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: 12/31/19

Item 1. Report to Stockholders.

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. American Franchise Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	36.76	%
Series II Shares	36.43
S&P 500 Indexq (Broad Market Index)	31.49
Russell 1000 Growth Indexq (Style-Specific Index)	36.39
Lipper VUF Large-Cap Growth Funds Index∎ (Peer Group Index)	32.69
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

    Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

    Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and

stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

    Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors

were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

    Given this landscape, the Fund produced a strong, double-digit return and outperformed its style-specific benchmark during the year. Relative performance was primarily driven by stock selection in the financials, health care and consumer staples sectors. Stock selection in industrials and consumer discretionary was also beneficial to the Fund’s relative performance. Conversely, stock selection in and underweight exposure to information technology (IT), as well as overweight exposure to energy detracted from the Fund’s relative performance. Ancillary cash also hurt the Fund’s relative returns given strong stock market performance during the year.

    Top individual contributors to the Fund’s performance during the year included Facebook, Microsoft and Amazon.com. Social media giant Facebook reported strong earnings results during the year, showcasing an increase in the number of users worldwide, as well as increased revenue. In our view, increasing monetization for areas of Facebook, such as “Stories,” “Watch and “Messenger,” as well as improving margins from slowing regulatory and privacy costs would be more impactful in the future.

    During the year, Microsoft contributed to the Fund’s performance on an absolute basis. However, the Fund’s underweight exposure to the company versus its style specific benchmark detracted from the Fund’s relative performance. Investor confidence in Microsoft grew following strong growth in Azure, its cloud computing platform. Additionally, Microsoft was awarded the $10 billion Joint Enterprise Defense Infrastructure (JEDI) contract from the US Department of Defense, further strengthening its competitive position. We see opportunity

Portfolio Composition
By sector	% of total net assets

Information Technology	29.05%
Consumer Discretionary	20.43
Communication Services	18.79
Health Care	13.53
Industrials	7.55
Financials	5.09
Consumer Staples	3.95
Other Sectors, Each Less than 2% of Net Assets	1.76
Money Market Funds Plus Other
Assets Less Liabilities	(0.15)

Top 10 Equity Holdings*

% of total net assets

1. Amazon.com, Inc.	7.47%
2.  Alphabet, Inc., Class A	5.82
3.  Facebook, Inc., Class A	4.96
4.  Microsoft Corp.	4.61
5.  Lowe’s Cos., Inc.	3.78
6.  Visa, Inc., Class A	3.78
7.  Alibaba Group Holding Ltd., ADR	3.59
8.  Apple, Inc.	3.46
9.  Activision Blizzard, Inc.	2.96
10.  salesforce.com, inc.	2.93

Total Net Assets	$	652.6 million
Total Number of Holdings*		78

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, 2019.

Invesco V.I. American Franchise Fund

for Microsoft to grow revenue and profits as customers continue their digital transformation into the cloud.

    The Fund’s overweight allocation to Amazon.com benefited its absolute performance and performance relative to the style-specific benchmark during the year. The company switched from two-day to one-day guaranteed shipping for its Prime subscription service and ramped up its salesforce headcount for Amazon Web Services, its cloud computing service. We viewed these changes as actions that will deepen Amazon.com’s moat as the leading e-commerce provider and could drive better-than-expected revenue growth in the future. From a valuation standpoint, we viewed Amazon.com as attractive with upside potential from e-commerce penetration of consumables, food and goods, as well as automobiles.

    Top individual detractors from the Fund’s performance during the year included Lyft, Uber and IAA. Ridesharing companies Lyft and Uber both issued initial public offerings (IPOs) during the year. The Fund did not participate in Uber’s IPO and instead purchased shares in the secondary trading market. Both companies faced pressure in the second half of the year due to regulatory head-winds related to the advancement of California Assembly Bill 5 (AB5), which is designed to extend employee classification status to rideshare drivers giving them greater benefits, such as a protected minimum wage, sick days and health insurance. Though AB5 is not yet in effect, and a settlement or appeal of the law could still materialize, the advancement of the law has increased uncertainty for the ridesharing business model in California. At the close of the year, we believed that in the long term, the ridesharing industry has a large, un-derpenetrated market and potential to benefit from autonomous driving. Thus, we continued to hold both Lyft and Uber.

    IAA is a salvage auto auctioneer that spun off from KAR Auction Services (not a Fund holding) in June 2019. While KAR focuses on selling to franchise and independent car dealerships, insurance companies make up IAA’s primary customer base given its focus on damaged and low-value vehicles. We sold the position in IAA before the close of the year after we learned the company lost some business from its largest customer and were concerned it would lose more business to a competitor.

    At year-end, based on our fundamental, bottom-up research approach, the

Fund maintained overweight exposures to the communication services, consumer discretionary and financials sectors relative to the style-specific benchmark. Within the consumer discretionary sector, we are focused on technology-driven share shift capabilities, demographics and changing behaviors. The Fund maintained a slight overweight position in the financials sector, primarily focusing on alternative asset managers, which we believed had potential for sales growth and profit expansion. The Fund maintained underweight exposures to the IT, real estate, industrials and health care sectors relative to the style-specific benchmark. Within IT, the Fund’s only overweight position was in semiconductors, given the current preference for technology-driven companies within the communication services and consumer discretionary sectors. Within health care, given potential for increased volatility during an election year, the Fund remained relatively underweight in the bio-pharmaceuticals industry. Finally, the Fund’s positioning in the industrials sector favored defensive, US-based, highly consolidated industries with pricing power.

    Central bank actions in 2019 supported continued growth by keeping the cost of debt low. At the end of the year, the labor market remained healthy with employment and wage gains, which is beneficial to consumers. However, we believe these are the late innings of the economic cycle and, therefore, we expect only modest growth from here, as well as continued volatility spurred by trade and election headlines. Prolonged cyclical growth is likely to be scarce and we believe the market will continue to favor companies that can produce growth and compound earnings despite the economic cycle. We believe change is the fuel for growth. Thus, we are seeking to identify “share-takers,” companies that can gain market share through technology-enabled advantages in their business models and from disruptive shifts in consumer behavior.

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

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

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 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee

future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (7/3/95)	9.90%
10 Years	13.35
5 Years	12.51
1 Year	36.76
Series II Shares
Inception (9/18/00)	3.08%
10 Years	13.07
5 Years	12.22
1 Year	36.43

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 blended returns of the predecessor fund and Invesco V.I. American Franchise Fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value.

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

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.88% and 1.13%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. American Franchise Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–100.15%
Aerospace & Defense–2.74%
Airbus SE (France)		44,748	$	6,565,324
Boeing Co. (The)		8,582		2,795,672
L3Harris Technologies, Inc.		27,996		5,539,569
Lockheed Martin Corp.		7,643		2,976,031
				17,876,596
Agricultural & Farm Machinery–0.48%
Deere & Co.		18,095		3,135,140
Application Software–5.21%
Adobe, Inc.(b)		21,394		7,055,955
salesforce.com, inc.(b)		117,682		19,139,801
Splunk, Inc.(b)		45,822		6,862,761
Synopsys, Inc.(b)		6,700		932,640
				33,991,157
Asset Management & Custody Banks–3.23%
Apollo Global Management, Inc.		206,447		9,849,587
Carlyle Group L.P. (The)		109,689		3,518,823
KKR & Co., Inc., Class A		265,431		7,742,622
				21,111,032
Biotechnology–0.98%
Alnylam Pharmaceuticals, Inc.(b)		18,512		2,132,027
BeiGene Ltd., ADR (China)(b)		16,567		2,746,146
Moderna, Inc.(b)		77,615		1,518,149
				6,396,322
Commodity Chemicals–0.25%
LyondellBasell Industries N.V., Class A		17,323		1,636,677
Consumer Electronics–1.24%
Sony Corp. (Japan)		118,800		8,086,335
Data Processing & Outsourced Services–8.37%
Fiserv, Inc.(b)		57,440		6,641,787
Mastercard, Inc., Class A		51,785		15,462,483
PayPal Holdings, Inc.(b)		72,632		7,856,604
Visa, Inc., Class A		131,327		24,676,343
				54,637,217
Diversified Support Services–1.10%
Cintas Corp.		26,809		7,213,766
Environmental & Facilities Services–1.24%
Republic Services, Inc.		26,587		2,382,993
Waste Management, Inc.		49,855		5,681,476
				8,064,469
Financial Exchanges & Data–1.10%
London Stock Exchange Group PLC (United Kingdom)		30,622		3,163,011

	Shares		Value
Financial Exchanges & Data–(continued)
S&P Global, Inc.		14,675	$	4,007,009
				7,170,020
Health Care Equipment–5.23%
Abbott Laboratories		55,099		4,785,899
Boston Scientific Corp.(b)		155,225		7,019,274
DexCom, Inc.(b)		6,897		1,508,650
Intuitive Surgical, Inc.(b)		11,477		6,784,629
Teleflex, Inc.		24,400		9,185,136
Zimmer Biomet Holdings, Inc.		32,228		4,823,887
				34,107,475
Home Improvement Retail–3.85%
Home Depot, Inc. (The)		2,069		451,828
Lowe’s Cos., Inc.		206,288		24,705,051
				25,156,879
Hotels, Resorts & Cruise Lines–2.50%
Norwegian Cruise Line Holdings Ltd.(b)		22,420		1,309,552
Royal Caribbean Cruises Ltd.		112,626		15,036,697
				16,346,249
Industrial Conglomerates–0.41%
Roper Technologies, Inc.		7,505		2,658,496
Industrial Gases–0.61%
Air Products and Chemicals, Inc.		16,815		3,951,357
Industrial Machinery–0.25%
Stanley Black & Decker, Inc.		9,777		1,620,440
Interactive Home Entertainment–6.65%
Activision Blizzard, Inc.		325,575		19,345,666
Electronic Arts, Inc.(b)		63,717		6,850,215
Nintendo Co. Ltd. (Japan)		35,000		14,127,619
Take-Two Interactive Software, Inc.(b)		25,141		3,078,013
				43,401,513
Interactive Media & Services–10.78%
Alphabet, Inc., Class A(b)		28,335		37,951,616
Facebook, Inc., Class A(b)		157,753		32,378,803
				70,330,419
Internet & Direct Marketing Retail–12.84%
Alibaba Group Holding Ltd., ADR (China)(b)		110,519		23,441,080
Amazon.com, Inc.(b)		26,383		48,751,563
Booking Holdings, Inc.(b)		4,461		9,161,689
Farfetch Ltd., Class A (United Kingdom)(b)		233,393		2,415,618
				83,769,950
Investment Banking & Brokerage–0.47%
Goldman Sachs Group, Inc. (The)		13,283		3,054,160

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–0.29%
Athene Holding Ltd., Class A(b)		39,774	$	1,870,571
Life Sciences Tools & Services–4.02%
Avantor, Inc.(b)		116,083		2,106,906
Illumina, Inc.(b)		34,517		11,450,670
IQVIA Holdings, Inc.(b)		37,908		5,857,165
Thermo Fisher Scientific, Inc.		20,939		6,802,453
				26,217,194
Managed Health Care–1.96%
Anthem, Inc.		11,046		3,336,223
UnitedHealth Group, Inc.		32,109		9,439,404
				12,775,627
Movies & Entertainment–1.36%
Netflix, Inc.(b)		22,411		7,251,527
Vivendi S.A. (France)		56,972		1,651,339
				8,902,866
Oil & Gas Refining & Marketing–0.43%
Marathon Petroleum Corp.		46,413		2,796,383
Packaged Foods & Meats–1.87%
Tyson Foods, Inc., Class A		134,154		12,213,380
Pharmaceuticals–1.35%
Novo Nordisk A/S, Class B (Denmark)		27,694		1,606,243
Zoetis, Inc.		54,397		7,199,443
				8,805,686
Railroads–1.02%
Canadian Pacific Railway Ltd. (Canada)		12,336		3,145,063
Union Pacific Corp.		19,382		3,504,072
				6,649,135
Semiconductor Equipment–2.08%
Applied Materials, Inc.		194,835		11,892,728
ASML Holding N.V., New York Shares (Netherlands)		5,791		1,713,789
				13,606,517

	Shares		Value
Semiconductors–3.32%
Broadcom, Inc.		28,885	$	9,128,238
NVIDIA Corp.		19,350		4,553,055
QUALCOMM, Inc.		90,520		7,986,579
				21,667,872
Specialty Chemicals–0.48%
Sherwin-Williams Co. (The)		5,345		3,119,021
Systems Software–6.60%
Microsoft Corp.		190,688		30,071,497
Palo Alto Networks, Inc.(b)		33,736		7,801,450
ServiceNow, Inc.(b)		18,449		5,208,522
				43,081,469
Technology Hardware, Storage & Peripherals–3.46%
Apple, Inc.		76,891		22,579,042
Tobacco–2.07%
Philip Morris International, Inc.		159,072		13,535,437
Trucking–0.31%
Lyft, Inc., Class A(b)		31,402		1,350,914
Uber Technologies, Inc.(b)		22,835		679,113
				2,030,027
Total Common Stocks & Other Equity Interests (Cost $326,505,892)				653,565,896
Money Market Funds–0.13%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		293,529		293,529
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		209,519		209,582
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		335,461		335,461
Total Money Market Funds (Cost $838,572)				838,572
TOTAL INVESTMENTS IN SECURITIES-100.28% (Cost $327,344,464)				654,404,468
OTHER ASSETS LESS LIABILITIES–(0.28)%				(1,817,690	)
NET ASSETS–100.00%			$	652,586,778

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December31, 2019.

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, 2019

Assets:
Investments in securities, at value (Cost $326,505,892)	$	653,565,896
Investments in affiliated money market funds, at value (Cost $838,572)		838,572
Foreign currencies, at value (Cost $6,970)		7,120
Receivable for:
Investments sold		4,365
Fund shares sold		47,027
Dividends		341,498
Investment for trustee deferred compensation and retirement plans		357,604
Total assets		655,162,082
Liabilities:
Payable for:
Fund shares reacquired		1,750,208
Amount due custodian		63,855
Accrued fees to affiliates		329,130
Accrued other operating expenses		53,368
Trustee deferred compensation and retirement plans		378,743
Total liabilities		2,575,304
Net assets applicable to shares outstanding	$	652,586,778
Net assets consist of:
Shares of beneficial interest	$	278,679,682
Distributable earnings		373,907,096
	$	652,586,778
Net Assets:
Series I	$	490,365,579
Series II	$	162,221,199
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		7,302,302
Series II		2,538,501
Series I:
Net asset value per share	$	67.15
Series II:
Net asset value per share	$	63.90

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $90,689)	$	6,019,733
Dividends from affiliated money market funds (includes securities lending income of $84,387)		133,494
Total investment income		6,153,227
Expenses:
Advisory fees		4,121,428
Administrative services fees		972,400
Custodian fees		23,429
Distribution fees - Series II		376,654
Transfer agent fees		69,019
Trustees’ and officers’ fees and benefits		26,870
Reports to shareholders		9,085
Professional services fees		43,994
Other		10,395
Total expenses		5,653,274
Less: Fees waived		(2,980	)
Net expenses		5,650,294
Net investment income		502,933
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(3,962))		54,084,301
Foreign currencies		(21,109	)
		54,063,192
Change in net unrealized appreciation of:
Investment securities		132,918,740
Foreign currencies		189
		132,918,929
Net realized and unrealized gain		186,982,121
Net increase in net assets resulting from operations	$	187,485,054

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, 2019 and 2018

	2019			2018
Operations:
Net investment income (loss)	$	502,933		$	(419,319	)
Net realized gain		54,063,192			85,166,075
Change in net unrealized appreciation (depreciation)		132,918,929			(97,421,166	)
Net increase (decrease) in net assets resulting from operations		187,485,054			(12,674,410	)
Distributions to shareholders from distributable earnings:
Series I		(64,492,029	)		(29,906,066	)
Series II		(21,911,152	)		(10,129,348	)
Total distributions from distributable earnings		(86,403,181	)		(40,035,414	)
Share transactions–net:
Series I		8,287,794			(46,845,225	)
Series II		4,809,729			(24,264,904	)
Net increase (decrease) in net assets resulting from share transactions		13,097,523			(71,110,129	)
Net increase (decrease) in net assets		114,179,396			(123,819,953	)
Net assets:
Beginning of year		538,407,382			662,227,335
End of year	$	652,586,778		$	538,407,382

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 12/31/19		$57.15		$0.10			$19.86			$19.96			$      –			$(9.96	)		$(9.96	)		$67.15		36.76	%		$490,366		0.86%(d)		0.87%(d)		0.15%(d)		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
Year ended 12/31/15		54.88		(0.03	)		2.76			2.73			–			(0.31	)		(0.31	)		57.30		5.01			479,298		0.96		0.96		(0.05)		68
Series II
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(d)		1.12(d)		(0.10)(d)		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
Year ended 12/31/15		53.63		(0.16	)		2.69			2.53			–			(0.31	)		(0.31	)		55.85		4.75			175,919		1.21		1.21		(0.30)		68

^(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 $459,259 and $150,652 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, 2019

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.

Invesco V.I. American Franchise Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. American Franchise Fund

collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

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

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

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, 2019, the effective advisory fee rate incurred by the Fund was 0.68%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020.

Invesco V.I. American Franchise Fund

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, 2021, 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, 2019, the Adviser waived advisory fees of $2,980.

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, 2019, Invesco was paid $86,136 for accounting and fund administrative services and was reimbursed $886,264 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $4,136 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	618,366,025	$	35,199,871		$–	$	653,565,896
Money Market Funds		838,572		–		–		838,572
Total Investments	$	619,204,597	$	35,199,871		$–	$	654,404,468

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, 2019, the Fund engaged in securities purchases of $1,968,223 and securities sales of $19,702, which resulted in net realized gains (losses) of $(3,962).

Invesco V.I. American Franchise Fund

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, 2019 and 2018:

	2019		2018
Ordinary income	$	1,304,602	$	3,547,796
Long-term capital gain		85,098,579		36,487,618
Total distributions	$	86,403,181	$	40,035,414

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	457,859
Undistributed long-term capital gain		49,537,789
Net unrealized appreciation – investments		324,202,325
Net unrealized appreciation (depreciation) - foreign currencies		(3,017	)
Temporary book/tax differences		(287,860	)
Shares of beneficial interest		278,679,682
Total net assets	$	652,586,778

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 difference is attributable primarily to wash sales and straddles.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $243,250,309 and $307,792,150, 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	$	325,463,687
Aggregate unrealized (depreciation) of investments		(1,261,362	)
Net unrealized appreciation of investments	$	324,202,325
Cost of investments for tax purposes is $330,202,143.

Invesco V.I. American Franchise Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2019, undistributed net investment income was decreased by $21,070 and undistributed net realized gain was increased by $21,070. 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, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		288,463		$	19,234,264			309,111		$	20,899,475
Series II		178,715			11,199,246			172,561			11,056,980
Issued as reinvestment of dividends:
Series I		1,061,073			64,492,029			428,393			29,906,066
Series II		378,562			21,911,152			150,914			10,129,348
Reacquired:
Series I		(1,137,749	)		(75,438,499	)		(1,448,513	)		(97,650,766	)
Series II		(445,184	)		(28,300,669	)		(709,185	)		(45,451,232	)
Net increase (decrease) in share activity		323,880		$	13,097,523			(1,096,719	)	$	(71,110,129	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 28% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. American Franchise Fund

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending Account Value (12/31/19)1	Expenses Paid During Period2	Ending Account Value (12/31/19)	Expenses Paid During Period2
Series I	$1,000.00	$1,114.10	$4.58	$1,020.87	$4.38	0.86%
Series II	1,000.00	1,112.60	5.91	1,019.61	5.65	1.11

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distribution	$	85,098,579
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. 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 Person
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)	229	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; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. American Franchise Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. American Value Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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-VIAMVA-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	25.03	%
Series II Shares	24.71
S&P 500 Indexq (Broad Market Index)	31.49
Russell Midcap Value Indexq (Style-Specific Index)	27.06
Lipper VUF Mid Cap Value Funds Index∎ (Peer Group Index)	24.76
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over

into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third

quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

  All sectors within the Russell Midcap Value Index posted positive returns for the year, with information technology (IT) posting the highest return, while energy posted the lowest.

  The largest contributor to the Fund’s return relative to the style-specific index for the year was stock selection in the energy sector, with outperformance largely due to Anadarko Petroleum. Shares of the company rose sharply in April after both Chevron and Occidental Petroleum (not Fund holdings) submitted bids to acquire the company. Occidental ultimately prevailed with an offer of $76 per share in a cash and stock deal, which was further bolstered by a $10 billion contribution from Berkshire Hathaway (not a Fund holding). Shares of Anadarko traded sharply higher following the announcement, and we sold our position in the company shortly thereafter.

  Security selection and underweight positions in the utilities and communication services sectors also contributed to the Fund’s performance relative to the style-specific index for the year. The Fund benefited from exposure to utility companies Evergy and FirstEnergy, as well as Take Two Interactive Software, the Fund’s only holding in the communication services sector. During the year, video game developer Take Two performed well following the successful release of several new game titles, which contributed to higher revenues and margins.

Portfolio Composition
By sector	% of total net assets

Financials	24.51%
Consumer Discretionary	13.57
Industrials	11.02
Information Technology	10.14
Health Care	7.79
Real Estate	7.53
Materials	6.05
Utilities	5.87
Energy	5.63
Consumer Staples	3.98
Communication Services	1.49
Money Market Funds Plus Other Assets Less Liabilities	2.42

Top 10 Equity Holdings*
% of total net assets
1.  Arthur J. Gallagher & Co.	3.13%
2.  Centene Corp.	3.09
3.  Willis Towers Watson PLC	3.07
4.  Ciena Corp.	3.04
5.  Encompass Health Corp.	2.90
6.  Kroger Co. (The)	2.62
7.  Royal Caribbean Cruises Ltd.	2.59
8.  Norwegian Cruise Line Holdings Ltd.	2.57
9.  Hudson Pacific Properties, Inc.	2.46
10.  Knight-Swift Transportation Holdings, Inc.	2.45

Total Net Assets	$318.7 million
Total Number of Holdings*	46

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, 2019.

Invesco V.I. American Value Fund

Security selection and underweight positions in the real estate and consumer staples sectors also contributed to the Fund’s return relative to the style-specific index for the year. Stock selection in the consumer discretionary sector benefited the Fund’s relative and absolute performance. Within this sector, Royal Caribbean was a key contributor. During the year, the cruise line operator reported solid results despite an active hurricane season that impacted operations. The company also indicated that booking trends appeared strong for 2020.

During the year, stock selection in the IT sector was the largest detractor from the Fund’s performance relative to the style-specific index. Within the sector, DXC Technology, Teradata and Plantronics were significant detractors. Data analytics provider Teradata made progress in its structural transition toward a subscription-based business during the year, but faced headwinds from an increasingly challenging competitive landscape. IT services provider DXC’s digital segment performed well during the year, but an ongoing transition away from legacy IT services work contributed to weaker earnings results and lowered full-year guidance, which weighed on the stock. Plantronics, a communications equipment company, reported weaker-than-expected earnings during the year and reduced its outlook. We eliminated our positions in these securities during the year.

Security selection in the industrials and health care sectors also detracted from the Fund’s return relative to the style-specific index for the year. Within industrials, a key detractor was Textron, an industrial conglomerate primarily focused on aerospace and defense-related business lines. The company reported solid earnings during the year, but heightened geopolitical uncertainty raised investor concerns about business jet and corporate helicopter demand, which weighed on the stock.

In health care, Mylan was a significant detractor from Fund performance for the year versus the style-specific index. We sold the stock in May after we became concerned about management’s plan for the direction of the company. Additionally, we believe that bipartisan pressure on drug pricing is likely to remain a significant overhang for the stock going into the election year.

The Fund’s cash position also detracted from the Fund’s return relative to the style-specific benchmark. While less than 3% on average, cash created a

drag on relative performance in the strong equity market rally.

During the year, we reduced the Fund’s exposure to the financials and energy sectors. Within these sectors, we harvested gains in a number of strong performers, and reduced exposure where we saw heightened risk. We also trimmed positions in the industrials and health care sectors. We used proceeds of these transactions to increase exposure to the utilities, consumer discretionary, IT, consumer staples and real estate sectors. At year-end, the Fund’s largest overweight exposures relative to the style-specific index were to financials and consumer discretionary, while the largest underweight exposures were to utilities and real estate.

Market volatility increased significantly during the year, and we believe it may continue given potential for a slowing global economy, geopolitical tensions and uncertainty about US trade policy. 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 Invesco V.I. American Value Fund.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Jeffrey Vancavage

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 Value Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1  Source: RIMES Technologies Corp.

