61%
Federal Home Loan Bank		1.38%		02/18/2021		3,000		3,003,498

Federal Home Loan Bank (SOFR + 0.04%)^(a)		0.12%		02/25/2021		4,000		4,000,000

Federal Home Loan Bank^(b)		0.45%		03/08/2021		10,000		9,991,750

Federal Home Loan Bank		0.38%		03/11/2021		3,000		2,999,458

Federal Home Loan Bank (SOFR + 0.11%)^(a)		0.19%		03/25/2021		3,000		3,000,000

Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)^(a)		0.12%		04/09/2021		3,000		3,000,000

Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)^(a)		0.08%		04/19/2021		4,000		4,000,000

Federal Home Loan Bank (SOFR + 0.07%)^(a)		0.15%		04/21/2021		7,000		7,000,000

Federal Home Loan Bank (SOFR + 0.16%)^(a)		0.24%		05/07/2021		4,000		4,000,350

Federal Home Loan Bank (SOFR + 0.09%)^(a)		0.17%		09/10/2021		5,000		5,000,000

								45,995,056


Federal Home Loan Mortgage Corp. (FHLMC)-4.11%
Federal Home Loan Mortgage Corp. (SOFR + 0.18%)^(a)		0.26%		12/13/2021		15,000		15,000,000


Federal National Mortgage Association (FNMA)-17.83%
Federal National Mortgage Association (SOFR + 0.21%)^(a)		0.29%		07/01/2021		25,000		25,000,000

Federal National Mortgage Association (SOFR + 0.23%)^(a)		0.34%		07/06/2021		10,000		10,000,000

Federal National Mortgage Association (SOFR + 0.30%)^(a)		0.39%		01/07/2022		20,000		20,000,000

Federal National Mortgage Association (SOFR + 0.22%)^(a)		0.30%		03/16/2022		10,000		10,000,000

								65,000,000

Total U.S. Government Sponsored Agency Securities (Cost $141,995,056)								141,995,056


U.S. Treasury Securities-8.23%
U.S. Treasury Bills-6.31%^(b)
U.S. Treasury Bills		0.08%		02/02/2021		5,000		4,999,689

U.S. Treasury Bills		0.10%		04/01/2021		4,000		3,999,050

U.S. Treasury Bills		0.09%		04/13/2021		5,000		4,998,725

U.S. Treasury Bills		0.10%		04/29/2021		4,000		3,998,754

U.S. Treasury Bills		0.10%		06/01/2021		5,000		4,998,008

								22,994,226


U.S. Treasury Notes-1.92%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(a)		0.39%		10/31/2021		4,000		4,001,300

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(a)		0.24%		01/31/2022		2,000		1,999,634

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(a)		0.15%		10/31/2022		1,000		999,907

								7,000,841

Total U.S. Treasury Securities (Cost $29,995,067)								29,995,067

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.17% (Cost $171,990,123)								171,990,123


			Repurchase Amount
Repurchase Agreements-53.76%^(c)
Credit Agricole Corporate & Investment Bank, agreement dated 12/31/2020, maturing value of $80,000,711 (collateralized by a domestic agency mortgage-backed security valued at $81,600,726; 2.00%; 11/20/2050)	0.08%	01/04/2021		80,000,711	80,000,000

RBC Dominion Securities Inc., agreement dated 12/31/2020, maturing value of $76,000,676 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $77,520,693; 0.00% - 3.50%; 01/15/2021 - 12/20/2050)	0.08%	01/04/2021		76,000,676	76,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Government Money Fund


	Interest Rate		Maturity Date		Repurchase Amount		Value
TD Securities (USA) LLC, term agreement dated 12/30/2020, maturing value of $40,000,856 (collateralized by domestic agency mortgage-backed securities valued at $40,800,624; 3.50%; 02/20/2050 - 09/20/2050)^(d)		0.11%		01/06/2021	$	40,000,856	$	40,000,000

Total Repurchase Agreements (Cost $196,000,000)								196,000,000

TOTAL INVESTMENTS IN SECURITIES^(e)-100.93% (Cost $367,990,123)								367,990,123

OTHER ASSETS LESS LIABILITIES-(0.93)%								(3,374,865	)

NET ASSETS-100.00%							$	364,615,258

Investment Abbreviations:

LIBOR -London Interbank Offered Rate

SOFR -Secured Overnight Financing Rate

USD -U.S. Dollar

Notes to Schedule of Investments:

^(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(c)	Principal amount equals value at period end. See Note 1I.

^(d)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(e)	Also represents cost for federal income tax purposes.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Government Money Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, excluding repurchase agreements, at value and cost	$	171,990,123

Repurchase agreements, at value and cost		196,000,000

Cash		786,057

Receivable for:
Fund shares sold		964,163

Interest		82,765

Fund expenses absorbed		114,872

Total assets		369,937,980


Liabilities:
Payable for:
Investments purchased		4,999,689

Fund shares reacquired		7,546

Dividends		3,273

Accrued fees to affiliates		200,057

Accrued trustees’ and officers’ fees and benefits		1,239

Accrued operating expenses		110,918

Total liabilities		5,322,722

Net assets applicable to shares outstanding	$	364,615,258


Net assets consist of:
Shares of beneficial interest	$	364,518,324

Distributable earnings		96,934

	$	364,615,258


Net Assets:
Series I	$	364,605,255

Series II	$	10,003


Shares outstanding, no par value, unlimited number of shares authorized:
Series I		364,478,668

Series II		10,000

Series I:
Net asset value and offering price per share	$	1.00

Series II:
Net asset value and offering price per share	$	1.00

Statement of Operations

For the year ended December 31, 2020


Investment income:
Interest	$	4,141,581


Expenses:
Advisory fees		5,140,540

Administrative services fees		587,362

Custodian fees		15,705

Distribution fees - Series II		26

Transfer agent fees		7,873

Trustees’ and officers’ fees and benefits		29,343

Reports to shareholders		17,350

Professional services fees		70,714

Other		14,467

Total expenses		5,883,380

Less: Fees waived and expenses reimbursed		(2,887,765	)

Net expenses		2,995,615

Net investment income		1,145,966

Net realized gain from unaffiliated investment securities		90,321

Net increase in net assets resulting from operations	$	1,236,287

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Government Money Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	1,145,966		$	21,081,559

Net realized gain		90,321			10,320

Net increase in net assets resulting from operations		1,236,287			21,091,879


Distributions to shareholders from distributable earnings:
Series I		(1,145,947	)		(21,080,865	)

Series II		(19	)		(78	)

Total distributions from distributable earnings		(1,145,966	)		(21,080,943	)


Share transactions-net:
Series I		(5,244,425	)		(2,685,977,149	)

Series II		-			10,000

Net increase (decrease) in net assets resulting from share transactions		(5,244,425	)		(2,685,967,149	)

Net increase (decrease) in net assets		(5,154,104	)		(2,685,956,213	)


Net assets:
Beginning of year		369,769,362			3,055,725,575

End of year	$	364,615,258		$	369,769,362

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Government Money Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (realized)			Total from investment operations		Dividends from net investment income		Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets
Series I
Year ended 12/31/20		$1.00		$0.00		$ 0.00			$0.00		$(0.00)		$1.00		0.22	%		$ 364,605		0.24	%^(d)		0.48	%^(d)		0.09	%^(d)
Year ended 12/31/19		1.00		0.02		0.00			0.02		(0.02)		1.00		1.71			369,759		0.50			0.54			1.82
Year ended 12/31/18		1.00		0.01		0.00			0.01		(0.01)		1.00		1.35			3,055,726		0.50			0.56			1.54
Year ended 12/31/17		1.00		0.00		(0.00	)		0.00		(0.00)		1.00		0.39			425,604		0.50			0.59			0.39
Year ended 12/31/16		1.00		0.00		(0.00	)		0.00		(0.00)		1.00		0.01			541,970		0.35			0.55			0.01
Series II
Year ended 12/31/20		1.00		0.00		0.00			0.00		(0.00)		1.00		0.17			10		0.29	^(d)		0.73	^(d)		0.04	^(d)
Period ended 12/31/19^(e)		1.00		0.01		0.00			0.01		(0.01)		1.00		0.78			10		0.72	^(f)		0.72	^(f)		1.61	^(f)

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $1,236,603 and $10 for Series I and Series II shares, respectively.

^(e)	Commencement date after the close of business on May 24, 2019.

^(f)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Government Money Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Government Money Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek income consistent with stability of principal.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

D.	Distributions - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

F.	Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco Oppenheimer V.I. Government Money Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate
First $500 million		0.450	%
Next $500 million		0.425
Next $500 million		0.400
Over $1.5 billion		0.375

*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended December 31, 2020, the effective advisory fees incurred by the Fund was 0.42%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 0.50% and Series II shares to 0.75% of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through June 30, 2021, the Adviser agreed to limit expenses of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, Invesco voluntarily waived advisory fees of $2,887,745 and reimbursed class level expenses of $20 for Series II shares in order to increase the Fund’s yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $551,894 for accounting and fund administrative services and was reimbursed $35,468 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

Level 1 –

Prices are determined using quoted prices in an active market for identical assets.

Invesco Oppenheimer V.I. Government Money Fund

Level 2 –

Level 3 –

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	1,135,576	$	21,080,943

Long-term capital gain		10,390		-
Total distributions	$	1,145,966	$	21,080,943

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	188,180

Temporary book/tax differences		(91,246	)

Shares of beneficial interest		364,518,324

Total net assets	$	364,615,258

The Fund does not have a capital loss carryforward as of December 31, 2020.

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2020, undistributed net investment income was increased by $100,215 and undistributed net realized gain was decreased by $100,215. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 8–Share Information


			Summary of Share Activity

			Years ended December 31,

	2020^(a)						2019

	Shares		Amount		Shares		Amount

Sold:
Series I		2,362,230,625	$	2,362,230,625		2,074,144,735	$	2,074,144,735

Series II^(b)		-		-		10,000		10,000


Issued as reinvestment of dividends:
Series I		1,144,201		1,144,201		23,445,418		23,445,418

Series II		-		-		-		-

Invesco Oppenheimer V.I. Government Money Fund


				Summary of Share Activity

				Years ended December 31,

	2020^(a)									2019

	Shares			Amount			Shares			Amount


Reacquired:
Series I		(2,368,619,251	)	$	(2,368,619,251	)		(4,783,567,302	)	$	(4,783,567,302	)

Series II		-			-			-			-

Net increase (decrease) in share activity		(5,244,425	)	$	(5,244,425)			(2,685,967,149	)	$	(2,685,967,149	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 89% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially.

^(b)	Commencement date after the close of business on May 24, 2019.

NOTE 9–Coronavirus (COVID-19) Pandemic

NOTE 10–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Government Money Fund to Invesco V.I. U.S. Government Money Portfolio.

Invesco Oppenheimer V.I. Government Money Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Government Money Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Government Money Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For the year ended December 31, 2020 and the year ended December 31, 2019 for Series I.

For the year ended December 31, 2020 and the period May 24, 2019 (commencement of operations) through December 31, 2019 for Series II.

The financial statements of Invesco Oppenheimer V.I. Government Money Fund (formerly known as Oppenheimer Government Money Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Government Money Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Class	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,000.10	$1.06	$1,024.08	$1.07	0.21%
Series II	1,000.00	1,000.10	1.11	1,024.03	1.12	0.22

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Government Money Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	10,390
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
Business Interest Income*		91.63	%
U.S. Treasury Obligations*		39.60	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Government Money Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Government Money Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Government Money Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Government Money Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Government Money Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Government Money Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Government Money Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco Oppenheimer V.I. Government Money Fund


		Annual Report to Shareholders		December 31, 2020
		Invesco Oppenheimer V.I. International Growth Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VIIGR-AR-1

Management’s Discussion of Fund Performance


Performance summary For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. International Growth Fund (the Fund) outperformed the MSCI All Country World ex-USA Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	21.50	%
Series II Shares	21.04
MSCI All Country World ex-USA Index^q	10.65

Source(s): ^qRIMES Technologies Corp.

Market conditions and your fund

robust gains amplified by US dollar weakness, outperformed developed market equities for the year.

We identify structural growth trends in the global economy, investing in companies that can monetize them sustainably for many years – often decades. We buy these companies when they are trading at attractive valuations and hold them in the portfolio for a long period of time to benefit from the compounding of the returns they produce. This is a discipline that we have been following for over two decades.

The Fund delivered strong absolute and relative returns for the year ending December 31, 2020. The Fund’s quality-oriented portfolio provided downside protection during the dramatic COVID-19-related sell-off in the first quarter of 2020 relative to the MSCI All Country World ex-USA Index and participated very well in the market rallies that started in March and continued through the end of the year.

The Fund performed most strongly in the information technology sector as a result of our usual overweight to the sector and in the financials and energy sectors as a result of our usual underweight exposures. The only two sectors in which the Fund underperformed on a relative basis during the year were in the materials and communication services sectors due to stock selection.

The three largest contributors to absolute performance during the year were ASML Holding, Taiwan Semiconductor Manufacturing and Hermès International.

ASML Holding, a Dutch company, makes the equipment needed for producing semiconductors. ASML is the only supplier of the extreme ultraviolet lithography equipment that is required to produce the next generation of semiconductor chips. In our opinion, the stock has reacted favorably to a growing appreciation of the company’s growth potential.

Taiwan Semiconductor Manufacturing, more commonly known as TSMC, has become the dominant player in the semiconductor foundry industry. The need for semiconductors continues to proliferate as the “internet of things” becomes a reality and we digitize more of our business and personal activities. The complexity and capital intensity of high-

end semiconductor production has highly concentrated the industry. It is now, in effect, an oligopoly. TSMC has the lion’s share and therefore captures a greater share of the profit pool in the industry.

Hermès International is a leading luxury goods producer and perhaps the strictest brand curator in the industry. Hermès never has a sale, increases production very slowly, and raises prices inexorably. Hermès has begun to reopen stores in Asia after their COVID-19 closure and has experienced strong demand in them. The share price reacted favorably to this news.

The three largest detractors from absolute performance for the year were Hitachi, ICICI Bank and Airbus.

Hitachi is a Japanese company that has some industrial component and services businesses that are very interesting to us and other legacy businesses that we think are completely awful. Like most companies, Hitachi’s share price declined during the COVID-19 market sell-off. As part of the sea changes we are seeing in the behavior of Japanese company management teams, Hitachi is selling its “bad” businesses and restructuring itself into an attractive company.

ICICI Bank, a market leader in India, experienced that same share price decline that nearly all of the world’s banks experienced during the first quarter of 2020. We began buying ICICI Bank in 2011. Since then we have benefited from India’s dramatic increase in the financial inclusion of its 1.3 billion people - enabled by their Aadhar identification program and mobile smart devices - and from the improved management of the bank itself by an able team. ICICI Bank has accomplished most of the tasks it set itself several years ago: it has run off its bad loan book, improved its credit processes and spun off its joint venture insurance arm. We think there are other investment opportunities for us, and we exited our position during the second quarter.

Airbus dominates the widebody, long haul jet market along with its US competitor, Boeing. During the COVID-19 market sell-off, anything and everything to do with travel sold off sharply. We have owned Airbus for many years and continue to view it as a profitable way to benefit from the very long-term trend of rising air travel. We believe aviation will recover and so will Airbus. It’s a vital cog in our global transportation system.

Thank you for your continued investment in Invesco Oppenheimer V.I. International Growth Fund.

Portfolio manager(s):

Robert B. Dunphy

George R. Evans (Lead)

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors

Invesco Oppenheimer V.I. International Growth Fund

such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. International Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future

results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/13/92)			7.61%
10 Years			7.87
5 Years			9.25
1 Year			21.50

Series II Shares
Inception (3/19/01)			6.69%
10 Years			7.57
5 Years			8.92
1 Year			21.04

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer International Growth Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. International Growth Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. International Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. International Growth Fund

Supplemental Information

Invesco Oppenheimer V.I. International Growth Fund’s investment objective is to seek capital appreciation.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

Invesco Oppenheimer V.I. International Growth Fund

Fund Information

Portfolio Composition


By sector		% of total net assets
Information Technology		25.74%
Consumer Discretionary		20.57
Industrials		16.40
Health Care		15.22
Consumer Staples		8.66
Communication Services		5.80
Materials		2.88
Other Sectors, Each Less than 2% of Net Assets		2.68
Money Market Funds Plus Other Assets Less Liabilities		2.05

Top 10 Equity Holdings*


		% of total net assets
1.	ASML Holding N.V.	2.92%
2.	Taiwan Semiconductor Manufacturing Co. Ltd.	2.67
3.	Hermes International	2.59
4.	LVMH Moet Hennessy Louis Vuitton SE	2.16
5.	Keyence Corp.	1.97
6.	Atlas Copco AB, Class A	1.95
7.	Hoya Corp.	1.94
8.	Tencent Holdings Ltd.	1.93
9.	Flutter Entertainment PLC	1.90
10.	Alimentation Couche-Tard, Inc., Class B	1.88
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. * Excluding money market fund holdings, if any. Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. International Growth Fund

Schedule of Investments

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–97.94%
Australia–1.25%
CSL Ltd.		28,738	$	6,279,470