2  Source: Lipper Inc.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (1/2/97)	9.40	%
10 Years	10.39
5 Years	4.74
1 Year	25.03
Series II Shares
Inception (5/5/03)	9.80	%
10 Years	10.16
5 Years	4.48
1 Year	24.71

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions

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

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.93% and 1.18%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

Invesco V.I. American Value Fund

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. American Value Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–97.58%
Aerospace & Defense–2.27%
Textron, Inc.		162,523	$    7,248,526
Apparel, Accessories & Luxury Goods–1.99%
Tapestry, Inc.		234,669	6,329,023
Automotive Retail–1.97%
Advance Auto Parts, Inc.		39,115	6,264,658
Building Products–2.38%
Johnson Controls International PLC		186,092	7,575,805
Communications Equipment–4.22%
Ciena Corp.(b)		227,119	9,695,710
Motorola Solutions, Inc.		23,318	3,757,463
			13,453,173
Consumer Finance–1.67%
Santander Consumer USA Holdings, Inc.		227,194	5,309,524
Copper–1.93%
Freeport-McMoRan, Inc.		469,048	6,153,910
Distributors–2.12%
LKQ Corp.(b)		189,010	6,747,657
Diversified Chemicals–1.69%
Eastman Chemical Co.		68,101	5,397,685
Electric Utilities–5.87%
Edison International		92,296	6,960,041
Evergy, Inc.		95,628	6,224,427
FirstEnergy Corp.		113,380	5,510,268
			18,694,736
Electronic Equipment & Instruments–1.87%
Keysight Technologies, Inc.(b)		58,083	5,961,058
Food Distributors–1.36%
Performance Food Group Co.(b)		84,348	4,342,235
Food Retail–2.62%
Kroger Co. (The)		287,886	8,345,815
Health Care Facilities–2.90%
Encompass Health Corp.		133,506	9,247,961
Health Care Services–1.80%
DaVita, Inc.(b)		76,313	5,725,764
Hotels, Resorts & Cruise Lines–7.50%
Norwegian Cruise Line Holdings Ltd.(b)		140,290	8,194,339
Royal Caribbean Cruises Ltd.		61,799	8,250,784
Wyndham Hotels & Resorts, Inc.		118,600	7,449,266
			23,894,389

	Shares		Value
Industrial Machinery–1.81%
Kennametal, Inc.		156,769	$    5,783,208
Industrial REITs–1.65%
First Industrial Realty Trust, Inc.		126,767	5,262,098
Insurance Brokers–6.20%
Arthur J. Gallagher & Co.		104,725	9,972,962
Willis Towers Watson PLC		48,414	9,776,723
			19,749,685
Interactive Home Entertainment–1.49%
Take-Two Interactive Software, Inc.(b)		38,723	4,740,857
Investment Banking & Brokerage–1.88%
Stifel Financial Corp.		98,882	5,997,193
IT Consulting & Other Services–1.64%
Science Applications International Corp.		59,922	5,214,412
Life & Health Insurance–1.90%
Athene Holding Ltd., Class A(b)		128,920	6,063,108
Managed Health Care–3.09%
Centene Corp.(b)		156,849	9,861,097
Marine–2.11%
Kirby Corp.(b)		75,051	6,719,316
Office REITs–2.46%
Hudson Pacific Properties, Inc.		208,283	7,841,855
Oil & Gas Equipment & Services–1.79%
TechnipFMC PLC (United Kingdom)		266,745	5,719,013
Oil & Gas Exploration & Production–3.83%
Marathon Oil Corp.		430,519	5,846,448
Noble Energy, Inc.		256,398	6,368,926
			12,215,374
Other Diversified Financial Services–2.37%
Voya Financial, Inc.		123,785	7,548,409
Regional Banks–10.50%
Comerica, Inc.		85,732	6,151,271
KeyCorp		378,257	7,655,922
TCF Financial Corp.		153,939	7,204,345
Wintrust Financial Corp.		86,228	6,113,565
Zions Bancorporation N.A.		121,929	6,330,554
			33,455,657
Residential REITs–1.64%
American Homes 4 Rent, Class A		199,613	5,231,857
Semiconductor Equipment–2.41%
KLA Corp.		43,161	7,689,995

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–1.78%
Life Storage, Inc.		52,435	$    5,677,662
Specialty Chemicals–2.42%
W.R. Grace & Co.		110,457	7,715,422
Trucking–2.45%
Knight-Swift Transportation Holdings, Inc.		217,539	7,796,598
Total Common Stocks & Other Equity Interests (Cost $248,049,854)			310,974,735
Money Market Funds–2.43%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		2,646,181	2,646,182

	Shares		Value
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		2,084,595	$	2,085,220
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		3,024,207		3,024,207
Total Money Market Funds (Cost $7,755,643)				7,755,609
TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $255,805,497)				318,730,344
OTHER ASSETS LESS LIABILITIES–(0.01)%				(40,891	)
NET ASSETS–100.00%			$	318,689,453

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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, 2019

Assets:
Investments in securities, at value (Cost $ 248,049,854)	$	310,974,735
Investments in affiliated money market funds, at value (Cost $ 7,755,643)		7,755,609
Cash		3,457
Receivable for:
Fund shares sold		29,417
Dividends		397,401
Investment for trustee deferred compensation and retirement plans		62,249
Total assets		319,222,868
Liabilities:
Payable for:
Fund shares reacquired		168,221
Accrued fees to affiliates		252,003
Accrued other operating expenses		43,007
Trustee deferred compensation and retirement plans		70,184
Total liabilities		533,415
Net assets applicable to shares outstanding	$	318,689,453
Net assets consist of:
Shares of beneficial interest	$	261,632,635
Distributable earnings		57,056,818
	$	318,689,453
Net Assets:
Series I	$	84,799,429
Series II	$	233,890,024
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,325,784
Series II		14,857,943
Series I:
Net asset value per share	$	15.92
Series II:
Net asset value per share	$	15.74

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends	$	4,748,820
Dividends from affiliated money market funds		149,226
Total investment income		4,898,046
Expenses:
Advisory fees		2,080,038
Administrative services fees		468,428
Custodian fees		6,304
Distribution fees - Series II		515,179
Transfer agent fees		23,101
Trustees’ and officers’ fees and benefits		22,356
Reports to shareholders		8,390
Professional services fees		43,088
Other		6,003
Total expenses		3,172,887
Less: Fees waived		(7,877	)
Net expenses		3,165,010
Net investment income		1,733,036
Realized and unrealized gain (loss) from:
Net realized gain (loss) from Investment securities		(3,087,063	)
Change in net unrealized appreciation of investment securities		59,462,462
Net realized and unrealized gain		56,375,399
Net increase in net assets resulting from operations	$	58,108,435

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	1,733,036		$	1,196,936
Net realized gain (loss)		(3,087,063	)		23,028,494
Change in net unrealized appreciation (depreciation)		59,462,462			(59,304,127	)
Net increase (decrease) in net assets resulting from operations		58,108,435			(35,078,697	)
Distributions to shareholders from distributable earnings:
Series I		(6,549,244	)		(13,858,867	)
Series II		(16,801,199	)		(33,748,480	)
Total distributions from distributable earnings		(23,350,443	)		(47,607,347	)
Share transactions–net:
Series I		(4,634,059	)		(2,498,966	)
Series II		42,039,405			(67,396,523	)
Net increase (decrease) in net assets resulting from share transactions		37,405,346			(69,895,489	)
Net increase (decrease) in net assets		72,163,338			(152,581,533	)
Net assets:
Beginning of year		246,526,115			399,107,648
End of year	$	318,689,453		$	246,526,115

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 12/31/19		$	13.86		$	0.12		$	3.24			$	3.36			$	(0.11	)		$	(1.19	)		$	(1.30	)		$	15.92		25.03	%		$	84,799		0.92	%(d)		0.92	%(d)		0.78	%(d)		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
Year ended 12/31/15			19.92			0.06			(1.82	)			(1.76	)			(0.06	)			(2.41	)			(2.47	)			15.69		(9.13	)			125,686		0.99			0.99			0.33			26
Series II
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	(d)		1.17	(d)		0.53	(d)		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
Year ended 12/31/15			19.75			0.02			(1.80	)			(1.78	)			(0.01	)			(2.41	)			(2.42	)			15.55		(9.36	)			210,354		1.24			1.24			0.08			26

^(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 $82,951 and $205,943 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, 2019

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 to provide above-average total return over a market cycle of three to five years by investing in common stocks and other equity securities.

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.

Invesco V.I. American Value Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. American Value Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.72%.

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, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $7,877.

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, 2019, Invesco was paid $40,507 for accounting and fund administrative services and was reimbursed $427,921 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $17,176 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1  - Prices are determined using quoted prices in an active market for identical assets.

Level 2  - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Invesco V.I. American Value 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.

As of December 31, 2019, 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

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 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	2,371,325	$	3,909,159
Long-term capital gain		20,979,118		43,698,188
Total distributions	$	23,350,443	$	47,607,347

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	1,713,490
Undistributed long-term capital gain		2,609,747
Net unrealized appreciation - investments		52,787,704
Temporary book/tax differences		(54,123	)
Shares of beneficial interest		261,632,635
Total net assets	$	318,689,453

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $207,050,462 and $191,240,773, respectively. Cost of

Invesco V.I. American Value Fund

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	$	57,173,505
Aggregate unrealized (depreciation) of investments		(4,385,801	)
Net unrealized appreciation of investments	$	52,787,704

Cost of investments for tax purposes is $265,942,640.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REIT distributions, on December 31, 2019, undistributed net investment income was increased by $498 and undistributed net realized gain (loss) was decreased by $498. 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, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		160,277		$	2,482,112			237,067		$	3,989,332
Series II		7,353,290			115,776,084			1,290,855			23,139,466
Issued as reinvestment of dividends:
Series I		444,318			6,549,244			796,944			13,858,867
Series II		1,152,345			16,801,199			1,959,842			33,748,480
Reacquired:
Series I		(867,811	)		(13,665,415	)		(1,132,589	)		(20,347,165	)
Series II		(5,973,505	)		(90,537,878	)		(7,116,736	)		(124,284,469	)
Net increase (decrease) in share activity		2,268,914		$	37,405,346			(3,964,617	)	$	(69,895,489	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. American 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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 Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses       Paid During      Period2	Ending               Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,075.60	$4.81	$1,020.57	$4.69	0.92%
Series II	1,000.00	1,074.70	6.12	1,019.31	5.96	1.17

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. American Value 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	20,979,118
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. American Value 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 Person
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)	229	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
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 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)
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 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 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)
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 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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. American Value Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Balanced-Risk Allocation Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. VIIBRA-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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 custom style-specific index.

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

Fund vs. Indexes

Total returns, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	15.21	%
Series II Shares	14.88
MSCI World Indexq (Broad Market Index)	27.67
Custom Invesco V.I. Balanced-Risk Allocation Index∎ (Style-Specific Index)	19.93
Lipper VUF Absolute Return Funds Classification Average∎ (Peer Group)	3.68
Source(s): qRIMES Technologies Corp.;∎Invesco, RIMES Technologies Corp.;◆ Lipper Inc.

Market conditions and your Fund

For the year ended December 31, 2019, the Fund reported positive absolute performance as all three of the three 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 are 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 from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our equity, fixed income and commodity allocations. 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 equities, obtained through the use of swaps and futures, contributed to results for the year with all six markets in which the Fund invests delivering positive returns. Equity markets applauded January’s pivot in central bank policy and optimism in trade relations between the US and China. European stocks were the top equity contributor for the year as the

region’s markets arguably had the most to gain from the central bank pivot given the eurozone economy has been teetering on the edge of recession. US large-cap stocks closed at all-time highs on the strength of cyclical sectors including technology, industrials and financials, while US small-cap stocks finished the year up and close to their all-time high reached in August 2018. Japanese equities contributed as October saw the nation reach a trade deal with the US that focused on agricultural goods, while December’s Phase One trade deal provided additional relief to the export-focused economy. The country also implemented more fiscal stimulus given a record spending budget was passed to boost growth. UK stocks found positive footing after years of drama surrounding the ongoing challenge to leave the European Union (Brexit). UK stocks reached an all-time high in July and closed the year near those levels despite the headwinds of Brexit. Hong Kong stocks posted smaller gains as losses in the second half of the year reduced their first-half advance while the city has been mired in civil unrest. Abrupt price trend reversals during most of the year were challenging for our tactical stock positioning but the rally in the fourth quarter combined with an overweight position resulted in gains.

  The Fund’s strategic exposure to global government bonds, obtained through the use of swaps and futures, contributed to Fund performance for the year with all six markets in which the Fund invests posting positive performance. Australian government bonds led performance as the Reserve Bank of Australia (RBA) cut interest rates three times in June, July and October. Prices were also supported by slower growth in China, one of the country’s largest trading partners, and the lingering trade war between China and the US. US Treasury prices rose as the US Federal Reserve surrendered to market pressure and decreased rates three times (August, September and October). Canadian bonds also contributed as the Bank of Canada held interest rates steady throughout the year which was justified by stable economic data and strong housing activity. Given multiple Brexit delays and the departure of Theresa May, the Bank of England held rates steady as gilt yields joined the global decline as the 10-year bond set a new all-time low yield in August and ended the year just slightly above that record level. German bunds provided a marginal contribution after being temporarily removed from the portfolio in April and then again in June for the remainder of the year as 10-year yields reached negative levels for the first time since 2016. Negative interest rates in Japan also caused the market to be removed from the portfolio in February through the remainder of the year. Tactical positioning in bonds benefitted from overweight exposure relative to the strategic positioning during the first half of the year.

  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 due to higher energy and precious metal prices. Positive performance was concentrated in the first and fourth quarters of the year as the asset class was heavily impacted by sentiment regarding trade conflict. Other primary

Target Risk Allocation and Notional Asset Weights as of 12/31/19

By asset class

Asset Class	Target Risk Allocation*			Notional Asset Weights**
Equities		44.12	%		41.64	%
Fixed Income		16.67			57.28
Commodities		39.21			38.09
Total		100.00	%		137.01	%

* 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 Allocations. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

 Total Net Assets $ 1.0 billion

Invesco V.I. Balanced-Risk Allocation Fund

factors affecting commodity prices were the stable strength of the US dollar and concerns about demand given lower global growth.

Energy was the top contributor to Fund performance within the commodity asset class with five of our six exposures delivering double-digit returns. Energy’s largest gains came both early and late in the year on central bank easing and as the trade conflict was deescalated. OPEC’s production cuts provided another layer of support and delivered a second late year boost after OPEC announced in December that it would deepen production cuts in 2020. Oil prices saw Brent oil outpace West Texas Intermediate oil, while both pushed unleaded gasoline to a sub-complex leading gain. Natural gas countered the uptrend as rising production and temperate weather caused prices to fall nearly 40%. Performance within metals sub-complexes were mixed. Precious metals advanced as gold out-paced silver and recorded its best year since 2010. Despite a great year for stocks, gold still rallied due to higher physical demand, heightened geopolitical risk and increased amounts of negative yielding bonds that add to the metal’s appeal. Silver joined the gold rally but to a lesser extent due to its crossover use as an economically sensitive industrial metal. Industrial metals were flat as aluminum fell and copper advanced. Aluminum declined due to rising global output and lower demand resulting from falling automobile production and slower growth in China. Copper closed the year with a gain solely due to December’s trade agreement rally. Agriculture detracted from Fund performance as it has been the complex the most directly impacted by the trade conflict and ongoing strength in the US dollar. Livestock posted negative performance due to an oversupply of lean hogs in the US, coupled with a lack of demand from China due to pork tariffs implemented in 2018. However, the large decline in lean hogs had limited impact on the strategy because we constrain its allocation due to low liquidity. Cotton was the largest detractor within agriculture as it was dually impacted by rising supply and from trade tariffs. Grains were also key detractors as corn, soybeans and soymeal were hindered by tariffs, while wheat rallied due to poor weather in key growing regions. Coffee was a top performer within agriculture as drought conditions in Brazil triggered supply fears. The Fund’s tactical positioning in commodities benefited from our underweight exposures

to agriculture, industrial metals and natural gas.

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.

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

Portfolio managers:

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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. 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 12/31/09

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 Returns 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 12/31/19
Series I Shares
Inception (1/23/09)	8.20	%
10 Years	6.32
5 Years	4.91
1 Year	15.21
Series II Shares
Inception (1/23/09)	7.92	%
10 Years	6.05
5 Years	4.65
1 Year	14.88

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.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.80% and 1.05%, respectively.^{1, 2, 3} The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.26% and 1.51%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.16%.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2021. See current prospectus for more information.

3 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. Balanced-Risk Allocation Fund

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, 2019, 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^SM Index is 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 Lipper VUF Absolute Return Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Absolute Return Funds Classification.

∎ 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 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for

shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

December 31, 2019

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–11.42%(a)
U.S. Treasury Bills–11.42%
U.S. Treasury Bills		2.02%		01/09/2020	$	46,000	$	45,979,300
U.S. Treasury Bills		1.53%		03/05/2020		45,500		45,380,761
U.S. Treasury Bills		1.52%		05/07/2020		13,000		12,930,897
U.S. Treasury Bills		1.53%		06/04/2020		12,500		12,418,107
Total U.S. Treasury Securities (Cost $116,703,576)								116,709,065
			Expiration Date
Commodity-Linked Securities–2.06%
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)				09/22/2020		7,380		8,572,931
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)				03/20/2020		12,950		12,490,903
Total Commodity-Linked Securities (Cost $20,330,000)								21,063,834
					Shares
Money Market Funds–81.75%(d)
Invesco Government & Agency Portfolio, Institutional Class, 1.50%						229,550,075		229,550,075
Invesco Government Money Market Fund, Cash Reserve Shares, 1.18%						82,795,364		82,795,364
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.47%						126,387,049		126,387,049
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 1.73%						67,396,463		67,396,463
Invesco Treasury Obligations Portfolio, Institutional Class, 1.47%						171,324,067		171,324,067
Invesco Treasury Portfolio, Institutional Class, 1.49%						141,286,416		141,286,416
Invesco V.I. Government Money Market Fund, Series I, 1.32%						16,640,310		16,640,310
Total Money Market Funds (Cost $835,379,744)								835,379,744
TOTAL INVESTMENTS IN SECURITIES-95.23% (Cost $972,413,320)								973,152,643
OTHER ASSETS LESS LIABILITIES-4.77%								48,751,621
NET ASSETS-100.00%							$	1,021,904,264

Investment Abbreviations:

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

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, 2019 was $21,063,834, which represented 2.06% 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 money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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

Invesco V.I. Balanced-Risk Allocation Fund

Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		344		February-2020	$	22,459,760	$	1,837,569		$	1,837,569
Gasoline Reformulated Blendstock Oxygenate Blending		331		January-2020		23,501,331		(275,794	)		(275,794	)
New York Harbor Ultra-Low Sulfur Diesel		132		March-2020		11,086,337		1,036,198			1,036,198
Silver		251		March-2020		22,490,855		897,087			897,087
WTI Crude		212		June-2020		12,480,440		878,339			878,339
Subtotal								4,373,399			4,373,399
Equity Risk
E-Mini Russell 2000 Index		890		March-2020		74,341,700		254,690			254,690
E-Mini S&P 500 Index		435		March-2020		70,276,425		1,307,380			1,307,380
EURO STOXX 50 Index		2,000		March-2020		83,656,383		(216,502	)		(216,502	)
FTSE 100 Index		1,015		March-2020		100,821,716		966,842			966,842
Hang Seng Index		269		January-2020		48,795,798		310,374			310,374
Tokyo Stock Price Index		774		March-2020		122,594,818		68,741			68,741
Subtotal								2,691,525			2,691,525
Interest Rate Risk
Australia 10 Year Bonds		2,690		March-2020		269,863,135		(5,008,957	)		(5,008,957	)
Canada 10 Year Bonds		2,151		March-2020		227,730,530		(4,142,621	)		(4,142,621	)
Long Gilt		622		March-2020		108,244,124		(943,663	)		(943,663	)
U.S. Treasury Long Bonds		606		March-2020		94,479,188		(1,795,052	)		(1,795,052	)
Subtotal								(11,890,293	)		(11,890,293	)
Total Futures Contracts							$	(4,825,369	)	$	(4,825,369	)

^(a) Futures contracts collateralized by $46,070,000 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 1740 Index		0.45%		Monthly		50,200		August-2020	$	11,221,899	$–	$	116,775		$    116,775
Canadian Imperial Bank of Commerce		Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30		Monthly		279,000		April-2020		21,200,066	–		54,349		54,349
Cargill, Inc.		Receive	Monthly Rebalance Commodity Excess Return Index		0.47		Monthly		39,300		February-2020		27,517,935	–		0		0
Cargill, Inc.		Receive	Single Commodity Index Excess Return		0.12		Monthly		6,900		December-2020		6,895,508	–		0		0
Goldman Sachs International		Receive	Goldman Sachs Commodity i-Select Strategy 1121		0.40		Monthly		384,500		October-2020		26,620,638	–		865,921		865,921
JPMorgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25		Monthly		44,300		April-2020		11,494,304	–		28,489		28,489
JPMorgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09		Monthly		126,000		October-2020		14,409,285	–		332,968		332,968
Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14		Monthly		100,700		June-2020		18,465,077	–		0		0
Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25		Monthly		5,000		November-2020		196,726	–		0		0
Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38		Monthly		167,000		October-2020		14,249,283	–		259,879		259,879
Subtotal – Appreciation														–		1,658,381		1,658,381
Commodity Risk
Barclays Bank PLC		Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.33		Monthly		39,100		October-2020		19,318,731	–		(80,831	)	(80,831)
Macquarie Bank Ltd.		Receive	Macquarie Aluminium Dynamic Selection Index		0.30		Monthly		254,000		December-2020		11,532,489	–		(104,623	)	(104,623)
Subtotal – Depreciation														–		(185,454	)	(185,454)
Total – Return Swap Agreements														$–		$1,472,927		$1,472,927

^(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,964,596.

^(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.

Reference Entity Components
Reference Entity	Underlying Components	Percentage

Canadian Imperial Bank of Commerce Custom 7 Agriculture

Commodity Index

Long Futures Contracts
Coffee ‘C’	4.86	%
Corn	5.19
Cotton No. 2	19.46
Lean Hogs	0.91
Live Cattle	2.64
Soybean Meal	18.88
Soybean Oil	5.03
Soybeans	18.38
Sugar No. 11	19.13
Wheat	5.52
Total	100.00	%

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

Invesco V.I. Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

Monthly Rebalance Commodity Excess Return Index

Long Futures Contracts
Coffee ’C’	4.86	%
Corn	5.19
Cotton No. 2	19.46
Lean Hogs	0.91
Live Cattle	2.64
Soybean Meal	18.88
Soybean Oil	5.03
Soybeans	18.38
Sugar No. 11	19.13
Wheat	5.52
Total	100.00	%

Barclays Commodity Strategy 1740 Index

Long Futures Contracts
Coffee ’C’	4.86	%
Corn	5.19
Cotton No. 2	19.46
Lean Hogs	0.91
Live Cattle	2.64
Soybean Meal	18.88
Soybean Oil	5.03
Soybeans	18.38
Sugar No. 11	19.13
Wheat	5.52
Total	100.00	%

Canadian Imperial Bank of Commerce Dynamic Roll LME

Copper Excess Return Index 2

Long Futures Contracts
Copper	100.00	%

Single Commodity Index Excess Return

Long Futures Contracts
Gold	100.00	%

Goldman Sachs Commodity i-Select Strategy 1121

Long Futures Contracts
Coffee ’C’	4.86	%
Corn	5.19
Cotton No. 2	19.46
Lean Hogs	0.91
Live Cattle	2.64
Soybean Meal	18.88
Soybean Oil	5.03
Soybeans	18.38
Sugar No. 11	19.13
Wheat	5.52
Total	100.00	%

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

Invesco V.I. Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

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 Natural Gas Annual Excess Return Index

Long Futures Contracts
Natural Gas	100.00	%

S&P GSCI Aluminum Dynamic Roll Index Excess Return

Long Futures Contracts
Aluminum	100.00	%

Barclays Commodity Strategy 1452 Excess Return Index

Long Futures Contracts
Copper	100.00	%

Macquarie Aluminium Dynamic Selection Index

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, 2019

Assets:
Investments in securities, at value (Cost $137,033,576)	$	137,772,899
Investments in affiliated money market funds, at value (Cost $835,379,744)		835,379,744
Other investments:
Swaps receivable – OTC		2,193,140
Unrealized appreciation on swap agreements – OTC		1,658,381
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		46,070,000
Cash collateral – OTC Derivatives		6,964,596
Foreign currencies, at value (Cost $1,438)		1,390
Receivable for: Fund shares sold		647,862
Dividends		1,064,231
Investment for trustee deferred compensation and retirement plans		113,243
Total assets		1,031,865,486
Liabilities:
Other investments:
Variation margin payable - futures contracts		3,656,716
Swaps payable – OTC		33,135
Unrealized depreciation on swap agreements–OTC		185,454
Payable for: Fund shares reacquired		466,726
Amount due custodian		4,399,472
Accrued fees to affiliates		1,012,682
Accrued trustees’ and officers’ fees and benefits		139
Accrued other operating expenses		81,538
Trustee deferred compensation and retirement plans		125,360
Total liabilities		9,961,222
Net assets applicable to shares outstanding	$	1,021,904,264
Net assets consist of:
Shares of beneficial interest	$	910,435,941
Distributable earnings		111,468,323
	$	1,021,904,264
Net Assets:
Series I	$	45,427,034
Series II	$	976,477,230
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,165,323
Series II		91,008,867
Series I: Net asset value per share	$	10.91
Series II: Net asset value per share	$	10.73

Consolidated Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends from affiliated money market funds	$	17,759,544
Interest		3,032,139
Total investment income		20,791,683
Expenses:
Advisory fees		9,430,812
Administrative services fees		1,700,249
Custodian fees		36,699
Distribution fees - Series II		2,463,688
Transfer agent fees		24,176
Trustees’ and officers’ fees and benefits		32,349
Reports to shareholders		11,949
Professional services fees		88,906
Other		13,849
Total expenses		13,802,677
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(4,741,689	)
Net expenses		9,060,988
Net investment income		11,730,695
Realized and unrealized gain (loss) from:
Net realized gain (loss) from: Investment securities		(3,704,821	)
Foreign currencies		(6,021	)
Futures contracts		132,342,922
Swap agreements		(292,927	)
		128,339,153
Change in net unrealized appreciation (depreciation) of:
Investment securities		3,081,284
Foreign currencies		10,004
Futures contracts		(5,866,411	)
Swap agreements		5,507,812
		2,732,689
Net realized and unrealized gain		131,071,842
Net increase in net assets resulting from operations	$	142,802,537

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	11,730,695		$	8,716,217
Net realized gain (loss)		128,339,153			(62,901,126	)
Change in net unrealized appreciation (depreciation)		2,732,689			(21,238,796	)
Net increase (decrease) in net assets resulting from operations		142,802,537			(75,423,705	)
Distributions to shareholders from distributable earnings:
Series I		–			(3,802,380	)
Series II		–			(107,564,085	)
Total distributions from distributable earnings		–			(111,366,465	)
Return of capital:
Series I		–			(318,341	)
Series II		–			(2,637,420	)
Total return of capital		–			(2,955,761	)
Share transactions–net:
Series I		2,158,487			4,812,203
Series II		(128,836,261	)		(6,703,716	)
Net increase (decrease) in net assets resulting from share transactions		(126,677,774	)		(1,891,513	)
Net increase (decrease) in net assets		16,124,763			(191,637,444	)
Net assets:
Beginning of year		1,005,779,501			1,197,416,945
End of year	$	1,021,904,264		$	1,005,779,501

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 12/31/19		$	9.47		$	0.14			$	1.30			$	1.44			$	–			$	–			$	–			$	–			$	10.91		15.21	%		$	45,427		0.64	%(d)(e)		1.10	%(d)		1.38	%(d)		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
Year ended 12/31/15			12.30			(0.07	)			(0.44	)			(0.51	)			(0.52	)			(1.07	)			–				(1.59	)			10.20		(4.10	)			26,854		0.69			1.15			(0.61	)		44
Series II
Year ended 12/31/19			9.34			0.12				1.27				1.39				–				–				–				–				10.73		14.88				976,477		0.89	(d)(e)		1.35	(d)		1.13	(d)		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
Year ended 12/31/15			12.17			(0.10	)			(0.44	)			(0.54	)			(0.48	)			(1.07	)			–				(1.55	)			10.08		(4.40	)			939,354		0.94			1.40			(0.86	)		44

^(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 $42,105 and $985,702 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%, 0.16%, 0.15% and 0.12% for the years ended December 31, 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, 2019

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. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

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

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

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

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

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

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

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

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

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends,

Invesco V.I. Balanced-Risk Allocation Fund

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under

Invesco V.I. Balanced-Risk Allocation Fund

these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

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

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

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

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

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

M. 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

Invesco V.I. Balanced-Risk Allocation Fund

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. 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.

N. Other Risks – 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.

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, 2019, the effective advisory fee rate incurred by the Fund was 0.92%.

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

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

Invesco V.I. Balanced-Risk Allocation Fund

that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 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 (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.16% and excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of 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, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $4,741,689.