Belgium–0.41%
Galapagos N.V.^(a)		14,205		1,397,745

Galapagos N.V., ADR^(a)		6,567		645,657

				2,043,402


Canada–4.82%
Alimentation Couche-Tard, Inc., Class B		276,662		9,428,547

CAE, Inc.		232,458		6,441,035

Dollarama, Inc.		111,798		4,556,588

Shopify, Inc., Class A^(a)		3,314		3,742,068

				24,168,238


China–3.51%
Alibaba Group Holding Ltd., ADR^(a)		34,047		7,923,758

Tencent Holdings Ltd.		132,800		9,703,328

				17,627,086


Denmark–2.42%
Ascendis Pharma A/S, ADR^(a)		19,100		3,185,498

Novo Nordisk A/S, Class B		128,259		8,971,138

				12,156,636


France–15.60%
Adevinta ASA, Class B^(a)		155,056		2,603,368

Airbus SE^(a)		61,111		6,713,008

Dassault Systemes SE		26,407		5,364,402

Edenred		86,778		4,923,723

EssilorLuxottica S.A.		24,195		3,773,358

Hermes International		12,088		12,998,896

Kering S.A.		6,330		4,601,895

L’Oreal S.A.		12,341		4,689,043

LVMH Moet Hennessy Louis Vuitton SE		17,333		10,830,191

Sartorius Stedim Biotech		13,944		4,969,926

SEB S.A.		22,796		4,180,002

Ubisoft Entertainment S.A.^(a)		55,295		5,328,075

Worldline S.A.^(a)(b)		75,714		7,323,232

				78,299,119


Germany–6.94%
CTS Eventim AG & Co. KGaA		92,800		6,168,058

Fresenius Medical Care AG & Co. KGaA		64,441		5,374,955

Infineon Technologies AG		219,368		8,418,612

SAP SE		51,059		6,709,588

Siemens AG		16,309		2,334,251

Siemens Healthineers AG^(b)		113,927		5,832,670

				34,838,134


Hong Kong–0.60%
WH Group Ltd.		3,621,500		3,036,655


India–1.19%
Dr Lal PathLabs Ltd.^(b)		48,237		1,522,958

Reliance Industries Ltd.		163,878		4,464,192

				5,987,150


	Shares		Value
Ireland–1.90%
Flutter Entertainment PLC		46,095	$	9,543,497


Italy–1.12%
Davide Campari-Milano N.V.		490,180		5,606,844


Japan–10.31%
Daikin Industries Ltd.		34,500		7,683,729

Hitachi Ltd.		58,300		2,300,484

Hoya Corp.		70,593		9,758,003

Keyence Corp.		17,524		9,862,197

Kobe Bussan Co. Ltd.		59,000		1,821,120

Nidec Corp.		63,700		8,025,877

Nihon M&A Center, Inc.		114,700		7,675,740

Nitori Holdings Co. Ltd.		22,000		4,612,227

				51,739,377


Netherlands–6.00%
Aalberts N.V.		150,415		6,666,673

Adyen N.V.^(a)(b)		2,944		6,850,418

ASML Holding N.V.		30,293		14,639,455

Boskalis Westminster		30,582		842,715

Shop Apotheke Europe N.V.^(a)(b)		6,046		1,094,874

				30,094,135


New Zealand–1.84%
Xero Ltd.^(a)		81,010		9,222,767


Spain–1.51%
Amadeus IT Group S.A.^(a)		86,248		6,244,161

Prosegur Cash S.A.^(b)		1,348,827		1,319,277

				7,563,438


Sweden–5.16%
Atlas Copco AB, Class A		191,157		9,775,912

Epiroc AB, Class A		370,667		6,737,861

Swedish Match AB		120,895		9,391,334

				25,905,107


Switzerland–9.04%
Barry Callebaut AG		2,046		4,859,957

Lonza Group AG		8,607		5,527,978

Novartis AG		32,959		3,113,004

Roche Holding AG		20,360		7,103,764

Sika AG		23,536		6,425,378

STMicroelectronics N.V.		249,495		9,243,838

Temenos AG		32,189		4,491,496

VAT Group AG^(b)		18,481		4,606,234

				45,371,649


Taiwan–2.67%
Taiwan Semiconductor Manufacturing Co. Ltd.		713,000		13,391,196


United Kingdom–13.69%
Blue Prism Group PLC^(a)		101,522		2,389,080

boohoo Group PLC^(a)		1,137,598		5,364,337

Britvic PLC		417,968		4,643,500

Compass Group PLC		331,157		6,179,527

Entain PLC		372,012		5,774,588

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund


	Shares		Value
United Kingdom–(continued)
Legal & General Group PLC		1,140,021	$	4,190,328

London Stock Exchange Group PLC		38,843		4,787,979

Melrose Industries PLC		3,410,542		8,317,717

Next PLC		91,539		8,876,714

Ocado Group PLC^(a)		233,654		7,321,418

Rightmove PLC		594,538		5,294,461

Trainline PLC^(a)(b)		879,354		5,587,296

				68,726,945


United States–7.96%
Atlassian Corp. PLC, Class A^(a)		23,815		5,569,614

EPAM Systems, Inc.^(a)		23,730		8,503,646

Ferguson PLC		42,466		5,164,332

James Hardie Industries PLC, CDI^(a)		270,720		8,008,130

Medtronic PLC		34,164		4,001,971

ResMed, Inc.		40,824		8,677,550

				39,925,243

Total Common Stocks & Other Equity Interests (Cost $251,411,546)				491,526,088


	Shares		Value
Preferred Stocks–0.01%
India–0.01%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Cost $0)		599,541	$	32,656


Money Market Funds–1.79%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		3,150,830		3,150,830

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		2,249,384		2,250,059

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		3,600,948		3,600,948

Total Money Market Funds (Cost $9,001,980)				9,001,837

TOTAL INVESTMENTS IN SECURITIES–99.74% (Cost $260,413,526)				500,560,581

OTHER ASSETS LESS LIABILITIES–0.26%				1,323,142

NET ASSETS–100.00%			$	501,883,723

Investment Abbreviations:


ADR		– American Depositary Receipt
CDI		– CREST Depository Interest
Pfd.		– Preferred

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $34,136,959, which represented 6.80% of the Fund’s Net Assets.

^(c)


	Value December 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value December 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$6,357,038		$112,466,463		$(115,672,671)		$ -			$ -			$3,150,830		$41,954

Invesco Liquid Assets Portfolio, Institutional Class		-		11,521,271		(9,270,679)		(143	)		(390	)		2,250,059		827

Invesco Treasury Portfolio, Institutional Class		-		18,434,034		(14,833,086)		-			-			3,600,948		272
Total		$6,357,038		$142,421,768		$(139,776,436)		$(143	)		$(390	)		$9,001,837		$43,053

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $251,411,546)		$491,558,744
Investments in affiliated money market funds, at value (Cost $9,001,980)		9,001,837
Cash		160,606
Foreign currencies, at value (Cost $207,089)		211,132
Receivable for:
Fund shares sold		125,898
Dividends		1,979,713
Investment for trustee deferred compensation and retirement plans		53,679
Total assets		503,091,609

Liabilities:
Payable for:
Fund shares reacquired		797,216
Accrued fees to affiliates		258,528
Accrued other operating expenses		98,463
Trustee deferred compensation and retirement plans		53,679
Total liabilities		1,207,886
Net assets applicable to shares outstanding		$501,883,723

Net assets consist of:
Shares of beneficial interest		$218,145,635
Distributable earnings		283,738,088
		$501,883,723

Net Assets:
Series I		$230,463,105
Series II		$271,420,618

Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		79,257,520
Series II		89,183,181
Series I:
Net asset value per share		$ 2.91
Series II:
Net asset value per share		$ 3.04

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $567,515)	$	4,353,252

Dividends from affiliated money market funds		43,053

Total investment income		4,396,305


Expenses:
Advisory fees		4,167,445

Administrative services fees		727,081

Custodian fees		39,333

Distribution fees - Series II		589,814

Transfer agent fees		48,232

Trustees’ and officers’ fees and benefits		22,760

Reports to shareholders		29,520

Professional services fees		60,686

Other		13,083

Total expenses		5,697,954

Less: Fees waived		(696,702	)

Net expenses		5,001,252

Net investment income (loss)		(604,947	)


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $101,550)		47,536,836

Affiliated investment securities		(390	)

Foreign currencies		55,260

Forward foreign currency contracts		(1,742	)

		47,589,964

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $212,752)		42,319,477

Affiliated investment securities		(143	)

Foreign currencies		146,050

		42,465,384

Net realized and unrealized gain		90,055,348

Net increase in net assets resulting from operations	$	89,450,401

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:
Net investment income (loss)	$	(604,947	)	$	3,686,941

Net realized gain		47,589,964			7,399,457

Change in net unrealized appreciation		42,465,384			108,124,591

Net increase in net assets resulting from operations		89,450,401			119,210,989


Distributions to shareholders from distributable earnings:
Series I		(4,813,313	)		(13,472,374	)

Series II		(4,638,613	)		(12,709,522	)

Total distributions from distributable earnings		(9,451,926	)		(26,181,896	)


Share transactions–net:
Series I		(28,064,430	)		(95,274,031	)

Series II		(24,747,573	)		10,086,290

Net increase (decrease) in net assets resulting from share transactions		(52,812,003	)		(85,187,741	)

Net increase in net assets		27,186,472			7,841,352


Net assets:
Beginning of year		474,697,251			466,855,899

End of year	$	501,883,723		$	474,697,251

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Series I
Year ended 12/31/20		$	2.45		$	(0.00	)		$	0.52			$	0.52			$	(0.02	)		$	(0.04	)		$	(0.06	)		$	2.91		21.50	%		$	230,463		1.00	%^(e)		1.15	%^(e)		(0.01	)%^(e)		37	%
Year ended 12/31/19			2.03			0.02				0.54				0.56				(0.02	)			(0.12	)			(0.14	)			2.45		28.60				221,944		1.00			1.13			0.91			51
Year ended 12/31/18			2.59			0.02				(0.51	)			(0.49	)			(0.02	)			(0.05	)			(0.07	)			2.03		(19.42	)			267,220		1.00			1.10			0.83			25
Year ended 12/31/17			2.08			0.02				0.52				0.54				(0.03	)			—				(0.03	)			2.59		26.29				360,417		1.00			1.08			0.87			27
Year ended 12/31/16			2.20			0.03				(0.08	)			(0.05	)			(0.02	)			(0.05	)			(0.07	)			2.08		(2.12	)			301,559		1.00			1.09			1.24			15
Series II
Year ended 12/31/20			2.56			(0.01	)			0.55				0.54				(0.02	)			(0.04	)			(0.06	)			3.04		21.04				271,421		1.25	^(e)		1.40	^(e)		(0.26	)^(e)		37
Year ended 12/31/19			2.12			0.02				0.56				0.58				(0.02	)			(0.12	)			(0.14	)			2.56		27.95				252,753		1.25			1.38			0.67			51
Year ended 12/31/18			2.70			0.01				(0.52	)			(0.51	)			(0.02	)			(0.05	)			(0.07	)			2.12		(19.55	)			199,636		1.25			1.35			0.58			25
Year ended 12/31/17			2.16			0.01				0.56				0.57				(0.03	)			—				(0.03	)			2.70		26.44				239,042		1.25			1.33			0.60			27
Year ended 12/31/16			2.29			0.02				(0.08	)			(0.06	)			(0.02	)			(0.05	)			(0.07	)			2.16		(2.72	)			175,633		1.25			1.34			0.99			15

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018, 2017, and 2016, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $206,410 and $235,925 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. International Growth Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. International Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

J.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco Oppenheimer V.I. International Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate

Up to $250 million		1.000%

Next $250 million		0.900%

Next $500 million		0.850%

Over $1 billion		0.820%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.94%.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 1.00% and Series II shares to 1.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, the Adviser waived advisory fees of $696,702.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $63,577 for accounting and fund administrative services and was reimbursed $663,504 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

Level 1 -

Prices are determined using quoted prices in an active market for identical assets.

Level 2 -

Level 3 -

Invesco Oppenheimer V.I. International Growth Fund


	Level 1		Level 2		Level 3		Total

Investments in Securities

Australia	$	–	$	6,279,470		$–	$	6,279,470

Belgium		645,657		1,397,745		–		2,043,402

Canada		24,168,238		–		–		24,168,238

China		7,923,758		9,703,328		–		17,627,086

Denmark		3,185,498		8,971,138		–		12,156,636

France		–		78,299,119		–		78,299,119

Germany		–		34,838,134		–		34,838,134

Hong Kong		–		3,036,655		–		3,036,655

India		32,656		5,987,150		–		6,019,806

Ireland		–		9,543,497		–		9,543,497

Italy		–		5,606,844		–		5,606,844

Japan		–		51,739,377		–		51,739,377

Netherlands		–		30,094,135		–		30,094,135

New Zealand		–		9,222,767		–		9,222,767

Spain		–		7,563,438		–		7,563,438

Sweden		–		25,905,107		–		25,905,107

Switzerland		–		45,371,649		–		45,371,649

Taiwan		–		13,391,196		–		13,391,196

United Kingdom		–		68,726,945		–		68,726,945

United States		26,752,781		13,172,462		–		39,925,243

Money Market Funds		9,001,837		–		–		9,001,837

Total Investments	$	71,710,425	$	428,850,156		$–	$	500,560,581

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended December 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Currency Risk

Realized Gain (Loss):
Forward foreign currency contracts		$(1,742)

The table below summarizes the average notional value of derivatives held during the period.


		Forward Foreign Currency Contracts

Average notional value		$112,313

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

Invesco Oppenheimer V.I. International Growth Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	3,427,490	$	3,888,153

Long-term capital gain		6,024,436		22,293,743

Total distributions	$	9,451,926	$	26,181,896

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed long-term capital gain	$	45,164,337

Net unrealized appreciation – investments		238,497,503

Net unrealized appreciation - foreign currencies		126,973

Temporary book/tax differences		(50,725	)

Shares of beneficial interest		218,145,635

Total net assets	$	501,883,723

The Fund does not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $159,190,666 and $224,965,674, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	241,390,920

Aggregate unrealized (depreciation) of investments		(2,893,417	)

Net unrealized appreciation of investments	$	238,497,503

Cost of investments for tax purposes is $262,063,078.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, passive foreign investment companies and foreign capital gains taxes, on December 31, 2020, undistributed net investment income (loss) was increased by $929,387, undistributed net realized gain was decreased by $284,783 and shares of beneficial interest was decreased by $644,604. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019

	Shares		Amount		Shares		Amount

Sold:
Series I		12,200,099	$	28,925,077		8,881,295	$	19,659,846

Series II		9,099,234		22,431,074		13,275,646		30,754,894


Issued as reinvestment of dividends:
Series I		1,865,625		4,813,313		6,179,988		13,472,374

Series II		1,718,005		4,638,613		5,574,352		12,709,522

Invesco Oppenheimer V.I. International Growth Fund


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount


Reacquired:
Series I		(25,538,177	)	$	(61,802,820	)		(55,770,549	)	$	(128,406,251	)

Series II		(20,462,841	)		(51,817,260	)		(14,188,919	)		(33,378,126	)

Net increase (decrease) in share activity		(21,118,055	)	$	(52,812,003	)		(36,048,187	)	$	(85,187,741	)

^(a)

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco Oppenheimer V.I. International Growth Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. International Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. International Growth Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. International Growth Fund (formerly known as Oppenheimer International Growth Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,266.70	$5.70	$1,020.11	$5.08	1.00%
Series II	1,000.00	1,259.60	7.10	1,018.85	6.34	1.25

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. International Growth Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	6,024,436
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		1.02	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. International Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. International Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

Invesco Oppenheimer V.I. International Growth Fund



		Annual Report to Shareholders		December 31, 2020
		Invesco Oppenheimer V.I. Main Street Fund^®

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Invesco Distributors, Inc.

O-VIMST-AR-1

Management’s Discussion of Fund Performance


Performance summary For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Main Street Fund^® (the Fund) underperformed the S&P 500 Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	13.94	%
Series II Shares	13.69
S&P 500 Index^q	18.40

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner.

During the year, stock selection in the real estate sector and a modest underweight to the utilities sector were the largest contributors to the Fund’s performance versus the S&P 500 Index. This was offset by weaker stock selection in the information technology (IT), health care and energy sectors.

The largest individual contributors to the Fund’s performance relative to the S&P 500 Index during the year included Microsoft, Amazon and QUALCOMM. Microsoft and Amazon benefited from strong execution and various tailwinds that were accelerated due to the pandemic including the increased need and importance of technology to work from home. Microsoft saw continued momentum for the company’s commercial cloud offerings and continued to report strong revenue

growth and operating margin expansion. Amazon continued to benefit from retail disruption in their e-commerce business, which drove market share gains in addition to the acceleration of digital transformation that benefited its AWS cloud services.

Qualcomm reported solid business fundamentals and benefited from 5G spending. Additionally, the company resolved its licensing dispute with Huawei and the FTC anticompetition ruling against Qualcomm was overturned on appeal.

The largest individual detractors from the Fund’s performance relative to the S&P 500 Index during the year included Suncor, Capital One Financial and Magellan Midstream. Suncor, an integrated energy company, and Magellan, which is primarily a refined products pipeline company, significantly underperformed along with the rest of the energy sector. The energy sector experienced significant negative returns despite the S&P 500 Index producing positive total returns during the year. We have exited our holding in Suncor.

Capital One Financial underperformed after the unemployment picture quickly deteriorated in March 2020 due to COVID-19-related concerns about consumers’ ability to make payments on their credit cards and other loans. Capital One Financial was generally considered the most exposed to the health of the consumer out of the larger US banks.

We appreciate your continued investment in Invesco Oppenheimer V.I. Main Street Fund^®.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

3 Source: Lipper Inc.

Invesco Oppenheimer V.I. Main Street Fund^®

Portfolio manager(s):

Manind (“Mani”) Govil (Lead)

Paul Larson

Benjamin Ram

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Main Street Fund^®

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future

results.


Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (7/5/95)			9.28%
10 Years			12.29
5 Years			12.59
1 Year			13.94

Series II Shares
Inception (7/13/00)			5.80%
10 Years			12.01
5 Years			12.31
1 Year			13.69

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Main Street Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Main Street Fund^®. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Main Street Fund^®, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Main Street Fund^®

Supplemental Information

Invesco Oppenheimer V.I. Main Street Fund’s^® investment objective is to seek capital appreciation.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The S&P 500^®Index is an unmanaged index considered representative of the US stock market.

∎

Invesco Oppenheimer V.I. Main Street Fund^®

Fund Information

Portfolio Composition


By sector		% of total net assets
Information Technology		26.57%
Health Care		15.42
Consumer Discretionary		14.27
Financials		11.94
Industrials		9.45
Communication Services		8.61
Consumer Staples		6.43
Real Estate		2.45
Energy		2.23
Other Sectors, Each Less than 2% of Net Assets		2.49
Money Market Funds Plus Other Assets Less Liabilities		0.14

Top 10 Equity Holdings*


		% of total net assets
1.	Microsoft Corp.	7.93%
2.	Amazon.com, Inc.	6.30
3.	QUALCOMM, Inc.	3.80
4.	UnitedHealth Group, Inc.	3.43
5.	Facebook, Inc., Class A	3.41
6.	JPMorgan Chase & Co.	3.29
7.	Applied Materials, Inc.	2.83
8.	Procter & Gamble Co. (The)	2.54
9.	Prologis, Inc.	2.45
10.	HCA Healthcare, Inc.	2.36

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Main Street Fund^®

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–99.86%
Aerospace & Defense–1.57%
Lockheed Martin Corp.		48,780	$	17,315,924


Air Freight & Logistics–1.85%
C.H. Robinson Worldwide, Inc.		49,052		4,604,511

United Parcel Service, Inc., Class B		93,989		15,827,748

				20,432,259


Application Software–1.33%
Adobe, Inc.^(b)		12,299		6,150,976

Workday, Inc., Class A^(b)		35,626		8,536,346

				14,687,322


Automobile Manufacturers–0.76%
General Motors Co.		202,380		8,427,103


Automotive Retail–1.36%
CarMax, Inc.^(b)		74,693		7,055,501

O’Reilly Automotive, Inc.^(b)		17,544		7,939,888

				14,995,389


Biotechnology–0.36%
Neurocrine Biosciences, Inc.^(b)		41,550		3,982,567


Cable & Satellite–1.00%
Comcast Corp., Class A		210,957		11,054,147


Commodity Chemicals–0.53%
Valvoline, Inc.		254,247		5,883,276


Communications Equipment–1.28%
Motorola Solutions, Inc.		83,217		14,151,883


Construction Machinery & Heavy Trucks–0.84%
Caterpillar, Inc.		51,072		9,296,125


Construction Materials–0.81%
Vulcan Materials Co.		60,233		8,933,156


Consumer Finance–1.87%
Capital One Financial Corp.		208,660		20,626,041


Data Processing & Outsourced Services–3.26%
Fiserv, Inc.^(b)		145,860		16,607,619

Mastercard, Inc., Class A		54,287		19,377,202

				35,984,821


Distillers & Vintners–1.22%
Constellation Brands, Inc., Class A		61,191		13,403,889


Diversified Banks–3.29%
JPMorgan Chase & Co.		285,455		36,272,767


Electric Utilities–1.15%
Duke Energy Corp.		64,709		5,924,756

FirstEnergy Corp.		219,586		6,721,527

			12,646,283


Electrical Components & Equipment–0.86%
Hubbell, Inc.		17,399		2,727,989


	Shares		Value

Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.		26,755	$	6,710,422

				9,438,411


Environmental & Facilities Services–0.91%
Waste Connections, Inc.		97,419		9,992,267


Financial Exchanges & Data–2.02%
Intercontinental Exchange, Inc.		193,151		22,268,379


Food Distributors–1.02%
Sysco Corp.		151,430		11,245,192


General Merchandise Stores–1.27%
Target Corp.		79,500		14,034,135


Health Care Facilities–2.36%
HCA Healthcare, Inc.		158,086		25,998,824


Health Care Services–1.26%
CVS Health Corp.		203,085		13,870,705


Health Care Supplies–0.51%
Alcon, Inc. (Switzerland)^(b)		84,888		5,600,910


Home Improvement Retail–1.95%
Home Depot, Inc. (The)		80,780		21,456,784


Homebuilding–0.77%
D.R. Horton, Inc.		123,084		8,482,949


Hotels, Resorts & Cruise Lines–0.25%
Airbnb, Inc., Class A^(b)		18,845		2,766,446


Household Products–2.96%
Procter & Gamble Co. (The)		200,922		27,956,287

Reckitt Benckiser Group PLC (United Kingdom)		52,069		4,656,827

				32,613,114


Industrial Conglomerates–1.17%
Honeywell International, Inc.		60,850		12,942,795


Industrial Machinery–0.61%
Otis Worldwide Corp.		99,488		6,720,414


Industrial REITs–2.45%
Prologis, Inc.		271,403		27,048,023


Integrated Telecommunication Services–2.11%
Verizon Communications, Inc.		395,989		23,264,354


Interactive Home Entertainment–0.86%
Zynga, Inc., Class A^(b)		958,770		9,463,060


Interactive Media & Services–4.10%
Facebook, Inc., Class A^(b)		137,653		37,601,294

Snap, Inc., Class A^(b)		152,731		7,647,241

				45,248,535


Internet & Direct Marketing Retail–7.91%
Amazon.com, Inc.^(b)		21,312		69,411,692

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Fund^®


	Shares		Value

Internet & Direct Marketing Retail–(continued)
Booking Holdings, Inc.^(b)		7,985	$	17,784,751

				87,196,443


Internet Services & Infrastructure–0.16%
Snowflake, Inc., Class A^(b)		6,194		1,742,992


IT Consulting & Other Services–2.27%
Accenture PLC, Class A		67,812		17,713,172

Amdocs Ltd.		102,932		7,300,967

				25,014,139


Life Sciences Tools & Services–2.25%
Avantor, Inc.^(b)		192,821		5,427,911

Thermo Fisher Scientific, Inc.		41,592		19,372,722

				24,800,633


Managed Health Care–3.43%
UnitedHealth Group, Inc.		107,814		37,808,214


Movies & Entertainment–0.53%
Live Nation Entertainment, Inc.^(b)		38,494		2,828,539

Warner Music Group Corp., Class A		80,834		3,070,884

				5,899,423


Oil & Gas Exploration & Production–0.44%
Cabot Oil & Gas Corp.		297,052		4,836,007


Oil & Gas Refining & Marketing–0.62%
Valero Energy Corp.		121,168		6,854,474


Oil & Gas Storage & Transportation–1.17%
Magellan Midstream Partners L.P.		303,918		12,898,280


Other Diversified Financial Services–1.91%
Equitable Holdings, Inc.		822,050		21,036,259


Packaged Foods & Meats–1.23%
a2 Milk Co. Ltd. (The) (New Zealand^)(b)		161,326		1,425,142

Mondelez International, Inc., Class A		208,243		12,175,968

				13,601,110


Pharmaceuticals–5.26%
AstraZeneca PLC, ADR (United Kingdom)		428,172		21,404,318


	Shares		Value

Pharmaceuticals–(continued)
Eli Lilly and Co.		93,225	$	15,740,109

Merck & Co., Inc.		254,622		20,828,080

				57,972,507


Property & Casualty Insurance–1.81%
Progressive Corp. (The)		201,297		19,904,247


Railroads–1.64%
Union Pacific Corp.		86,598		18,031,436


Semiconductor Equipment–2.83%
Applied Materials, Inc.		361,224		31,173,631


Semiconductors–5.63%
QUALCOMM, Inc.		275,490		41,968,146

Texas Instruments, Inc.		122,759		20,148,435

				62,116,581


Systems Software–7.93%
Microsoft Corp.		393,126		87,439,085


Technology Hardware, Storage & Peripherals–1.87%
Apple, Inc.		155,789		20,671,642


Thrifts & Mortgage Finance–1.05%
Rocket Cos., Inc., Class A^(b)		571,126		11,548,168

Total Common Stocks & Other Equity Interests (Cost $730,969,333)				1,101,093,520


Money Market Funds–0.31%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		1,204,226		1,204,226

Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(c)(d)		859,893		860,151

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		1,376,258		1,376,258

Total Money Market Funds (Cost $3,440,635)				3,440,635

TOTAL INVESTMENTS IN SECURITIES–100.17% (Cost $734,409,968)				1,104,534,155

OTHER ASSETS LESS LIABILITIES–(0.17)%				(1,921,253	)

NET ASSETS–100.00%			$	1,102,612,902

Investment Abbreviations:


ADR - American Depositary Receipt
REIT - Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Fund^®

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	14,860,862		$	145,017,177		$	(158,673,813	)		$	-		$	-			$	1,204,226		$	43,264
Invesco Liquid Assets Portfolio, Institutional Class			-			35,012,389			(34,150,659	)			-			(1,579	)			860,151			2,426
Invesco Treasury Portfolio, Institutional Class			-			56,019,778			(54,643,520	)			-			-				1,376,258			1,000
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			8,150,710			(8,150,710	)			-			-				-			168	*
Invesco Private Prime Fund			-			11,380,282			(11,380,282	)			-			-				-			851	*
Total		$	14,860,862		$	255,580,336		$	(266,998,984	)		$	-		$	(1,579	)		$	3,440,635		$	47,709

^(d)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Fund^®

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $730,969,333)	$	1,101,093,520

Investments in affiliated money market funds, at value (Cost $3,440,635)		3,440,635

Cash		147,094

Foreign currencies, at value (Cost $152)		154

Receivable for:
Investments sold		8,790,447

Fund shares sold		99,666

Dividends		399,343

Investment for trustee deferred compensation and retirement plans		174,253

Total assets		1,114,145,112


Liabilities:
Payable for:
Investments purchased		10,108,450

Fund shares reacquired		409,230

Accrued fees to affiliates		610,435

Accrued trustees’ and officers’ fees and benefits		488

Accrued other operating expenses		229,354

Trustee deferred compensation and retirement plans		174,253

Total liabilities		11,532,210

Net assets applicable to shares outstanding	$	1,102,612,902


Net assets consist of:
Shares of beneficial interest	$	659,125,965

Distributable earnings		443,486,937

	$	1,102,612,902


Net Assets:
Series I	$	505,876,690

Series II	$	596,736,212


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		16,911,690

Series II		20,231,844

Series I:
Net asset value per share	$	29.91

Series II:
Net asset value per share	$	29.49

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $89,636)	$	17,476,638

Dividends from affiliates (includes securities lending income of $10,971)		57,661

Total investment income		17,534,299


Expenses:
Advisory fees		7,306,164

Administrative services fees		1,743,983

Custodian fees		4,892

Distribution fees - Series II		1,540,836

Transfer agent fees		43,139

Trustees’ and officers’ fees and benefits		30,918

Reports to shareholders		97,128

Professional services fees		40,303

Other		21,828

Total expenses		10,829,191

Less: Fees waived		(437,853	)

Net expenses		10,391,338

Net investment income		7,142,961


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $6,127,718)		72,285,406

Affiliated investment securities		(1,579	)

Foreign currencies		(65,972	)

		72,217,855

Change in net unrealized appreciation of:
Unaffiliated investment securities		46,841,777

Foreign currencies		1,802

		46,843,579

Net realized and unrealized gain		119,061,434

Net increase in net assets resulting from operations	$	126,204,395

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Fund^®

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019

Operations:

Net investment income	$	7,142,961		$	12,198,812

Net realized gain		72,217,855			98,443,317

Change in net unrealized appreciation		46,843,579			230,858,088

Net increase in net assets resulting from operations		126,204,395			341,500,217


Distributions to shareholders from distributable earnings:

Series I		(52,173,015	)		(93,497,935	)

Series II		(60,587,458	)		(121,555,544	)

Total distributions from distributable earnings		(112,760,473	)		(215,053,479	)


Share transactions-net:

Series I		(70,040,502	)		30,061,913

Series II		(143,073,768	)		29,147,063

Net increase (decrease) in net assets resulting from share transactions		(213,114,270	)		59,208,976

Net increase (decrease) in net assets		(199,670,348	)		185,655,714


Net assets:

Beginning of year		1,302,283,250			1,116,627,536

End of year	$	1,102,612,902		$	1,302,283,250

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Fund^®

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income				Distributions from net realized gains			Total distributions			Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Series I
Year ended 12/31/20		$29.44		$0.22		$3.63			$3.85			$	(0.45	)		$(2.93	)		$(3.38	)		$	29.91		13.94	%		$	505,877		0.80	%^(e)		0.84	%^(e)		0.78	%^(e)		46	%
Year ended 12/31/19		26.82		0.32		7.73			8.05				(0.34	)		(5.09	)		(5.43	)			29.44		32.03				570,821		0.80			0.82			1.11			43
Year ended 12/31/18		32.25		0.32		(2.55	)		(2.23	)			(0.38	)		(2.82	)		(3.20	)			26.82		(7.89	)			485,230		0.80			0.80			1.03			65
Year ended 12/31/17		28.41		0.34		4.41			4.75				(0.39	)		(0.52	)		(0.91	)			32.25		16.91				561,555		0.78			0.78			1.12			35
Year ended 12/31/16		29.24		0.33		2.76			3.09				(0.34	)		(3.58	)		(3.92	)			28.41		11.62				485,196		0.79			0.79			1.16			33
Series II
Year ended 12/31/20		29.05		0.15		3.57			3.72				(0.35	)		(2.93	)		(3.28	)			29.49		13.65				596,736		1.05	^(e)		1.09	^(e)		0.53	^(e)		46
Year ended 12/31/19		26.51		0.25		7.64			7.89				(0.26	)		(5.09	)		(5.35	)			29.05		31.74				731,463		1.05			1.07			0.86			43
Year ended 12/31/18		31.91		0.24		(2.53	)		(2.29	)			(0.29	)		(2.82	)		(3.11	)			26.51		(8.10	)			631,398		1.05			1.05			0.78			65
Year ended 12/31/17		28.12		0.26		4.37			4.63				(0.32	)		(0.52	)		(0.84	)			31.91		16.63				785,379		1.03			1.03			0.87			35
Year ended 12/31/16		28.98		0.26		2.72			2.98				(0.26	)		(3.58	)		(3.84	)			28.12		11.30				772,594		1.04			1.04			0.94			33

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $491,454 and $616,334 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Fund®

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Main Street Fund^® (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. Main Street Fund^®

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

Return of Capital — Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

H.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco Oppenheimer V.I. Main Street Fund^®

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

M.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate
Up to $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $200 million		0.600	%
Next $4 billion		0.580	%
Over $5 billion		0.560	%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.66%.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, the Adviser waived advisory fees of $437,853.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $159,011 for accounting and fund administrative services and was reimbursed $1,584,972 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco Oppenheimer V.I. Main Street Fund^®

For the year ended December 31, 2020, the Fund incurred $583 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	1,095,011,551	$	6,081,969		$–	$	1,101,093,520

Money Market Funds		3,440,635		–		–		3,440,635

Total Investments	$	1,098,452,186	$	6,081,969		$–	$	1,104,534,155

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	20,517,553	$	15,468,146

Long-term capital gain		92,242,920		199,585,333

Total distributions	$	112,760,473	$	215,053,479

*	Includes short-term capital gain distributions, if any.

Invesco Oppenheimer V.I. Main Street Fund^®

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	7,225,816

Undistributed long-term capital gain		72,887,615

Net unrealized appreciation – investments		368,601,911

Net unrealized appreciation - foreign currencies		2,027

Temporary book/tax differences		(5,230,432	)

Shares of beneficial interest		659,125,965

Total net assets	$	1,102,612,902

The Fund does not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $499,862,012 and $801,505,219, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	376,211,599

Aggregate unrealized (depreciation) of investments		(7,609,688	)

Net unrealized appreciation of investments	$	368,601,911

Cost of investments for tax purposes is $735,932,244.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnership transactions, on December 31, 2020, undistributed net investment income was increased by $89,861, undistributed net realized gain was decreased by $85,939 and shares of beneficial interest was decreased by $3,922. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended December 31, 2020^(a)						Year ended December 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Series I		488,428		$	13,734,224			673,942		$	19,609,116

Series II		1,712,042			44,161,406			1,630,045			46,915,384


Issued as reinvestment of dividends:
Series I		1,877,403			52,173,014			3,495,250			93,497,935

Series II		2,210,414			60,587,455			4,599,150			121,555,544


Reacquired:
Series I		(4,843,261	)		(135,947,740	)		(2,875,474	)		(83,045,138	)

Series II		(8,868,684	)		(247,822,629	)		(4,866,048	)		(139,323,865	)

Net increase (decrease) in share activity		(7,423,658	)	$	(213,114,270	)		2,656,865		$	59,208,976

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

Invesco Oppenheimer V.I. Main Street Fund^®

NOTE 12–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Main Street Fund^® to Invesco V.I. Main Street Fund^®.

Invesco Oppenheimer V.I. Main Street Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Main Street Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Main Street Fund^® (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. Main Street Fund^® (formerly known as Oppenheimer Main Street Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Main Street Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,206.60	$4.44	$1,021.11	$4.06	0.80%
Series II	1,000.00	1,205.40	5.82	1,019.86	5.33	1.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Main Street Fund^®

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	92,242,920
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		97.25	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Main Street Fund^®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson - 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort -1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Main Street Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco Oppenheimer V.I. Main Street Fund^®



		Annual Report to Shareholders		December 31, 2020

		Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VIMSS-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Main Street Small Cap Fund^® (the Fund) underperformed the Russell 2000 Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	19.93	%
Series II Shares	19.63
Russell 2000 Index^q	19.96

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but made record highs.

Top contributors to the Fund’s relative performance during the year included Quidel, Renewable Energy Group, and Zynga.

Quidel specializes in rapid diagnostic testing and was a major beneficiary of the COVID-19 pandemic. In addition to already strong demand for its point of care testing for the flu, the company received FDA Emergency Use Authorization to market its rapid point-of-care

COVID-19 antigen test to detect current infection on its Sofia platform. We have exited our position during the year.

Renewable Energy Group, a pure play in renewable fuels, benefited from a growing interest within the sector as the demand outlook improved around more US states adopting low carbon fuel standard programs. This spurred several refiners and integrated oil companies to announce renewable diesel projects.

Zynga, a mobile gaming company, saw strong top-line growth and improved profitability. Zynga also benefited from an increase in gaming driven by social distancing mandates associated with COVID-19. We have exited our position during the year.

Top detractors from relative performance included Matador Resources, Houghton Mifflin Harcourt, and Noble Midstream.

Matador Resources, an exploration and production company, was negatively affected by low oil prices and decreased demand that was exacerbated by the pandemic and an increase in supply driven by the Russia-Saudi Arabia price war earlier in 2020. Additionally, Matador had a relatively higher debt load which put the company in a less advantaged position. We have exited this position.

Noble Midstream, a pipeline company, was negatively affected by the significant drop in oil prices. Given less growth potential around new pipeline capacity and desire to maintain financial leverage, Noble Midstream was forced to cut their distribution sharply.

Houghton Mifflin Harcourt, a provider of textbooks and education services, was negatively affected by US school closures due to the pandemic. We have exited this position.

We continue to maintain our discipline around valuation and focus on companies which we believe have skilled management teams that are out-executing peers. We believe this disciplined approach is essential to generating attractive long-term performance.

We thank you for your continued investment in Invesco Oppenheimer V.I. Main Street Small Cap Fund^®.