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, 2019, Invesco was paid $146,822 for accounting and fund administrative services and was reimbursed $1,553,427 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Consolidated Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	–		$116,709,065		$–		$116,709,065
Commodity-Linked Securities		–		21,063,834		–		21,063,834
Money Market Funds		835,379,744		–		–		835,379,744
Total Investments in Securities		835,379,744		137,772,899		–		973,152,643

Invesco V.I. Balanced-Risk Allocation Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Assets*
Futures Contracts	$	7,557,220		$	–			$–	$	7,557,220
Swap Agreements		–			1,658,381			–		1,658,381
		7,557,220			1,658,381			–		9,215,601
Other Investments - Liabilities*
Futures Contracts		(12,382,589	)		–			–		(12,382,589	)
Swap Agreements		–			(185,454	)		–		(185,454	)
		(12,382,589	)		(185,454	)		–		(12,568,043	)
Total Other Investments		(4,825,369	)		1,472,927			–		(3,352,442	)
Total Investments	$	830,554,375		$	139,245,826			$–	$	969,800,201

* 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 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, 2019:

	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	4,649,193		$	2,908,027		$	-		$	7,557,220
Unrealized appreciation on swap agreements – OTC		1,658,381			-			-			1,658,381
Total Derivative Assets		6,307,574			2,908,027			-			9,215,601
Derivatives not subject to master netting agreements		(4,649,193	)		(2,908,027	)		-			(7,557,220	)
Total Derivative Assets subject to master netting agreements	$	1,658,381		$	-		$	-		$	1,658,381
	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(275,794	)	$	(216,502	)	$	(11,890,293	)	$	(12,382,589	)
Unrealized depreciation on swap agreements – OTC		(185,454	)		-			-			(185,454	)
Total Derivative Liabilities		(461,248	)		(216,502	)		(11,890,293	)		(12,568,043	)
Derivatives not subject to master netting agreements		275,794			216,502			11,890,293			12,382,589
Total Derivative Liabilities subject to master netting agreements	$	(185,454	)	$	-		$	-		$	(185,454	)

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

Invesco V.I. Balanced-Risk Allocation 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, 2019.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount
Subsidiary
Barclays Bank PLC	$	116,775		$(85,745	)	$	31,030			$–	$	–		$	31,030
Canadian Imperial Bank of Commerce		54,349		(3,602	)		50,747			–		–			50,747
Cargill, Inc.		1,579,024		(11,931	)		1,567,093			–		(1,410,000	)		157,093
Goldman Sachs International		865,921		(6,583	)		859,338			–		–			859,338
JPMorgan Chase Bank, N.A.		361,457		(1,009	)		360,448			–		–			360,448
Macquarie Bank Ltd.		–		(105,088	)		(105,088	)		–		105,088			–
Merrill Lynch International		614,116		(2,302	)		611,814			–		–			611,814
Morgan Stanley Capital Services LLC		259,879		(2,329	)		257,550			–		(150,000	)		107,550
Total	$	3,851,521		$(218,589	)	$	3,632,932			$–	$	(1,454,912	)	$	2,178,020

Effect of Derivative Investments for the year ended December 31, 2019

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts		$ 6,671,796			$55,728,591			$  69,942,535			$132,342,922
Swap agreements		(83,065	)		(209,862	)		-			(292,927	)
Change in Net Unrealized Appreciation (Depreciation): Futures contracts		9,995,264			12,586,682			(28,448,357	)		(5,866,411	)
Swap agreements		5,510,837			(3,025	)		-			5,507,812
Total		$22,094,832			$68,102,386			$ 41,494,178			$131,691,396

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

	Futures Contracts		Swap Agreements
Average notional value	$	1,266,351,584	$	149,369,628

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

Invesco V.I. Balanced-Risk Allocation 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, 2019 and 2018:

	2019	2018
Ordinary income	$–		$  84,502,400
Long-term capital gain	–		26,864,065
Return of capital	–		2,955,761
Total distributions	$–		$114,322,226

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	89,306,332
Undistributed long-term capital gain		30,225,749
Net unrealized appreciation (depreciation) – investments		(8,033,141	)
Net unrealized appreciation - foreign currencies		65,972
Temporary book/tax differences		(96,589	)
Shares of beneficial interest		910,435,941
Total net assets	$	1,021,904,264

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 futures contracts and swap agreements.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $20,330,000 and $18,284,450, 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	$	10,414,021
Aggregate unrealized (depreciation) of investments		(18,447,162	)
Net unrealized appreciation (depreciation) of investments	$	(8,033,141	)

Cost of investments for tax purposes is $977,833,342.

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, 2019, undistributed net investment income was increased by $54,468,012, undistributed net realized gain was decreased by $53,478,860 and shares of beneficial interest was decreased by $989,152. 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, 2019(a)				December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		479,777	$	4,939,090		438,450	$	4,686,758
Series II		4,284,767		43,466,506		7,359,729		79,190,918

Invesco V.I. Balanced-Risk Allocation Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Series I		-		$	-			415,814		$	4,120,721
Series II		-			-			11,268,048			110,201,505
Reacquired:
Series I		(270,304	)		(2,780,603	)		(376,740	)		(3,995,276	)
Series II		(16,984,260	)		(172,302,767	)		(18,613,654	)		(196,096,139	)
Net increase (decrease) in share activity		(12,490,020	)	$	(126,677,774	)		491,647		$	(1,891,513	)

^(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.

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 Consolidated 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 (one of the funds constituting AIM Variable Insurance Funds (Invesco Variable Insurance Funds), referred to hereafter as the “Fund”) as of December 31, 2019, the related consolidated statement of operations for the year ended December 31, 2019, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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        (07/01/19)	ACTUAL		HYPOTHETICAL     (5% annual return before     expenses)		Annualized     Expense    Ratio
		Ending      Account Value       (12/31/19)1	Expenses       Paid During       Period2	Ending       Account Value       (12/31/19)	Expenses     Paid During     Period2
Series I	$1,000.00	$1,040.00	$3.29	$1,021.98	$3.26	0.64%
Series II	1,000.00	1,038.70	4.57	1,020.72	4.53	0.89

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 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, 2019:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	13.33	%

                *  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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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, 2019
	Invesco V.I. Comstock Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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-VICOM-AR-1                                

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	25.30	%
Series II Shares	24.94
S&P 500 Indexq (Broad Market Index)	31.49
Russell 1000 Value Indexq (Style-Specific Index)	26.54
Lipper VUF Large-Cap Value Funds Index∎ (Peer Group Index)	26.71
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again

by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

  During the year, all sectors in the Russell 1000 Value Index posted positive returns. Information technology, industrials and financials were the strongest performing sectors, with energy being the worst performing sector.

  On the positive side, strong stock selection in the financials sector was a large contributor to the Fund’s performance relative to its style-specific benchmark for the year. Citigroup, Bank of America and not owning Berkshire Hathaway (an underperforming component of the Russell 1000 Value Index) were the top individual relative contributors in the sector. Large banks performed well during the year, as interest rates stabilized and investors benefited from return of capital back to shareholders via stock buybacks (reducing outstanding shares) and increased dividends.

  Stock selection in the industrials sector also boosted the Fund’s performance relative to its style-specific benchmark for the year. Johnson Controls International was notable as the company beat earnings’ estimates in the first half of the year. The stock rallied during the second quarter on the announcement of its earlier-than-expected closing of its Power Solutions business. The company announced its immediate intention to cash proceeds (which were $200 million higher than expected) for repurchases and debt repayment. Other contributors within the sector were Emerson Electric and Eaton, as each outperformed the Russell 1000 Value benchmark for the year.

Portfolio Composition
By sector	% of total net assets

Financials	30.44%
Energy	15.91
Health Care	11.27
Industrials	8.67
Information Technology	8.25
Consumer Staples	6.86
Consumer Discretionary	5.85
Communication Services	5.49
Materials	3.24
Utilities	0.47
Money Market Funds Plus Other Assets Less Liabilities	3.55

Top 10 Equity Holdings*
% of total net assets
1. Citigroup, Inc.	5.33%
2. Bank of America Corp.	5.10
3. JPMorgan Chase & Co.	3.56
4. Philip Morris International, Inc.	2.73
5. Suncor Energy, Inc.	2.17
6. Chevron Corp.	2.15
7. Anthem, Inc.	2.03
8. Morgan Stanley	2.02
9. BP PLC, ADR	2.02
10. American International Group, Inc.	1.97

Total Net Assets	$1.4 billion
Total Number of Holdings*	69

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, 2019.

Invesco V.I. Comstock Fund

Stock selection in the communication services sector also enhanced Fund performance relative to its style-specific benchmark. Charter Communications was a notable contributor to the sector, as investors were optimistic due to increased margins after the merger with Time Warner. Management also provided guidance on price increases which may help alleviate the negative effects of customer attrition.

On the negative side, the Fund’s allocation to cash, although only averaging 6% for the year, was a large detractor from Fund performance. We believe this should be expected in a strong equity market.

Stock selection in the consumer discretionary sector also detracted from Fund performance relative to its style-specific benchmark. Carnival and Gap were two of the largest detractors in the sector. During the second quarter, the US government imposed new restrictions on travel to Cuba, essentially barring cruise operators from docking in the country. Carnival lowered its full year earnings guidance based on these developments, and shares declined accordingly.

Overweight exposure to energy stocks versus the style-specific benchmark was a large relative detractor from Fund performance during the year. Energy stocks underperformed during most of the year and was the worst performing sector in the Russell 1000 Value Index. Most of the Fund’s exposure to energy is in exploration and production and integrated oil and gas. Our long-term view on energy is that these companies continue to offer attractive valuations and improving prospects, as management continues to move towards a focus on profitability versus production growth.

We used currency forward contracts during the year for the purpose of hedging currency exposure of non-US-based companies held in the Fund. Derivatives were used solely for the purpose of hedging and not for speculative purposes or leverage. The use of currency forward contracts had a slightly negative impact on the Fund’s performance relative to the Russell 1000 Value Index for the year.

At the close of the year, the Fund was overweight the financials sector compared to its style-specific benchmark, as we have a favorable view of large banks within financials. We also maintain a constructive view on the long–term prospects for our energy holdings, as we believe supply and demand for oil should balance over time. The Fund’s exposure

to each sector has a higher beta³ than the style-specific benchmark. Therefore, the portfolio should be more sensitive to broad moves within these sectors for the foreseeable future.

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: Bureau of Economic Analysis

3 Beta is a measure of risk representing how a security is expected to respond to general market movements.

Portfolio managers:

Devin Armstrong - Lead

Charles DyReyes

Kevin Holt - Lead

James (Jay) Warwick

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. Comstock Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1   Source: RIMES Technologies Corp.

2   Source: Lipper Inc.

Past performance cannot guarantee future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (4/30/99)	7.23	%
10 Years	11.19
5 Years	7.42
1 Year	25.30
Series II Shares
Inception (9/18/00)	7.25	%
10 Years	10.91
5 Years	7.15
1 Year	24.94

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 blended returns of the predecessor fund and Invesco V.I. Comstock Fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value.

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

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.76% and 1.01%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

Invesco V.I. Comstock Fund

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Comstock Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–96.45%
Aerospace & Defense–1.14%
Textron, Inc.		366,963	$	16,366,550
Agricultural Products–1.38%
Archer-Daniels-Midland Co.		429,158		19,891,473
Apparel Retail–0.43%
Gap, Inc. (The)		352,793		6,237,380
Asset Management & Custody Banks–2.90%
Bank of New York Mellon Corp. (The)		398,043		20,033,504
State Street Corp.		273,734		21,652,360
				41,685,864
Automobile Manufacturers–1.95%
General Motors Co.		767,308		28,083,473
Automotive Retail–0.31%
Advance Auto Parts, Inc.		28,056		4,493,449
Biotechnology–1.18%
Gilead Sciences, Inc.		262,128		17,033,077
Broadcasting–0.61%
ViacomCBS, Inc., Class B		209,177		8,779,159
Building Products–1.49%
Johnson Controls International PLC		526,851		21,448,104
Cable & Satellite–2.64%
Charter Communications, Inc., Class A(b)		43,667		21,181,988
Comcast Corp., Class A		375,233		16,874,228
				38,056,216
Communications Equipment–1.61%
Cisco Systems, Inc.		484,734		23,247,843
Construction Machinery & Heavy Trucks–0.96%
Caterpillar, Inc.		93,693		13,836,582
Consumer Finance–0.64%
Ally Financial, Inc.		303,317		9,269,368
Diversified Banks–15.57%
Bank of America Corp.		2,082,777		73,355,406
Citigroup, Inc.		961,068		76,779,722
JPMorgan Chase & Co.		368,024		51,302,546
Wells Fargo & Co.		422,135		22,710,863
				224,148,537
Electrical Components & Equipment–3.12%
Eaton Corp. PLC		253,531		24,014,456
Emerson Electric Co.		274,968		20,969,060
				44,983,516

	Shares		Value
Fertilizers & Agricultural Chemicals–2.02%
CF Industries Holdings, Inc.		230,240	$	10,991,658
Corteva, Inc.		612,642		18,109,697
				29,101,355
Health Care Distributors–1.66%
Cardinal Health, Inc.		231,213		11,694,754
McKesson Corp.		88,169		12,195,536
				23,890,290
Health Care Services–1.06%
CVS Health Corp.		205,717		15,282,716
Hotels, Resorts & Cruise Lines–1.91%
Carnival Corp.		541,290		27,513,771
Household Products–1.94%
Kimberly-Clark Corp.		107,263		14,754,025
Reckitt Benckiser Group PLC (United Kingdom)		162,151		13,167,633
				27,921,658
Independent Power Producers & Energy Traders–0.47%
Vistra Energy Corp.		296,138		6,808,213
Industrial Conglomerates–1.07%
General Electric Co.		1,376,970		15,366,985
Industrial Machinery–0.89%
Ingersoll-Rand PLC		96,543		12,832,496
Integrated Oil & Gas–8.32%
BP PLC, ADR (United Kingdom)		768,716		29,011,342
Chevron Corp.		256,868		30,955,163
Exxon Mobil Corp.		48,053		3,353,138
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)		427,068		25,188,471
Suncor Energy, Inc. (Canada)		951,933		31,223,402
				119,731,516
Integrated Telecommunication Services–1.66%
AT&T, Inc.		611,302		23,889,682
Internet & Direct Marketing Retail–1.25%
eBay, Inc.		496,729		17,936,884
Investment Banking & Brokerage–3.44%
Goldman Sachs Group, Inc. (The)		88,640		20,380,995
Morgan Stanley		569,029		29,088,763
				49,469,758
IT Consulting & Other Services–0.95%
Cognizant Technology Solutions Corp., Class A		221,316		13,726,018

Invesco V.I. Comstock Fund

	Shares		Value
Life & Health Insurance–1.03%
MetLife, Inc.		289,832	$	14,772,737
Managed Health Care–2.03%
Anthem, Inc.		96,675		29,198,750
Multi-line Insurance–1.97%
American International Group, Inc.		551,185		28,292,326
Oil & Gas Exploration & Production–7.60%
Canadian Natural Resources Ltd. (Canada)		542,279		17,539,346
Devon Energy Corp.		704,798		18,303,604
Encana Corp. (Canada)		2,131,359		9,996,074
Hess Corp.		308,278		20,596,053
Marathon Oil Corp.		1,699,347		23,077,132
Noble Energy, Inc.		598,739		14,872,677
Pioneer Natural Resources Co.		32,796		4,964,331
				109,349,217
Paper Packaging–1.21%
International Paper Co.		379,580		17,479,659
Pharmaceuticals–5.33%
Allergan PLC		75,429		14,419,762
Bristol-Myers Squibb Co.		328,888		21,111,321
Mylan N.V.(b)		445,043		8,945,364
Novartis AG (Switzerland)		77,925		7,382,799
Sanofi, ADR (France)		496,141		24,906,278
				76,765,524
Property & Casualty Insurance–1.16%
Allstate Corp. (The)		148,024		16,645,299
Regional Banks–3.75%
Citizens Financial Group, Inc.		471,899		19,163,818
Fifth Third Bancorp		646,947		19,887,151

	Shares		Value
Regional Banks–(continued)
PNC Financial Services Group, Inc. (The)		93,301	$	14,893,639
				53,944,608
Semiconductors–4.01%
Intel Corp.		449,010		26,873,248
NXP Semiconductors N.V. (Netherlands)		55,780		7,098,563
QUALCOMM, Inc.		269,465		23,774,897
				57,746,708
Systems Software–1.67%
Microsoft Corp.		152,145		23,993,266
Tobacco–3.54%
Altria Group, Inc.		232,486		11,603,376
Philip Morris International, Inc.		462,774		39,377,440
				50,980,816
Wireless Telecommunication Services–0.58%
Vodafone Group PLC (United Kingdom)		4,306,599		8,360,710
Total Common Stocks & Other Equity Interests (Cost $1,136,938,996)				1,388,561,553
Money Market Funds–4.33%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		21,797,514		21,797,514
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		15,597,356		15,602,035
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		24,911,444		24,911,444
Total Money Market Funds (Cost $62,310,993)				62,310,993
TOTAL INVESTMENTS IN SECURITIES–100.78% (Cost $1,199,249,989)				1,450,872,546
OTHER ASSETS LESS LIABILITIES–(0.78)%				(11,242,281	)
NET ASSETS–100.00%			$	1,439,630,265

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
01/16/2020	Deutsche Bank AG		USD	628,764		GBP	474,723	$	290
01/16/2020	Goldman Sachs International		USD	810,162		GBP	617,394		7,945
01/16/2020	Royal Bank of Canada		USD	607,934		CAD	802,140		9,838
01/16/2020	Royal Bank of Canada		USD	103,175		CHF	101,692		1,976
01/16/2020	Royal Bank of Canada		USD	675,939		EUR	608,360		7,010
Subtotal–Appreciation									27,059

Invesco V.I. Comstock Fund

Open Forward Foreign Currency Contracts–(continued)
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
01/16/2020	Canadian Imperial Bank of Commerce		CHF	74,808		USD	76,467		$            (885	)
01/16/2020	Canadian Imperial Bank of Commerce		EUR	21,647,914		USD	23,935,297		(366,802	)
01/16/2020	Goldman Sachs International		CAD	29,183,241		USD	21,957,558		(518,046	)
01/16/2020	Goldman Sachs International		EUR	567,410		USD	633,952		(3,026	)
01/16/2020	Goldman Sachs International		GBP	438,318		USD	575,989		(4,825	)
01/16/2020	Royal Bank of Canada		CAD	3,330,518		USD	2,526,016		(38,999	)
01/16/2020	Royal Bank of Canada		CHF	3,658,188		USD	3,682,128		(100,485	)
01/16/2020	Royal Bank of Canada		EUR	762,088		USD	850,853		(4,672	)
01/16/2020	Royal Bank of Canada		GBP	19,756,356		USD	25,600,124		(578,968	)
Subtotal–Depreciation									(1,616,708	)
Total Forward Foreign Currency Contracts									$  (1,589,649	)

Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

Invesco V.I. Comstock Fund

Statement of Assets and Liabilities

December 31, 2019

Assets:
Investments in securities, at value (Cost $1,136,938,996)	$	1,388,561,553
Investments in affiliated money market funds, at value (Cost $62,310,993)		62,310,993
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		27,059
Foreign currencies, at value (Cost $512)		518
Receivable for:
Fund shares sold		17,046
Dividends		2,228,568
Investment for trustee deferred compensation and retirement plans		219,455
Total assets		1,453,365,192
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,616,708
Payable for:
Fund shares reacquired		9,646,462
Amount due custodian		878,494
Accrued fees to affiliates		1,327,392
Accrued trustees’ and officers’ fees and benefits		555
Accrued other operating expenses		23,710
Trustee deferred compensation and retirement plans		241,606
Total liabilities		13,734,927
Net assets applicable to shares outstanding	$	1,439,630,265
Net assets consist of:
Shares of beneficial interest	$	1,134,626,714
Distributable earnings		305,003,551
	$	1,439,630,265
Net Assets:
Series I	$	199,521,411
Series II	$	1,240,108,854
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		11,624,326
Series II		72,546,200
Series I:
Net asset value per share	$	17.16
Series II:
Net asset value per share	$	17.09

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $780,155)	$	37,623,608
Dividends from affiliated money market funds		1,580,111
Total investment income		39,203,719
Expenses:
Advisory fees		7,880,253
Administrative services fees		2,260,671
Custodian fees		15,291
Distribution fees - Series II		2,982,889
Transfer agent fees		36,201
Trustees’ and officers’ fees and benefits		37,485
Reports to shareholders		5,326
Professional services fees		45,987
Other		17,628
Total expenses		13,281,731
Less: Fees waived		(83,440	)
Net expenses		13,198,291
Net investment income		26,005,428
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		40,447,364
Foreign currencies		240,845
Forward foreign currency contracts		1,422,429
		42,110,638
Change in net unrealized appreciation (depreciation) of:
Investment securities		239,469,341
Foreign currencies		8,844
Forward foreign currency contracts		(1,373,453	)
		238,104,732
Net realized and unrealized gain		280,215,370
Net increase in net assets resulting from operations	$	306,220,798

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	26,005,428		$	23,660,844
Net realized gain		42,110,638			169,575,951
Change in net unrealized appreciation (depreciation)		238,104,732			(378,547,863	)
Net increase (decrease) in net assets resulting from operations		306,220,798			(185,311,068	)
Distributions to shareholders from distributable earnings:
Series I		(27,866,941	)		(29,013,356	)
Series II		(173,615,673	)		(151,533,451	)
Total distributions from distributable earnings		(201,482,614	)		(180,546,807	)
Share transactions–net:
Series I		(32,488,395	)		1,540,438
Series II		54,630,220			(236,864,144	)
Net increase (decrease) in net assets resulting from share transactions		22,141,825			(235,323,706	)
Net increase (decrease) in net assets		126,880,009			(601,181,581	)
Net assets:
Beginning of year		1,312,750,256			1,913,931,837
End of year	$	1,439,630,265		$	1,312,750,256

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 12/31/19		$	16.12		$	0.37		$	3.45			$	3.82			$	(0.37	)		$	(2.41	)		$	(2.78	)		$	17.16		25.30	%		$	199,521		0.74	%(d)		0.74	%(d)		2.09	%(d)		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
Year ended 12/31/15			19.16			0.28			(1.45	)			(1.17	)			(0.37	)			(0.05	)			(0.42	)			17.57		(5.98	)			332,411		0.78			0.83			1.52			16
Series II
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	(d)		0.99	(d)		1.84	(d)		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
Year ended 12/31/15			19.08			0.24			(1.44	)			(1.20	)			(0.32	)			(0.05	)			(0.37	)			17.51		(6.19	)			1,549,679		1.03			1.08			1.27			16

^(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 $194,472 and $1,192,847 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, 2019

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Comstock Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Comstock Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.57%.

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

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 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, 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $83,440.

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, 2019, Invesco was paid $195,367 for accounting and fund administrative services and was reimbursed $2,065,304 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, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish

Invesco V.I. Comstock Fund

continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $16,621 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,359,650,411	$	28,911,142			$–	$	1,388,561,553
Money Market Funds		62,310,993		–			–		62,310,993
Total Investments in Securities		1,421,961,404		28,911,142			–		1,450,872,546
Other Investments - Assets*
Forward Foreign Currency Contracts		–		27,059			–		27,059
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(1,616,708	)		–		(1,616,708	)
Total Other Investments		–		(1,589,649	)		–		(1,589,649	)
Total Investments	$	1,421,961,404	$	27,321,493			$–	$	1,449,282,897

* 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, 2019:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	27,059
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	27,059

Invesco V.I. Comstock Fund

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,616,708	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(1,616,708	)

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, 2019.

	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		$        –	$(367,687)		$   (367,687	)	$–	$–		$    (367,687	)
Deutsche Bank AG		290	–		290		–	–		290
Goldman Sachs International		7,945	(525,897)		(517,952	)	–	–		(517,952	)
Royal Bank of Canada		18,824	(723,124)		(704,300	)	–	–		(704,300	)
Total		$27,059	$(1,616,708)		$(1,589,649	)	$–	$–		$(1,589,649	)

Effect of Derivative Investments for the year ended December 31, 2019

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:
Forward foreign currency contracts		$  1,422,429
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,373,453)
Total		$        48,976

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

	Forward
	Foreign Currency
	Contracts
Average notional value		$111,199,656

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. Comstock 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, 2019 and 2018:

	2019		2018
Ordinary income	$	35,243,443	$	23,575,887
Long-term capital gain		166,239,171		156,970,920
Total distributions	$	201,482,614	$	180,546,807

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	26,301,607
Undistributed long-term capital gain		32,144,715
Net unrealized appreciation – investments		246,738,371
Net unrealized appreciation - foreign currencies		6,015
Temporary book/tax differences		(187,157	)
Shares of beneficial interest		1,134,626,714
Total net assets	$	1,439,630,265

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 forward foreign currency contracts.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $277,726,126 and $387,879,431, 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	$	327,427,848
Aggregate unrealized (depreciation) of investments		(80,689,477	)
Net unrealized appreciation of investments	$	246,738,371

Cost of investments for tax purposes is $1,202,544,526.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2019, undistributed net investment income was increased by $487,308 and undistributed net realized gain was decreased by $487,308. 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, 2019(a)				December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		531,077	$	9,046,219		899,651	$	17,343,797
Series II		6,503,571		116,600,521		3,163,658		57,343,771

Invesco V.I. Comstock Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Series I		1,776,096		$	27,866,941			1,479,518		$	29,013,356
Series II		11,100,746			173,615,673			7,755,038			151,533,451
Reacquired:
Series I		(3,961,633	)		(69,401,555	)		(2,224,115	)		(44,816,715	)
Series II		(13,487,073	)		(235,585,974	)		(22,497,477	)		(445,741,366	)
Net increase (decrease) in share activity		2,462,784		$	22,141,825			(11,423,727	)	$	(235,323,706	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Comstock 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, 2019 through December 31, 2019.

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 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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses Paid During       Period2	Ending   Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,090.00	$3.90	$1,021.48	$3.77	0.74%
Series II	1,000.00	1,088.70	5.21	1,020.21	5.04	0.99

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Comstock 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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distribution	$	166,239,171
Corporate Dividends Received Deduction*		78.63	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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, 2019
	Invesco V.I. Core Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. VICEQ-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	28.97	%
Series II Shares	28.66
S&P 500 Indexq (Broad Market Index)	31.49
Russell 1000 Indexq (Style-Specific Index)	31.43
Lipper VUF Large-Cap Core Funds Index∎ (Peer Group Index)	28.24
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again

by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

  During the year, stock selection in the financials and health care sectors was a key contributor to the Fund’s performance versus the Russell 1000 Index. Key detractors from the Fund’s relative returns included stock selection in the communication services and consumer staples sectors, as well as underweight exposure to the information technology sector.

  Key individual contributors to the Fund’s performance relative to the style-specific benchmark for the year included EPAM Systems, JPMorgan Chase, and Mastercard. EPAM Systems provides software engineering solutions and technology services. The company benefited from an increased demand for digital products, which resulted in strong growth rates and increasing margins. We exited our position in the company before the close of the fiscal year.

  JPMorgan Chase benefited from generally strong performance across large-cap banks. The company performed particularly well toward the end of the year as the yield curve moved from an inverted shape to a more normal upward slope. This, along with a strong economy, low unemployment rate and continued appreciation in the equity markets, fueled strong gains despite reduced near-term earnings expectations.