1	Source: US Federal Reserve

2	Source: US Bureau of Economic Analysis

3	Source: Lipper Inc.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Portfolio manager(s):

Raymond Anello

Joy Budzinski

Magnus Krantz

Kristin Ketner Pak

Raman Vardharaj

Adam Weiner (Co-Lead)

Matthew P. Ziehl (Co-Lead)

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (5/1/98)	8.87	%
10 Years	12.13
5 Years	12.88
1 Year	19.93

Series II Shares
Inception (7/16/01)	9.62	%
10 Years	11.85
5 Years	12.59
1 Year	19.63

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Main Street Small Cap Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Main Street Small Cap Fund^®. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Supplemental Information

Invesco Oppenheimer V.I. Main Street Small Cap Fund’s^® investment objective is to seek capital appreciation.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000^® Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Fund Information

Portfolio Composition


By sector	% of total net assets

Health Care		18.41	%
Industrials		16.31
Information Technology		15.89
Financials		14.57
Consumer Discretionary		13.00
Real Estate		5.84
Consumer Staples		4.93
Materials		3.82
Energy		3.42
Utilities		3.11
Money Market Funds Plus Other Assets Less Liabilities		0.70

Top 10 Equity Holdings*


	% of total net assets
1. Renewable Energy Group, Inc.		2.35	%
2. AutoNation, Inc.		2.27
3. ASGN, Inc.		2.25
4. Rexnord Corp.		2.02
5. WSFS Financial Corp.		1.99
6. Korn Ferry		1.93
7. j2 Global, Inc.		1.89
8. LHC Group, Inc.		1.82
9. Visteon Corp.		1.81
10. KBR, Inc.		1.75

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Schedule of Investments^(a)

December 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–99.30%
Air Freight & Logistics–0.60%
Hub Group, Inc., Class A^(b)		80,866	$	4,609,362



Aluminum–1.18%
Kaiser Aluminum Corp.		92,157		9,114,327



Apparel Retail–0.50%
Foot Locker, Inc.		94,658		3,827,969



Application Software–6.39%
Bottomline Technologies (DE), Inc.^(b)		220,672		11,638,241


Envestnet, Inc.^(b)		68,671		5,650,936


Everbridge, Inc.^(b)		29,838		4,447,951


j2 Global, Inc.^(b)		148,844		14,540,570


Q2 Holdings, Inc.^(b)		101,937		12,898,089


				49,175,787



Asset Management & Custody Banks–1.69%
Federated Hermes, Inc., Class B		171,912		4,966,538


Focus Financial Partners, Inc., Class A^(b)		184,362		8,019,747


				12,986,285



Auto Parts & Equipment–2.95%
Dorman Products, Inc.^(b)		101,175		8,784,013


Visteon Corp.^(b)		111,040		13,937,741


				22,721,754



Automotive Retail–3.38%
AutoNation, Inc.^(b)		250,126		17,456,294


Monro, Inc.		160,115		8,534,129


				25,990,423



Biotechnology–4.07%
ADC Therapeutics S.A. (Switzerland)^(b)(c)		62,489		2,000,273


Avid Bioservices, Inc.^(b)		55,054		635,323


Emergent BioSolutions, Inc.^(b)		120,606		10,806,298


G1 Therapeutics, Inc.^(b)		177,089		3,185,831


Twist Bioscience Corp.^(b)		59,843		8,455,218


uniQure N.V. (Netherlands)^(b)		66,842		2,415,001


Zai Lab Ltd., ADR (China)^(b)		28,347		3,836,483


				31,334,427



Building Products–1.05%
Masonite International Corp.^(b)		82,438		8,106,953



Communications Equipment–0.48%
EchoStar Corp., Class A^(b)		176,251		3,734,759



Construction & Engineering–1.16%
Comfort Systems USA, Inc.		72,618		3,824,064


Valmont Industries, Inc.		29,047		5,081,192


				8,905,256



Construction Materials–0.89%
Summit Materials, Inc., Class A^(b)		340,432		6,835,875


	Shares		Value
Diversified Banks–1.10%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		271,432	$	8,457,821



Diversified Metals & Mining–1.13%
Compass Minerals International, Inc.		140,547		8,674,561



Electrical Components & Equipment–2.04%
Atkore International Group, Inc.^(b)		209,040		8,593,634


EnerSys		85,494		7,101,132


				15,694,766



Environmental & Facilities Services–0.43%
US Ecology, Inc.		90,650		3,293,314



Gas Utilities–2.19%
National Fuel Gas Co.		118,481		4,873,124


South Jersey Industries, Inc.		149,850		3,229,267


Suburban Propane Partners L.P.		589,789		8,764,265


				16,866,656



General Merchandise Stores–0.81%
Big Lots, Inc.		82,465		3,540,222


Ollie’s Bargain Outlet Holdings, Inc.^(b)		33,437		2,734,144


				6,274,366



Health Care Equipment–4.22%
AtriCure, Inc.^(b)		149,517		8,323,611


CryoPort, Inc.^(b)(c)		152,386		6,686,698


iRhythm Technologies, Inc.^(b)		29,313		6,953,337


Tandem Diabetes Care, Inc.^(b)		109,921		10,517,241


				32,480,887



Health Care Facilities–1.09%
Tenet Healthcare Corp.^(b)		210,843		8,418,961



Health Care Services–4.18%
1Life Healthcare, Inc.^(b)		137,007		5,980,355


Addus HomeCare Corp.^(b)		104,141		12,193,870


LHC Group, Inc.^(b)		65,750		14,025,790


				32,200,015



Health Care Supplies–0.27%
OraSure Technologies, Inc.^(b)		194,595		2,059,788



Health Care Technology–1.26%
Inspire Medical Systems, Inc.^(b)		51,601		9,705,632



Homebuilding–1.28%
TopBuild Corp.^(b)		53,374		9,825,086



Hotel & Resort REITs–1.27%
DiamondRock Hospitality Co.		1,189,288		9,811,626



Household Products–0.93%
Energizer Holdings, Inc.		169,504		7,149,679



Human Resource & Employment Services–4.18%
ASGN, Inc.^(b)		207,701		17,349,265


Korn Ferry		340,641		14,817,883


				32,167,148

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®


	Shares		Value

Hypermarkets & Super Centers–1.26%
BJ’s Wholesale Club Holdings, Inc.^(b)		259,397	$	9,670,320



Industrial Machinery–5.37%
Chart Industries, Inc.^(b)		71,606		8,434,471


EnPro Industries, Inc.		111,531		8,422,821


Evoqua Water Technologies Corp.^(b)		331,832		8,952,827


Rexnord Corp.		393,274		15,530,390


				41,340,509

Insurance Brokers–0.31%
Selectquote, Inc.^(b)		116,213		2,411,420



Investment Banking & Brokerage–1.45%
Stifel Financial Corp.		221,467		11,175,225



IT Consulting & Other Services–4.27%
CACI International, Inc., Class A^(b)		42,045		10,483,080


KBR, Inc.		434,040		13,424,857


Perspecta, Inc.		372,025		8,958,362


				32,866,299



Leisure Facilities–0.53%
Cedar Fair L.P.		103,285		4,063,232



Life Sciences Tools & Services–2.48%
Adaptive Biotechnologies Corp.^(b)		80,955		4,786,869


NeoGenomics, Inc.^(b)		162,314		8,738,986


Repligen Corp.^(b)		29,225		5,600,387


				19,126,242



Multi-Utilities–0.92%
Avista Corp.		176,962		7,103,255



Office REITs–0.94%
Brandywine Realty Trust		609,261		7,256,298



Office Services & Supplies–1.49%
ACCO Brands Corp.		1,354,251		11,443,421



Oil & Gas Exploration & Production–0.59%
CNX Resources Corp.^(b)		418,074		4,515,199



Oil & Gas Refining & Marketing–2.35%
Renewable Energy Group, Inc.^(b)		255,079		18,064,695



Oil & Gas Storage & Transportation–0.48%
Noble Midstream Partners L.P.		357,076		3,720,732



Other Diversified Financial Services–0.32%
Social Capital Hedosophia Holdings Corp. III, Class A^(b)		145,951		2,447,598



Packaged Foods & Meats–1.55%
Simply Good Foods Co. (The)^(b)		379,364		11,896,855



Paper Products–0.62%
Schweitzer-Mauduit International, Inc., Class A		119,613		4,809,639



Personal Products–1.20%
BellRing Brands, Inc., Class A^(b)		381,104		9,264,638



Pharmaceuticals–0.83%
Axsome Therapeutics, Inc.^(b)		33,342		2,716,373


	Shares		Value

Pharmaceuticals–(continued)


Collegium Pharmaceutical, Inc.^(b)		183,473	$	3,674,964


				6,391,337



Regional Banks–7.70%
BankUnited, Inc.		282,527		9,826,289


Berkshire Hills Bancorp, Inc.		246,412		4,218,573


Cathay General Bancorp		200,622		6,458,022


CIT Group, Inc.		197,805		7,101,200


Heritage Financial Corp.		243,837		5,703,347


OceanFirst Financial Corp.		295,417		5,503,619


Pacific Premier Bancorp, Inc.		299,459		9,382,051


Signature Bank		32,035		4,334,015


Sterling Bancorp		376,902		6,776,698


				59,303,814



Restaurants–3.56%
Denny’s Corp.^(b)		306,503		4,499,464


Jack in the Box, Inc.		114,407		10,616,970


Texas Roadhouse, Inc.		156,862		12,260,334


				27,376,768



Semiconductor Equipment–3.07%
Brooks Automation, Inc.		158,638		10,763,588


MKS Instruments, Inc.		85,578		12,875,210


				23,638,798



Semiconductors–1.68%
Allegro MicroSystems, Inc. (Japan)^(b)		98,286		2,620,305


Semtech Corp.^(b)		142,611		10,280,827


				12,901,132



Specialized REITs–3.62%
EPR Properties		228,361		7,421,732


Four Corners Property Trust, Inc.		428,771		12,764,513


National Storage Affiliates Trust		212,636		7,661,275


				27,847,520



Thrifts & Mortgage Finance–1.99%
WSFS Financial Corp.		341,820		15,340,882


Total Common Stocks & Other Equity Interests (Cost $530,419,945)				764,399,311



Money Market Funds–0.70%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		1,875,710		1,875,710


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(d)(e)		1,339,234		1,339,636


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		2,143,668		2,143,668


Total Money Market Funds (Cost $5,359,106)				5,359,014


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $535,779,051)				769,758,325


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.72%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		2,231,743		2,231,743

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 0.12%^(d)(e)(f)		3,346,610	$	3,347,614


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,579,357)				5,579,357


TOTAL INVESTMENTS IN SECURITIES–100.72% (Cost $541,358,408)				775,337,682


OTHER ASSETS LESS LIABILITIES–(0.72)%				(5,574,881	)


NET ASSETS–100.00%			$	769,762,801

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2020.

^(d)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,914,336		$	111,961,002		$	(111,999,628	)		$	-			$	-			$	1,875,710		$	19,248
Invesco Liquid Assets Portfolio, Institutional Class			-			22,147,693			(20,807,365	)			(92	)			(600	)			1,339,636			858
Invesco Treasury Portfolio, Institutional Class			-			35,436,309			(33,292,641	)			-				-				2,143,668			303
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			8,135,366			(5,903,623	)			-				-				2,231,743			76	*
Invesco Private Prime Fund			-			9,038,575			(5,690,961	)			-				-				3,347,614			647	*
Total		$	1,914,336		$	186,718,945		$	(177,694,218	)		$	(92	)		$	(600	)		$	10,938,371		$	21,132

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $ 530,419,945)*	$	764,399,311


Investments in affiliated money market funds, at value (Cost $ 10,938,463)		10,938,371


Cash		362,235


Receivable for:
Investments sold		701,573


Fund shares sold		86,786


Dividends		398,390


Investment for trustee deferred compensation and retirement plans		94,680


Total assets		776,981,346



Liabilities:
Payable for:
Fund shares reacquired		788,406


Collateral upon return of securities loaned		5,579,357


Accrued fees to affiliates		431,433


Accrued other operating expenses		324,669


Trustee deferred compensation and retirement plans		94,680


Total liabilities		7,218,545


Net assets applicable to shares outstanding	$	769,762,801



Net assets consist of:
Shares of beneficial interest	$	491,159,911


Distributable earnings		278,602,890


	$	769,762,801



Net Assets:
Series I	$	119,377,069


Series II	$	650,385,732



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,353,226


Series II		24,164,639


Series I:
Net asset value per share	$	27.42


Series II:
Net asset value per share	$	26.91

*	Includes securities on loan with an aggregate value of $5,273,800

Statement of Operations

For the year ended December 31, 2020


Investment income:
Dividends	$	7,718,630


Dividends from affiliated money market funds (includes securities lending income of $1,237)		21,646


Total investment income		7,740,276



Expenses:
Advisory fees		4,489,560


Administrative services fees		1,045,022


Custodian fees		5,584


Distribution fees - Series II		1,361,228


Transfer agent fees		47,236


Trustees’ and officers’ fees and benefits		24,792


Reports to shareholders		153,200


Professional services fees		34,067


Other		19,276


Total expenses		7,179,965


Less: Fees waived		(707,949	)


Net expenses		6,472,016


Net investment income		1,268,260



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $2,645,118)		49,209,343


Affiliated investment securities		(600	)


		49,208,743


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		81,826,914


Affiliated investment securities		(92	)


		81,826,822


Net realized and unrealized gain		131,035,565


Net increase in net assets resulting from operations	$	132,303,825

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	1,268,260		$	2,495,743


Net realized gain		49,208,743			69,732,405


Change in net unrealized appreciation		81,826,822			122,277,503


Net increase in net assets resulting from operations		132,303,825			194,505,651



Distributions to shareholders from distributable earnings:
Series I		(1,994,674	)		(10,160,591	)


Series II		(9,921,357	)		(77,152,079	)


Total distributions from distributable earnings		(11,916,031	)		(87,312,670	)



Share transactions–net:
Series I		(7,562,317	)		(31,945,204	)


Series II		(58,085,112	)		(220,156,704	)


Net increase (decrease) in net assets resulting from share transactions		(65,647,429	)		(252,101,908	)


Net increase (decrease) in net assets		54,740,365			(144,908,927	)



Net assets:
Beginning of year		715,022,436			859,931,363


End of year	$	769,762,801		$	715,022,436

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Series I
Year ended 12/31/20		$	23.32		$	0.09		$	4.47			$	4.56			$	(0.14	)		$	(0.32	)		$	(0.46	)		$	27.42		19.93	%		$	119,377		0.80	%^(e)		0.91	%^(e)		0.41	%^(e)		35	%
Year ended 12/31/19			20.36			0.11			5.06				5.17				(0.05	)			(2.16	)			(2.21	)			23.32		26.47				109,695		0.80			0.86			0.49			36
Year ended 12/31/18			25.79			0.07			(2.07	)			(2.00	)			(0.08	)			(3.35	)			(3.43	)			20.36		(10.32	)			123,962		0.80			0.83			0.28			45
Year ended 12/31/17			24.08			0.07			3.22				3.29				(0.22	)			(1.36	)			(1.58	)			25.79		14.15				152,617		0.80			0.80			0.28			42
Year ended 12/31/16			21.32			0.16			3.55				3.71				(0.11	)			(0.84	)			(0.95	)			24.08		18.05				145,428		0.80			0.81			0.74			65
Series II
Year ended 12/31/20			22.89			0.03			4.39				4.42				(0.08	)			(0.32	)			(0.40	)			26.91		19.63				650,386		1.05	^(e)		1.16	^(e)		0.16	^(e)		35
Year ended 12/31/19			20.03			0.05			4.97				5.02				0.00				(2.16	)			(2.16	)			22.89		26.13				605,327		1.05			1.11			0.25			36
Year ended 12/31/18			25.42			0.01			(2.03	)			(2.02	)			(0.02	)			(3.35	)			(3.37	)			20.03		(10.54	)			735,969		1.05			1.08			0.03			45
Year ended 12/31/17			23.75			0.01			3.18				3.19				(0.16	)			(1.36	)			(1.52	)			25.42		13.91				935,793		1.05			1.05			0.03			42
Year ended 12/31/16			21.05			0.10			3.49				3.59				(0.05	)			(0.84	)			(0.89	)			23.75		17.67				922,037		1.05			1.06			0.49			65

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $95,116 and $544,491 for Series I and Series II shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Main Street Small Cap Fund®

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Main Street Small Cap Fund^® (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

Therefore, no provision for federal income taxes is recorded in the financial statements.

H.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $ 200 million		0.750%


Next $ 200 million		0.720%


Next $ 200 million		0.690%


Next $ 200 million		0.660%


Next $ 200 million		0.600%


Next $ 4 billion		0.580%


Over $5 billion		0.560%

*	The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.70%.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2020, the Adviser waived advisory fees of $707,949.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $91,844 for accounting and fund administrative services and was reimbursed $953,178 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the year ended December 31, 2020, the Fund incurred $223 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®


		own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	764,399,311	$	–		$–	$	764,399,311


Money Market Funds		5,359,014		5,579,357		–		10,938,371


Total Investments	$	769,758,325	$	5,579,357		$–	$	775,337,682

NOTE 4–Security Transactions with Affiliated Funds

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	2,600,095	$	7,555,176


Long-term capital gain		9,315,936		79,757,494


Total distributions	$	11,916,031	$	87,312,670

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	8,750,471


Undistributed long-term capital gain		43,783,107


Net unrealized appreciation – investments		226,160,731


Temporary book/tax differences		(91,419	)


Shares of beneficial interest		491,159,911


Total net assets	$	769,762,801

The Fund does not have a capital loss carryforward as of December 31, 2020.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $223,069,055 and $301,469,270, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	262,170,274


Aggregate unrealized (depreciation) of investments		(36,009,543	)


Net unrealized appreciation of investments	$	226,160,731

Cost of investments for tax purposes is $549,176,951.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of post financial statement adjustments and partnerships, on December 31, 2020, undistributed net investment income was decreased by $1,076,236, undistributed net realized gain was increased by $381,033 and shares of beneficial interest was increased by $695,203. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019
		Shares			Amount			Shares			Amount


Sold:
Series I		768,674		$	16,458,610			483,827		$	10,802,190


Series II		2,822,113			51,901,552			2,432,799			52,170,452



Issued as reinvestment of dividends:
Series I		85,498			1,994,674			480,179			10,160,591


Series II		433,058			9,921,357			3,709,234			77,152,079



Reacquired:
Series I		(1,204,533	)		(26,015,601	)		(2,347,530	)		(52,907,985	)


Series II		(5,530,234	)		(119,908,021	)		(16,441,278	)		(349,479,235	)


Net increase (decrease) in share activity		(2,625,424	)	$	(65,647,429	)		(11,682,769	)	$	(252,101,908	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Main Street Small Cap Fund^® to Invesco V.I. Main Street Small Cap Fund^®.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Main Street Small Cap Fund^® (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. Main Street Small Cap Fund^® (formerly known as Oppenheimer Main Street Small Cap Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL		Annualized Expense Ratio
		ACTUAL		(5% annual return before expenses)
		Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²
Series I	$1,000.00	$1,353.00	$4.73	$1,021.11	$4.06	0.80%
Series II	1,000.00	1,351.00	6.21	1,019.86	5.33	1.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	9,315,936
Corporate Dividends Received Deduction*		99.99	%
Qualified Dividend Income*		0.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

Invesco Oppenheimer V.I. Main Street Small Cap Fund^®



		Annual Report to Shareholders		December 31, 2020

		Invesco Oppenheimer V.I. Total Return Bond Fund

LOGO

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE



Invesco Distributors, Inc.		O-VITRB-AR-1

Management’s Discussion of Fund Performance



Performance summary
For the year ended December 31, 2020, Series I shares of Invesco Oppenheimer V.I. Total Return Bond Fund (the Fund) outperformed the Bloomberg Barclays U.S. Credit Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/19 to 12/31/20, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	9.71	%
Series II Shares	9.43
Bloomberg Barclays U.S. Credit Index^q	9.35
Bloomberg Barclays U.S. Aggregate Bond Index^q	7.51
FTSE Broad Investment Grade Bond Index^q	7.74

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

US corporate markets posted gains in the fourth quarter, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political

disagreement over a fiscal stimulus package and sharply rising coronavirus infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with estimates for employment gains and GDP growth down from the third quarter. However, bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 7.51%⁵ for the year. The strong performance by this index was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index – government-related, corporate, securitized and treasury – posted positive returns for the year. The Fund, at NAV, generated positive returns for the year, and outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. Overweight exposure to investment grade bonds were the most notable contributor to the Fund’s relative performance. However, trading friction detracted from Fund performance with the majority of the impact occurring in the second quarter due to market volatility and higher than usual bid/offers. With regard to security selection, in the financial institutions and consumer cyclical sectors, security selection contributed to the Fund’s relative performance during the year. Meanwhile, security selection in investment grade sectors, such as energy and transportation, detracted from relative Fund performance.

Overweight exposure to and security selection in commercial mortgage-backed securities, particularly conduit and single borrower issues, contributed to the Fund’s outperformance relative to the Bloomberg Barclays U.S. Aggregate Bond Index during the year. The Fund’s out-of-index exposure to US

dollar-denominated emerging market (EM) corporate debt during the year also contributed to the Fund’s relative performance. Helping to support returns in US dollar-denominated EM corporate debt were very accommodative central bank policies.

The Fund’s allocation to cash holdings detracted from relative Fund performance, as intermediate and long duration assets rallied during the year as a result of lower Treasury rates.

The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus the Bloomberg Barclays U.S. Aggregate Bond Index. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. Duration of the portfolio was maintained close to that of the Bloomberg Barclays U.S. Aggregate Bond Index, on average, and the timing of changes and the degree of variance from this index during the year detracted slightly from relative returns. Buying and selling US Treasury futures were important tools used for the management of interest rate risk and to maintain our targeted portfolio duration.

Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps index contracts at various points throughout the year. The currency management was carried out via currency forwards on an asneeded basis and we believe this was effective in managing the currency positioning within the Fund.

Invesco Oppenheimer V.I. Total Return Bond Fund

and market forces, such as supply and demand for similar securities. We are monitoring interest rates, as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Thank you for investing in Invesco V.I. Total Return Bond Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: US Bureau of Labor Statistics

3 Source: US Bureau of Economic Analysis

4 Source: US Department of the Treasury

5 Source: Morningstar Direct

Portfolio manager(s):

Matthew Brill

Michael Hyman

Todd Schomberg

See important Fund and, if applicable, index disclosures later in this report.

Invesco Oppenheimer V.I. Total Return Bond Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/10

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.



Average Annual Total Returns
As of 12/31/20

Series I Shares
Inception (4/3/85)	5.53	%
10 Years	5.20
5 Years	5.14
1 Year	9.71

Series II Shares
Inception (5/1/02)	2.62	%
10 Years	4.93
5 Years	4.88
1 Year	9.43

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Total Return Bond Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Total Return Bond Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. Total Return Bond Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. Total Return Bond Fund

Supplemental Information

Invesco Oppenheimer V.I. Total Return Bond Fund’s investment objective is to seek total return.

∎

Unless otherwise stated, information presented in this report is as of December 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

The Bloomberg Barclays U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes.

∎

The FTSE Broad Investment Grade Bond Index is a multi-asset, multi-currency benchmark that provides a broad-based measure of the global fixed income markets.

∎

Invesco Oppenheimer V.I. Total Return Bond Fund

Fund Information

Portfolio Composition


By security type		% of total net assets
U.S. Dollar Denominated Bonds & Notes			38.66	%
Asset-Backed Securities			19.33
U.S. Government Sponsored Agency Mortgage-Backed Securities			18.25
U.S. Treasury Securities			7.42
Security Types Each Less Than 1% of Portfolio			2.14
Money Market Funds Plus Other Assets Less Liabilities			14.20

Top Five Debt Issuers*
		% of total net assets
1.	Uniform Mortgage-Backed Securities		12.70	%
2.	U.S. Treasury		7.42
3.	Government National Mortgage Association		3.46
4.	COMM Mortgage Trust		1.38
5.	World Financial Network Credit Card Master Trust		1.36

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2020.

Invesco Oppenheimer V.I. Total Return Bond Fund

Schedule of Investments^(a)

December 31, 2020


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-38.66%
Advertising-0.43%
Interpublic Group of Cos., Inc. (The),
3.75%, 10/01/2021	$	201,000	$	206,065
4.20%, 04/15/2024		160,000		178,135
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		166,000		184,080
				568,280

Aerospace & Defense-0.42%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025^(b)		127,000		144,178
L3Harris Technologies, Inc., 3.85%, 06/15/2023		164,000		177,234
Northrop Grumman Corp., 4.75%, 06/01/2043		90,000		120,210
Raytheon Technologies Corp., 3.95%, 08/16/2025		99,000		113,570
				555,192

Agricultural & Farm Machinery-0.03%
Deere & Co., 3.10%, 04/15/2030		37,000		42,377

Airlines-0.87%
Delta Air Lines Pass-Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/2028		191,110		191,408
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025^(b)		204,000		218,118
4.75%, 10/20/2028^(b)		341,000		372,482
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		346,000		374,793
				1,156,801

Apparel Retail-0.24%
Ross Stores, Inc.,
3.38%, 09/15/2024		182,000		195,121
0.88%, 04/15/2026		85,000		85,053
1.88%, 04/15/2031		45,000		45,234
				325,408

Application Software-0.04%
Autodesk, Inc., 4.38%, 06/15/2025		51,000		58,347

Asset Management & Custody Banks-0.45%
Ameriprise Financial, Inc., 3.00%, 04/02/2025		150,000		163,527
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		130,000		145,086
Carlyle Finance Subsidiary LLC, 3.50%, 09/19/2029^(b)		83,000		91,307
CI Financial Corp. (Canada), 3.20%, 12/17/2030		196,000		201,051
				600,971

Automobile Manufacturers-1.41%
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022^(b)		319,000		330,032


	Principal Amount		Value
Automobile Manufacturers-(continued)
General Motors Financial Co., Inc.,
4.20%, 11/06/2021	$	200,000	$	206,169
4.15%, 06/19/2023		160,000		172,190
Hyundai Capital America,
5.75%, 04/06/2023^(b)		201,000		222,722
4.13%, 06/08/2023^(b)		163,000		175,962
Nissan Motor Acceptance Corp., 3.65%, 09/21/2021^(b)		269,000		273,753
Volkswagen Group of America Finance LLC (Germany),
4.00%, 11/12/2021^(b)		298,000		307,184
1.63%, 11/24/2027^(b)		200,000		201,870
				1,889,882

Biotechnology-0.32%
AbbVie, Inc.,
3.85%, 06/15/2024		231,000		254,639
2.95%, 11/21/2026		68,000		75,280
4.05%, 11/21/2039		76,000		91,942
				421,861

Brewers-0.27%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		96,000		165,675
Bacardi Ltd. (Bermuda), 4.70%, 05/15/2028^(b)		163,000		193,526
				359,201

Broadcasting-0.54%
Discovery Communications LLC, 4.00%, 09/15/2055^(b)		536,000		599,974
Fox Corp., 3.05%, 04/07/2025		53,000		58,031
ViacomCBS, Inc., 4.38%, 03/15/2043		52,000		61,435
				719,440

Cable & Satellite-0.74%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
5.13%, 07/01/2049		54,000		65,911
3.85%, 04/01/2061		150,000		151,165
Comcast Corp.,
4.00%, 03/01/2048		55,000		69,213
2.80%, 01/15/2051		144,000		149,988
2.45%, 08/15/2052		153,000		149,043
2.65%, 08/15/2062		189,000		189,223
Cox Communications, Inc.,
1.80%, 10/01/2030^(b)		59,000		58,983
2.95%, 10/01/2050^(b)		94,000		96,112
Time Warner Cable LLC, 4.50%, 09/15/2042		55,000		64,451
				994,089

Communications Equipment-0.17%
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		201,000		222,700

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Consumer Finance-0.52%
American Express Co.,
3.13%, 05/20/2026	$	97,000	$	108,763
Series C, 3.50% (3 mo. USD LIBOR + 3.29%)^(c)(d)		196,000		191,271
Capital One Financial Corp., 3.80%, 01/31/2028		46,000		53,043
Discover Bank, 4.65%, 09/13/2028		116,000		138,887
Discover Financial Services, 3.75%, 03/04/2025		58,000		63,894
Synchrony Financial, 4.25%, 08/15/2024		130,000		143,707
				699,565

Distillers & Vintners-0.24%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022^(b)		307,000		324,215

Distributors-0.13%
Genuine Parts Co., 1.88%, 11/01/2030		179,000		177,764

Diversified Banks-6.24%
Australia & New Zealand Banking Group Ltd. (Australia), 2.57%, 11/25/2035^(b)(e)		200,000		204,182
Banco Santander S.A. (Spain), 2.75%, 12/03/2030		200,000		206,592
Bank of America Corp.,
3.82%, 01/20/2028^(e)		95,000		109,136
4.27%, 07/23/2029^(e)		130,000		154,831
2.59%, 04/29/2031^(e)		125,000		134,060
1.90%, 07/23/2031^(e)		296,000		299,148
1.92%, 10/24/2031^(e)		319,000		323,314
7.75%, 05/14/2038		232,000		396,244
Bank of Montreal (Canada), Series E, 3.30%, 02/05/2024		127,000		137,807
BBVA Bancomer S.A. (Mexico), 1.88%, 09/18/2025^(b)		200,000		202,250
BBVA USA, 2.50%, 08/27/2024		255,000		271,014
BNP Paribas S.A. (France), 2.59%, 08/12/2035^(b)(e)		200,000		204,697
BPCE S.A. (France), 4.50%, 03/15/2025^(b)		185,000		209,330
Citigroup, Inc.,
3.11%, 04/08/2026^(e)		171,000		187,055
4.08%, 04/23/2029^(e)		131,000		153,681
4.41%, 03/31/2031^(e)		144,000		174,630
Series V, 4.70%^(c)(e)		165,000		169,862
Credit Agricole S.A. (France), 4.38%, 03/17/2025^(b)		310,000		348,392
Danske Bank A/S (Denmark), 3.24%, 12/20/2025^(b)(e)		200,000		214,220
HSBC Holdings PLC (United Kingdom),
3.95%, 05/18/2024^(e)		103,000		111,141
1.65%, 04/18/2026^(e)		202,000		206,685
4.60%^(c)(e)		225,000		229,527
JPMorgan Chase & Co.,
3.80%, 07/23/2024^(e)		195,000		211,715
2.08%, 04/22/2026^(e)		223,000		235,664
3.78%, 02/01/2028^(e)		174,000		200,134
3.54%, 05/01/2028^(e)		133,000		152,135
2.96%, 05/13/2031^(e)		168,000		184,395
3.11%, 04/22/2041^(e)		138,000		154,486


	Principal Amount		Value
Diversified Banks-(continued)
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.74%, 03/07/2029	$	102,000	$	120,064
National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034^(b)(e)		153,000		172,054
Royal Bank of Canada (Canada), 3.70%, 10/05/2023		140,000		152,714
Standard Chartered PLC (United Kingdom), 3.27%, 02/18/2036^(b)(e)		250,000		261,819
Sumitomo Mitsui Financial Group, Inc. (Japan),
1.47%, 07/08/2025		200,000		205,008
2.14%, 09/23/2030		340,000		341,936
Truist Bank, 2.64%, 09/17/2029^(e)		390,000		412,756
U.S. Bancorp,
Series W, 3.10%, 04/27/2026		126,000		140,402
1.38%, 07/22/2030		120,000		120,321
Wells Fargo & Co.,
2.19%, 04/30/2026^(e)		65,000		68,495
3.58%, 05/22/2028^(e)		132,000		149,663
3.07%, 04/30/2041^(e)		93,000		101,318
4.75%, 12/07/2046		99,000		129,700
Westpac Banking Corp. (Australia),
2.89%, 02/04/2030^(e)		119,000		124,801
2.67%, 11/15/2035^(e)		51,000		52,602
				8,339,980

Diversified Capital Markets-0.91%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		189,000		210,037
Credit Suisse Group AG (Switzerland),
4.55%, 04/17/2026		147,000		173,030
4.19%, 04/01/2031^(b)(e)		250,000		294,248
5.10%^(b)(c)(e)		201,000		209,542
UBS Group AG (Switzerland),
4.13%, 04/15/2026^(b)		153,000		177,084
4.25%, 03/23/2028^(b)		135,000		158,083
				1,222,024

Diversified Chemicals-0.18%
Dow Chemical Co. (The), 3.63%, 05/15/2026		116,000		130,771
Eastman Chemical Co., 3.50%, 12/01/2021		101,000		103,771
				234,542

Diversified Metals & Mining-0.50%
Anglo American Capital PLC (South Africa),
3.63%, 09/11/2024^(b)		83,000		90,387
5.38%, 04/01/2025^(b)		231,000		270,585
5.63%, 04/01/2030^(b)		240,000		306,057
				667,029

Diversified REITs-0.18%
Brixmor Operating Partnership L.P.,
4.13%, 05/15/2029		83,000		95,599
4.05%, 07/01/2030		125,000		143,621
				239,220

Drug Retail-0.12%
Walgreen Co., 3.10%, 09/15/2022		155,000		161,847

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Electric Utilities-0.88%
AEP Texas, Inc., 3.95%, 06/01/2028^(b)	$	162,000	$	189,685
Consolidated Edison Co. of New York, Inc.,
Series 20A, 3.35%, 04/01/2030		21,000		24,090
Series C, 3.00%, 12/01/2060		133,000		135,389
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(b)		219,000		239,171
Emera US Finance L.P. (Canada), 2.70%, 06/15/2021		146,000		147,146
Enel Finance International N.V. (Italy), 2.88%, 05/25/2022^(b)		309,000		318,918
Eversource Energy, Series Q, 0.80%, 08/15/2025		30,000		29,969
Fortis, Inc. (Canada), 3.06%, 10/04/2026		65,000		71,635
Virginia Electric and Power Co., 2.45%, 12/15/2050		26,000		26,143
				1,182,146

Electrical Components & Equipment-0.17%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		230,000		233,716

Electronic Components-0.05%
Corning, Inc., 5.45%, 11/15/2079		44,000		60,406

Electronic Manufacturing Services-0.13%
Jabil, Inc., 3.00%, 01/15/2031		167,000		177,935

Environmental & Facilities Services-0.14%
Republic Services, Inc., 1.75%, 02/15/2032		183,000		183,499

Financial Exchanges & Data-0.26%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		124,000		130,217
Moody’s Corp.,
3.25%, 05/20/2050		55,000		61,226
2.55%, 08/18/2060		46,000		43,233
S&P Global, Inc., 1.25%, 08/15/2030		111,000		109,461
				344,137

Gas Utilities-0.04%
East Ohio Gas Co. (The), 1.30%, 06/15/2025^(b)		48,000		48,950

Health Care Equipment-0.07%
Becton, Dickinson and Co., 3.70%, 06/06/2027		85,000		97,565

Health Care Facilities-0.11%
CommonSpirit Health, 1.55%, 10/01/2025		81,000		83,274
West Virginia United Health System Obligated Group, 3.13%, 06/01/2050		60,000		62,088
				145,362

Health Care REITs-0.50%
Healthcare Trust of America Holdings L.P.,
3.50%, 08/01/2026		113,000		128,093
2.00%, 03/15/2031		124,000		124,210
Healthpeak Properties, Inc., 3.00%, 01/15/2030		153,000		167,502


	Principal Amount		Value
Health Care REITs-(continued)
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031	$	156,000	$	164,144
Welltower, Inc., 2.70%, 02/15/2027		72,000		79,378
				663,327

Health Care Services-0.80%
Cigna Corp., 4.13%, 11/15/2025		127,000		146,323
CVS Health Corp.,
1.30%, 08/21/2027		170,000		170,822
2.70%, 08/21/2040		74,000		74,977
Fresenius Medical Care US Finance II, Inc. (Germany), 5.88%, 01/31/2022^(b)		166,000		174,850
Sutter Health,
Series 20A,
3.16%, 08/15/2040		270,000		286,980
3.36%, 08/15/2050		200,000		217,925
				1,071,877

Home Improvement Retail-0.15%
Lowe’s Cos., Inc.,
1.30%, 04/15/2028		123,000		124,113
4.50%, 04/15/2030		62,000		77,195
				201,308

Homebuilding-0.12%
D.R. Horton, Inc., 4.75%, 02/15/2023		150,000		161,482

Independent Power Producers & Energy Traders-0.33%
AES Corp. (The),
1.38%, 01/15/2026^(b)		123,000		124,188
2.45%, 01/15/2031^(b)		136,000		137,874
Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028^(b)		149,000		176,048
				438,110

Industrial Conglomerates-0.14%
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		163,000		181,500

Industrial REITs-0.05%
Lexington Realty Trust, 2.70%, 09/15/2030		69,000		71,938

Insurance Brokers-0.05%
Marsh & McLennan Cos., Inc., 4.35%, 01/30/2047		55,000		72,997

Integrated Oil & Gas-0.42%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		111,000		113,348
Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(b)		149,000		153,706
Occidental Petroleum Corp.,
2.90%, 08/15/2024		267,000		257,388
4.50%, 07/15/2044		49,000		41,742
				566,184

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Integrated Telecommunication Services-2.36%
AT&T, Inc.,
4.30%, 02/15/2030	$	123,000	$	147,037
2.55%, 12/01/2033^(b)		668,000		688,377
3.10%, 02/01/2043		179,000		181,612
3.50%, 09/15/2053^(b)		305,000		305,017
3.55%, 09/15/2055^(b)		53,000		52,823
3.80%, 12/01/2057^(b)		103,000		107,404
3.65%, 09/15/2059^(b)		12,000		12,060
3.50%, 02/01/2061		116,000		115,540
T-Mobile USA, Inc., 3.50%, 04/15/2025^(b)		187,000		206,818
Verizon Communications, Inc.,
0.85%, 11/20/2025		199,000		200,612
1.75%, 01/20/2031		243,000		242,082
2.65%, 11/20/2040		210,000		212,390
4.52%, 09/15/2048		94,000		122,589
2.88%, 11/20/2050		263,000		265,243
3.00%, 11/20/2060		300,000		302,084
				3,161,688

Interactive Home Entertainment-0.16%
Activision Blizzard, Inc., 2.50%, 09/15/2050		212,000		207,219

Interactive Media & Services-0.14%
Alphabet, Inc.,
1.90%, 08/15/2040		36,000		35,334
2.25%, 08/15/2060		160,000		154,926
				190,260

Internet & Direct Marketing Retail-0.54%
Expedia Group, Inc.,
4.63%, 08/01/2027^(b)		115,000		128,584
Prosus N.V. (Netherlands), 3.83%, 02/08/2051^(b)		599,000		588,363
				716,947

Internet Services & Infrastructure-0.24%
VeriSign, Inc.,
5.25%, 04/01/2025		99,000		112,674
4.75%, 07/15/2027		190,000		204,193
				316,867