  Mastercard’s fundamentals remained strong during the year with mid-teens revenue growth, margin expansion and capital return mainly through stock buy-backs. Mastercard’s wide moat from its lead in global merchant acceptance, technology innovation and wide variety

Portfolio Composition
By sector	% of total net assets

Financials	18.97%
Health Care	16.81
Information Technology	16.80
Consumer Discretionary	13.48
Communication Services	7.84
Industrials	7.60
Consumer Staples	6.97
Energy	5.33
Real Estate	2.89
Utilities	1.75
Money Market Funds Plus Other Assets Less Liabilities	1.56

Top 10 Equity Holdings*
% of total net assets
1. Microsoft Corp.	7.97%
2. JPMorgan Chase & Co.	5.11
3. UnitedHealth Group, Inc.	4.11
4. Facebook, Inc., Class A	3.82
5. Amazon.com, Inc.	3.71
6. Procter & Gamble Co. (The)	3.62
7. Berkshire Hathaway, Inc., Class B	3.34
8. Merck & Co., Inc.	3.23
9. Lockheed Martin Corp.	2.99
10. Prologis, Inc.	2.89

Total Net Assets	$878.4 million
Total Number of Holdings*	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, 2019.

Invesco V.I. Core Equity Fund

of payments services business has well-positioned the company to compete and partner with emerging mobile-based payment models, such as digital wallets.

Key individual detractors from the Fund’s performance relative to the style-specific benchmark for the year included Biogen and Carnival. Biotechnology company Biogen and cruise line operator Carnival both underperformed during the first half of 2019. As such, we exited our positions in both companies before the close of the year.

Underweight exposure to Alphabet and Apple (not a Fund holding) also detracted from the Fund’s performance versus the style-specific benchmark as both companies were strong performers within the Russell 1000 Index during the year. Our decision not to own Apple was based on concerns regarding peak iPhone sales. While we initiated a position in Alphabet during the year, the Fund’s underweight exposure was a drag on relative returns.

At the close of the year, we continued to focus on companies with competitive advantages and skilled management teams that are out executing peers. As evidence of this, we look for companies with high returns on invested capital, consistently strong pricing power, and/or rising market shares. During times of economic volatility, such companies frequently widen the lead over weaker competitors. We seek to invest in companies characterized by these qualities at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance, especially in down markets.

Please note that a new portfolio management team began managing the Fund on June 21, 2019.

We thank you for your continued investment in Invesco V.I. Core Equity Fund.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Manind (Mani) Govil - Lead

Paul Larson

Benjamin Ram

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. Core Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1   Source: RIMES Technologies Corp.

2   Source: Lipper Inc.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (5/2/94)	8.14	%
10 Years	9.12
5 Years	6.56
1 Year	28.97
Series II Shares
Inception (10/24/01)	6.83	%
10 Years	8.86
5 Years	6.31
1 Year	28.66

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.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.80% and 1.05%, respectively.¹ The total annual Fund operating expense ratio set forth in

the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.81% and 1.06%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

1 Total annual Fund operating expenses after any

contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. Core Equity Fund

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Core Equity Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–98.44%
Aerospace & Defense–2.99%
Lockheed Martin Corp.		67,440	$	26,259,787
Air Freight & Logistics–0.30%
C.H. Robinson Worldwide, Inc.		34,084		2,665,369
Automobile Manufacturers–0.62%
General Motors Co.		149,708		5,479,313
Automotive Retail–0.69%
O’Reilly Automotive, Inc.(b)		13,814		6,054,124
Brewers–0.83%
Anheuser-Busch InBev S.A./N.V. (Belgium)		88,984		7,296,822
Communications Equipment–1.87%
Motorola Solutions, Inc.		102,092		16,451,105
Computer & Electronics Retail–1.38%
Best Buy Co., Inc.		138,185		12,132,643
Consumer Finance–4.19%
American Express Co.		102,080		12,707,939
Capital One Financial Corp.		233,752		24,055,418
				36,763,357
Data Processing & Outsourced Services–1.27%
Mastercard, Inc., Class A		37,244		11,120,686
Distillers & Vintners–0.89%
Constellation Brands, Inc., Class A		41,308		7,838,193
Diversified Banks–5.32%
Danske Bank A/S (Denmark)		114,093		1,845,158
JPMorgan Chase & Co.		322,229		44,918,722
				46,763,880
Electric Utilities–0.44%
Duke Energy Corp.		42,202		3,849,244
Financial Exchanges & Data–3.09%
Intercontinental Exchange, Inc.		131,944		12,211,417
Moody’s Corp.		62,986		14,953,506
				27,164,923
Gas Utilities–0.53%
UGI Corp.		103,167		4,659,022
Health Care Equipment–3.68%
Boston Scientific Corp.(b)		100,857		4,560,754
Medtronic PLC		70,812		8,033,621
Zimmer Biomet Holdings, Inc.		131,719		19,715,700
				32,310,075

	Shares		Value
Health Care Facilities–0.76%
HCA Healthcare, Inc.		45,116	$	6,668,596
Home Improvement Retail–2.05%
Home Depot, Inc. (The)		82,256		17,963,065
Homebuilding–0.82%
D.R. Horton, Inc.		135,804		7,163,661
Household Products–3.62%
Procter & Gamble Co. (The)		254,910		31,838,259
Industrial Conglomerates–2.07%
Honeywell International, Inc.		102,802		18,195,954
Industrial Machinery–0.52%
Stanley Black & Decker, Inc.		27,809		4,609,064
Industrial REITs–2.89%
Prologis, Inc.		284,662		25,374,771
Integrated Oil & Gas–2.62%
Suncor Energy, Inc. (Canada)		702,327		23,036,326
Integrated Telecommunication Services–1.98%
Verizon Communications, Inc.		283,379		17,399,471
Interactive Media & Services–5.86%
Alphabet, Inc., Class A(b)		13,403		17,951,844
Facebook, Inc., Class A(b)		163,402		33,538,261
				51,490,105
Internet & Direct Marketing Retail–5.99%
Amazon.com, Inc.(b)		17,621		32,560,789
Booking Holdings, Inc.(b)		9,772		20,069,049
				52,629,838
IT Consulting & Other Services–1.01%
Amdocs Ltd.		122,319		8,830,209
Life Sciences Tools & Services–1.64%
Thermo Fisher Scientific, Inc.		44,446		14,439,172
Managed Health Care–4.11%
UnitedHealth Group, Inc.		122,852		36,116,031
Multi-Sector Holdings–3.34%
Berkshire Hathaway, Inc., Class B(b)		129,333		29,293,924
Multi-Utilities–0.78%
WEC Energy Group, Inc.		74,195		6,843,005
Oil & Gas Equipment & Services–1.30%
Schlumberger Ltd.		282,984		11,375,957
Oil & Gas Storage & Transportation–1.41%
Magellan Midstream Partners L.P.		197,444		12,413,304

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

Invesco V.I. Core Equity Fund

	Shares		Value
Other Diversified Financial Services–1.91%
AXA Equitable Holdings, Inc.		677,649	$	16,792,142
Pharmaceuticals–6.61%
AstraZeneca PLC, ADR (United Kingdom)		305,742		15,244,296
Elanco Animal Health, Inc.(b)		491,248		14,467,254
Merck & Co., Inc.		312,172		28,392,043
				58,103,593
Property & Casualty Insurance–1.00%
Fidelity National Financial, Inc.		93,502		4,240,316
Progressive Corp. (The)		62,628		4,533,641
				8,773,957
Railroads–1.60%
Union Pacific Corp.		77,773		14,060,581
Regional Banks–0.13%
SVB Financial Group(b)		4,470		1,122,149
Restaurants–0.90%
Starbucks Corp.		89,606		7,878,159
Semiconductor Equipment–2.14%
Applied Materials, Inc.		308,024		18,801,785
Semiconductors–2.54%
QUALCOMM, Inc.		182,921		16,139,120
Texas Instruments, Inc.		48,064		6,166,130
				22,305,250

	Shares		Value
Soft Drinks–1.62%
PepsiCo., Inc.		104,315	$	14,256,731
Specialty Stores–1.04%
Ulta Beauty, Inc.(b)		35,933		9,096,080
Systems Software–7.97%
Microsoft Corp.		444,194		70,049,394
Trading Companies & Distributors–0.12%
Fastenal Co.		27,313		1,009,215
Total Common Stocks & Other Equity Interests (Cost $703,461,526)				864,738,291
Money Market Funds–2.51%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		7,673,323		7,673,323
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		5,579,040		5,580,713
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		8,769,511		8,769,511
Total Money Market Funds (Cost $22,023,547)				22,023,547
TOTAL INVESTMENTS IN SECURITIES–100.95% (Cost $725,485,073)				886,761,838
OTHER ASSETS LESS LIABILITIES–(0.95)%				(8,365,944	)
NET ASSETS–100.00%			$	878,395,894

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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, 2019

Assets:
Investments in securities, at value (Cost $703,461,526)	$	864,738,291
Investments in affiliated money market funds, at value (Cost $22,023,547)		22,023,547
Foreign currencies, at value (Cost $1,312)		1,380
Receivable for:
Investments sold		36,657,008
Fund shares sold		16,215
Dividends		867,546
Investment for trustee deferred compensation and retirement plans		446,220
Total assets		924,750,207
Liabilities:
Payable for:
Investments purchased		44,729,544
Fund shares reacquired		654,815
Amount due custodian		144,708
Accrued fees to affiliates		286,684
Accrued trustees’ and officers’ fees and benefits		498
Accrued other operating expenses		56,462
Trustee deferred compensation and retirement plans		481,602
Total liabilities		46,354,313
Net assets applicable to shares outstanding	$	878,395,894
Net assets consist of:
Shares of beneficial interest	$	550,433,158
Distributable earnings		327,962,736
	$	878,395,894
Net Assets:
Series I	$	855,744,328
Series II	$	22,651,566
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		24,483,726
Series II		650,765
Series I:
Net asset value per share	$	34.95
Series II:
Net asset value per share	$	34.81

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $281,931)	$	16,386,875
Dividends from affiliated money market funds		352,661
Total investment income		16,739,536
Expenses:
Advisory fees		5,510,639
Administrative services fees		1,324,103
Custodian fees		1,789
Distribution fees - Series II		54,740
Transfer agent fees		58,395
Trustees’ and officers’ fees and benefits		31,963
Reports to shareholders		9,244
Professional services fees		50,151
Other		16,457
Total expenses		7,057,481
Less: Fees waived		(18,396	)
Net expenses		7,039,085
Net investment income		9,700,451
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $14,806,769)		165,074,328
Foreign currencies		(25,361	)
		165,048,967
Change in net unrealized appreciation (depreciation) of:
Investment securities		53,504,250
Foreign currencies		(1,776	)
		53,502,474
Net realized and unrealized gain		218,551,441
Net increase in net assets resulting from operations	$	228,251,892

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	9,700,451		$	7,271,862
Net realized gain		165,048,967			96,380,296
Change in net unrealized appreciation (depreciation)		53,502,474			(197,550,328	)
Net increase (decrease) in net assets resulting from operations		228,251,892			(93,898,170	)
Distributions to shareholders from distributable earnings:
Series I		(102,597,293	)		(72,928,447	)
Series II		(2,536,276	)		(1,504,788	)
Total distributions from distributable earnings		(105,133,569	)		(74,433,235	)
Share transactions–net:
Series I		(123,248,676	)		(35,235,681	)
Series II		(504,539	)		(162,186,906	)
Net increase (decrease) in net assets resulting from share transactions		(123,753,215	)		(197,422,587	)
Net increase (decrease) in net assets		(634,892	)		(365,753,992	)
Net assets:
Beginning of year		879,030,786			1,244,784,778
End of year	$	878,395,894		$	879,030,786

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 12/31/19		$	30.94		$	0.38		$	8.22			$	8.60			$	(0.35	)		$	(4.24	)		$	(4.59	)		$	34.95		28.97	%		$	855,744		0.78	%(d)		0.78	%(d)		1.08	%(d)		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
Year ended 12/31/15			41.00			0.32			(2.79	)			(2.47	)			(0.46	)			(4.23	)			(4.69	)			33.84		(5.75	)			921,516		0.89			0.90			0.81			45
Series II
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	(d)		1.03	(d)		0.83	(d)		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
Year ended 12/31/15			40.53			0.22			(2.75	)			(2.53	)			(0.37	)			(4.23	)			(4.60	)			33.40		(5.98	)			178,126		1.14			1.15			0.56			45

^(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 $875,709 and $21,898 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, 2019

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Core Equity Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Core Equity Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.650	%
Over $250 million		0.600	%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.61%.

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, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $18,396.

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, 2019, Invesco was paid $129,428 for accounting and fund administrative services and was reimbursed $1,194,675 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Invesco V.I. Core Equity Fund

For the year ended December 31, 2019, the Fund incurred $964 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1  - Prices are determined using quoted prices in an active market for identical assets.

Level 2  - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3  - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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		$855,596,311		$9,141,980		$–	$864,738,291
Money Market Funds		22,023,547		–		–	22,023,547
Total Investments		$877,619,858		$9,141,980		$–	$886,761,838

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, 2019, the Fund engaged in securities purchases of $158,037,131 and securities sales of $34,914,135, which resulted in net realized gains of $14,806,769.

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, 2019 and 2018:

	2019		2018
Ordinary income	$	7,836,902	$  8,935,012
Long-term capital gain		97,296,667	65,498,223
Total distributions	$	105,133,569	$74,433,235

Invesco V.I. Core Equity Fund

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	19,051,887
Undistributed long-term capital gain		151,310,128
Net unrealized appreciation – investments		157,980,295
Net unrealized appreciation (depreciation) - foreign currencies		(8,230	)
Temporary book/tax differences		(371,344	)
Shares of beneficial interest		550,433,158
Total net assets	$	878,395,894

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $713,150,246 and $918,220,327, 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	$	162,307,282
Aggregate unrealized (depreciation) of investments		(4,326,987	)
Net unrealized appreciation of investments	$	157,980,295

Cost of investments for tax purposes is $728,781,543.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2019, undistributed net investment income was decreased by $23,949 and undistributed net realized gain was increased by $23,949. 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, 2019(a)				December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		435,385	$	14,832,571		1,686,758	$	61,083,116
Series II		38,664		1,330,035		96,316		3,437,247
Issued as reinvestment of dividends:
Series I		3,165,606		102,597,293		2,005,181		72,928,448
Series II		78,522		2,536,276		41,719		1,504,788

Invesco V.I. Core Equity Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(6,876,372	)	$	(240,678,540	)		(4,659,767	)	$	(169,247,245	)
Series II		(125,341	)		(4,370,850	)		(4,730,829	)		(167,128,941	)
Net increase (decrease) in share activity		(3,283,536	)	$	(123,753,215	)		(5,560,622	)	$	(197,422,587	)

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses Paid During       Period2	Ending   Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,095.60	$4.12	$1,021.27	$3.97	0.78%
Series II	1,000.00	1,094.30	5.44	1,020.01	5.24	1.03

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Core Equity 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, 2019:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Long-term Capital Gain Distribution	97,296,667
Corporate Dividends Received Deduction*	99.99	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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, 2019
	Invesco V.I. Core Plus Bond Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. VICPB-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	11.06	%
Series II Shares	11.00
Bloomberg Barclays U.S. Aggregate Bond Indexq (Broad Market/Style-Specific Index)	8.72
Lipper VUF Core Plus Bond Funds Index∎ (Peer Group Index)	9.51
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Calendar year 2019 proved to be an increasingly volatile time for the US bond market. US bond returns posted strong results for the year, as rates fell amid a decelerating global economy and persistent trade disputes between the US and China. Global risks remained a headwind to growth throughout most of the year. However, during the final months of 2019, rates increased amid diminishing risks of imminent rate cuts by the US Federal Reserve (the Fed), which were previously priced in. The global economy appeared to be stabilizing as trade disputes between the US and China, Brexit uncertainties and Chinese data all seemed less threatening to valuations. Credit investors were generally rewarded over the year, despite heightened volatility and escalating recession fears. US-based yield strategies remained competitive from a global perspective as negative yields increased across regions.

During the year, the Fed cut interest rates three times: in July, September and October 2019.¹ However, at its December meeting, the Fed gave the clear indication that the target rate would likely remain at its current level through 2020 as factors that had driven risk

aversion over the year had shown signs of improving.

US rate movements were a primary driver of valuations for the year. The two-year US Treasury yield declined from 2.48% to 1.58%, the 10-year US Treasury yield decreased from 2.69% to 1.92% and the 30-year US Treasury yield decreased from 3.02% to 2.39%.² The yield curve, as measured by the yield differential of the two-year US Treasury yield versus the 30-year US Treasury yield, steepened notably from 54 basis points to 81 basis points.² (A basis point is one one-hundredth of a percentage point.)

Corporate credit spreads were also a significant contributor to Fund returns as spreads tightened about 0.60% during the year as solid corporate fundamentals and demand for high quality assets were robust in 2019.³ Corporate balance sheets remained relatively healthy as debt service levels remained strong and select companies looked to further de-leverage their balance sheets from recent acquisitions.

Given this market backdrop, the Fund’s total return for the year was positive and the Fund outperformed its broad market/

style-specific benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

  The US investment grade bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 8.72% for the year. This was largely attributed to the decline in US Treasury yields and the tightening of credit spreads. In particular, the corporate sector returned 14.54%, with long-dated corporate bonds and the lower-end of the investment grade bond spectrum performing best.³ US Treasuries also registered a solid year with a 6.86% return for 2019.³

  During the year, the primary driver of the Fund’s outperformance versus its broad market/style-specific benchmark was overweight exposure to investment grade corporate bonds, as well as a small out-of-benchmark position in high yield issuers. In particular, in the investment grade universe, overweight exposures to financial institutions and the technology, media and telecommunication sector were beneficial to the Fund’s relative performance. Security selection in these sectors also contributed to relative returns as the holdings in these sectors outperformed the positions in the broad market/style-specific benchmark.

  The Fund also held a small out-of-benchmark position in high yield issuers and an overweight allocation to emerging market bonds. Both of these positions were additive to Fund performance during the year as each benefited from a reduction in interest rates and tighter credit spreads due to a positive view on global growth. In the high yield space, we sought opportunities from the best-in-class high quality high yield sector, while holding only a small position in the lower quality high yield space.

  The Fund’s positioning in securitized assets also aided returns as the Fund maintained an overweight allocation to non-agency mortgages, commercial

Portfolio Composition
By security type	% of total net assets

U.S. Dollar Denominated Bonds & Notes	40.36	%
Asset-Backed Securities	17.57
U.S. Government Sponsored Agency Mortgage-Backed Securities	16.95
U.S. Treasury Securities	16.36
Security Types Each Less Than 1% of Portfolio	1.57
Money Market Funds Plus Other Assets Less Liabilities	7.19

Top Five Debt Issuers*

% of total net assets

1. U.S. Treasury	16.36	%
2. Federal National Mortgage Association	9.44	%
3. Freddie Mac Multifamily Structured Pass Through Ctfs.	3.04
4. Government National Mortgage Association	2.28	%
5. Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC	1.75	%

Total Net Assets	$25.1 million
Total Number of Holdings*	484

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, 2019.

Invesco V.I. Core Plus Bond Fund

mortgage-backed securities and asset-backed securities. These sectors performed well during the year due to solid fundamentals and a strong US consumer. The securitized sector provides added diversification to the Fund, which can be beneficial in times of stress while also providing additional income. With the US housing market remaining robust, we continued to like non-agency mortgage bonds.

  The Fund also 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 Fund’s broad market/ style-specific benchmark, on average, and the timing of changes and the degree of variance during the year detracted modestly from relative returns. Buying and selling US Treasury futures and interest rate swaptions were important tools used during the year for the management of interest rate risk and to maintain the Fund’s 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 managed credit market risk by purchasing and selling protection through credit default swaps at various points throughout the year. Currency management was carried out via currency forwards and options on an as-needed basis.

  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 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, 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: US Department of the Treasury

3 Source: Bloomberg Barclays

Portfolio managers:

Matthew Brill

Chuck Burge

Michael Hyman

Joseph Portera

Scott Roberts

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. 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 12/31/09

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (5/5/93)	4.43	%
10 Years	5.61
5 Years	4.15
1 Year	11.06
Series II Shares
Inception (3/14/02)	4.03	%
10 Years	5.35
5 Years	3.91
1 Year	11.00

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.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.62% and 0.87%, respectively.^1,2 The total annual Fund operating expense ratio set forth in

the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.54% and 1.79%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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.

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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least April 30, 2021. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. Core Plus Bond Fund

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, 2019, 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.

⬛ 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.

Other information

⬛ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

⬛ Industry 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.

Invesco V.I. Core Plus Bond Fund

Schedule of Investments^(a)

December 31, 2019

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–40.36%
Aerospace & Defense–0.05%
Moog, Inc., 5.25%, 12/01/2022(b)	$	2,000	$	2,033
4.25%, 12/15/2027(b)		2,000		2,040
TransDigm, Inc., 6.50%, 07/15/2024		2,000		2,067
6.38%, 06/15/2026		3,000		3,187
Triumph Group, Inc., 7.75%, 08/15/2025		2,000		2,091
				11,418
Agricultural & Farm Machinery–0.02%
Titan International, Inc., 6.50%, 11/30/2023		5,000		4,290
Air Freight & Logistics–0.01%
XPO Logistics, Inc., 6.50%, 06/15/2022(b)		2,000		2,041
Airlines–2.74%
American Airlines Group, Inc., 5.00%, 06/01/2022(b)		18,000		18,855
American Airlines Pass Through Trust, Series 2017-1, Class B, 4.95%, 02/15/2025		28,332		29,952
Series 2017-2, Class B, 3.70%, 10/15/2025		30,540		30,893
Series 2016-1, Class AA, 3.58%, 01/15/2028		27,420		28,853
Series 2017-2, Class A, 3.60%, 10/15/2029		33,078		33,638
Series 2019-1, Class AA, 3.15%, 02/15/2032		35,000		36,025
British Airways Pass Through Trust (United Kingdom), Series 2019-1, Class A, 3.35%, 06/15/2029(b)		33,000		34,021
Delta Air Lines Pass Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		10,000		10,373
Delta Air Lines, Inc., 2.88%, 03/13/2020		27,000		27,006
3.63%, 03/15/2022		45,000		46,090
3.80%, 04/19/2023		24,000		24,907
2.90%, 10/28/2024		103,000		103,259
3.75%, 10/28/2029		44,000		44,011
LATAM Airlines Group S.A. Pass Through Trust (Chile), Series 2015-1, Class A, 4.20%, 11/15/2027		91,340		94,318

	Principal Amount		Value
Airlines–(continued)
United Airlines Pass Through Trust, Series 2014-2, Class B, 4.63%, 09/03/2022	$	31,331	$	32,330
Series 2019-2, Class B, 3.50%, 05/01/2028		36,000		36,389
Series 2018-1, Class AA, 3.50%, 03/01/2030		55,553		57,287
				688,207
Alternative Carriers–0.05%
CenturyLink, Inc., Series S, 6.45%, 06/15/2021		2,000		2,098
Series Y, 7.50%, 04/01/2024		4,000		4,518
Level 3 Financing, Inc., 5.38%, 05/01/2025		5,000		5,185
5.25%, 03/15/2026		2,000		2,084
				13,885
Apparel Retail–0.03%
L Brands, Inc., 6.88%, 11/01/2035		4,000		3,587
6.75%, 07/01/2036		2,000		1,760
Michaels Stores, Inc., 8.00%, 07/15/2027(b)		2,000		1,914
				7,261
Apparel, Accessories & Luxury Goods–0.03%
Hanesbrands, Inc., 4.88%, 05/15/2026(b)		3,000		3,182
William Carter Co. (The), 5.63%, 03/15/2027(b)		3,000		3,232
				6,414
Asset Management & Custody Banks–0.68%
Apollo Management Holdings L.P., 4.95% (5 yr. U.S. Treasury Yield Curve Rate + 3.27%), 01/14/2050(b)(c)		90,000		91,218
Carlyle Holdings II Finance LLC, 5.63%, 03/30/2043(b)		64,000		75,248
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/2023(b)		2,000		2,101
5.75%, 04/15/2026(b)		2,000		2,178
				170,745
Auto Parts & Equipment–0.05%
Dana, Inc., 5.38%, 11/15/2027		2,000		2,065
Flexi-Van Leasing, Inc., 10.00%, 02/15/2023(b)		4,000		3,810
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 6.25%, 05/15/2026(b)		2,000		2,159
8.50%, 05/15/2027(b)		2,000		2,128

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
Auto Parts & Equipment–(continued)
Tenneco, Inc., 5.00%, 07/15/2026	$	2,000	$	1,845
				12,007
Automobile Manufacturers–0.34%
Hyundai Capital America, 4.30%, 02/01/2024(b)		48,000		50,560
3.50%, 11/02/2026(b)		30,000		30,433
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		4,000		4,232
				85,225
Automotive Retail–0.04%
Lithia Motors, Inc., 5.25%, 08/01/2025(b)		2,000		2,098
4.63%, 12/15/2027(b)		2,000		2,061
Murphy Oil USA, Inc., 5.63%, 05/01/2027		2,000		2,151
Penske Automotive Group, Inc., 5.50%, 05/15/2026		4,000		4,197
				10,507
Biotechnology–1.02%
AbbVie, Inc., 2.30%, 11/21/2022(b)		123,000		123,669
2.60%, 11/21/2024(b)		132,000		132,905
				256,574
Brewers–0.21%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029		45,000		52,135
Broadcasting–0.04%
AMC Networks, Inc., 4.75%, 08/01/2025		5,000		5,029
Gray Television, Inc., 7.00%, 05/15/2027(b)		2,000		2,226
iHeartCommunications, Inc., 8.38%, 05/01/2027		2,000		2,214
				9,469
Building Products–0.02%
Standard Industries, Inc., 6.00%, 10/15/2025(b)		3,000		3,161
5.00%, 02/15/2027(b)		3,000		3,135
				6,296
Cable & Satellite–1.07%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 09/01/2023		2,000		2,043
5.75%, 02/15/2026(b)		11,000		11,626
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.38%, 04/01/2038		25,000		28,650

	Principal Amount		Value
Cable & Satellite–(continued)
Comcast Corp., 3.95%, 10/15/2025	$	20,000	$	21,827
4.60%, 10/15/2038		30,000		35,743
3.25%, 11/01/2039		15,000		15,230
3.45%, 02/01/2050		55,000		56,345
4.95%, 10/15/2058		31,000		40,310
CSC Holdings LLC, 6.75%, 11/15/2021		5,000		5,393
5.25%, 06/01/2024		5,000		5,398
Discovery Communications LLC, 5.20%, 09/20/2047		15,000		17,463
Dish DBS Corp., 5.88%, 11/15/2024		2,000		2,048
Sirius XM Radio, Inc., 4.63%, 07/15/2024(b)		19,000		19,990
5.38%, 07/15/2026(b)		3,000		3,194
5.50%, 07/01/2029(b)		3,000		3,249
				268,509
Casinos & Gaming–0.15%
Boyd Gaming Corp., 6.00%, 08/15/2026		2,000		2,153
4.75%, 12/01/2027(b)		22,000		22,893
MGM Resorts International, 7.75%, 03/15/2022		5,000		5,584
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b)		7,000		7,516
				38,146
Coal & Consumable Fuels–0.02%
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)		6,000		5,785
Commodity Chemicals–0.03%
Nufarm Australia Ltd./Nufarm Americas, Inc. (Australia), 5.75%, 04/30/2026(b)		2,000		1,976
Olin Corp., 5.63%, 08/01/2029		5,000		5,290
				7,266
Communications Equipment–0.04%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		2,000		2,007
Hughes Satellite Systems Corp., 7.63%, 06/15/2021		5,000		5,351
5.25%, 08/01/2026		2,000		2,201
				9,559
Construction & Engineering–0.03%
AECOM, 5.13%, 03/15/2027		2,000		2,156
William Lyon Homes, Inc., 6.00%, 09/01/2023		2,000		2,091
6.63%, 07/15/2027(b)		2,000		2,175
				6,422