Investment Banking & Brokerage-1.61%
Goldman Sachs Group, Inc. (The),
3.50%, 04/01/2025		153,000		170,272
3.75%, 02/25/2026		87,000		98,873
3.50%, 11/16/2026		87,000		97,734
1.09%, 12/09/2026^(e)		184,000		186,070
0.87% (SOFR + 0.79%), 12/09/2026^(d)		786,000		791,415
Morgan Stanley,
5.00%, 11/24/2025		164,000		196,320
2.19%, 04/28/2026^(e)		112,000		118,373
4.43%, 01/23/2030^(e)		123,000		149,988
3.62%, 04/01/2031^(e)		144,000		167,354
Raymond James Financial, Inc.,
3.63%, 09/15/2026		81,000		93,018
4.65%, 04/01/2030		72,000		88,408
				2,157,825


	Principal Amount		Value
Life & Health Insurance-1.49%
AIA Group Ltd. (Hong Kong), 3.20%, 09/16/2040^(b)	$	200,000	$	210,026
Athene Global Funding,
1.20%, 10/13/2023^(b)		269,000		271,164
2.95%, 11/12/2026^(b)		261,000		280,242
Athene Holding Ltd.,
6.15%, 04/03/2030		157,000		195,567
3.50%, 01/15/2031		65,000		68,795
Belrose Funding Trust, 2.33%, 08/15/2030^(b)		143,000		147,397
Lincoln National Corp., 3.80%, 03/01/2028		99,000		114,670
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032^(e)		119,000		130,246
Pacific LifeCorp, 3.35%, 09/15/2050^(b)		159,000		177,182
Prudential Financial, Inc., 5.20%, 03/15/2044^(e)		193,000		205,267
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027^(b)		178,000		187,275
				1,987,831

Managed Health Care-0.54%
Anthem, Inc., 3.13%, 05/15/2022		163,000		169,157
Children’s Hospital, Series 2020, 2.93%, 07/15/2050		98,000		98,385
Community Health Network, Inc., Series 20-A, 3.10%, 05/01/2050		208,000		210,089
Hackensack Meridian Health, Inc.,
Series 2020,
2.68%, 09/01/2041		91,000		92,103
2.88%, 09/01/2050		88,000		90,889
New York and Presbyterian Hospital (The), 2.26%, 08/01/2040		66,000		64,662
				725,285

Multi-Utilities-0.67%
Ameren Corp.,
2.50%, 09/15/2024		107,000		114,164
3.50%, 01/15/2031		74,000		85,195
CenterPoint Energy, Inc., 4.25%, 11/01/2028		76,000		90,070
Dominion Energy, Inc.,
2.72%, 08/15/2021^(f)		177,000		179,226
Series C, 3.38%, 04/01/2030		121,000		137,921
DTE Energy Co., Series F, 1.05%, 06/01/2025		64,000		64,760
WEC Energy Group, Inc.,
1.38%, 10/15/2027		119,000		121,101
1.80%, 10/15/2030		109,000		109,495
				901,932

Office REITs-0.22%
Highwoods Realty L.P., 2.60%, 02/01/2031		36,000		36,781
Office Properties Income Trust, 4.50%, 02/01/2025		247,000		261,932
				298,713

Oil & Gas Exploration & Production-0.35%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		223,000		234,124

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Oil & Gas Exploration & Production-(continued)
Concho Resources, Inc., 2.40%, 02/15/2031	$	51,000	$ 53,464
EQT Corp., 3.00%, 10/01/2022		29,000	29,272
Pioneer Natural Resources Co., 1.90%, 08/15/2030		158,000	156,627
			473,487

Oil & Gas Storage & Transportation-1.31%
Energy Transfer Operating L.P., 4.25%, 03/15/2023		126,000	134,012
Kinder Morgan Energy Partners L.P., 5.80%, 03/01/2021		108,000	108,884
Kinder Morgan, Inc.,
2.00%, 02/15/2031		95,000	96,077
5.20%, 03/01/2048		69,000	87,897
MPLX L.P.,
1.33% (3 mo. USD LIBOR + 1.10%), 09/09/2022^(d)		149,000	149,027
1.75%, 03/01/2026		153,000	158,419
4.25%, 12/01/2027		101,000	118,719
2.65%, 08/15/2030		162,000	169,966
ONEOK, Inc.,
5.85%, 01/15/2026		56,000	67,135
6.35%, 01/15/2031		215,000	276,041
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		85,000	97,583
Sunoco Logistics Partners Operations L.P., 4.00%, 10/01/2027		100,000	109,447
Williams Cos., Inc. (The), 3.70%, 01/15/2023		164,000	173,827
			1,747,034

Other Diversified Financial Services-0.53%
Avolon Holdings Funding Ltd. (Ireland), 4.25%, 04/15/2026^(b)		94,000	101,345
Blackstone Holdings Finance Co. LLC,
3.15%, 10/02/2027^(b)		62,000	69,157
1.60%, 03/30/2031^(b)		222,000	221,133
2.80%, 09/30/2050^(b)		103,000	105,360
Equitable Holdings, Inc., 4.35%, 04/20/2028		85,000	100,514
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050^(b)		97,000	107,961
			705,470

Packaged Foods & Meats-0.48%
Conagra Brands, Inc., 4.60%, 11/01/2025		155,000	182,735
Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021^(b)		319,000	322,967
Tyson Foods, Inc., 3.90%, 09/28/2023		130,000	142,026
			647,728

Paper Packaging-0.17%
Berry Global, Inc., 1.57%, 01/15/2026^(b)		71,000	71,704
Packaging Corp. of America, 3.65%, 09/15/2024		141,000	154,621
			226,325


	Principal Amount		Value
Pharmaceuticals-1.11%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(b)	$	313,000	$ 341,259
Bristol-Myers Squibb Co.,
0.75%, 11/13/2025		192,000	193,405
1.45%, 11/13/2030		296,000	297,575
2.35%, 11/13/2040		28,000	28,818
2.55%, 11/13/2050		101,000	103,428
Elanco Animal Health, Inc., 5.90%, 08/28/2028		137,000	162,088
Mylan, Inc., 3.13%, 01/15/2023^(b)		159,000	167,001
Royalty Pharma PLC,
1.20%, 09/02/2025^(b)		62,000	63,005
1.75%, 09/02/2027^(b)		56,000	57,668
2.20%, 09/02/2030^(b)		70,000	71,966
			1,486,213

Property & Casualty Insurance-0.48%
Arch Capital Group Ltd., 3.64%, 06/30/2050		87,000	101,443
CNA Financial Corp., 3.45%, 08/15/2027		123,000	139,489
Fidelity National Financial, Inc.,
3.40%, 06/15/2030		111,000	122,075
2.45%, 03/15/2031		166,000	169,115
W.R. Berkley Corp., 4.00%, 05/12/2050		95,000	116,211
			648,333

Railroads-0.35%
CSX Corp., 2.50%, 05/15/2051		187,000	185,755
Union Pacific Corp.,
2.15%, 02/05/2027		119,000	126,559
2.40%, 02/05/2030		147,000	158,479
			470,793

Real Estate Development-0.09%
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		113,000	115,877

Regional Banks-1.16%
Citizens Financial Group, Inc.,
2.50%, 02/06/2030		113,000	120,166
3.25%, 04/30/2030		70,000	79,155
Fifth Third Bancorp, 2.55%, 05/05/2027		94,000	102,409
Fifth Third Bank N.A., 3.85%, 03/15/2026		168,000	190,570
Huntington Bancshares, Inc., 4.00%, 05/15/2025		164,000	185,835
KeyCorp,
4.15%, 10/29/2025		52,000	60,409
2.25%, 04/06/2027		164,000	175,680
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		121,000	135,303
Santander Holdings USA, Inc., 3.50%, 06/07/2024		131,000	141,567
Synovus Financial Corp., 3.13%, 11/01/2022		93,000	96,601
Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000	263,654
			1,551,349

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Reinsurance-0.12%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050	$	154,000	$ 165,307

Residential REITs-0.47%
Essex Portfolio L.P.,
3.00%, 01/15/2030		77,000	84,605
1.65%, 01/15/2031		77,000	76,623
2.65%, 09/01/2050		136,000	130,808
Mid-America Apartments L.P., 1.70%, 02/15/2031		51,000	50,898
Spirit Realty L.P., 3.20%, 01/15/2027		107,000	113,769
VEREIT Operating Partnership L.P.,
2.20%, 06/15/2028		90,000	92,108
2.85%, 12/15/2032		82,000	85,772
			634,583

Restaurants-0.02%
McDonald’s Corp., 3.30%, 07/01/2025		22,000	24,519

Retail REITs-0.74%
Kimco Realty Corp.,
1.90%, 03/01/2028		191,000	197,330
2.70%, 10/01/2030		93,000	100,299
Kite Realty Group L.P., 4.00%, 10/01/2026		111,000	116,516
Realty Income Corp., 3.25%, 01/15/2031		127,000	144,133
Regency Centers L.P., 2.95%, 09/15/2029		126,000	134,708
Retail Properties of America, Inc., 4.75%, 09/15/2030		110,000	116,953
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080^(b)(e)		166,000	173,253
			983,192

Semiconductor Equipment-0.12%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands),
2.70%, 05/01/2025^(b)		40,000	43,078
3.88%, 06/18/2026^(b)		106,000	121,525
			164,603

Semiconductors-1.02%
Analog Devices, Inc., 2.95%, 04/01/2025		63,000	68,816
Broadcom, Inc.,
2.25%, 11/15/2023		191,000	199,601
4.70%, 04/15/2025		235,000	269,356
3.15%, 11/15/2025		196,000	214,097
4.15%, 11/15/2030		172,000	199,227
QUALCOMM, Inc.,
2.15%, 05/20/2030		190,000	201,301
3.25%, 05/20/2050		186,000	215,918
			1,368,316

Soft Drinks-0.13%
Keurig Dr Pepper, Inc., 4.06%, 05/25/2023		156,000	169,599

Specialized REITs-0.42%
Agree L.P., 2.90%, 10/01/2030		50,000	53,196


	Principal Amount		Value
Specialized REITs-(continued)
American Tower Corp.,
3.00%, 06/15/2023	$	135,000	$ 143,088
4.00%, 06/01/2025		86,000	97,196
1.30%, 09/15/2025		99,000	101,302
Crown Castle International Corp., 3.30%, 07/01/2030		53,000	59,385
Life Storage L.P., 2.20%, 10/15/2030		55,000	56,207
Simon Property Group L.P., 3.50%, 09/01/2025		44,000	48,883
			559,257

Systems Software-0.17%
Leidos, Inc., 2.30%, 02/15/2031^(b)		224,000	228,497

Technology Hardware, Storage & Peripherals-0.86%
Apple, Inc.,
4.38%, 05/13/2045		97,000	132,941
2.55%, 08/20/2060		554,000	569,816
Dell International LLC/EMC Corp., 5.30%, 10/01/2029^(b)		196,000	240,205
Lenovo Group Ltd. (China), 3.42%, 11/02/2030^(b)		200,000	210,372
			1,153,334

Thrifts & Mortgage Finance-0.13%
Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030^(b)(e)		150,000	174,865

Tobacco-0.54%
Altria Group, Inc., 3.49%, 02/14/2022		107,000	110,694
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		137,000	142,336
Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022^(b)		308,000	321,281
Philip Morris International, Inc., 0.88%, 05/01/2026		147,000	147,688
			721,999

Trucking-0.56%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
3.65%, 07/29/2021^(b)		95,000	96,484
4.00%, 07/15/2025^(b)		128,000	145,215
1.20%, 11/15/2025^(b)		43,000	43,399
3.40%, 11/15/2026^(b)		154,000	171,364
Ryder System, Inc.,
2.50%, 09/01/2024		83,000	88,210
4.63%, 06/01/2025		117,000	135,623
3.35%, 09/01/2025		56,000	62,446
			742,741
Total U.S. Dollar Denominated Bonds & Notes (Cost $48,035,755)			51,711,162

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Asset-Backed Securities-19.33%
American Credit Acceptance Receivables Trust,
Series 2017-4, Class D, 3.57%, 01/10/2024^(b)	$	153,413	$ 155,442
Series 2018-2, Class C, 3.70%, 07/10/2024^(b)		62,570	62,838
Series 2018-3, Class D, 4.14%, 10/15/2024^(b)		25,000	25,586
Series 2018-4, Class C, 3.97%, 01/13/2025^(b)		119,614	120,908
Series 2019-3, Class C, 2.76%, 09/12/2025^(b)		160,000	163,032
AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class D, 3.42%, 04/18/2023		300,000	308,519
Series 2017-4, Class D, 3.08%, 12/18/2023		190,000	195,840
Series 2018-3, Class C, 3.74%, 10/18/2024		260,000	274,001
Series 2019-2, Class C, 2.74%, 04/18/2025		100,000	104,235
Series 2019-2, Class D, 2.99%, 06/18/2025		280,000	293,228
Series 2019-3, Class D, 2.58%, 09/18/2025		135,000	140,260
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.47%, 12/25/2059^(b)(g)		136,966	138,445
Series 2020-3, Class A1, 1.69%, 04/25/2065^(b)(g)		382,315	385,497
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR, 1.46% (3 mo. USD LIBOR + 1.25%), 07/25/2030^(b)(d)		480,786	480,905
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		53,223	52,584
Series 2007-C, Class 1A4, 3.48%, 05/20/2036^(g)		18,386	18,150
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		38,662	38,847
Bank, Series 2019-BNK16, Class XA, IO, 0.96%, 02/15/2052^(h)		1,569,154	98,967
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-9, Class A1, 2.41% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(d)		43,875	43,967
Series 2006-1, Class A1, 2.37% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(d)		53,926	55,185
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.52%, 01/15/2051^(h)		1,770,163	51,842
Capital Auto Receivables Asset Trust,
Series 2017-1, Class D, 3.15%, 02/20/2025^(b)		40,000	40,619
Series 2018-2, Class B, 3.48%, 10/20/2023^(b)		120,000	120,915
Series 2018-2, Class C, 3.69%, 12/20/2023^(b)		115,000	116,923
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024^(b)(h)		55,429	600


	Principal Amount		Value
CarMax Auto Owner Trust,
Series 2017-1, Class D, 3.43%, 07/17/2023	$	230,000	$ 231,272
Series 2017-4, Class D, 3.30%, 05/15/2024		100,000	102,341
CCG Receivables Trust,
Series 2018-1, Class B, 3.09%, 06/16/2025^(b)		85,000	85,800
Series 2018-2, Class C, 3.87%, 12/15/2025^(b)		60,000	61,848
Series 2019-2, Class B, 2.55%, 03/15/2027^(b)		105,000	107,844
Series 2019-2, Class C, 2.89%, 03/15/2027^(b)		100,000	102,629
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.92%, 11/13/2050^(h)		713,906	29,600
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049^(b)(g)		28,566	29,339
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.36%, 01/25/2036^(g)		51,806	50,193
CHL Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		5,137	5,116
Series 2005-26, Class 1A8, 5.50%, 11/25/2035		45,235	38,587
Series 2005-JA, Class A7, 5.50%, 11/25/2035		4,831	4,803
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO, 1.03%, 11/10/2046^(g)		377,506	9,305
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		67,231	70,431
Series 2017-C4, Class XA, IO, 1.10%, 10/12/2050^(h)		1,973,738	104,467
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 1A1, 3.88% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(d)		138,201	141,130
CNH Equipment Trust,
Series 2017-C, Class B, 2.54%, 05/15/2025		65,000	65,969
Series 2019-A, Class A4, 3.22%, 01/15/2026		125,000	132,217
COLT Mortgage Loan Trust,
Series 2020-1, Class A1, 2.49%, 02/25/2050^(b)(g)		277,395	281,033
Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(g)		213,037	216,036
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.51%, 12/10/2045^(h)		1,876,478	45,679
Series 2013-CR6, Class AM, 3.15%, 03/10/2046^(b)		245,000	254,948
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		50,479	52,935
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		715,000	786,063
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		170,000	186,917
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		475,000	522,377

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053	$	637,000	$ 688,881
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		117,406	92,884
Dell Equipment Finance Trust,
Series 2018-1, Class B, 3.34%, 06/22/2023^(b)		80,000	80,648
Series 2019-1, Class C, 3.14%, 03/22/2024^(b)		325,000	332,487
Series 2019-2, Class D, 2.48%, 04/22/2025^(b)		115,000	116,894
Drive Auto Receivables Trust,
Series 2016-CA, Class D, 4.18%, 03/15/2024^(b)		77,329	78,095
Series 2017-1, Class D, 3.84%, 03/15/2023		135,875	137,517
Series 2018-1, Class D, 3.81%, 05/15/2024		130,556	133,144
Series 2018-2, Class D, 4.14%, 08/15/2024		215,000	221,274
Series 2018-3, Class D, 4.30%, 09/16/2024		200,000	207,271
Series 2018-5, Class C, 3.99%, 01/15/2025		210,000	214,911
Series 2019-1, Class C, 3.78%, 04/15/2025		345,000	351,657
DT Auto Owner Trust,
Series 2017-1A, Class D, 3.55%, 11/15/2022^(b)		37	37
Series 2017-2A, Class D, 3.89%, 01/15/2023^(b)		15,592	15,626
Series 2017-3A, Class D, 3.58%, 05/15/2023^(b)		20,051	20,208
Series 2017-3A, Class E, 5.60%, 08/15/2024^(b)		195,000	200,772
Series 2017-4A, Class D, 3.47%, 07/17/2023^(b)		39,802	39,976
Series 2018-3A, Class B, 3.56%, 09/15/2022^(b)		24,763	24,793
Series 2018-3A, Class C, 3.79%, 07/15/2024^(b)		100,000	101,252
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.01%, 05/25/2065^(b)(g)		94,700	96,290
Exeter Automobile Receivables Trust,
Series 2019-2A, Class C, 3.30%, 03/15/2024^(b)		317,000	323,693
Series 2019-4A, Class D, 2.58%, 09/15/2025^(b)		240,000	247,037
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 0.80% (1 mo. USD LIBOR + 0.65%), 11/25/2035^(d)		83,942	39,387
Flagship Credit Auto Trust, Series 2016-1, Class C, 6.22%, 06/15/2022^(b)		121,027	122,194
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 0.76% (1 mo. USD LIBOR + 0.60%), 09/15/2024^(d)		560,000	564,186