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
Consumer Finance–0.31%
Ally Financial, Inc., 8.00%, 03/15/2020	$	2,000	$	2,019
5.13%, 09/30/2024		8,000		8,839
4.63%, 03/30/2025		2,000		2,169
Credit Acceptance Corp., 5.13%, 12/31/2024(b)		18,000		18,737
6.63%, 03/15/2026(b)		23,000		24,923
Navient Corp., 8.00%, 03/25/2020		2,000		2,024
7.25%, 01/25/2022		2,000		2,177
7.25%, 09/25/2023		7,000		7,928
Springleaf Finance Corp., 6.88%, 03/15/2025		4,000		4,560
7.13%, 03/15/2026		4,000		4,632
				78,008
Copper–0.38%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		57,000		59,956
5.40%, 11/14/2034		9,000		9,448
Southern Copper Corp. (Peru), 5.88%, 04/23/2045		18,000		22,566
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(b)		3,000		2,498
				94,468
Data Processing & Outsourced Services–0.30%
Cardtronics Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)		4,000		4,162
PayPal Holdings, Inc., 2.65%, 10/01/2026		42,000		42,606
2.85%, 10/01/2029		29,000		29,206
				75,974
Distillers & Vintners–0.09%
Constellation Brands, Inc., 2.61% (3 mo. USD LIBOR + 0.70%), 11/15/2021(c)		22,000		22,004
Distributors–0.02%
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(b)(d)		4,000		4,172
Diversified Banks–5.26%
Bank of America Corp., Series Z, 6.50%(e)		85,000		96,536
BBVA Bancomer S.A. (Mexico), 6.75%, 09/30/2022(b)		150,000		163,581
BNP Paribas S.A. (France), 4.38% (5 yr. U.S. Swap Rate + 1.48%), 03/01/2033(b)(c)		58,000		62,635
Citigroup, Inc., Series Q, 5.95%(e)		25,000		25,586
Series T, 6.25% (3 mo. USD LIBOR + 4.52%)(c)(e)		30,000		34,115
Series U, 5.00%(e)		95,000		99,572
2.88% (3 mo. USD LIBOR + 0.95%), 07/24/2023(c)		20,000		20,356

	Principal Amount		Value
Diversified Banks–(continued)
Corp. Andina de Fomento (Supranational), 4.38%, 06/15/2022	$	50,000	$	52,584
HSBC Holdings PLC (United Kingdom), 6.00%(e)		200,000		213,304
4.00%, 03/30/2022		45,000		46,893
JPMorgan Chase & Co., Series V, 5.23%(e)		40,000		40,350
2.30%, 08/15/2021		65,000		65,150
2.82%, (3 mo. USD LIBOR + 0.89%), 07/23/2024(c)		65,000		65,559
3.63%, 12/01/2027		35,000		36,966
Series W, 2.91% (3 mo. USD LIBOR + 1.00%), 05/15/2047(c)		65,000		54,699
Series I, 5.41% (3 mo. USD LIBOR + 3.47%)(c)(e)		34,000		34,358
Royal Bank of Scotland Group PLC (The) (United Kingdom), 6.00%, 12/19/2023		5,000		5,560
3.75%, 11/01/2029		200,000		204,213
				1,322,017
Diversified Chemicals–0.04%
Chemours Co. (The), 6.63%, 05/15/2023		5,000		5,030
7.00%, 05/15/2025		2,000		2,019
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b)		2,000		2,005
				9,054
Diversified Metals & Mining–0.19%
Hudbay Minerals, Inc. (Canada), 7.63%, 01/15/2025(b)		4,000		4,230
Teck Resources Ltd. (Canada), 6.13%, 10/01/2035		38,000		44,665
				48,895
Diversified REITs–1.71%
iStar, Inc., 4.75%, 10/01/2024		4,000		4,153
Trust F/1401 (Mexico), 5.25%, 01/30/2026(b)		200,000		215,322
4.87%, 01/15/2030(b)		200,000		210,894
				430,369
Drug Retail–0.58%
CVS Pass Through Trust, 5.77%, 01/10/2033(b)		128,743		145,130
Electric Utilities–0.14%
Southern Co. (The), Series B, 5.50% (3 mo. USD LIBOR + 3.63%), 03/15/2057(c)		29,000		30,388
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b)		2,000		2,125
5.63%, 02/15/2027(b)		2,000		2,111
				34,624

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
Electrical Components & Equipment–0.03%
EnerSys, 5.00%, 04/30/2023(b)	$	5,000	$	5,252
4.38%, 12/15/2027(b)		2,000		1,980
				7,232
Electronic Components–1.28%
Corning, Inc., 5.45%, 11/15/2079		294,000		322,492
Electronic Equipment & Instruments–0.03%
Itron, Inc., 5.00%, 01/15/2026(b)		6,000		6,234
MTS Systems Corp., 5.75%, 08/15/2027(b)		2,000		2,096
				8,330
Environmental & Facilities Services–0.02%
GFL Environmental, Inc. (Canada), 5.13%, 12/15/2026(b)		2,000		2,108
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		2,000		2,089
				4,197
Financial Exchanges & Data–0.19%
Moody’s Corp., 5.25%, 07/15/2044		35,000		44,330
MSCI, Inc., 5.75%, 08/15/2025(b)		3,000		3,153
				47,483
Food Distributors–0.02%
US Foods, Inc., 5.88%, 06/15/2024(b)		4,000		4,128
Food Retail–0.04%
Albertsons Cos., Inc./Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.63%, 06/15/2024		6,000		6,295
5.88%, 02/15/2028(b)		2,000		2,129
Simmons Foods, Inc., 5.75%, 11/01/2024(b)		2,000		2,014
				10,438
Forest Products–0.02%
Norbord, Inc. (Canada), 5.75%, 07/15/2027(b)		4,000		4,161
Gas Utilities–0.05%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024		4,000		4,330
5.88%, 08/20/2026		2,000		2,209
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.50%, 06/01/2024		5,000		5,150
Superior Plus L.P./Superior General Partner, Inc. (Canada), 7.00%, 07/15/2026(b)		2,000		2,153
				13,842
Health Care Equipment–0.16%
Teleflex, Inc., 4.88%, 06/01/2026		2,000		2,096

	Principal Amount		Value
Health Care Equipment–(continued)
Zimmer Biomet Holdings, Inc., 2.65% (3 mo. USD LIBOR + 0.75%), 03/19/2021(c)	$	38,000	$	38,004
				40,100
Health Care Facilities–0.08%
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024		2,000		2,078
HCA, Inc., 5.88%, 02/15/2026		10,000		11,390
5.38%, 09/01/2026		2,000		2,232
Tenet Healthcare Corp., 8.13%, 04/01/2022		2,000		2,216
6.75%, 06/15/2023		2,000		2,202
				20,118
Health Care REITs–0.53%
Diversified Healthcare Trust, 6.75%, 12/15/2021		40,000		42,461
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		4,000		4,250
4.63%, 08/01/2029		32,000		33,020
Physicians Realty L.P., 4.30%, 03/15/2027		20,000		21,378
Welltower, Inc., 3.10%, 01/15/2030		31,000		31,387
				132,496
Health Care Services–0.56%
AMN Healthcare, Inc., 5.13%, 10/01/2024(b)		2,000		2,076
Cigna Corp., 4.50%, 03/15/2021(b)		45,000		45,994
3.40%, 09/17/2021		36,000		36,857
2.89%, (3 mo. USD LIBOR + 0.89%), 07/15/2023(c)		43,000		43,258
Eagle Holding Co. II LLC, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022(b)(d)		2,000		2,036
Envision Healthcare Corp., 8.75%, 10/15/2026(b)		2,000		1,246
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		6,000		6,159
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024(b)		2,000		1,940
Surgery Center Holdings, Inc., 10.00%, 04/15/2027(b)		2,000		2,201
				141,767
Home Improvement Retail–0.01%
Hillman Group, Inc. (The), 6.38%, 07/15/2022(b)		2,000		1,866
Homebuilding–0.82%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		2,000		2,255
Beazer Homes USA, Inc., 6.75%, 03/15/2025		2,000		2,106
KB Home, 4.80%, 11/15/2029		2,000		2,045

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
Homebuilding–(continued)
Lennar Corp., 8.38%, 01/15/2021	$	2,000	$	2,121
5.25%, 06/01/2026		5,000		5,489
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)		2,000		2,085
MDC Holdings, Inc., 6.00%, 01/15/2043		174,000		181,269
Meritage Homes Corp., 5.13%, 06/06/2027		2,000		2,136
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b)		2,000		2,186
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)		3,000		3,241
				204,933
Hotels, Resorts & Cruise Lines–0.02%
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028(b)		4,000		4,106
Household Products–0.16%
Reynolds Group Issuer, Inc./LLC, 5.75%, 10/15/2020		35,857		35,947
7.00%, 07/15/2024(b)		2,000		2,071
Spectrum Brands, Inc., 5.75%, 07/15/2025		2,000		2,092
				40,110
Independent Power Producers & Energy Traders–0.17%
AES Corp. (The), 5.50%, 04/15/2025		5,000		5,175
Calpine Corp., 5.50%, 02/01/2024		2,000		2,035
5.13%, 03/15/2028(b)		28,000		28,650
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)		2,000		2,146
NRG Energy, Inc., 6.63%, 01/15/2027		5,000		5,434
				43,440
Industrial Conglomerates–0.53%
General Electric Co., 5.55%, 01/05/2026		115,000		132,006
Industrial Machinery–0.06%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)		8,000		8,003
EnPro Industries, Inc., 5.75%, 10/15/2026		4,000		4,272
Mueller Industries, Inc., 6.00%, 03/01/2027		4,000		4,106
				16,381
Integrated Oil & Gas–0.92%
Petrobras Global Finance B.V. (Brazil), 5.75%, 02/01/2029		4,000		4,519
Petroleos Mexicanos (Mexico), 6.63%, 06/15/2035		23,000		23,642
Saudi Arabian Oil Co. (Saudi Arabia), 2.88%, 04/16/2024(b)		200,000		202,981
				231,142

	Principal Amount		Value
Integrated Telecommunication Services–1.03%
AT&T, Inc., 5.15%, 02/15/2050	$	141,000	$	169,864
5.70%, 03/01/2057		35,000		45,112
Cincinnati Bell, Inc., 7.00%, 07/15/2024(b)		2,000		2,102
CommScope, Inc., 6.00%, 03/01/2026(b)		4,000		4,263
Telecom Italia Capital S.A. (Italy), 7.20%, 07/18/2036		5,000		5,937
Verizon Communications, Inc., 4.81%, 03/15/2039		27,000		32,569
				259,847
Interactive Media & Services–0.45%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)		2,000		2,146
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026(b)		41,000		41,551
6.63%, 08/15/2027(b)		2,000		1,949
Match Group, Inc., 5.63%, 02/15/2029(b)		33,000		35,239
Twitter, Inc., 3.88%, 12/15/2027(b)		31,000		31,061
				111,946
Internet & Direct Marketing Retail–0.18%
QVC, Inc., 5.45%, 08/15/2034		48,000		46,076
Investment Banking & Brokerage–0.78%
Cantor Fitzgerald L.P., 6.50%, 06/17/2022(b)		34,000		36,777
Goldman Sachs Group, Inc. (The), Series P, 5.00%(e)		40,000		40,361
3.27% (3 mo. USD LIBOR + 1.20%), 09/29/2025(c)		50,000		51,752
Series L, 5.78% (3 mo. USD LIBOR + 3.88%)(c)(e)		15,000		15,094
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		49,000		51,937
				195,921
Leisure Facilities–0.01%
Six Flags Entertainment Corp., 4.88%, 07/31/2024(b)		2,000		2,077
Life & Health Insurance–1.59%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		40,000		42,695
Athene Holding Ltd., 4.13%, 01/12/2028		77,000		79,705
MetLife, Inc., Series C, 5.25%(e)		65,000		65,959
Nationwide Financial Services, Inc., 5.38%, 03/25/2021(b)		165,000		171,396
3.90%, 11/30/2049(b)		38,000		39,577
				399,332

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 Sciences Tools & Services–0.01%
Charles River Laboratories International, Inc., 4.25%, 05/01/2028(b)	$	3,000	$	3,062
Managed Health Care–0.21%
Centene Corp., 5.38%, 06/01/2026(b)		4,000		4,252
4.63%, 12/15/2029(b)		2,000		2,111
Molina Healthcare, Inc., 4.88%, 06/15/2025(b)		1,000		1,030
UnitedHealth Group, Inc., 3.75%, 07/15/2025		35,000		37,798
WellCare Health Plans, Inc., 5.25%, 04/01/2025		5,000		5,213
5.38%, 08/15/2026(b)		2,000		2,134
				52,538
Metal & Glass Containers–0.05%
Ball Corp., 5.25%, 07/01/2025		3,000		3,348
Berry Global, Inc., 6.00%, 10/15/2022		2,000		2,043
Flex Acquisition Co., Inc., 7.88%, 07/15/2026(b)		4,000		4,039
OI European Group B.V., 4.00%, 03/15/2023(b)		2,000		2,021
				11,451
Movies & Entertainment–0.14%
AMC Entertainment Holdings, Inc., 6.13%, 05/15/2027		3,000		2,745
Netflix, Inc., 5.75%, 03/01/2024		3,000		3,328
5.88%, 11/15/2028		7,000		7,773
5.38%, 11/15/2029(b)		21,000		22,403
				36,249
Multi-line Insurance–0.85%
AIG Global Funding, 2.70%, 12/15/2021(b)		42,000		42,642
American Financial Group, Inc., 3.50%, 08/15/2026		20,000		20,600
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		35,000		38,124
Nationwide Mutual Insurance Co., 4.95%, 04/22/2044(b)		100,000		112,140
				213,506
Multi-Utilities–0.25%
CenterPoint Energy, Inc., Series A, 6.13%(e)		60,000		63,493
Office REITs–0.27%
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027		40,000		43,063
3.38%, 08/15/2031		25,000		26,091
				69,154

	Principal Amount		Value
Office Services & Supplies–0.38%
Pitney Bowes, Inc., 4.13%, 10/01/2021	$	55,000	$	55,880
5.20%, 04/01/2023		39,000		38,529
				94,409
Oil & Gas Drilling–0.01%
Ensign Drilling, Inc. (Canada), 9.25%, 04/15/2024(b)		2,000		1,892
Precision Drilling Corp. (Canada), 5.25%, 11/15/2024		2,000		1,841
				3,733
Oil & Gas Equipment & Services–0.01%
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		2,000		1,906
Oil & Gas Exploration & Production–0.26%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(b)		2,000		1,994
Callon Petroleum Co., 6.13%, 10/01/2024		2,000		2,043
6.38%, 07/01/2026		2,000		2,035
Continental Resources, Inc., 5.00%, 09/15/2022		39,000		39,284
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026		2,000		1,916
Gulfport Energy Corp., 6.63%, 05/01/2023		2,000		1,691
6.00%, 10/15/2024		4,000		2,850
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026(b)		4,000		3,879
QEP Resources, Inc., 6.88%, 03/01/2021		2,000		2,076
5.63%, 03/01/2026		2,000		1,956
Southwestern Energy Co., 7.50%, 04/01/2026		2,000		1,855
7.75%, 10/01/2027		3,000		2,786
WPX Energy, Inc., 5.25%, 09/15/2024		2,000		2,130
				66,495
Oil & Gas Refining & Marketing–0.26%
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022		4,000		4,011
EnLink Midstream Partners L.P., 4.85%, 07/15/2026		3,000		2,819
5.60%, 04/01/2044		2,000		1,627
NuStar Logistics L.P., 6.00%, 06/01/2026		5,000		5,297
Parkland Fuel Corp. (Canada), 6.00%, 04/01/2026(b)		4,000		4,233
5.88%, 07/15/2027(b)		40,000		42,874
Sunoco L.P./Sunoco Finance Corp., 4.88%, 01/15/2023		2,000		2,051
5.88%, 03/15/2028		3,000		3,194
				66,106

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
Oil & Gas Storage & Transportation–2.21%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024	$	4,000	$	3,720
Cheniere Energy Partners L.P., 5.63%, 10/01/2026		2,000		2,119
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		2,000		2,050
DCP Midstream Operating L.P., 5.13%, 05/15/2029		3,000		3,118
Energy Transfer Operating L.P., Series A, 6.25%(e)		2,000		1,883
5.88%, 01/15/2024		2,000		2,214
Enterprise Products Operating LLC, Series D, 4.88% (3 mo. USD LIBOR + 2.99%), 08/16/2077(c)		28,000		27,692
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b)		3,000		3,130
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.00%, 08/01/2024(b)		2,000		2,090
MPLX L.P., 2.79%, (3 mo. USD LIBOR + 0.90%), 09/09/2021(c)		67,000		67,212
2.99%, (3 mo. USD LIBOR + 1.10%), 09/09/2022(c)		48,000		48,197
Plains All American Pipeline L.P., Series B, 6.13%(e)		54,000		50,437
Plains All American Pipeline L.P./PAA Finance Corp., 3.55%, 12/15/2029		186,000		183,452
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.25%, 05/01/2023		57,000		57,689
5.13%, 02/01/2025		2,000		2,080
5.88%, 04/15/2026		7,000		7,450
5.00%, 01/15/2028		2,000		2,045
Williams Cos., Inc. (The), 4.13%, 11/15/2020		83,000		83,997
4.55%, 06/24/2024		4,000		4,318
				554,893
Other Diversified Financial Services–0.41%
Carlyle Finance LLC, 5.65%, 09/15/2048(b)		52,000		61,804
Football Trust V, 5.35%, 10/05/2020(b)		33,353		34,163
Lions Gate Capital Holdings LLC, 6.38%, 02/01/2024(b)		3,000		3,143
LPL Holdings, Inc., 5.75%, 09/15/2025(b)		2,000		2,097
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b)		3,000		3,105
				104,312
Packaged Foods & Meats–0.19%
B&G Foods, Inc., 5.25%, 04/01/2025		2,000		2,061
Hershey Co. (The), 3.13%, 11/15/2049		36,000		35,683
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025(b)		2,000		2,076

	Principal Amount		Value
Packaged Foods & Meats–(continued)
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024(b)	$	4,000	$	4,253
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(b)		3,000		3,249
				47,322
Paper Packaging–0.14%
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)		33,000		33,990
Paper Products–0.03%
Mercer International, Inc. (Germany), 6.50%, 02/01/2024		4,000		4,162
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		4,000		4,321
				8,483
Pharmaceuticals–0.03%
Bausch Health Cos., Inc., 5.50%, 11/01/2025(b)		4,000		4,188
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b)		2,000		2,123
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		2,000		1,995
				8,306
Property & Casualty Insurance–0.10%
Allstate Corp. (The), 4.20%, 12/15/2046		20,000		23,010
AmWINS Group, Inc., 7.75%, 07/01/2026(b)		2,000		2,216
				25,226
Publishing–0.01%
Meredith Corp., 6.88%, 02/01/2026		2,000		2,085
Railroads–0.01%
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		2,000		1,962
Regional Banks–1.51%
CIT Group, Inc., 5.00%, 08/01/2023		2,000		2,159
Fifth Third Bancorp, 4.30%, 01/16/2024		55,000		59,103
First Niagara Financial Group, Inc., 7.25%, 12/15/2021		35,000		38,335
Synovus Financial Corp., 3.13%, 11/01/2022		33,000		33,415
Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000		245,446
				378,458
Reinsurance–0.64%
Global Atlantic Fin Co., 4.40%, 10/15/2029(b)		130,000		128,420
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		30,000		32,542
				160,962

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
Residential REITs–0.38%
Spirit Realty L.P., 4.00%, 07/15/2029	$	25,000	$	26,324
3.40%, 01/15/2030		70,000		70,352
				96,676
Restaurants–0.03%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(b)		4,000		4,138
Aramark Services, Inc., 5.00%, 04/01/2025(b)		2,000		2,090
IRB Holding Corp., 6.75%, 02/15/2026(b)		2,000		2,101
				8,329
Retail REITs–0.11%
Regency Centers L.P., 4.13%, 03/15/2028		25,000		27,112
Security & Alarm Services–0.01%
Brink’s Co. (The), 4.63%, 10/15/2027(b)		2,000		2,065
Semiconductors–0.59%
Analog Devices, Inc., 3.13%, 12/05/2023		30,000		31,007
Micron Technology, Inc., 4.98%, 02/06/2026		25,000		27,753
4.19%, 02/15/2027		80,000		85,645
4.66%, 02/15/2030		3,000		3,304
				147,709
Sovereign Debt–1.02%
Argentine Republic Government International Bond (Argentina), 7.13%, 06/28/2117		1,000		506
Egypt Government International Bond (Egypt), 7.05%, 01/15/2032(b)		200,000		210,014
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		28,000		31,613
Mexico Government International Bond (Mexico), 4.00%, 10/02/2023		14,000		14,753
				256,886
Specialized Consumer Services–0.02%
ServiceMaster Co. LLC (The), 5.13%, 11/15/2024(b)		2,000		2,079
7.45%, 08/15/2027		3,000		3,399
				5,478
Specialized Finance–0.06%
Park Aerospace Holdings Ltd. (Ireland), 5.25%, 08/15/2022(b)		13,000		13,887
Specialized REITs–0.16%
Equinix, Inc., 5.88%, 01/15/2026REIT		5,000		5,315
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026		2,000		2,214
Iron Mountain US Holdings, Inc., 5.38%, 06/01/2026(b)		2,000		2,096

	Principal Amount		Value
Specialized REITs–(continued)
Iron Mountain, Inc., 6.00%, 08/15/2023	$	2,000	$	2,047
5.25%, 03/15/2028(b)		2,000		2,084
4.88%, 09/15/2029(b)		22,000		22,399
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)		4,000		3,021
SBA Communications Corp., 4.88%, 09/01/2024		2,000		2,081
				41,257
Specialty Chemicals–0.03%
Ashland LLC, 4.75%, 08/15/2022		2,000		2,095
Element Solutions, Inc., 5.88%, 12/01/2025(b)		2,000		2,098
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)		4,000		4,211
				8,404
Steel–0.06%
Steel Dynamics, Inc., 5.13%, 10/01/2021		15,000		15,009
Systems Software–0.30%
Camelot Finance S.A., 4.50%, 11/01/2026(b)		2,000		2,059
Microsoft Corp., 4.25%, 02/06/2047		24,000		29,395
VMware, Inc., 2.30%, 08/21/2020		45,000		45,068
				76,522
Technology Hardware, Storage & Peripherals–0.96%
Apple, Inc., 2.05%, 09/11/2026		49,000		48,642
4.25%, 02/09/2047		20,000		23,906
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b)		4,000		4,225
6.02%, 06/15/2026(b)		62,000		71,360
4.90%, 10/01/2026(b)		20,000		22,018
8.35%, 07/15/2046(b)		49,000		67,448
Western Digital Corp., 4.75%, 02/15/2026		4,000		4,177
				241,776
Tobacco–0.08%
Altria Group, Inc., 4.40%, 02/14/2026		18,000		19,555
Trading Companies & Distributors–0.93%
Air Lease Corp., 3.88%, 04/01/2021		85,000		86,747
3.38%, 06/01/2021		60,000		61,021
3.00%, 09/15/2023		64,000		65,549
Aircastle Ltd., 5.50%, 02/15/2022		2,000		2,127
5.00%, 04/01/2023		2,000		2,139
BMC East LLC, 5.50%, 10/01/2024(b)		4,000		4,172
Herc Holdings, Inc., 5.50%, 07/15/2027(b)		2,000		2,110

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
Trading Companies & Distributors–(continued)
United Rentals North America, Inc., 6.50%, 12/15/2026	$	6,000	$	6,605
5.50%, 05/15/2027		2,000		2,148
5.25%, 01/15/2030		2,000		2,156
				234,774
Trucking–0.34%
Aviation Capital Group LLC, 2.61%, (3 mo. USD LIBOR + 0.67%), 07/30/2021(b)(c)		22,000		22,005
4.13%, 08/01/2025(b)		31,000		32,409
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.25%, 03/15/2025(b)		2,000		2,063
Avolon Holdings Funding Ltd. (Ireland), 4.38%, 05/01/2026(b)		15,000		15,863
DAE Funding LLC (United Arab Emirates), 4.00%, 08/01/2020(b)		12,000		12,110
				84,450
Wireless Telecommunication Services–1.87%
Rogers Communications, Inc. (Canada), 4.35%, 05/01/2049		11,000		12,295
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b)		200,000		212,379
5.15%, 03/20/2028(b)		209,000		228,405
T-Mobile USA, Inc., 6.38%, 03/01/2025		6,000		6,212
6.50%, 01/15/2026		10,000		10,741
				470,032
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,665,195)				10,140,865
Asset-Backed Securities–17.57%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 4.22%, 02/25/2035(f)		9,677		9,853
Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, 09/25/2048(b)(f)		34,345		34,831
Series 2019-2, Class A1, 3.63%, 03/25/2049(b)(f)		89,727		90,954
Angel Oak Mortgage Trust LLC, Series 2017-3, Class A1, 2.71%, 11/25/2047(b)(f)		13,463		13,482
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, 3.99%, 09/15/2048(f)		70,000		74,396
Benchmark Mortgage Trust, Series 2019-B14, Class A5, 3.05%, 12/15/2062		90,000		93,122
Series 2019-B14, Class C, 3.78%, 12/15/2062		83,700		84,954
Series 2019-B15, Class B, 3.56%, 12/15/2072		70,000		72,243

	Principal Amount		Value
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 2.53% (1 mo. USD LIBOR + 0.79%), 07/15/2032(b)(c)	$	91,354	$	91,346
Series 2017-BIOC, Class C, 2.79% (1 mo. USD LIBOR + 1.05%), 07/15/2032(b)(c)		91,354		91,262
Series 2017-BIOC, Class D, 3.34% (1 mo. USD LIBOR + 1.60%), 07/15/2032(b)(c)		91,354		91,496
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(f)		136,626		139,007
Chase Mortgage Finance Corp., Series 2016-1, Class M3, 3.75%, 04/25/2045(b)(f)		55,453		56,199
Series 2016-2, Class M3, 3.75%, 12/25/2045(b)(f)		62,154		62,832
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1, 2.72%, 07/25/2049(b)(f)		88,034		88,338
Commercial Mortgage Trust, Series 2015-CR23, Class CMB, 3.68%, 05/10/2048(b)(f)		88,609		88,814
Series 2015-CR25, Class B, 4.54%, 08/10/2048(f)		72,000		76,848
Series 2016-GCT, Class B, 3.09%, 08/10/2029(b)		100,000		100,518
CSFB Mortgage-Backed Pass Through Ctfs., Series 2004-AR5, Class 3A1, 4.40%, 06/25/2034(f)		17,383		17,864
CSWF, Series 2018-TOP, Class B, 3.04% (1 mo. USD LIBOR + 1.30%), 08/15/2035(b)(c)		100,000		100,040
DB Master Finance LLC, Series 2019-1A, Class A23, 4.35%, 05/20/2049(b)		49,750		51,643
Series 2019-1A, Class A2II, 4.02%, 05/20/2049(b)		49,750		51,085
Deephaven Residential Mortgage Trust , Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(f)		97,665		97,915
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(b)		109,000		109,155
DT Auto Owner Trust, Series 2019-3A, Class C, 2.74%, 04/15/2025(b)		40,000		40,209
Series 2019-3A, Class D, 2.96%, 04/15/2025(b)		56,000		56,048
Ellington Financial Mortgage Trust, Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(f)		97,789		97,958
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, 2.66%, 10/25/2059(b)(f)		98,657		98,556
GCAT Trust, Series 2019-NM2, Class A1, 2.86%, 09/25/2059(b)(f)(g)		94,810		95,205
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(f)		98,773		98,943

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
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 4.16%, 04/19/2036(f)	$	54,412	$	50,932
Golub Capital Partners CLO 41 B Ltd., Series 2019-41A, Class A, 3.34% (3 mo. USD LIBOR + 1.37%), 04/20/2029(b)(c)		146,000		146,133
Hertz Vehicle Financing II L.P., Series 2019-2A, Class A, 3.42%, 05/25/2025(b)		100,000		103,118
HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/2031(b)		100,000		101,097
Homeward Opportunities Fund I Trust, Series 2019-1, Class A1, 3.45%, 01/25/2059(b)(f)		74,857		75,441
Invitation Homes Trust, Series 2017- SFR2, Class C, 3.19% (1 mo. USD LIBOR + 1.45%), 12/17/2036(b)(c)		100,000		100,184
JOL Air Ltd., Series 2019-1, Class A, 3.97%, 04/15/2044(b)		234,247		237,168
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 4.01% (1 mo. USD LIBOR + 0.25%), 11/25/2035(c)		13,724		14,136
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A, 2.44% (1 mo. USD LIBOR + 0.70%), 11/15/2034(b)(c)		99,000		98,844
Series 2017-CLS, Class B, 2.59% (1 mo. USD LIBOR + 0.85%), 11/15/2034(b)(c)		49,000		49,045
Series 2017-CLS, Class C, 2.74% (1 mo. USD LIBOR + 1.00%), 11/15/2034(b)(c)		33,000		33,030
Morgan Stanley Capital I Trust , Series 2019-L2, Class A4, 4.07%, 03/15/2052		80,000		89,025
Series 2019-L3, Class AS, 3.49%, 11/15/2029		60,000		62,060
MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038(b)		95,511		94,941
MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036(b)		89,140		90,287
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(f)		95,444		95,212
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(b)		114,000		111,258
Starwood Waypoint Homes Trust, Series 2017-1, Class D, 3.69% (1 mo. USD LIBOR + 1.95%), 01/17/2035(b)(c)		100,000		100,187
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 4.16%, 09/25/2034(f)		11,304		11,569
Structured Asset Securities Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5, 4.13%, 11/25/2033(f)		62,844		64,222
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 4.46%, 04/25/2045(f)		42,835		43,049

	Principal Amount		Value
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057(b)(f)	$	52,237	$	52,637
UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.60%, 04/15/2052		80,000		86,061
Verus Securitization Trust, Series 2019- INV1, Class A1, 3.40%, 12/25/2059(b)(f)		85,670		86,370
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		58,800		59,866
WFRBS Commercial Mortgage Trust, Series 2012-C6, Class B, 4.70%, 04/15/2045		80,000		83,407
Total Asset-Backed Securities (Cost $4,374,819)				4,414,395
U.S. Government Sponsored Agency Mortgage-Backed Securities–16.95%
Collateralized Mortgage Obligations–3.53%
Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2, 3.94% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(c)		54,000		54,457
Series 2019-R06, Class 2M2, 3.89% (1 mo. USD LIBOR + 2.10%), 09/25/2039(b)(c)		54,000		54,568
Freddie Mac Multifamily Structured Pass Through Ctfs. Series K731, Class A2, 3.60%, 02/25/2025(f)		79,000		83,662
Series K734, Class A2, 3.21%, 02/25/2026		181,000		190,514
Series K062, Class A1, 3.03%, 09/25/2026		25,117		26,062
Series K071, Class A2, 3.29%, 11/25/2027		50,000		53,218
Series K083, Class AM, 4.03%, 10/25/2028(f)		23,000		25,637
Series K085, Class AM, 4.06%, 10/25/2028(f)		23,000		25,665
Series K089, Class AM, 3.63%, 01/25/2029(f)		39,000		42,310
Series K088, Class AM, 3.76%, 01/25/2029(f)		92,000		100,824
Series K090, Class A2, 3.42%, 02/25/2029		200,000		215,339
Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A1, 3.50%, 05/25/2047		16,012		16,172
				888,428
Federal Home Loan Mortgage Corp. (FHLMC)–1.70%
6.50%, 08/01/2032		618		686
4.00%, 11/01/2048 to 07/01/2049		407,417		425,843
				426,529

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
Federal National Mortgage Association (FNMA)–9.44%
7.50%, 04/01/2029	$	856	$	907
3.50%, 12/01/2030 to 05/01/2047		964,484		1,004,310
6.50%, 09/01/2031		654		740
7.00%, 09/01/2032		4,640		4,925
4.50%, 12/01/2048		52,947		55,650
TBA, 2.50%, 01/01/2035(h)		431,000		434,675
3.00%, 01/01/2035 to 01/01/2050(h)		854,000		870,024
				2,371,231
Government National Mortgage Association (GNMA)–2.28%
7.50%, 06/15/2023		649		658
8.50%, 11/15/2024		727		729
7.00%, 07/15/2031 to 08/15/2031		793		902
6.50%, 11/15/2031 to 03/15/2032		1,974		2,179
6.00%, 11/15/2032		1,012		1,136
4.00%, 07/20/2049		205,956		213,523
TBA, 3.00%, 01/01/2050(h)		345,000		354,176
				573,303
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $4,228,338)				4,259,491
U.S. Treasury Securities–16.36%
U.S. Treasury Bills–0.20%
1.52% - 1.62%, 04/09/2020(i)(j)		51,000		50,789
U.S. Treasury Bonds–3.10%
2.25%, 08/15/2049		804,300		779,557
U.S. Treasury Floating Rate Notes–7.80%
1.75%, 12/31/2024		1,304,500		1,307,460
1.75%, 12/31/2026		655,200		651,411
				1,958,871
U.S. Treasury Notes–5.26%
1.63%, 12/15/2022		623,300		623,596
1.75%, 11/15/2029		708,700		697,543
				1,321,139
Total U.S. Treasury Securities (Cost $4,117,127)				4,110,356
		Shares
Preferred Stocks–0.62%
Diversified Banks–0.06%
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		11		15,950
Investment Banking & Brokerage–0.56%
Morgan Stanley, 6.88%, Series F, Pfd.		5,000		141,500
Total Preferred Stocks (Cost $138,976)				157,450

	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–0.47%(k)
Movies & Entertainment–0.47%
Netflix, Inc. 3.88%, 11/15/2029 (Cost $111,565)(b)	EUR	100,000	$	119,040
Municipal Obligations–0.28%
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 B, RB, 3.92%, 12/31/2049 (Cost $70,000)	$	70,000		70,480
Agency Credit Risk Transfer Notes–0.20%
Fannie Mae Connecticut Avenue Securities Series 2016-C07, Class 2M2, 6.14%, (1 mo. USD LIBOR + 4.35%) 05/25/2029(c)		21,807		23,014
Series 2018-C05, Class 1M2, 4.14%, (1 mo. USD LIBOR + 2.35%) 01/25/2031(c)		26,000		26,396
Total Agency Credit Risk Transfer Notes (Cost $49,215)				49,410
	Shares
Common Stocks & Other Equity Interests–0.00%
Diversified Support Services–0.00%
ACC Claims Holdings LLC(l)(m)		73,980		0
Other Diversified Financial Services–0.00%
Adelphia Recovery Trust, Series ACC1(n)		87,412		1
Total Common Stocks & Other Equity Interests (Cost $22,181)				1
Money Market Funds–12.88%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(o)		1,129,193		1,129,193
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(o)		817,397		817,642
Invesco Treasury Portfolio, Institutional Class, 1.49%(o)		1,290,506		1,290,506
Total Money Market Funds (Cost $3,237,269)				3,237,341
TOTAL INVESTMENTS IN SECURITIES–105.69% (Cost $26,014,685)				26,558,829
OTHER ASSETS LESS LIABILITIES–(5.69)%				(1,430,897	)
NET ASSETS–100.00%			$	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

Investment Abbreviations:

CLO	- Collateralized Loan Obligation
Conv.	- Convertible
Ctfs.	- Certificates
EUR	- Euro
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
PIK	- Pay-in-Kind
RB	- Revenue Bonds
REIT	- Real Estate Investment Trust
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, 2019 was $7,501,018, which represented 29.85% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2019.

^(d)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)  Perpetual bond with no specified maturity date.

^(f)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2019.

^(g)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(h) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1M.

⁽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)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(l)  Non-income producing security.

^(m)  Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁿ⁾  Non-income producing security acquired as part of the Adelphia Communications bankruptcy reorganization.

^(o)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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		4		March-2020		$	862,000			$	(945	)		$	(945	)
U.S. Treasury 5 Year Notes		9		March-2020			1,067,484				(2,854	)			(2,854	)
U.S. Treasury 10 Year Notes		7		March-2020			898,953				(4,343	)			(4,343	)
U.S. Treasury Long Bonds		5		March-2020			779,531				(16,376	)			(16,376	)
U.S. Treasury Ultra Bonds		2		March-2020			363,313				(9,630	)			(9,630	)
Subtotal–Long Futures Contracts											(34,148	)			(34,148	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Bonds		8		March-2020			(1,125,625	)			14,283				14,283
Total Futures Contracts										$	(19,865	)		$	(19,865	)

Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
Currency Risk
02/28/2020	Citibank N.A.		EUR    295,145		USD    327,593		$(4,628)

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, 2019

Assets:
Investments in securities, at value (Cost $22,777,416)	$	23,321,488
Investments in affiliated money market funds, at value (Cost $3,237,269)		3,237,341
Cash		1,228
Foreign currencies, at value (Cost $170,163)		173,359
Receivable for:
Fund shares sold		7,606
Dividends		7,417
Interest		137,205
Investment for trustee deferred compensation and retirement plans		61,686
Total assets		26,947,330
Liabilities:
Other investments:
Variation margin payable - futures contracts		3,170
Unrealized depreciation on forward foreign currency contracts outstanding		4,628
Payable for:
Investments purchased		1,660,589
Fund shares reacquired		1,735
Accrued fees to affiliates		18,942
Accrued other operating expenses		66,531
Trustee deferred compensation and retirement plans		63,803
Total liabilities		1,819,398
Net assets applicable to shares outstanding	$	25,127,932
Net assets consist of:
Shares of beneficial interest	$	23,835,364
Distributable earnings		1,292,568
	$25,127,932
Net Assets:
Series I	$	24,768,535
Series II	$	359,397
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		3,825,630
Series II		55,757
Series I:
Net asset value per share	$	6.47
Series II:
Net asset value per share	$	6.45

Statement of Operations

For the year ended December 31, 2019

Investment income:
Interest	$	646,980
Dividends from affiliated money market funds		89,280
Dividends		11,870
Total investment income		748,130
Expenses:
Advisory fees		95,502
Administrative services fees		31,648
Custodian fees		8,644
Distribution fees - Series II		403
Transfer agent fees		9,289
Trustees’ and officers’ fees and benefits		18,723
Reports to shareholders		10,473
Professional services fees		51,530
Other		14,895
Total expenses		241,107
Less: Fees waived and/or expenses reimbursed		(115,860	)
Net expenses		125,247
Net investment income		622,883
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		524,049
Foreign currencies		(6,503	)
Forward foreign currency contracts		14,568
Futures contracts		75,982
		608,096
Change in net unrealized appreciation (depreciation) of:
Investment securities		925,197
Foreign currencies		2,804
Forward foreign currency contracts		(3,785	)
Futures contracts		(43,167	)
		881,049
Net realized and unrealized gain		1,489,145
Net increase in net assets resulting from operations	$	2,112,028

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	622,883		$	640,454
Net realized gain (loss)		608,096			(337,527	)
Change in net unrealized appreciation (depreciation)		881,049			(756,125	)
Net increase (decrease) in net assets resulting from operations		2,112,028			(453,198	)
Distributions to shareholders from distributable earnings:
Series I		(684,305	)		(636,171	)
Series II		(3,040	)		(4,086	)
Total distributions from distributable earnings		(687,345	)		(640,257	)
Share transactions–net:
Series I		6,335,765			(2,220,996	)
Series II		231,286			1,722
Net increase (decrease) in net assets resulting from share transactions		6,567,051			(2,219,274	)
Net increase (decrease) in net assets		7,991,734			(3,312,729	)
Net assets:
Beginning of year		17,136,198			20,448,927
End of year	$	25,127,932		$	17,136,198

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.

																												Ratio of			Ratio of
																												expenses			expenses
							Net gains																					to average			to average net
							(losses)																					net assets			assets without			Ratio of net
	Net asset						on securities								Dividends													with fee waivers			fee waivers			investment
	value,			Net			(both				Total from				from net				Net asset						Net assets,			and/or			and/or			income
	beginning			investment			realized and				investment				investment				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income(a)			unrealized)				operations				income				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Series I
Year ended 12/31/19		$	6.00		$	0.19		$	0.47			$	0.66			$	(0.19	)		$	6.47		11.06	%		$	24,769		0.59	%(d)		1.13	%(d)		2.94	%(d)		300	%
Year ended 12/31/18			6.38			0.22			(0.37	)			(0.15	)			(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	)			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	)			6.21		6.66				15,485		0.55			1.68			3.71			474
Year ended 12/31/15			6.39			0.24			(0.26	)			(0.02	)			(0.30	)			6.07		(0.37	)			15,587		0.65			1.73			3.81			416
Series II
Year ended 12/31/19			5.97			0.17			0.49				0.66				(0.18	)			6.45		11.00				359		0.84	(d)		1.38	(d)		2.69	(d)		300
Year ended 12/31/18			6.35			0.20			(0.37	)			(0.17	)			(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	)			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	)			6.19		6.52				126		0.80			1.93			3.46			474
Year ended 12/31/15			6.36			0.22			(0.26	)			(0.04	)			(0.28	)			6.04		(0.64	)			156		0.90			1.98			3.56			416

^(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 $21,061 and $161 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

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

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

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

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

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

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

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

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

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

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

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates

Invesco V.I. Core Plus Bond Fund

depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

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

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

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

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

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

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

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

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

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

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

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

I. Lower-Rated Securities – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

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

Invesco V.I. Core Plus Bond Fund

losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

M. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

N. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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.

Invesco V.I. Core Plus Bond Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 500 million		0.450%
Next $500 million		0.425%
Next $1.5 billion		0.400%
Next $2.5 billion		0.375%
Over $5 billion		0.350%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.45%.

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

The Adviser has contractually agreed, through at least April 30, 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 0.61% and Series II shares to 0.86% of 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, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $100,077 and reimbursed Fund expenses of $15,783.

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, 2019, Invesco was paid $2,811 for accounting and fund administrative services and was reimbursed $28,837 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, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Invesco V.I. Core Plus Bond Fund

Level 2 -

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

Level 3 -

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

The following is a summary of the tiered valuation input levels, as of December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–		$	10,140,865			$–	$	10,140,865
Asset-Backed Securities		–			4,414,395			–		4,414,395
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			4,259,491			–		4,259,491
U.S. Treasury Securities		–			4,110,356			–		4,110,356
Preferred Stocks		157,450			–			–		157,450
Non-U.S. Dollar Denominated Bonds & Notes		–			119,040			–		119,040
Municipal Obligations		–			70,480			–		70,480
Agency Credit Risk Transfer Notes		–			49,410			–		49,410
Common Stocks & Other Equity Interests		1			–			0		1
Money Market Funds		3,237,341			–			–		3,237,341
Total Investments in Securities		3,394,792			23,164,037			0		26,558,829
Other Investments - Assets*
Futures Contracts		14,283			–			–		14,283
Other Investments - Liabilities*
Futures Contracts		(34,148	)		–			–		(34,148	)
Forward Foreign Currency Contracts		–			(4,628	)		–		(4,628	)
		(34,148	)		(4,628	)		–		(38,776	)
Total Other Investments		(19,865	)		(4,628	)		–		(24,493	)
Total Investments	$	3,374,927		$	23,159,409			$0	$	26,534,336

* 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, 2019:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-	$	14,283		$	14,283
Derivatives not subject to master netting agreements		-		(14,283	)		(14,283	)
Total Derivative Assets subject to master netting agreements	$	-	$	-		$	-

Invesco V.I. Core Plus Bond Fund

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	(34,148	)	$	(34,148	)
Unrealized depreciation on forward foreign currency contracts outstanding		(4,628	)		-			(4,628	)
Total Derivative Liabilities		(4,628	)		(34,148	)		(38,776	)
Derivatives not subject to master netting agreements		-			34,148			34,148
Total Derivative Liabilities subject to master netting agreements	$	(4,628	)	$	-		$	(4,628	)

^(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, 2019.

	Financial	Financial
	Derivative Assets	Derivative Liabilities		Collateral (Received)/Pledged
	Forward Foreign	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Currency Contracts	Derivatives	Non-Cash	Cash	Amount
Citibank N.A.	$–	$(4,628)	$(4,628)	$–	$–	$	(4,628	)

Effect of Derivative Investments for the year ended December 31, 2019

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:
Forward foreign currency contracts		$14,568		$	-		$	14,568
Futures contracts		-			75,982			75,982
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(3,785	)		-			(3,785	)
Futures contracts		-			(43,167	)		(43,167	)
Total		$10,783		$	32,815		$	43,598

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

	Forward
	Foreign Currency	Futures
	Contracts	Contracts
Average notional value	$246,812	$4,729,434

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 exceed 5% of the Fund’s total assets.

Invesco V.I. Core Plus 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, 2019 and 2018:

	2019		2018
Ordinary income	$	687,345	$	640,257

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	792,993
Net unrealized appreciation – investments		543,463
Net unrealized appreciation - foreign currencies		3,199
Temporary book/tax differences		(47,087	)
Shares of beneficial interest		23,835,364
Total net assets	$	25,127,932

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 futures contracts and foreign currency contracts.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $58,703,114 and $59,041,990, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $37,777,145 and $32,950,884, 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	$	653,011
Aggregate unrealized (depreciation) of investments		(109,548	)
Net unrealized appreciation of investments	$	543,463

Cost of investments for tax purposes is $25,990,873.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar rolls and forward foreign currency contracts, on December 31, 2019, undistributed net investment income was increased by $31,593 and undistributed net realized gain was decreased by $31,593. 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, 2019(a)				December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		1,567,948	$	10,023,351		395,009	$	2,447,919
Series II		38,201		244,863		3		19
Issued as reinvestment of dividends:
Series I		106,424		684,305		105,501		636,171
Series II		432		2,771		625		3,758

Invesco V.I. Core Plus Bond Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(685,177	)	$	(4,371,891	)		(851,917	)	$	(5,305,086	)
Series II		(2,491	)		(16,348	)		(335	)		(2,055	)
Net increase (decrease) in share activity		1,025,337		$	6,567,051			(351,114	)	$	(2,219,274	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Core Plus Bond Fund

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Core Plus Bond 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, 2019 through December 31, 2019.

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 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.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning       Account Value       (07/01/19)	Ending       Account Value        (12/31/19)1	Expenses       Paid During        Period2	Ending       Account Value        (12/31/19)	Expenses       Paid During        Period2	Annualized       Expense Ratio
Series I	$1,000.00	$1,030.00	$3.02	$1,022.23	$3.01		0.59	%
Series II	1,000.00	1,030.60	4.30	1,020.97	4.28		0.84

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Core Plus Bond 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 advisors.

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, 2019:

Federal and State Income Tax
Corporate Dividends Received Deduction*	1.77	%
Qualified Dividend Income*	0.00	%
U.S. Treasury Obligations*	6.94	%

* 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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 Plus Bond Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Diversified Dividend Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. VIDDI-AR-1                                

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	25.09	%
Series II Shares	24.77
S&P 500 Indexq (Broad Market Index)	31.49
Russell 1000 Value Indexq (Style-Specific Index)	26.54
Lipper VUF Large-Cap Value Funds Index∎ (Peer Group Index)	26.71
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, as optimism about a potential US-China trade deal increased and the Fed signaled there would be no further interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, despite mixed US economic data and slower overseas growth. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, and potential tariffs on Mexico. In addition, economic data continued to show a slowing domestic and global economy.

These investor concerns carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% twice in the quarter. This uncertainty increased both market volatility and risk aversion, and investors crowded into asset classes perceived as safe havens, such as US Treasuries and gold. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy grew more than expected, by 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹

  Within the S&P 500 Index, information technology (IT) was the best-performing sector for the fiscal 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, is 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 remain 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, IT, industrials and financials were the best-performing sectors, while energy was the worst-performing sector during the year. The Fund’s overweight

Portfolio Composition
By sector	% of total net assets

Consumer Staples	22.80%
Utilities	17.62
Financials	14.20
Industrials	9.99
Health Care	7.71
Energy	5.87
Consumer Discretionary	4.88
Communication Services	4.28
Materials	4.02
Other Sectors, Each Less than 2% of Net Assets	3.15
Money Market Funds Plus Other Assets Less Liabilities	5.48

Top 10 Equity Holdings*
% of total net assets
1. Entergy Corp.	3.22%
2. Hartford Financial Services Group, Inc. (The)	3.22
3. General Mills, Inc.	3.01
4. Procter & Gamble Co. (The)	2.89
5. Coca-Cola Co. (The)	2.66
6. AT&T, Inc.	2.63
7. PPL Corp.	2.49
8. Dominion Energy, Inc.	2.38
9. Exelon Corp.	2.17
10. Campbell Soup Co.	2.10

Total Net Assets	$515.6 million
Total Number of Holdings*	70

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, 2019.

Invesco V.I. Diversified Dividend Fund

exposure to the consumer staples sector and stock selection in the consumer discretionary sector contributed the most to relative performance versus the style-specific benchmark. The Fund’s underweight exposure to energy also helped relative performance, as did stock selection in the health care sector. Underweight positions in the IT and financials sectors detracted the most from the Fund’s relative performance versus the style-specific benchmark. Stock selection in the communication services and industrials sectors also hurt the Fund’s performance relative to the style-specific benchmark.

During the year, holdings in the consumer staples and utilities sectors were the largest contributors to the Fund’s performance. Packaged foods company General Mills was the largest contributor to Fund performance for the year. The company has benefited from improved profit margins and revenue growth driven by better pricing. Utility company Entergy was also a large contributor to Fund performance. Management affirmed long-term earnings expectations as the company continues to exit the merchant power business and transition to a fully regulated utility. In addition, management plans to replace a portion of its legacy generation with clean natural gas and renewable capacity over the coming years.

Select holdings in the consumer staples and communication services sectors were the largest detractors from the Fund’s absolute performance during the year. Packaged foods company Kraft Heinz was the largest detractor from Fund performance. The company faced increasing operating costs that have lowered profitability and revenue growth has disappointed. The stock was also impacted by previous management actions that included an impairment of company assets. A new CEO and CFO have started a renewed focus on initiatives to improve operations and invest in brands that we believe should drive improved profitability and organic sales. Telecom services company BT Group also detracted from the Fund’s absolute performance during the year. The company provides phone, internet access and television services to residential and business customers in the U.K. BT Group’s business has faced negative pricing regulation and pressure to increase capital investment to support an upgrade to UK communications infrastructure.

The Fund used currency forward contracts for the purpose of hedging currency

exposure of some of the non-US-based companies held in the Fund’s portfolio and not for speculative purposes or leverage. The use of currency forward contracts had a very small positive 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: Bureau of Economic Analysis

3 Sources: National Bureau of Economic Research, Ned Davis Research and FactSet Research Systems Inc.

Portfolio managers:

Robert Botard

Kristina Bradshaw

Chris McMeans

Meggan Walsh - 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. Diversified Dividend Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (3/1/90)	8.19	%
10 Years	11.07
5 Years	8.03
1 Year	25.09
Series II Shares
Inception (6/5/00)	5.88	%
10 Years	10.80
5 Years	7.76
1 Year	24.77

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 blended returns of the predecessor fund and Invesco V.I. Dividend Growth Fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.65% and 0.90%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.66% and 0.91%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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.