	Principal Amount		Value
FREMF Mortgage Trust,
Series 2013-K25, Class C, 3.62%, 11/25/2045^(b)(g)	$	90,000	$ 93,549
Series 2013-K26, Class C, 3.60%, 12/25/2045^(b)(g)		60,000	62,624
Series 2013-K27, Class C, 3.50%, 01/25/2046^(b)(g)		95,000	99,041
Series 2013-K28, Class C, 3.49%, 06/25/2046^(b)(g)		285,000	299,169
Series 2014-K715, Class C, 4.12%, 02/25/2046^(b)(g)		190,000	189,749
GLS Auto Receivables Trust, Series 2018-1A, Class A, 2.82%, 07/15/2022^(b)		7,777	7,786
GS Mortgage Securities Trust,
Series 2012-GC6, Class A3, 3.48%, 01/10/2045		59,774	60,735
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		45,000	49,209
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		15,804	16,127
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		52,922	55,265
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		245,000	264,157
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.33%, 07/25/2035^(g)		23,738	24,237
HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.77% (1 mo. USD LIBOR + 0.62%), 07/25/2035^(d)		4,819	4,834
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C10, Class AS, 3.37%, 12/15/2047		315,000	329,320
Series 2013-C16, Class AS, 4.52%, 12/15/2046		300,000	326,757
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		40,000	41,638
Series 2014-C20, Class AS, 4.04%, 07/15/2047		220,000	240,396
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		123,307	124,533
JP Morgan Mortgage Trust,
Series 2007-A1, Class 5A1, 3.06%, 07/25/2035^(g)		29,576	29,333
Series 2018-8, Class A17, 4.00%, 01/25/2049^(b)(g)		4,171	4,175
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C24, Class B, 4.12%, 11/15/2047^(g)		245,000	252,810
Series 2014-C25, Class AS, 4.07%, 11/15/2047		200,000	220,258
Series 2015-C27, Class XA, IO, 1.16%, 02/15/2048^(h)		2,044,588	81,227
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 0.93%, 02/18/2030^(h)		40,213	0
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(b)(g)		16,272	10,513

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.25% (1 mo. USD LIBOR + 0.10%), 08/25/2036^(d)	$	41,947	$ 19,872
Morgan Stanley BAML Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047		595,000	648,586
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		225,000	235,563
Morgan Stanley Capital I Trust,
Series 2011-C2, Class A4, 4.66%, 06/15/2044^(b)		61,282	61,698
Series 2017-HR2, Class XA, IO, 0.79%, 12/15/2050^(h)		675,619	29,893
Morgan Stanley ReRemic Trust, Series 2012-R3, Class 1B, 2.64%, 11/26/2036^(b)(g)		305,387	291,449
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		151,355	153,920
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.24% (3 mo. USD LIBOR + 1.02%), 04/19/2030^(b)(d)		293,000	291,880
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1A, 1.50% (3 mo. USD LIBOR + 1.26%), 07/15/2030^(b)(d)		250,000	250,125
Series 2020-8RA, Class A1, 1.00% (1.22% - 3 mo. USD LIBOR), 01/17/2032^(b)(d)		433,000	433,217
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.00% (1.22% - 3 mo. USD LIBOR), 01/15/2033^(b)(d)		400,000	400,326
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.48% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(b)(d)		287,936	288,683
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(b)		115,000	118,045
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(b)		395,000	402,799
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 3.04%, 07/26/2045^(b)(g)		1,798	1,813
Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		441	412
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		5,276	5,080
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 02/25/2024^(b)(g)		128,284	131,014


	Principal Amount		Value
Santander Drive Auto Receivables Trust,
Series 2017-1, Class E, 5.05%, 07/15/2024^(b)	$	355,000	$ 361,049
Series 2017-2, Class D, 3.49%, 07/17/2023		51,384	52,014
Series 2017-3, Class D, 3.20%, 11/15/2023		280,000	284,921
Series 2018-1, Class D, 3.32%, 03/15/2024		100,000	102,308
Series 2018-2, Class D, 3.88%, 02/15/2024		165,000	170,451
Series 2018-5, Class C, 3.81%, 12/16/2024		162,802	164,624
Series 2019-2, Class D, 3.22%, 07/15/2025		195,000	202,915
Series 2019-3, Class D, 2.68%, 10/15/2025		165,000	169,744
Santander Retail Auto Lease Trust,
Series 2019-A, Class C, 3.30%, 05/22/2023^(b)		315,000	324,488
Series 2019-B, Class C, 2.77%, 08/21/2023^(b)		115,000	118,410
Series 2019-C, Class C, 2.39%, 11/20/2023^(b)		210,000	215,713
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050^(b)(g)		163,168	166,963
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.51% (3 mo. USD LIBOR + 1.29%), 04/18/2033^(b)(d)		250,000	250,312
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.50% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(b)(d)		271,000	271,350
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039^(b)		310,000	313,134
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.00%, 11/15/2050^(h)		1,230,778	59,268
United Auto Credit Securitization Trust, Series 2019-1, Class C, 3.16%, 08/12/2024^(b)		139,182	139,849
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060^(b)(f)		357,661	364,774
Series 2020-1, Class A2, 2.64%, 01/25/2060^(b)(f)		99,729	101,752
Series 2020-INV1, Class A1, 1.98%, 03/25/2060^(b)(g)		90,494	91,918
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055^(b)		199,794	200,405
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.57%, 10/25/2033^(g)		33,896	34,133
Series 2005-AR14, Class 1A4, 2.90%, 12/25/2035^(g)		76,465	76,435
Series 2005-AR16, Class 1A1, 2.75%, 12/25/2035^(g)		35,549	35,186
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		247,895	256,911
Series 2017-C42, Class XA, IO, 0.88%, 12/15/2050^(h)		887,130	45,316

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Westlake Automobile Receivables Trust,
Series 2017-2A, Class E, 4.63%, 07/15/2024^(b)	$	305,000	$ 306,391
Series 2018-1A, Class D, 3.41%, 05/15/2023^(b)		108,156	108,977
Series 2018-3A, Class B, 3.32%, 10/16/2023^(b)		15,869	15,887
Series 2019-3A, Class C, 2.49%, 10/15/2024^(b)		260,000	266,248
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		150,000	157,504
Series 2014-C20, Class AS, 4.18%, 05/15/2047		130,000	141,392
Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(g)		145,000	158,461
World Financial Network Credit Card Master Trust,
Series 2018-A, Class A, 3.07%, 12/16/2024		495,000	496,619
Series 2018-B, Class A, 3.46%, 07/15/2025		230,000	235,075
Series 2018-C, Class A, 3.55%, 08/15/2025		470,000	481,920
Series 2019-A, Class A, 3.14%, 12/15/2025		75,000	77,364
Series 2019-B, Class A, 2.49%, 04/15/2026		270,000	278,360
Series 2019-C, Class A, 2.21%, 07/15/2026		235,000	242,383
Total Asset-Backed Securities (Cost $25,931,983)			25,850,069

U.S. Government Sponsored Agency Mortgage-Backed Securities-18.25%
Collateralized Mortgage Obligations-1.69%
Fannie Mae Interest STRIPS,
IO,
7.50%, 05/25/2023 to 11/25/2029⁽ⁱ⁾		65,758	7,239
7.00%, 06/25/2023 to 04/25/2032⁽ⁱ⁾		144,710	23,097
6.50%, 04/25/2029 to 02/25/2033⁽ⁱ⁾		278,486	54,654
6.00%, 02/25/2033 to 03/25/2036⁽ⁱ⁾		206,144	39,357
6.50%, 02/25/2033⁽ⁱ⁾		45,201	8,536
5.50%, 09/25/2033 to 06/25/2035⁽ⁱ⁾		398,070	70,645
6.00%, 09/25/2035⁽ⁱ⁾		60,097	11,045


	Principal Amount		Value
Collateralized Mortgage Obligations-(continued)
Fannie Mae REMICs,
IO,
5.50%, 04/25/2023 to 07/25/2046⁽ⁱ⁾	$	169,661	$ 104,440
6.55%, 02/25/2024 to 05/25/2035^(d)(i)		139,090	26,244
4.00%, 08/25/2026 to 08/25/2047⁽ⁱ⁾		219,319	13,729
3.00%, 11/25/2027⁽ⁱ⁾		106,577	6,119
6.95% (7.10% - 1 mo. USD LIBOR), 11/25/2030^(d)(i)		53,445	9,686
7.74%, 11/18/2031 to 12/18/2031^(d)(i)		3,593	751
7.75%, 11/25/2031^(d)(i)		70,547	14,090
7.10% (7.25% - 1 mo. USD LIBOR), 01/25/2032^(d)(i)		3,846	787
7.80% (7.95% - 1 mo. USD LIBOR), 01/25/2032^(d)(i)		18,356	3,791
7.84%, 03/18/2032 to 12/18/2032^(d)(i)		6,703	1,505
7.95%, 03/25/2032 to 04/25/2032^(d)(i)		5,541	1,270
6.85%, 04/25/2032 to 09/25/2032^(d)(i)		17,191	3,278
7.65% (7.80% - 1 mo. USD LIBOR), 04/25/2032^(d)(i)		596	131
7.85%, 04/25/2032 to 12/25/2032^(d)(i)		269,953	59,931
7.94%, 12/18/2032^(d)(i)		27,384	4,661
8.10%, 02/25/2033 to 05/25/2033^(d)(i)		104,672	24,752
7.00%, 04/25/2033⁽ⁱ⁾		3,070	651
5.90%, 03/25/2035 to 07/25/2038^(d)(i)		50,659	9,198
6.60%, 03/25/2035 to 05/25/2035^(d)(i)		20,330	3,360
6.45% (6.60% - 1 mo. USD LIBOR), 05/25/2035^(d)(i)		37,881	6,191
3.50%, 08/25/2035⁽ⁱ⁾		305,524	37,115
5.95% (6.10% - 1 mo. USD LIBOR), 10/25/2035^(d)(i)		107,757	21,337
6.40% (6.55% - 1 mo. USD LIBOR), 10/25/2041^(d)(i)		34,614	7,285
6.00% (6.15% - 1 mo. USD LIBOR), 12/25/2042^(d)(i)		88,815	17,673
5.00% (5.90% - 1 mo. USD LIBOR), 09/25/2047^(d)(i)		611,851	85,760
6.50%, 06/25/2023 to 10/25/2031		130,360	145,674
6.00%, 11/25/2028 to 12/25/2031		90,747	104,182
0.40% (1 mo. USD LIBOR + 0.25%), 08/25/2035^(d)		1,033	1,034
24.02% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(d)		44,884	73,752
23.66% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(d)		32,555	48,572
23.66% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(d)		26,510	43,074
1.09% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(d)		16,121	16,510
1.50%, 01/25/2040		78,575	79,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value
Collateralized Mortgage Obligations-(continued)
PO,
0.00%, 09/25/2023^(j)	$	15,450	$ 15,243
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, 0.50%, 03/25/2024^(g)		4,552,619	49,384
Series KC03, Class X1, 0.63%, 11/25/2024^(g)		2,753,171	45,365
Series K734, Class X1, 0.65%, 02/25/2026^(g)		2,046,472	58,508
Series K735, Class X1, 1.10%, 05/25/2026^(g)		2,047,656	93,821
Series K093, Class X1, 0.95%, 05/25/2029^(g)		1,690,418	118,274
Freddie Mac REMICs,
1.50%, 07/15/2023		19,442	19,578
6.75%, 02/15/2024		2,976	3,157
6.50%, 02/15/2028 to 06/15/2032		380,912	433,749
8.00%, 03/15/2030		649	779
1.16% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(d)		747	763
3.50%, 05/15/2032		13,629	14,650
24.17% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(d)		7,485	12,426
0.56% (1 mo. USD LIBOR + 0.40%), 09/15/2035^(d)		1,270	1,279
IO,
7.49%, 07/15/2026 to 03/15/2029^(d)(i)		91,782	12,309
3.00%, 06/15/2027 to 05/15/2040⁽ⁱ⁾		358,840	22,563
2.50%, 05/15/2028⁽ⁱ⁾		68,914	3,715
8.55%, 07/17/2028^(d)(i)		968	91
7.94% (8.10% - 1 mo. USD LIBOR), 06/15/2029^(d)(i)		1,234	235
6.54% (6.70% - 1 mo. USD LIBOR), 01/15/2035^(d)(i)		265,771	48,912
6.59% (6.75% - 1 mo. USD LIBOR), 02/15/2035^(d)(i)		32,846	5,932
6.56% (6.72% - 1 mo. USD LIBOR), 05/15/2035^(d)(i)		35,092	5,572
5.99% (6.15% - 1 mo. USD LIBOR), 07/15/2035^(d)(i)		11,000	1,542
6.84% (7.00% - 1 mo. USD LIBOR), 12/15/2037^(d)(i)		5,960	1,361
5.84% (6.00% - 1 mo. USD LIBOR), 04/15/2038^(d)(i)		4,634	813
5.91% (6.07% - 1 mo. USD LIBOR), 05/15/2038^(d)(i)		185,223	36,971
6.09% (6.25% - 1 mo. USD LIBOR), 12/15/2039^(d)(i)		43,629	8,304
4.00%, 04/15/2040 to 03/15/2045⁽ⁱ⁾		108,944	9,785
5.94% (6.10% - 1 mo. USD LIBOR), 01/15/2044^(d)(i)		93,122	10,170


	Principal Amount		Value
Collateralized Mortgage Obligations-(continued)
Freddie Mac STRIPS,
PO,
0.00%, 06/01/2026^(j)	$	11,990	$ 11,655
IO,
3.00%, 12/15/2027⁽ⁱ⁾		152,088	10,021
3.27%, 12/15/2027⁽ⁱ⁾		39,685	2,139
7.00%, 09/01/2029⁽ⁱ⁾		2,618	465
7.50%, 12/15/2029⁽ⁱ⁾		50,658	9,607
6.00%, 12/15/2032⁽ⁱ⁾		29,928	4,822
			2,264,193

Federal Home Loan Mortgage Corp. (FHLMC)-0.33%
9.00%, 08/01/2022 to 05/01/2025		1,682	1,825
6.00%, 10/01/2022 to 10/01/2029		123,293	139,540
6.50%, 07/01/2028 to 04/01/2034		64,383	73,344
7.00%, 10/01/2031 to 10/01/2037		56,319	65,049
5.00%, 12/01/2034		2,606	2,963
5.50%, 09/01/2039		132,464	153,890
			436,611

Federal National Mortgage Association (FNMA)-0.07%
5.00%, 03/01/2021 to 07/01/2022		179	189
7.00%, 01/01/2030 to 12/01/2032		8,912	10,389
8.50%, 07/01/2032		1,989	1,996
7.50%, 01/01/2033		1,955	2,308
6.50%, 01/01/2034		3,934	4,457
5.50%, 02/01/2035 to 05/01/2036		66,781	78,226
			97,565

Government National Mortgage Association (GNMA)-3.47%
7.00%, 12/15/2023 to 03/15/2026		1,615	1,720
IO,
7.35% (7.50% - 1 mo. USD LIBOR), 02/16/2032^(d)(i)		61,847	38
6.40% (6.55% - 1 mo. USD LIBOR), 04/16/2037^(d)(i)		37,584	7,539
6.50% (6.65% - 1 mo. USD LIBOR), 04/16/2041^(d)(i)		242,347	42,260
4.50%, 09/16/2047⁽ⁱ⁾		200,823	29,241
6.05% (6.20% - 1 mo. USD LIBOR), 10/16/2047^(d)(i)		213,233	38,823
TBA,
2.50%, 01/01/2051^(k)		4,265,000	4,514,405
			4,634,026

Uniform Mortgage-Backed Securities-12.69%
TBA
2.00%, 01/01/2036 to 02/01/2051^(k)		16,350,000	16,976,070
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $25,071,033)			24,408,465

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


	Principal Amount		Value


U.S. Treasury Securities-7.42%
U.S. Treasury Bonds-1.56%
1.38%, 11/15/2040	$	640,500	$ 632,344


1.38%, 08/15/2050		1,562,500	1,460,449


			2,092,793



U.S. Treasury Notes-5.86%
0.13%, 11/30/2022		190,900	190,930


0.13%, 12/15/2023		1,269,100	1,267,563


0.38%, 11/30/2025		3,415,200	3,419,469


0.63%, 11/30/2027		704,000	703,670


0.88%, 11/15/2030		2,261,200	2,252,720


			7,834,352


Total U.S. Treasury Securities (Cost $9,914,870)			9,927,145



Agency Credit Risk Transfer Notes-0.92%
Fannie Mae Connecticut Avenue Securities
Series 2014-C04, Class 2M2, 5.15% (1 mo. USD LIBOR + 5.00%), 11/25/2024^(d)		151,600	155,902


Series 2016-C02, Class 1M2, 6.15% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(d)		146,905	156,313


Freddie Mac
Series 2014-DN1, Class M2, STACR^®, 2.35% (1 mo. USD LIBOR + 2.20%), 02/25/2024^(d)		822	822


Series 2014-DN3, Class M3, STACR^®, 4.15% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(d)		102,845	105,317


Series 2014-HQ2, Class M3, STACR^®, 3.90% (1 mo. USD LIBOR + 3.75%), 09/25/2024^(d)		331,194	341,253


Series 2018-HQA1, Class M2, STACR^®, 2.45% (1 mo. USD LIBOR + 2.30%), 09/25/2030^(d)		86,816	86,882


Series 2018-DNA2, Class M1, STACR^®, 0.95% (1 mo. USD LIBOR + 0.80%), 12/25/2030^(b)(d)		42,214	42,245


Series 2018-HRP2, Class M2, STACR^®, 1.40% (1 mo. USD LIBOR + 1.25%), 02/25/2047^(b)(d)		143,172	143,144


Series 2018-DNA3, Class M1, STACR^®, 0.90% (1 mo. USD LIBOR + 0.75%), 09/25/2048^(b)(d)		165	165


Series 2018-HQA2, Class M1, STACR^®, 0.90% (1 mo. USD LIBOR + 0.75%), 10/25/2048^(b)(d)		27,110	27,126


Series 2019-HRP1, Class M2, STACR^®, 1.55% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(b)(d)		59,848	59,815


Series 2020-DNA5, Class M1, STACR^®, 1.38% (SOFR + 1.30%), 10/25/2050^(b)(d)		105,000	105,413


Total Agency Credit Risk Transfer Notes (Cost $1,248,524)			1,224,397


	Shares		Value


Preferred Stocks-0.86%
Asset Management & Custody Banks-0.17%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(e)		205,000	$	226,586



Diversified Banks-0.19%
Citigroup, Inc., 5.00%, Series U, Pfd.^(e)		249,000		259,427



Investment Banking & Brokerage-0.27%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(e)		342,000		361,665



Life & Health Insurance-0.14%
MetLife, Inc., 3.85%, Series G, Pfd.^(e)		171,000		180,833



Other Diversified Financial Services-0.09%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(e)		113,000		120,486


Total Preferred Stocks (Cost $1,080,000)				1,148,997



	Principal Amount
Municipal Obligations-0.36%
Maryland (State of) Health & Higher Educational Facilities Authority (University of MD Medical System),
Series 2020 D, Ref. RB, 3.05%, 07/01/2040	$	85,000		88,248


Series 2020 D, Ref. RB, 3.20%, 07/01/2050		110,000		114,244


Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		280,000		282,357


Total Municipal Obligations (Cost $475,000)				484,849



	Shares
Money Market Funds-29.43%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(l)(m)		13,781,057		13,781,057


Invesco Liquid Assets Portfolio, Institutional Class, 0.08%^(l)(m)		9,836,268		9,839,218


Invesco Treasury Portfolio, Institutional Class, 0.01%^(l)(m)		15,749,779		15,749,779


Total Money Market Funds (Cost $39,372,213)				39,370,054


TOTAL INVESTMENTS IN SECURITIES-115.23% (Cost $151,129,378)				154,125,138


OTHER ASSETS LESS LIABILITIES-(15.23)%				(20,366,969	)


NET ASSETS-100.00%			$	133,758,169

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund

Investment Abbreviations:


CLO		- Collateralized Loan Obligation
Ctfs.		- Certificates
IO		- Interest Only
LIBOR		- London Interbank Offered Rate
Pfd.		- Preferred
PO		- Principal Only
RB		- Revenue Bonds
Ref.		- Refunding
REIT		- Real Estate Investment Trust
REMICs		- Real Estate Mortgage Investment Conduits
SOFR		- Secured Overnight Financing Rate
STACR^®		- Structured Agency Credit Risk
STRIPS		- Separately Traded Registered Interest and Principal Security
TBA		- To Be Announced
USD		- U.S. Dollar

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2020 was $27,713,906, which represented 20.72% of the Fund’s Net Assets.

^(c)	Perpetual bond with no specified maturity date.

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2020.

^(e)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2020.

^(h)

⁽ⁱ⁾	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(j)	Zero coupon bond issued at a discount.

^(k)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1O.

^(l)


	Value December 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value December 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class		$	-		$	26,162,233		$	(12,381,176	)		$	-		$	-		$	13,781,057		$	12,311
Invesco Liquid Assets Portfolio, Institutional Class			21,539,049			48,078,765			(59,789,905	)			4,303			7,006			9,839,218			99,152
Invesco Treasury Portfolio, Institutional Class			-			29,899,695			(14,149,916	)			-			-			15,749,779			2,314
Total		$	21,539,049		$	104,140,693		$	(86,320,997	)		$	4,303		$	7,006		$	39,370,054		$	113,777

^(m)	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		167		March-2021		$	36,903,086		$	33,593			$	33,593
U.S. Treasury 5 Year Notes		99		March-2021			10,976,273			19,747				19,747
U.S. Treasury Ultra Bonds		44		March-2021			9,396,750			(116,032	)			(116,032	)
Subtotal - Long Futures Contracts										(62,692	)			(62,692	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund


Open Futures Contracts^(a)–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		50		March-2021		$	(6,903,906	)		$	(10,653	)		$	(10,653	)
U.S. Treasury 10 Year Ultra Bonds		27		March-2021			(4,221,703	)			3,318				3,318
U.S. Treasury Long Bonds		30		March-2021			(5,195,625	)			24,164				24,164
Subtotal-Short Futures Contracts											16,829				16,829
Total Futures Contracts										$	(45,863	)		$	(45,863	)

^(a)	Futures contracts collateralized by $345,749 cash held with Merrill Lynch International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund

Statement of Assets and Liabilities

December 31, 2020


Assets:
Investments in securities, at value (Cost $111,757,165)	$	114,755,084


Investments in affiliated money market funds, at value (Cost $39,372,213)		39,370,054


Other investments:
Variation margin receivable – futures contracts		431,980


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		345,749


Cash		446,788


Foreign currencies, at value (Cost $353,914)		365,848


Receivable for:
Investments sold		14,099,856


Fund shares sold		54,652


Dividends		954


Interest		513,367


Investment for trustee deferred compensation and retirement plans		56,596


Total assets		170,440,928



Liabilities:
Payable for:
Investments purchased		36,372,853


Fund shares reacquired		63,134


Accrued fees to affiliates		48,976


Accrued other operating expenses		141,200


Trustee deferred compensation and retirement plans		56,596


Total liabilities		36,682,759


Net assets applicable to shares outstanding	$	133,758,169



Net assets consist of:
Shares of beneficial interest	$	123,773,249


Distributable earnings		9,984,920


	$	133,758,169


Net Assets:
Series I	$	87,077,041


Series II	$	46,681,128



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		10,327,385


Series II		5,617,697


Series I:
Net asset value per share	$	8.43


Series II:
Net asset value per share	$	8.31

Statement of Operations

For the year ended December 31, 2020


Investment income:
Interest (net of foreign withholding taxes of $64)	$	3,132,911


Dividends from affiliated money market funds		113,777


Total investment income		3,246,688



Expenses:
Advisory fees		723,242


Administrative services fees		200,457


Custodian fees		47,145


Distribution fees - Series II		115,776


Transfer agent fees		21,343


Trustees’ and officers’ fees and benefits		19,690


Reports to shareholders		38,423


Professional services fees		51,224


Other		6,709


Total expenses		1,224,009


Less: Fees waived		(210,063	)


Net expenses		1,013,946


Net investment income		2,232,742



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		5,582,923


Affiliated investment securities		7,006


Foreign currencies		2,693


Futures contracts		1,990,165


Swap agreements		(770	)


		7,582,017


Change in net unrealized appreciation of:
Unaffiliated investment securities		1,020,702


Affiliated investment securities		4,303


Foreign currencies		11,932


Futures contracts		372,387


		1,409,324


Net realized and unrealized gain		8,991,341


Net increase in net assets resulting from operations	$	11,224,083

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund

Statement of Changes in Net Assets

For the years ended December 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	2,232,742		$	3,626,205


Net realized gain		7,582,017			4,087,528


Change in net unrealized appreciation		1,409,324			3,532,308


Net increase in net assets resulting from operations		11,224,083			11,246,041



Distributions to shareholders from distributable earnings:
Series I		(2,429,653	)		(2,462,939	)


Series II		(1,301,736	)		(1,702,386	)


Total distributions from distributable earnings		(3,731,389	)		(4,165,325	)



Share transactions-net:
Series I		9,260,558			(6,004,640	)


Series II		(3,393,814	)		(1,997,752	)


Net increase (decrease) in net assets resulting from share transactions		5,866,744			(8,002,392	)


Net increase (decrease) in net assets		13,359,438			(921,676	)



Net assets:
Beginning of year		120,398,731			121,320,407


End of year	$	133,758,169		$	120,398,731

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Series I
Year ended 12/31/20		$7.93		$0.16		$ 0.61			$ 0.77			$(0.27	)		$8.43		9.71	%		$87,077		0.73	%^(e)		0.90	%^(e)		1.90	%^(e)		480	%
Year ended 12/31/19		7.49		0.23		0.48			0.71			(0.27	)		7.93		9.53			73,160		0.75			0.89			2.99			93	^(f)
Year ended 12/31/18^(g)		7.83		0.25		(0.33	)		(0.08	)		(0.26	)		7.49		(1.02	)		74,929		0.75			0.87			3.35			64	^(f)
Year ended 12/31/17		7.67		0.19		0.16			0.35			(0.19	)		7.83		4.59			81,481		0.75			0.85			2.38			86	^(f)
Year ended 12/31/16		7.71		0.23		0.02			0.25			(0.29	)		7.67		3.27			83,405		0.75			0.84			2.96			79	^(f)
Series II
Year ended 12/31/20		7.82		0.14		0.59			0.73			(0.24	)		8.31		9.43			46,681		0.98	^(e)		1.15	^(e)		1.65	^(e)		480
Year ended 12/31/19		7.39		0.21		0.47			0.68			(0.25	)		7.82		9.25			47,239		1.00			1.14			2.75			93	^(f)
Year ended 12/31/18^(g)		7.73		0.23		(0.33	)		(0.10	)		(0.24	)		7.39		(1.31	)		46,391		1.00			1.12			3.10			64	^(f)
Year ended 12/31/17		7.57		0.16		0.17			0.33			(0.17	)		7.73		4.38			51,030		1.00			1.10			2.13			86	^(f)
Year ended 12/31/16		7.61		0.21		0.02			0.23			(0.27	)		7.57		3.05			53,350		1.00			1.09			2.70			79	^(f)

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.01%, 0.00%, 0.00% and 0.01% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $77,194 and $46,311 for Series I and Series II shares, respectively.

^(f)

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $488,722,598 and $507,909,671, $641,318,699 and $653,537,737, $679,964,368 and $662,714,451 and $672,031,328 and $673,808,454 for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

^(g)	Commencement date of .

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. Total Return Bond Fund

Notes to Financial Statements

December 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer V.I. Total Return Bond Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek total return.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. Total Return Bond Fund

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

L.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco Oppenheimer V.I. Total Return Bond Fund

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between two parties (“Counterparties”). A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Invesco Oppenheimer V.I. Total Return Bond Fund

Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, ISDA master agreements include credit related contingent features which allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

Q.	Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

R.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

S.	Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $1 billion		0.600%


Over $1 billion		0.500%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended December 31, 2020, the effective advisory fee rate incurred by the Fund was 0.59%.

The Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.75% and Series II shares to 1.00% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Invesco Oppenheimer V.I. Total Return Bond Fund

For the year ended December 31, 2020, the Adviser waived advisory fees of $210,063.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2020, Invesco was paid $17,784 for accounting and fund administrative services and was reimbursed $182,673 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–		$	51,711,162		$–	$	51,711,162


Asset-Backed Securities		–			25,850,069		–		25,850,069


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			24,408,465		–		24,408,465


U.S. Treasury Securities		–			9,927,145		–		9,927,145


Agency Credit Risk Transfer Notes		–			1,224,397		–		1,224,397


Preferred Stocks		–			1,148,997		–		1,148,997


Municipal Obligations		–			484,849		–		484,849


Money Market Funds		39,370,054			–		–		39,370,054


Total Investments in Securities		39,370,054			114,755,084		–		154,125,138



Other Investments - Assets*


Futures Contracts		80,822			–		–		80,822



Other Investments - Liabilities*


Futures Contracts		(126,685	)		–		–		(126,685	)


Total Other Investments		(45,863	)		–		–		(45,863	)


Total Investments	$	39,324,191		$	114,755,084		$–	$	154,079,275

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

Invesco Oppenheimer V.I. Total Return Bond Fund

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2020:


	Value
	Interest
Derivative Assets	Rate Risk


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	80,822


Derivatives not subject to master netting agreements		(80,822	)


Total Derivative Assets subject to master netting agreements	$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.


	Value
	Interest
Derivative Liabilities	Rate Risk


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(126,685	)


Derivatives not subject to master netting agreements		126,685


Total Derivative Liabilities subject to master netting agreements	$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended December 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Statement of Operations
	Credit			Interest
	Risk			Rate Risk		Total


Realized Gain (Loss):
Futures contracts	$	-		$	1,990,165	$	1,990,165


Swap agreements		(770	)		-		(770	)


Change in Net Unrealized Appreciation:
Futures contracts		-			372,387		372,387


Total	$	(770	)	$	2,362,552	$	2,361,782

The table below summarizes the average notional value of derivatives held during the period.


	Futures		Swap
	Contracts		Agreements


Average notional value	$	54,305,258	$	3,717,756

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

Invesco Oppenheimer V.I. Total Return Bond Fund

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	3,731,389	$	4,165,325

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	6,144,033


Undistributed long-term capital gain		916,983


Net unrealized appreciation – investments		2,966,005


Net unrealized appreciation - foreign currencies		11,932


Temporary book/tax differences		(54,033	)


Shares of beneficial interest		123,773,249


Total net assets	$	133,758,169

The Fund does not have a capital loss carryforward as of December 31, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2020 was $412,448,426 and $425,224,695, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $139,790,608 and $135,247,379, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	5,269,141


Aggregate unrealized (depreciation) of investments		(2,303,136	)


Net unrealized appreciation of investments	$	2,966,005

Cost of investments for tax purposes is $151,113,270.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns, forward foreign currency contracts and doll roll adjustments, on December 31, 2020, undistributed net investment income was increased by $246,883 and undistributed net realized gain was decreased by $246,883. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended				Year ended
	December 31, 2020^(a)				December 31, 2019

	Shares		Amount		Shares		Amount

Sold:
Series I		2,207,694	$	18,501,766		778,748	$	6,072,746

Series II		2,667,997		21,953,889		2,278,654		17,388,336


Issued as reinvestment of dividends:
Series I		293,082		2,429,653		320,278		2,462,939

Series II		159,136		1,301,736		224,293		1,702,386

Invesco Oppenheimer V.I. Total Return Bond Fund


	Summary of Share Activity

	Year ended						Year ended
	December 31, 2020^(a)						December 31, 2019

	Shares			Amount			Shares			Amount



Reacquired:
Series I		(1,401,177	)	$	(11,670,861	)		(1,874,852	)	$	(14,540,325	)

Series II		(3,253,104	)		(26,649,439	)		(2,738,590	)		(21,088,474	)

Net increase (decrease) in share activity		673,628		$	5,866,744			(1,011,469	)	$	(8,002,392	)

^(a)

NOTE 11–Coronavirus (COVID-19) Pandemic

NOTE 12–Subsequent Event

Effective on or about April 30, 2021, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. Total Return Bond Fund to Invesco V.I. Core Bond Fund.

Invesco Oppenheimer V.I. Total Return Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Shareholders of Invesco Oppenheimer V.I. Total Return Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer V.I. Total Return Bond Fund (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer V.I. Total Return Bond Fund (formerly known as Oppenheimer Total Return Bond Fund/VA) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 14, 2019 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 16, 2021

Invesco Oppenheimer V.I. Total Return Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (07/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/20)	Ending Account Value (12/31/20)¹	Expenses Paid During Period²	Ending Account Value (12/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,025.90	$3.62	$1,021.57	$3.61	0.71%
Series II	1,000.00	1,024.80	4.84	1,020.36	4.82	0.95

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. Total Return Bond Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2020:

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Invesco Oppenheimer V.I. Total Return Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	197	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

Invesco Oppenheimer V.I. Total Return Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1967 Trustee and Chair	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	197	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	197	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	1997	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	197	Member, Board of Directors of Baylor College of Medicine
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	197	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	197	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Invesco Oppenheimer V.I. Total Return Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	197	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	197	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	197	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	197	Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	197	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

Invesco Oppenheimer V.I. Total Return Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	197	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	197	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	197	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	197	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Invesco Oppenheimer V.I. Total Return Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

Invesco Oppenheimer V.I. Total Return Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

Invesco Oppenheimer V.I. Total Return Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

Invesco Oppenheimer V.I. Total Return Bond Fund

ITEM 2.

CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following matters identified between January 1, 2020 to February 16, 2021 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that five PwC Managers and one PwC Associate each held financial interests either directly or, in the case of two PwC Managers, indirectly through their spouse’s brokerage account, in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the individuals either did not provide any audit services (or in the case of one PwC Manager and one PwC Associate, the individual did not have decision-making responsibility for matters that materially affected the audit and their audit work was reviewed by team members at least two levels higher than the individuals), or did not provide services of any kind to the Registrant or its affiliates, and the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or individuals ceased providing services. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2020		Fees Billed for Services Rendered to the Registrant for fiscal year end 2019
Audit Fees	$	992,930	$	977,878
Audit-Related Fees	$	33,000	$	0
Tax Fees⁽¹⁾	$	511,931	$	576,844
All Other Fees	$	0	$	0

Total Fees	$	1,537,861	$	1,554,722

(1)	Tax Fees for the fiscal year ended December 31, 2020 and 2019 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	701,000	$	690,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	701,000	$	690,000

(1)	Audit-Related Fees for the fiscal years ended 2020 and 2019 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve

¹	Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor

with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable

Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

•

Management functions;

•

Human resources;

•

Broker-dealer, investment adviser, or investment banking services ;

•

Legal services;

•

Expert services unrelated to the audit;

•

Any service or product provided for a contingent fee or a commission;

•

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

•

Tax services for persons in financial reporting oversight roles at the Fund; and

•

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

•

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

•

Financial information systems design and implementation;

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

•

Actuarial services; and

•

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,219,000 for the fiscal year ended December 31, 2020 and $4,089,000 for the fiscal year ended December 31, 2019. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,431,931 for the fiscal year ended December 31, 2020 and $5,355,844 for the fiscal year ended December 31, 2019.

PwC provided audit services to the Investment Company complex of approximately $32 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of February 11, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 11, 2021, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		February 26, 2021

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		February 26, 2021


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		February 26, 2021

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the “Covered Officers”) to promote:

•

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

•

full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

•

compliance with applicable governmental laws, rules and regulations;

•

the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

•

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

•

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds’ policies;

•

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Funds;

•

adhere to a high standard of business ethics; and

•

place the interests of the Funds and their shareholders before the Covered Officer’s own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Guiding Principles. A “conflict of interest” occurs when an individual’s personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code.

Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

•

avoid conflicts of interest wherever possible;

•

handle any actual or apparent conflict of interest ethically;

•

not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

•

not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such company;

•

not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause others to profit, by the market effect of such transactions; and

•

as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the “CCO”).

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following:

•

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Funds;

•

being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

•

any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de

minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

Each Covered Officer is required to be familiar, and comply, with the Funds’ disclosure controls and procedures so that the Funds’ subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

•

familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and

•

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including representations to the Funds’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Funds’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI.

Reporting and Accountability

Each Covered Officer must:

•

upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the CCO’s designee) an acknowledgement stating that he or she has received, read, and understands this Code.

•

annually thereafter submit a form to the CCO of the Funds (or the CCO’s designee) confirming that he or she has received, read and understands this Code and has complied with the requirements of this Code.

•

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

•

notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

•

the CCO will take all appropriate action to investigate any potential violations reported to him or her;

•

any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the Audit Committees of the Board after such investigation;

•

if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the Board, which will take all appropriate disciplinary or preventive action;

•

appropriate disciplinary or preventive action may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

•

the CCO will be responsible for granting waivers of this Code, as appropriate; and

•

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII.

Other Policies and Procedures

The Funds’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VIII.

Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of Independent Trustees.

IX.

Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officer

Adrien Deberghes – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS—ACKNOWLEDGEMENT

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

3. Compliance with applicable governmental laws, rules, and regulations.

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.


Date				Name:
				Title:

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 26, 2021						/s/ Sheri Morris
						Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons the performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 26, 2021						/s/ Adrien Deberghes
						Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Company”) on Form N-CSR for the period ended December 31, 2020, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: February 26, 2021						/s/ Sheri Morris
						Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Company”) on Form N-CSR for the period ended December 31, 2020, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: February 26, 2021						/s/ Adrien Deberghes
						Adrien Deberghes, Principal Financial Officer