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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. Diversified Dividend Fund

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Diversified Dividend Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–94.52%
Aerospace & Defense–1.67%
General Dynamics Corp.		31,505	$    5,555,907
Raytheon Co.		14,022	3,081,194
			8,637,101
Air Freight & Logistics–0.97%
United Parcel Service, Inc., Class B		42,697	4,998,111
Apparel Retail–1.26%
TJX Cos., Inc. (The)		106,626	6,510,584
Apparel, Accessories & Luxury Goods–0.46%
Columbia Sportswear Co.		23,538	2,358,272
Asset Management & Custody Banks–0.50%
Federated Investors, Inc., Class B		79,197	2,581,030
Brewers–2.99%
Anheuser-Busch InBev S.A./N.V. (Belgium)		72,237	5,923,542
Heineken N.V. (Netherlands)		88,835	9,476,163
			15,399,705
Construction Machinery & Heavy Trucks–0.96%
Cummins, Inc.		27,706	4,958,266
Consumer Finance–1.27%
American Express Co.		52,615	6,550,041
Data Processing & Outsourced Services–1.19%
Automatic Data Processing, Inc.		35,921	6,124,530
Diversified Chemicals–0.72%
BASF SE (Germany)		48,846	3,704,318
Electric Utilities–11.93%
American Electric Power Co., Inc.		78,193	7,390,020
Duke Energy Corp.		66,142	6,032,812
Entergy Corp.		138,574	16,601,165
Exelon Corp.		245,219	11,179,534
PPL Corp.		357,376	12,822,651
SSE PLC (United Kingdom)		391,455	7,500,250
			61,526,432
Electrical Components & Equipment–1.90%
ABB Ltd. (Switzerland)		289,795	6,995,908
Emerson Electric Co.		36,593	2,790,582
			9,786,490
Fertilizers & Agricultural Chemicals–0.51%
Nutrien Ltd. (Canada)		54,753	2,621,381
Food Distributors–1.27%
Sysco Corp.		76,761	6,566,136

	Shares		Value
General Merchandise Stores–1.55%
Target Corp.		62,274	$    7,984,150
Household Products–4.92%
Kimberly-Clark Corp.		76,127	10,471,269
Procter & Gamble Co. (The)		119,281	14,898,197
			25,369,466
Industrial Conglomerates–1.95%
3M Co.		19,407	3,423,783
Siemens AG (Germany)		50,767	6,636,257
			10,060,040
Industrial Machinery–2.53%
Flowserve Corp.		199,122	9,910,302
Pentair PLC		68,862	3,158,700
			13,069,002
Integrated Oil & Gas–3.56%
Royal Dutch Shell PLC, Class B (United Kingdom)		53,306	1,588,390
Suncor Energy, Inc. (Canada)		202,317	6,630,943
TOTAL S.A. (France)		183,045	10,115,479
			18,334,812
Integrated Telecommunication Services–4.28%
AT&T, Inc.		346,569	13,543,916
BT Group PLC (United Kingdom)		1,413,193	3,621,748
Deutsche Telekom AG (Germany)		298,723	4,881,602
			22,047,266
IT Consulting & Other Services–0.42%
International Business Machines Corp.		16,018	2,147,053
Motorcycle Manufacturers–1.25%
Harley-Davidson, Inc.		173,848	6,465,407
Multi-line Insurance–3.22%
Hartford Financial Services Group, Inc. (The)		272,803	16,578,238
Multi-Utilities–5.69%
Consolidated Edison, Inc.		76,725	6,941,311
Dominion Energy, Inc.		148,240	12,277,237
Sempra Energy		66,792	10,117,652
			29,336,200
Oil & Gas Equipment & Services–0.82%
Baker Hughes Co., Class A		165,403	4,239,279
Oil & Gas Exploration & Production–1.49%
ConocoPhillips		118,055	7,677,117
Packaged Foods & Meats–9.59%
Campbell Soup Co.		219,113	10,828,564
Danone S.A. (France)		38,184	3,169,411

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

Invesco V.I. Diversified Dividend Fund

	Shares		Value
Packaged Foods & Meats–(continued)
General Mills, Inc.		289,866	$  15,525,223
Kraft Heinz Co. (The)		109,706	3,524,854
Mondelez International, Inc., Class A		172,453	9,498,711
Nestle S.A. (Switzerland)		63,896	6,922,272
			49,469,035
Paper Packaging–2.30%
Avery Dennison Corp.		21,247	2,779,532
International Paper Co.		115,671	5,326,650
Sonoco Products Co.		60,982	3,763,809
			11,869,991
Personal Products–1.36%
L’Oreal S.A. (France)		23,673	7,030,264
Pharmaceuticals–7.72%
Bayer AG (Germany)		98,167	8,024,169
Bristol-Myers Squibb Co.		124,755	8,008,023
Eli Lilly and Co.		66,192	8,699,615
Johnson & Johnson		42,170	6,151,338
Merck & Co., Inc.		97,837	8,898,275
			39,781,420
Property & Casualty Insurance–1.63%
Travelers Cos., Inc. (The)		61,524	8,425,712
Regional Banks–7.58%
Comerica, Inc.		42,343	3,038,110
Cullen/Frost Bankers, Inc.		37,397	3,656,679
Fifth Third Bancorp		160,460	4,932,540
KeyCorp		51,330	1,038,919

	Shares		Value
Regional Banks–(continued)
M&T Bank Corp.		63,441	$  10,769,110
PNC Financial Services Group, Inc. (The)		41,465	6,619,058
Zions Bancorporation N.A.		173,905	9,029,148
			39,083,564
Restaurants–0.36%
Darden Restaurants, Inc.		16,924	1,844,885
Soft Drinks–2.66%
Coca-Cola Co. (The)		247,858	13,718,940
Specialized REITs–1.55%
Weyerhaeuser Co.		264,451	7,986,420
Specialty Chemicals–0.49%
DuPont de Nemours, Inc.		39,148	2,513,302
Total Common Stocks & Other Equity Interests (Cost $359,322,189)			487,353,960
Money Market Funds–5.40%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(b)		9,736,144	9,736,144
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(b)		6,982,279	6,984,374
Invesco Treasury Portfolio, Institutional Class, 1.49%(b)		11,127,022	11,127,022
Total Money Market Funds (Cost $27,846,515)			27,847,540
TOTAL INVESTMENTS IN SECURITIES–99.92% (Cost $387,168,704)			515,201,500
OTHER ASSETS LESS LIABILITIES–0.08%			404,705
NET ASSETS–100.00%			$515,606,205

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Forward Foreign Currency Contracts
						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
02/10/2020	Citibank N.A.		EUR  10,390,219		USD  11,622,510	$	(59,751)
02/10/2020	Royal Bank of Canada		EUR  10,170,774		USD  11,356,841		(78,685)
Total Forward Foreign Currency Contracts						$	(138,436)

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, 2019

Assets:
Investments in securities, at value (Cost $359,322,189)	$487,353,960
Investments in affiliated money market funds, at value (Cost $27,846,515)	27,847,540
Cash	104,606
Foreign currencies, at value (Cost $79,823)	80,775
Receivable for:
Fund shares sold	78,484
Dividends	992,638
Investment for trustee deferred compensation and retirement plans	93,920
Total assets	516,551,923
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding	138,436
Payable for:
Fund shares reacquired	340,843
Accrued fees to affiliates	310,478
Accrued trustees’ and officers’ fees and benefits	282
Accrued other operating expenses	27,854
Trustee deferred compensation and retirement plans	127,825
Total liabilities	945,718
Net assets applicable to shares outstanding	$515,606,205
Net assets consist of:
Shares of beneficial interest	$364,827,071
Distributable earnings	150,779,134
	$515,606,205
Net Assets:
Series I	$278,726,539
Series II	$236,879,666
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I	10,234,864
Series II	8,764,940
Series I:
Net asset value per share	$           27.23
Series II:
Net asset value per share	$           27.03

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $ 370,751)	$	16,143,534
Dividends from affiliated money market funds		669,397
Total investment income		16,812,931
Expenses:
Advisory fees		2,525,977
Administrative services fees		772,607
Custodian fees		17,450
Distribution fees - Series II		560,193
Transfer agent fees		32,054
Trustees’ and officers’ fees and benefits		26,037
Reports to shareholders		13,805
Professional services fees		50,822
Other		8,281
Total expenses		4,007,226
Less: Fees waived		(35,912	)
Net expenses		3,971,314
Net investment income		12,841,617
Realized and unrealized gain from:
Net realized gain from:
Investment securities		42,890,400
Foreign currencies		145,728
Forward foreign currency contracts		1,037,565
		44,073,693
Change in net unrealized appreciation of:
Investment securities		61,501,707
Foreign currencies		5,978
Forward foreign currency contracts		116,901
		61,624,586
Net realized and unrealized gain		105,698,279
Net increase in net assets resulting from operations	$	118,539,896

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	12,841,617		$	14,230,667
Net realized gain		44,073,693			25,484,538
Change in net unrealized appreciation (depreciation)		61,624,586			(85,816,560	)
Net increase (decrease) in net assets resulting from operations		118,539,896			(46,101,355	)
Distributions to shareholders from distributable earnings:
Series I		(21,611,367	)		(22,064,854	)
Series II		(18,163,081	)		(12,822,377	)
Total distributions from distributable earnings		(39,774,448	)		(34,887,231	)
Share transactions–net:
Series I		(106,614,162	)		(48,998,234	)
Series II		1,105,297			(7,380,757	)
Net increase (decrease) in net assets resulting from share transactions		(105,508,865	)		(56,378,991	)
Net increase (decrease) in net assets		(26,743,417	)		(137,367,577	)
Net assets:
Beginning of year		542,349,622			679,717,199
End of year	$	515,606,205		$	542,349,622

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.

																																				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 12/31/19		$	23.70		$	0.67		$	5.15			$	5.82			$	(0.80	)		$	(1.49	)		$	(2.29	)		$	27.23		25.09	%		$	278,727		0.65	%(d)		0.65	%(d)		2.54	%(d)		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
Year ended 12/31/15			23.21			0.43			0.04				0.47				(0.41	)			–				(0.41	)			23.27		2.07				333,573		0.70			0.71			1.84			15
Series II
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	(d)		0.90	(d)		2.29	(d)		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
Year ended 12/31/15			23.11			0.37			0.04				0.41				(0.36	)			–				(0.36	)			23.16		1.82				132,477		0.95			0.96			1.59			15

^(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 $302,948 and $224,071 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide reasonable current income and long-term growth of income and capital.

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Diversified Dividend Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Diversified Dividend Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.545%
Next $750 million		0.420%
Next $1 billion		0.395%
Over $2 billion		0.370%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.48%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $35,912.

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, 2019, Invesco was paid $75,571 for accounting and fund administrative services and was reimbursed $697,036 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish

Invesco V.I. Diversified Dividend Fund

continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $1,068 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	401,764,187	$	85,589,773			$–	$	487,353,960
Money Market Funds		27,847,540		–			–		27,847,540
Total Investments in Securities		429,611,727		85,589,773			–		515,201,500
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(138,436	)		–		(138,436	)
Total Investments	$	429,611,727	$	85,451,337			$–	$	515,063,064

* 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, 2019:

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(138,436	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(138,436	)

Invesco V.I. Diversified Dividend 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, 2019.

	Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Net Value of Derivatives			Non-Cash	Cash	Net Amount
Citibank N.A.		$  (59,751)	$	(59,751	)	$-	$-	$	(59,751	)
Royal Bank of Canada		(78,685)		(78,685	)	-	-		(78,685	)
Total		$(138,436)	$	(138,436	)	$-	$-	$	(138,436	)

Effect of Derivative Investments for the year ended December 31, 2019

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

	Location of Gain on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$1,037,565
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		116,901
Total		$1,154,466

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

	Forward Foreign Currency Contracts
Average notional value		$24,169,771

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, 2019 and 2018:

	2019		2018
Ordinary income	$	14,393,388	$	13,981,690
Long-term capital gain		25,381,060		20,905,541
Total distributions	$	39,774,448	$	34,887,231

Invesco V.I. Diversified Dividend Fund

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	13,280,241
Undistributed long-term capital gain		10,268,349
Net unrealized appreciation – investments		127,328,128
Net unrealized appreciation - foreign currencies		5,941
Temporary book/tax differences		(103,525	)
Shares of beneficial interest		364,827,071
Total net assets	$	515,606,205

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 forward foreign currency contracts.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

During the year ended December 31, 2019, 3,660,162 Series I shares of the Fund valued at $97,177,295 were redeemed by significant shareholders and settled through a redemption-in-kind transaction, of which $6,188,994 consisted of cash, which resulted in a realized gain of $32,253,903 to the Fund for book purposes. From a federal income tax perspective, the realized gains are not recognized.

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, 2019 was $34,291,283 and $65,778,002, 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	$	138,431,348
Aggregate unrealized (depreciation) of investments		(11,103,220	)
Net unrealized appreciation of investments	$	127,328,128

Cost of investments for tax purposes is $387,734,936.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of redemption-in-kind, on December 31, 2019, undistributed net investment income was decreased by $234,873, undistributed net realized gain was decreased by $31,895,665 and shares of beneficial interest was increased by $32,130,538. 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, 2019(a)				December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		1,203,566	$	31,545,134		1,113,850	$	29,225,680
Series II		533,931		13,948,354		628,883		16,528,837
Issued as reinvestment of dividends:
Series I		837,001		21,611,367		836,424		22,064,855
Series II		708,388		18,163,081		489,217		12,822,377

Invesco V.I. Diversified Dividend Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(6,041,667	)	$	(159,770,663	)		(3,794,255	)	$	(100,288,769	)
Series II		(1,181,712	)		(31,006,138	)		(1,398,007	)		(36,731,971	)
Net increase (decrease) in share activity		(3,940,493	)	$	(105,508,865	)		(2,123,888	)	$	(56,378,991	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Diversified Dividend Fund

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses       Paid During       Period2	Ending   Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,085.60	$3.42	$1,021.93	$3.31	0.65%
Series II	1,000.00	1,084.60	4.73	1,020.67	4.58	0.90

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Diversified Dividend 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	25,381,060
Corporate Dividends Received Deduction*		93.73	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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, 2019
	Invesco V.I. Equally-Weighted S&P 500 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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.	MS-VIEWSP-AR-1

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	28.79	%
Series II Shares	28.46
S&P 500 Indexq (Broad Market Index)	31.49
S&P 500 Equal Weight Indexq (Style-Specific Index)	29.24
Lipper VUF Multi-Cap Core Funds Index∎ (Peer Group Index)	26.26
Source(s): qRIMES Technologies Corp.; ◆ Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

    Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

    Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

    Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again

by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

    Invesco V.I. Equally-Weighted S&P 500 Fund seeks total return through growth of capital and current income. The Fund invests in a diversified portfolio of common stocks represented in the S&P 500 Index. The Fund generally invests in each common stock included in the S&P 500 Index in approximately equal proportions, which differs from the S&P 500 Index because stocks in the S&P 500 Index are represented in proportion to their market value or market capitalization. Due to the equally-weighted nature of the Fund and the capitalization-weighted nature of the S&P 500 Index, the Fund will lag when mega- and large-cap stocks outperform mid-cap stocks.

    For the year, every sector contributed to the Fund’s absolute returns. The sectors that contributed the most to the Fund’s absolute performance were information technology (IT), industrials and financials. Relative to the S&P 500 Index, stock weightings in the health care sector and an overweight allocation to the industrials sector contributed to the Fund’s performance.

    The energy, utilities and materials sectors lagged other sectors although each sector delivered double-digit returns for the year. The Fund’s underweight allocation to the IT sector in general, and to specific stocks within the sector, was the largest detractor from its relative performance. Stock selection in the communication services sector also detracted from relative returns. In general, the Fund’s underweight exposure to megacap stocks and overweight exposure to

Portfolio Composition
By sector	% of total net assets
Information Technology	13.72%
Industrials	13.58
Financials	12.75
Consumer Discretionary	12.30
Health Care	11.93
Consumer Staples	6.52
Real Estate	6.14
Energy	5.74
Utilities	5.56
Materials	5.54
Communication Services	4.36
Money Market Funds Plus Other
Assets Less Liabilities	1.86

Top 10 Equity Holdings*

% of total net assets

1. Conagra Brands, Inc.	0.23%
2.  Apache Corp.	0.23
3.  Western Digital Corp.	0.23
4.  Mosaic Co. (The)	0.22
5.  Macy’s, Inc.	0.22
6.  Corteva, Inc.	0.22
7.  Advanced Micro Devices, Inc.	0.22

8.  Concho Resources, Inc.	0.21
9.  Live Nation Entertainment, Inc.	0.21
10.  Noble Energy, Inc.	0.21

Total Net Assets	$	279.4 million
Total Number of Holdings*		505

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, 2019.

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

mid-cap stocks were key detractors from relative performance.

    The most significant contributor to the Fund’s absolute results for the year was Advanced Micro Devices, which generated a 148% return. The largest detractor on an absolute and relative basis was PG&E, which declined over 70%. In January, Teleflex replaced PG&E in the S&P 500 Index. As such, we made the same adjustment to the Fund’s positioning before the close of the fiscal year.

    During the year, the largest contributors to the Fund’s performance versus the S&P 500 Index included underweight positions in Pfizer, Berkshire Hathaway, Exxon Mobil and Johnson & Johnson. The largest detractors from the Fund’s relative performance included underweight allocations to Apple, Microsoft, Facebook and JP Morgan Chase.

    Please note, the Fund’s strategy is principally implemented through equity investments, but the Fund may also use S&P 500 futures contracts, which are derivative instruments used to gain exposure to the equity market. During the year, the Fund invested in S&P 500 futures contracts, which generated a negative return and detracted from absolute performance. Derivatives can be a costeffective 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.

    We welcome new investors who joined the Fund during the year and thank you for your investment in Invesco V.I. Equally-Weighted S&P 500 Fund.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Anthony Munchak

Glen Murphy

Francis Orlando

Daniel Tsai

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. 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 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (11/9/94)	10.78	%
10 Years	13.08
5 Years	9.36
1 Year	28.79
Series II Shares
Inception (7/24/00)	8.90	%
10 Years	12.80
5 Years	9.09
1 Year	28.46

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley V.I. Select Dimensions Equally-Weighted S&P 500 Fund, 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 blended returns of the predecessor fund and Invesco V.I. Equally-Weighted S&P 500 Fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures

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

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.31% and 0.56%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Invesco V.I. Equally-Weighted S&P 500 Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable

product charges, please contact your variable product issuer or financial adviser.

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

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

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, 2019, 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.

∎ 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

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

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests-98.14%
Advertising-0.38%
Interpublic Group of Cos., Inc. (The)		23,381	$	540,101
Omnicom Group, Inc.		6,562		531,653
				1,071,754
Aerospace & Defense-2.10%
Arconic, Inc.		17,013		523,490
Boeing Co. (The)		1,575		513,072
General Dynamics Corp.		3,006		530,108
Huntington Ingalls Industries, Inc.		2,142		537,385
L3Harris Technologies, Inc.		2,689		532,073
Lockheed Martin Corp.		1,392		542,017
Northrop Grumman Corp.		1,561		536,937
Raytheon Co.		2,476		544,076
Textron, Inc.		12,392		552,683
TransDigm Group, Inc.		934		523,040
United Technologies Corp.		3,612		540,933
				5,875,814
Agricultural & Farm Machinery-0.19%
Deere & Co.		3,129		542,131
Agricultural Products-0.20%
Archer-Daniels-Midland Co.		11,912		552,121
Air Freight & Logistics-0.76%
C.H. Robinson Worldwide, Inc.		7,034		550,059
Expeditors International of Washington, Inc.		7,071		551,680
FedEx Corp.		3,249		491,281
United Parcel Service, Inc., Class B		4,539		531,335
				2,124,355
Airlines-0.98%
Alaska Air Group, Inc.		7,987		541,119
American Airlines Group, Inc.(b)		19,594		561,956
Delta Air Lines, Inc.		9,491		555,034
Southwest Airlines Co.		9,944		536,777
United Airlines Holdings, Inc.(c)		6,147		541,489
				2,736,375
Alternative Carriers-0.19%
CenturyLink, Inc.		39,594		523,037
Apparel Retail-0.79%
Gap, Inc. (The)		32,262		570,392
L Brands, Inc.		30,422		551,247
Ross Stores, Inc.		4,662		542,750
TJX Cos., Inc. (The)		8,918		544,533
				2,208,922

	Shares		Value
Apparel, Accessories & Luxury Goods-1.39%
Capri Holdings Ltd.(c)		13,885	$	529,713
Hanesbrands, Inc.		37,394		555,301
PVH Corp.		5,156		542,153
Ralph Lauren Corp.		4,605		539,798
Tapestry, Inc.		20,758		559,843
Under Armour, Inc., Class A(c)		14,208		306,893
Under Armour, Inc., Class C(c)		14,677		281,505
VF Corp.		5,780		576,035
				3,891,241
Application Software-1.57%
Adobe, Inc.(c)		1,693		558,368
ANSYS, Inc.(c)		2,119		545,452
Autodesk, Inc.(c)		3,000		550,380
Cadence Design Systems, Inc.(c)		7,897		547,736
Citrix Systems, Inc.		4,879		541,081
Intuit, Inc.		2,073		542,981
salesforce.com, inc.(c)		3,333		542,079
Synopsys, Inc.(c)		3,945		549,144
				4,377,221
Asset Management & Custody Banks-1.54%
Ameriprise Financial, Inc.		3,214		535,388
Bank of New York Mellon Corp. (The)		10,722		539,638
BlackRock, Inc.		1,079		542,413
Franklin Resources, Inc.		20,718		538,254
Invesco Ltd.(d)		30,560		549,469
Northern Trust Corp.		4,983		529,394
State Street Corp.		6,804		538,196
T. Rowe Price Group, Inc.		4,352		530,248
				4,303,000
Auto Parts & Equipment-0.39%
Aptiv PLC		5,750		546,078
BorgWarner, Inc.		12,293		533,270
				1,079,348
Automobile Manufacturers-0.39%
Ford Motor Co.		58,339		542,553
General Motors Co.		15,104		552,806
				1,095,359
Automotive Retail-0.75%
Advance Auto Parts, Inc.		3,469		555,595
AutoZone, Inc.(c)		435		518,220
CarMax, Inc.(c)		5,500		482,185
O’Reilly Automotive, Inc.(c)		1,219		534,239
				2,090,239
Biotechnology-1.53%
AbbVie, Inc.		6,129		542,662

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

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

	Shares		Value
Biotechnology-(continued)
Alexion Pharmaceuticals, Inc.(c)		4,876	$	527,339
Amgen, Inc.		2,273		547,952
Biogen, Inc.(c)		1,813		537,972
Gilead Sciences, Inc.		8,186		531,926
Incyte Corp.(c)		5,883		513,704
Regeneron Pharmaceuticals, Inc.(c)		1,430		536,936
Vertex Pharmaceuticals, Inc.(c)		2,458		538,179
				4,276,670
Brewers-0.20%
Molson Coors Beverage Co., Class B		10,597		571,178
Broadcasting-0.60%
Discovery, Inc., Class A(c)		5,475		179,252
Discovery, Inc., Class C(c)		12,021		366,520
Fox Corp., Class A		10,122		375,223
Fox Corp., Class B		4,636		168,750
ViacomCBS, Inc. , Class B		13,935		584,852
				1,674,597
Building Products-0.98%
A.O. Smith Corp.		11,574		551,385
Allegion PLC		4,377		545,112
Fortune Brands Home & Security, Inc.		8,272		540,493
Johnson Controls International PLC		13,315		542,054
Masco Corp.		11,454		549,677
				2,728,721
Cable & Satellite-0.60%
Charter Communications, Inc., Class A(c)		1,132		549,111
Comcast Corp., Class A		12,355		555,604
DISH Network Corp., Class A(c)		15,778		559,646
				1,664,361
Casinos & Gaming-0.59%
Las Vegas Sands Corp.		7,794		538,098
MGM Resorts International		16,441		546,992
Wynn Resorts Ltd.		4,148		576,033
				1,661,123
Commodity Chemicals-0.39%
Dow, Inc.		10,106		553,102
LyondellBasell Industries N.V., Class A		5,813		549,212
				1,102,314
Communications Equipment-0.99%
Arista Networks, Inc.(c)		2,790		567,486
Cisco Systems, Inc.		11,886		570,053
F5 Networks, Inc.(c)		3,866		539,887
Juniper Networks, Inc.		22,315		549,618
Motorola Solutions, Inc.		3,355		540,625
				2,767,669
Computer & Electronics Retail-0.20%
Best Buy Co., Inc.		6,349		557,442

	Shares		Value
Construction & Engineering-0.38%
Jacobs Engineering Group, Inc.		5,980	$	537,184
Quanta Services, Inc.		13,113		533,830
				1,071,014
Construction Machinery & Heavy Trucks-0.77%
Caterpillar, Inc.		3,700		546,416
Cummins, Inc.		2,950		527,932
PACCAR, Inc.		6,565		519,292
Westinghouse Air Brake Technologies Corp.		7,164		557,359
				2,150,999
Construction Materials-0.39%
Martin Marietta Materials, Inc.		1,948		544,739
Vulcan Materials Co.		3,765		542,122
				1,086,861
Consumer Electronics-0.19%
Garmin Ltd.		5,526		539,117
Consumer Finance-0.76%
American Express Co.(b)		4,317		537,423
Capital One Financial Corp.		5,158		530,810
Discover Financial Services		6,211		526,817
Synchrony Financial		14,286		514,439
				2,109,489
Copper-0.20%
Freeport-McMoRan, Inc.		41,839		548,928
Data Processing & Outsourced Services-2.51%
Alliance Data Systems Corp.		4,892		548,882
Automatic Data Processing, Inc.		3,190		543,895
Broadridge Financial Solutions, Inc.		4,497		555,559
Fidelity National Information Services, Inc.		3,896		541,895
Fiserv, Inc.(c)		4,611		533,170
FleetCor Technologies, Inc.(c)		1,771		509,552
Global Payments, Inc.		3,008		549,140
Jack Henry & Associates, Inc.		3,691		537,668
Mastercard, Inc., Class A		1,818		542,837
Paychex, Inc.		6,342		539,451
PayPal Holdings, Inc.(c)		5,001		540,958
Visa, Inc., Class A		2,907		546,225
Western Union Co. (The)		19,775		529,575
				7,018,807
Department Stores-0.62%
Kohl’s Corp.		11,152		568,194
Macy’s, Inc.		35,472		603,024
Nordstrom, Inc.		14,030		574,248
				1,745,466
Distillers & Vintners-0.41%
Brown-Forman Corp., Class B		8,432		570,003
Constellation Brands, Inc., Class A		2,956		560,901
				1,130,904

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
Distributors-0.39%
Genuine Parts Co.		5,120	$	543,897
LKQ Corp.(c)		14,911		532,323
				1,076,220
Diversified Banks-0.98%
Bank of America Corp.		15,634		550,629
Citigroup, Inc.		7,048		563,065
JPMorgan Chase & Co.		3,935		548,539
U.S. Bancorp		8,933		529,638
Wells Fargo & Co.		10,010		538,538
				2,730,409
Diversified Chemicals-0.19%
Eastman Chemical Co.		6,858		543,565
Diversified Support Services-0.40%
Cintas Corp.		2,048		551,076
Copart, Inc.(c)		6,075		552,460
				1,103,536
Drug Retail-0.20%
Walgreens Boots Alliance, Inc.		9,346		551,040
Electric Utilities-2.78%
Alliant Energy Corp.		10,174		556,721
American Electric Power Co., Inc.		5,849		552,789
Duke Energy Corp.		5,975		544,980
Edison International		7,407		558,562
Entergy Corp.		4,560		546,288
Evergy, Inc.		8,579		558,407
Eversource Energy		6,620		563,163
Exelon Corp.		12,287		560,164
FirstEnergy Corp.		11,229		545,729
NextEra Energy, Inc.		2,271		549,945
Pinnacle West Capital Corp.		6,250		562,063
PPL Corp.		15,108		542,075
Southern Co. (The)		8,861		564,446
Xcel Energy, Inc.		8,648		549,062
				7,754,394
Electrical Components & Equipment-0.78%
AMETEK, Inc.		5,462		544,780
Eaton Corp. PLC		5,752		544,829
Emerson Electric Co.		7,087		540,455
Rockwell Automation, Inc.		2,645		536,062
				2,166,126
Electronic Components-0.39%
Amphenol Corp., Class A		5,025		543,856
Corning, Inc.		18,735		545,376
				1,089,232
Electronic Equipment & Instruments-0.56%
FLIR Systems, Inc.		10,127		527,313
Keysight Technologies, Inc.(c)		4,994		512,534

	Shares		Value
Electronic Equipment & Instruments-(continued)
Zebra Technologies Corp., Class A(c)		2,088	$	533,359
				1,573,206
Electronic Manufacturing Services-0.39%
IPG Photonics Corp.(c)		3,723		539,537
TE Connectivity Ltd.		5,727		548,876
				1,088,413
Environmental & Facilities Services-0.58%
Republic Services, Inc.		6,039		541,276
Rollins, Inc.		16,341		541,867
Waste Management, Inc.		4,806		547,692
				1,630,835
Fertilizers & Agricultural Chemicals-0.84%
CF Industries Holdings, Inc.		11,928		569,443
Corteva, Inc.		20,327		600,866
FMC Corp.		5,428		541,823
Mosaic Co. (The)		28,903		625,461
				2,337,593
Financial Exchanges & Data-1.56%
Cboe Global Markets, Inc.		4,660		559,200
CME Group, Inc., Class A		2,631		528,094
Intercontinental Exchange, Inc.		5,858		542,158
MarketAxess Holdings, Inc.		1,439		545,539
Moody’s Corp.		2,289		543,432
MSCI, Inc.		2,069		534,175
Nasdaq, Inc.		5,153		551,886
S&P Global, Inc.		1,984		541,731
				4,346,215
Food Distributors-0.20%
Sysco Corp.		6,444		551,220
Food Retail-0.20%
Kroger Co. (The)		19,169		555,709
Footwear-0.20%
NIKE, Inc., Class B		5,506		557,813
Gas Utilities-0.20%
Atmos Energy Corp.		5,029		562,544
General Merchandise Stores-0.58%
Dollar General Corp.		3,482		543,122
Dollar Tree, Inc.(c)		5,752		540,976
Target Corp.		4,232		542,585
				1,626,683
Gold-0.20%
Newmont Goldcorp Corp.		13,040		566,588
Health Care Distributors-0.75%
AmerisourceBergen Corp.		6,345		539,452
Cardinal Health, Inc.		10,035		507,570

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 Distributors-(continued)
Henry Schein, Inc.(c)		7,861	$	524,486
McKesson Corp.		3,829		529,627
				2,101,135
Health Care Equipment-3.30%
Abbott Laboratories		6,247		542,614
ABIOMED, Inc.(c)		2,960		504,946
Baxter International, Inc.		6,412		536,171
Becton, Dickinson and Co.		2,003		544,756
Boston Scientific Corp.(c)		11,941		539,972
Danaher Corp.		3,620		555,598
Edwards Lifesciences Corp.(c)		2,307		538,200
Hologic, Inc.(c)		10,131		528,939
IDEXX Laboratories, Inc.(c)		2,128		555,685
Intuitive Surgical, Inc.(c)		928		548,587
Medtronic PLC		4,719		535,371
ResMed, Inc.		3,504		543,015
STERIS PLC		3,544		540,176
Stryker Corp.		2,652		556,761
Teleflex, Inc.		1,495		562,778
Varian Medical Systems, Inc.(c)		3,804		540,206
Zimmer Biomet Holdings, Inc.		3,629		543,189
				9,216,964
Health Care Facilities-0.39%
HCA Healthcare, Inc.		3,769		557,096
Universal Health Services, Inc., Class B		3,730		535,106
				1,092,202
Health Care REITs-0.61%
Healthpeak Properties, Inc.		16,697		575,546
Ventas, Inc.		9,701		560,136
Welltower, Inc.		6,844		559,702
				1,695,384
Health Care Services-0.99%
Cigna Corp.		2,835		579,729
CVS Health Corp.		7,317		543,580
DaVita, Inc.(c)		7,405		555,597
Laboratory Corp. of America Holdings(c)		3,231		546,589
Quest Diagnostics, Inc.		5,118		546,551
				2,772,046
Health Care Supplies-0.59%
Align Technology, Inc.(c)		2,023		564,498
Cooper Cos., Inc. (The)		1,696		544,908
DENTSPLY SIRONA, Inc.		9,550		540,434
				1,649,840
Health Care Technology-0.20%
Cerner Corp.		7,454		547,049
Home Furnishings-0.38%
Leggett & Platt, Inc.		10,616		539,611

	Shares		Value
Home Furnishings-(continued)
Mohawk Industries, Inc.(c)		3,903	$	532,291
				1,071,902
Home Improvement Retail-0.39%
Home Depot, Inc. (The)		2,514		549,007
Lowe’s Cos., Inc.		4,566		546,824
				1,095,831
Homebuilding-0.75%
D.R. Horton, Inc.		9,823		518,163
Lennar Corp., Class A		9,235		515,221
NVR, Inc.(c)		141		536,986
PulteGroup, Inc.		13,335		517,398
				2,087,768
Hotel & Resort REITs-0.20%
Host Hotels & Resorts, Inc.		29,998		556,463
Hotels, Resorts & Cruise Lines-1.01%
Carnival Corp.		11,347		576,768
Hilton Worldwide Holdings, Inc.		5,022		556,990
Marriott International, Inc., Class A		3,684		557,868
Norwegian Cruise Line Holdings Ltd.(c)		9,652		563,773
Royal Caribbean Cruises Ltd.		4,285		572,091
				2,827,490
Household Appliances-0.19%
Whirlpool Corp.		3,627		535,091
Household Products-0.97%
Church & Dwight Co., Inc.		7,693		541,126
Clorox Co. (The)		3,549		544,913
Colgate-Palmolive Co.		7,838		539,568
Kimberly-Clark Corp.		3,960		544,698
Procter & Gamble Co. (The)		4,291		535,946
				2,706,251
Housewares & Specialties-0.19%
Newell Brands, Inc.		28,041		538,948
Human Resource & Employment Services-0.20%
Robert Half International, Inc.		8,735		551,615
Hypermarkets & Super Centers-0.38%
Costco Wholesale Corp.		1,844		541,988
Walmart, Inc.		4,476		531,928
				1,073,916
Independent Power Producers & Energy Traders-0.40%
AES Corp. (The)		28,460		566,354
NRG Energy, Inc.		13,677		543,661
				1,110,015
Industrial Conglomerates-0.78%
3M Co.		3,189		562,603
General Electric Co.		47,484		529,922

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
Industrial Conglomerates-(continued)
Honeywell International, Inc.		3,037	$	537,549
Roper Technologies, Inc.		1,535		543,743
				2,173,817
Industrial Gases-0.39%
Air Products and Chemicals, Inc.		2,328		547,057
Linde PLC (United Kingdom)		2,575		548,217
				1,095,274
Industrial Machinery-2.14%
Dover Corp.		4,737		545,987
Flowserve Corp.		11,122		553,542
Fortive Corp.		7,161		547,029
IDEX Corp.		3,216		553,152
Illinois Tool Works, Inc.		3,036		545,357
Ingersoll-Rand PLC		4,024		534,870
Parker-Hannifin Corp.		2,606		536,367
Pentair PLC		11,743		538,651
Snap-on, Inc.		3,159		535,135
Stanley Black & Decker, Inc.		3,271		542,135
Xylem, Inc.		6,928		545,857
				5,978,082
Industrial REITs-0.39%
Duke Realty Corp.		15,739		545,671
Prologis, Inc.		6,052		539,475
				1,085,146
Insurance Brokers-0.78%
Aon PLC		2,611		543,845
Arthur J. Gallagher & Co.		5,700		542,811
Marsh & McLennan Cos., Inc.		4,870		542,567
Willis Towers Watson PLC		2,691		543,420
				2,172,643
Integrated Oil & Gas-0.60%
Chevron Corp.		4,564		550,008
Exxon Mobil Corp.		7,777		542,679
Occidental Petroleum Corp.		14,279		588,437
				1,681,124
Integrated Telecommunication Services-0.39%
AT&T, Inc.		14,074		550,012
Verizon Communications, Inc.		8,854		543,635
				1,093,647
Interactive Home Entertainment-0.59%
Activision Blizzard, Inc.		9,151		543,753
Electronic Arts, Inc.(c)		5,149		553,569
Take-Two Interactive Software, Inc.(c)		4,419		541,018
				1,638,340
Interactive Media & Services-0.60%
Alphabet, Inc., Class A(c)		198		265,199
Alphabet, Inc., Class C(c)		200		267,404

	Shares		Value
Interactive Media & Services-(continued)
Facebook, Inc., Class A(c)		2,771	$	568,748
Twitter, Inc.(c)		17,718		567,862
				1,669,213
Internet & Direct Marketing Retail-0.78%
Amazon.com, Inc.(c)		305		563,591
Booking Holdings, Inc.(c)		272		558,615
eBay, Inc.		15,176		548,005
Expedia Group, Inc.		4,775		516,369
				2,186,580
Internet Services & Infrastructure-0.39%
Akamai Technologies, Inc.(c)		6,357		549,118
VeriSign, Inc.(c)		2,811		541,623
				1,090,741
Investment Banking & Brokerage-0.96%
Charles Schwab Corp. (The)		10,780		512,697
E*TRADE Financial Corp.		11,925		541,037
Goldman Sachs Group, Inc. (The)		2,392		549,993
Morgan Stanley		10,717		547,853
Raymond James Financial, Inc.		5,949		532,197
				2,683,777
IT Consulting & Other Services-1.17%
Accenture PLC, Class A		2,604		548,324
Cognizant Technology Solutions Corp., Class A		8,735		541,745
DXC Technology Co.		14,351		539,454
Gartner, Inc.(c)		3,415		526,252
International Business Machines Corp.		4,012		537,768
Leidos Holdings, Inc.		5,862		573,831
				3,267,374
Leisure Products-0.20%
Hasbro, Inc.		5,181		547,165
Life & Health Insurance-1.34%
Aflac, Inc.		10,127		535,718
Globe Life, Inc.		5,097		536,459
Lincoln National Corp.		9,014		531,916
MetLife, Inc.		10,701		545,430
Principal Financial Group, Inc.		9,918		545,490
Prudential Financial, Inc.		5,719		536,099
Unum Group		17,747		517,503
				3,748,615
Life Sciences Tools & Services-1.38%
Agilent Technologies, Inc.		6,431		548,629
Illumina, Inc.(c)		1,657		549,693
IQVIA Holdings, Inc.(c)		3,717		574,314
Mettler-Toledo International, Inc.(c)		699		554,503
PerkinElmer, Inc.		5,704		553,858
Thermo Fisher Scientific, Inc.		1,679		545,457

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
Life Sciences Tools & Services-(continued)
Waters Corp.(c)		2,299	$	537,161
				3,863,615
Managed Health Care-1.02%
Anthem, Inc.		1,894		572,045
Centene Corp.(c)		9,330		586,577
Humana, Inc.		1,524		558,576
UnitedHealth Group, Inc.		1,885		554,152
WellCare Health Plans, Inc.(c)		1,722		568,622
				2,839,972
Metal & Glass Containers-0.20%
Ball Corp.		8,500		549,695
Motorcycle Manufacturers-0.19%
Harley-Davidson, Inc.		14,416		536,131
Movies & Entertainment-0.61%
Live Nation Entertainment, Inc.(c)		8,368		598,061
Netflix, Inc.(c)		1,803		583,397
Walt Disney Co. (The)		3,678		531,949
				1,713,407
Multi-line Insurance-0.58%
American International Group, Inc.		10,435		535,629
Assurant, Inc.		4,141		542,802
Hartford Financial Services Group, Inc. (The)		8,816		535,748
				1,614,179
Multi-Sector Holdings-0.19%
Berkshire Hathaway, Inc., Class B(c)		2,385		540,202
Multi-Utilities-1.98%
Ameren Corp.		7,177		551,194
CenterPoint Energy, Inc.		20,758		566,071
CMS Energy Corp.		8,828		554,751
Consolidated Edison, Inc.		6,130		554,581
Dominion Energy, Inc.		6,657		551,333
DTE Energy Co.		4,312		559,999
NiSource, Inc.		20,032		557,691
Public Service Enterprise Group, Inc.		9,196		543,024
Sempra Energy		3,602		545,631
WEC Energy Group, Inc.		6,037		556,792
				5,541,067
Office REITs-0.79%
Alexandria Real Estate Equities, Inc.		3,441		555,997
Boston Properties, Inc.		3,985		549,372
SL Green Realty Corp.		6,069		557,620
Vornado Realty Trust		8,257		549,090
				2,212,079
Oil & Gas Drilling-0.21%
Helmerich & Payne, Inc.		12,792		581,141

	Shares		Value
Oil & Gas Equipment & Services-1.01%
Baker Hughes Co., Class A		22,783	$	583,928
Halliburton Co.		22,445		549,229
National Oilwell Varco, Inc.		22,594		565,980
Schlumberger Ltd.		13,766		553,393
TechnipFMC PLC (United Kingdom)		26,923		577,229
				2,829,759
Oil & Gas Exploration & Production-2.54%
Apache Corp.		25,221		645,405
Cabot Oil & Gas Corp.		33,445		582,277
Cimarex Energy Co.		11,201		587,941
Concho Resources, Inc.		6,837		598,716
ConocoPhillips		8,587		558,413
Devon Energy Corp.		22,932		595,544
Diamondback Energy, Inc.		6,327		587,525
EOG Resources, Inc.		7,132		597,376
Hess Corp.		8,639		577,172
Marathon Oil Corp.		42,332		574,869
Noble Energy, Inc.		24,060		597,650
Pioneer Natural Resources Co.		3,846		582,169
				7,085,057
Oil & Gas Refining & Marketing-0.78%
HollyFrontier Corp.		10,728		544,017
Marathon Petroleum Corp.		9,186		553,456
Phillips 66		4,765		530,869
Valero Energy Corp.		5,739		537,457
				2,165,799
Oil & Gas Storage & Transportation-0.60%
Kinder Morgan, Inc.		26,657		564,329
ONEOK, Inc.		7,359		556,855
Williams Cos., Inc. (The)		23,711		562,425
				1,683,609
Packaged Foods & Meats-2.40%
Campbell Soup Co.		11,288		557,853
Conagra Brands, Inc.		18,973		649,635
General Mills, Inc.		10,435		558,899
Hershey Co. (The)		3,659		537,800
Hormel Foods Corp.		11,943		538,749
JM Smucker Co. (The)		5,304		552,306
Kellogg Co.		8,127		562,063
Kraft Heinz Co. (The)		17,040		547,495
Lamb Weston Holdings, Inc.		6,401		550,678
McCormick & Co., Inc.		3,213		545,342
Mondelez International, Inc., Class A		10,114		557,079
Tyson Foods, Inc., Class A		6,120		557,165
				6,715,064
Paper Packaging-1.18%
Amcor PLC		50,992		552,753
Avery Dennison Corp.		4,142		541,856
International Paper Co.		11,614		534,825

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
Paper Packaging-(continued)
Packaging Corp. of America		4,848	$	542,928
Sealed Air Corp.		14,166		564,232
Westrock Co.		13,142		563,923
				3,300,517
Personal Products-0.39%
Coty, Inc., Class A		48,559		546,289
Estee Lauder Cos., Inc. (The), Class A		2,649		547,124
				1,093,413
Pharmaceuticals-1.78%
Allergan PLC		2,858		546,364
Bristol-Myers Squibb Co.		8,436		541,507
Eli Lilly and Co.		4,430		582,235
Johnson & Johnson		3,808		555,473
Merck & Co., Inc.		6,036		548,974
Mylan N.V.(c)		28,133		565,473
Perrigo Co. PLC		9,984		515,774
Pfizer, Inc.		14,023		549,421
Zoetis, Inc.		4,326		572,546
				4,977,767
Property & Casualty Insurance-1.36%
Allstate Corp. (The)		4,915		552,692
Chubb Ltd.		3,482		542,008
Cincinnati Financial Corp.		5,105		536,791
Loews Corp.		10,639		558,441
Progressive Corp. (The)		7,461		540,102
Travelers Cos., Inc. (The)		3,969		543,554
W.R. Berkley Corp.		7,740		534,834
				3,808,422
Publishing-0.20%
News Corp., Class A		29,945		423,422
News Corp., Class B		9,454		137,178
				560,600
Railroads-0.78%
CSX Corp.		7,398		535,319
Kansas City Southern		3,555		544,484
Norfolk Southern Corp.		2,846		552,494
Union Pacific Corp.		3,040		549,602
				2,181,899
Real Estate Services-0.20%
CBRE Group, Inc., Class A(c)		9,241		566,381
Regional Banks-2.52%
Citizens Financial Group, Inc.		13,421		545,027
Comerica, Inc.		7,485		537,049
Fifth Third Bancorp		17,386		534,446
First Republic Bank		4,686		550,371
Huntington Bancshares, Inc.		35,094		529,217
KeyCorp		26,843		543,302
M&T Bank Corp.		3,164		537,089

	Shares		Value
Regional Banks-(continued)
People’s United Financial, Inc.		32,340	$	546,546
PNC Financial Services Group, Inc. (The)		3,394		541,784
Regions Financial Corp.		31,361		538,155
SVB Financial Group(c)		2,159		541,995
Truist Financial Corp.		9,611		541,291
Zions Bancorporation N.A.		10,527		546,562
				7,032,834
Reinsurance-0.19%
Everest Re Group Ltd.		1,959		542,330
Research & Consulting Services-0.78%
Equifax, Inc.		3,882		543,946
IHS Markit Ltd.(c)		7,218		543,876
Nielsen Holdings PLC		26,991		547,917
Verisk Analytics, Inc.		3,609		538,968
				2,174,707
Residential REITs-1.16%
Apartment Investment & Management Co., Class A		10,527		543,720
AvalonBay Communities, Inc.		2,580		541,026
Equity Residential		6,647		537,875
Essex Property Trust, Inc.		1,791		538,840
Mid-America Apartment Communities, Inc.		4,126		544,055
UDR, Inc.		11,639		543,541
				3,249,057
Restaurants-0.96%
Chipotle Mexican Grill, Inc.(c)		661		553,330
Darden Restaurants, Inc.		4,658		507,769
McDonald’s Corp.		2,730		539,475
Starbucks Corp.		6,072		533,850
Yum! Brands, Inc.		5,378		541,726
				2,676,150
Retail REITs-0.99%
Federal Realty Investment Trust		4,214		542,468
Kimco Realty Corp.		26,513		549,084
Realty Income Corp.		7,427		546,850
Regency Centers Corp.		8,839		557,653
Simon Property Group, Inc.		3,730		555,621
				2,751,676
Semiconductor Equipment-0.60%
Applied Materials, Inc.		8,993		548,933
KLA Corp.		3,143		559,988
Lam Research Corp.		1,909		558,192
				1,667,113
Semiconductors-2.59%
Advanced Micro Devices, Inc.(c)		13,084		600,032
Analog Devices, Inc.		4,543		539,890
Broadcom, Inc.		1,706		539,130
Intel Corp.		9,317		557,623

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
Semiconductors-(continued)
Maxim Integrated Products, Inc.		9,035	$	555,743
Microchip Technology, Inc.(e)		5,273		552,189
Micron Technology, Inc.(c)		10,517		565,604
NVIDIA Corp.		2,403		565,426
Qorvo, Inc.(c)		4,747		551,744
QUALCOMM, Inc.		6,130		540,850
Skyworks Solutions, Inc.		4,813		581,795
Texas Instruments, Inc.		4,251		545,361
Xilinx, Inc.		5,595		547,023
				7,242,410
Soft Drinks-0.58%
Coca-Cola Co. (The)		9,894		547,633
Monster Beverage Corp.(c)		8,655		550,025
PepsiCo., Inc.		3,903		533,423
				1,631,081
Specialized Consumer Services-0.19%
H&R Block, Inc.		22,922		538,209
Specialized REITs-1.81%
American Tower Corp.		2,533		582,134
Crown Castle International Corp.		4,058		576,845
Digital Realty Trust, Inc.		4,735		566,969
Equinix, Inc.		975		569,108
Extra Space Storage, Inc.		5,263		555,878
Iron Mountain, Inc.		17,045		543,224
Public Storage		2,620		557,955
SBA Communications Corp., Class A		2,286		550,903
Weyerhaeuser Co.		18,166		548,613
				5,051,629
Specialty Chemicals-1.37%
Albemarle Corp.		8,081		590,236
Celanese Corp.		4,325		532,494
DuPont de Nemours, Inc.		8,309		533,438
Ecolab, Inc.		2,901		559,864
International Flavors & Fragrances, Inc.(e)		4,016		518,144
PPG Industries, Inc.		4,048		540,367
Sherwin-Williams Co. (The)		940		548,528
				3,823,071
Specialty Stores-0.57%
Tiffany & Co.		4,027		538,209
Tractor Supply Co.		5,671		529,898
Ulta Beauty, Inc.(c)		2,123		537,416
				1,605,523
Steel-0.19%
Nucor Corp.		9,534		536,574
Systems Software-0.97%
Fortinet, Inc.(c)		5,096		544,049
Microsoft Corp.		3,484		549,427
NortonLifeLock, Inc.		20,710		528,519

	Shares		Value
Systems Software-(continued)
Oracle Corp.		9,877	$	523,283
ServiceNow, Inc.(c)		1,972		556,735
				2,702,013
Technology Distributors-0.20%
CDW Corp.		3,908		558,219
Technology Hardware, Storage & Peripherals-1.39%
Apple, Inc.		1,956		574,379
Hewlett Packard Enterprise Co.		33,591		532,753
HP, Inc.		26,461		543,774
NetApp, Inc.		8,514		529,996
Seagate Technology PLC		9,118		542,521
Western Digital Corp.		9,916		629,369
Xerox Holdings Corp.		14,616		538,892
				3,891,684
Tobacco-0.39%
Altria Group, Inc.		10,735		535,784
Philip Morris International, Inc.		6,358		541,002
				1,076,786
Trading Companies & Distributors-0.59%
Fastenal Co.		14,541		537,290
United Rentals, Inc.(c)		3,308		551,675
W.W. Grainger, Inc.		1,619		548,064
				1,637,029
Trucking-0.39%
J.B. Hunt Transport Services, Inc.		4,764		556,340
Old Dominion Freight Line, Inc.		2,877		545,997
				1,102,337
Water Utilities-0.20%
American Water Works Co., Inc.		4,517		554,913
Wireless Telecommunication Services-0.20%
T-Mobile US, Inc.(c)		7,134		559,448
Total Common Stocks & Other Equity Interests (Cost $177,509,755)				274,193,934
Money Market Funds-1.76%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(f)		1,740,175		1,740,175
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(f)		1,182,742		1,183,097
Invesco Treasury Portfolio, Institutional Class, 1.49%(f)		1,988,772		1,988,772
Total Money Market Funds (Cost $4,912,013)				4,912,044
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $182,421,768)				279,105,978

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
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.34%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(f)(g)		716,421	$	716,421
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(f)(g)		239,664		239,736
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $956,157)				956,157
TOTAL INVESTMENTS IN SECURITIES–100.24% (Cost $183,377,925)				280,062,135
OTHER ASSETS LESS LIABILITIES–(0.24)%				(678,017	)
NET ASSETS–100.00%			$	279,384,118

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)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

^(c)  Non-income producing security.

^(d)  The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the fiscal year ended December 31, 2019.

	Value December 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value December 31, 2019		Dividend Income
Invesco Ltd.		$524,213		$193,810		$(216,034	)		$176,525		$(129,045	)		$549,469		$29,399

^(e)  All or a portion of this security was out on loan at December 31, 2019.

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

^(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		32		March-2020	$	5,169,760	$	94,045		$94,045

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, 2019

Assets:
Investments in securities, at value (Cost $ 176,928,164)*	$	273,644,465
Investments in affiliates, at value (Cost $ 6,449,761)		6,417,670
Other investments: Variation margin receivable – futures contracts		12,333
Cash		2,206
Receivable for:
Fund shares sold		166,395
Dividends		420,134
Investment for trustee deferred compensation and retirement plans		40,785
Total assets		280,703,988
Liabilities:
Payable for:
Fund shares reacquired		4,251
Collateral upon return of securities loaned		956,157
Accrued fees to affiliates		233,228
Accrued other operating expenses		82,423
Trustee deferred compensation and retirement plans		43,811
Total liabilities		1,319,870
Net assets applicable to shares outstanding	$	279,384,118
Net assets consist of:
Shares of beneficial interest	$	176,665,177
Distributable earnings		102,718,941
	$	279,384,118
Net Assets:
Series I	$	31,326,840
Series II	$	248,057,278
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		1,414,953
Series II		11,560,842
Series I:
Net asset value per share	$	22.14
Series II:
Net asset value per share	$	21.46

* At December 31, 2019, securities with an aggregate value of $933,345 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends	$	4,830,277
Dividends from affiliates (includes securities lending income of $2,138)		126,085
Total investment income		4,956,362
Expenses:
Advisory fees		288,739
Administrative services fees		364,389
Custodian fees		24,363
Distribution fees - Series II		507,438
Transfer agent fees		5,029
Trustees’ and officers’ fees and benefits		21,808
Licensing fees		47,069
Reports to shareholders		11,699
Professional services fees		52,009
Taxes		57
Other		34,928
Total expenses		1,357,528
Less: Fees waived		(5,165	)
Net expenses		1,352,363
Net investment income		3,603,999
Realized and unrealized gain from:
Net realized gain from:
Investment securities		3,584,722
Futures contracts		1,012,481
		4,597,203
Change in net unrealized appreciation of:
Investment securities		55,373,344
Futures contracts		89,463
		55,462,807
Net realized and unrealized gain		60,060,010
Net increase in net assets resulting from operations	$	63,664,009

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	3,603,999		$	3,868,575
Net realized gain		4,597,203			4,032,717
Change in net unrealized appreciation (depreciation)		55,462,807			(31,117,348	)
Net increase (decrease) in net assets resulting from operations		63,664,009			(23,216,056	)
Distributions to shareholders from distributable earnings:
Series I		(984,182	)		(3,643,484	)
Series II		(7,440,206	)		(4,379,437	)
Total distributions from distributable earnings		(8,424,388	)		(8,022,921	)
Share transactions-net:
Series I		(92,725,236	)		(5,211,678	)
Series II		57,543,221			50,915,126
Net increase (decrease) in net assets resulting from share transactions		(35,182,015	)		45,703,448
Net increase in net assets		20,057,606			14,464,471
Net assets:
Beginning of year		259,326,512			244,862,041
End of year	$	279,384,118		$	259,326,512

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 12/31/19	$	17.80	$	0.34	$	4.73		$	5.07		$	(0.35	)	$	(0.38	)	$	(0.73	)	$	22.14		28.79	%	$	31,327		0.35	%(d)		0.35	%(d)		1.71	%(d)		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
Year ended 12/31/15		19.98		0.26		(0.94	)		(0.68	)		(0.28	)		(3.21	)		(3.49	)		15.81		(2.68	)		27,974		0.55			0.55			1.38			25
Series II
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	(d)		0.60	(d)		1.46	(d)		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
Year ended 12/31/15		19.60		0.21		(0.92	)		(0.71	)		(0.24	)		(3.21	)		(3.45	)		15.44		(2.92	)		38,643		0.80			0.80			1.13			25

^(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 $37,777 and $202,839 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, 2019

NOTE 1–Significant Accounting Policies

Invesco V.I. Equally-Weighted S&P 500 Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to achieve a high level of total return on its assets through a combination of capital appreciation and current income.

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

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

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

I. Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security.

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

Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

K. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $2 billion		0.120%
Over $2 billion		0.100%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.12%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, 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, 2019, the Adviser waived advisory fees of $5,165.

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

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

inquiries from variable product owners about the Fund. Pursuant to such agreement, for the year ended December 31, 2019, Invesco was paid $32,253 for accounting and fund administrative services and was reimbursed $332,136 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	274,193,934		$—		$—	$	274,193,934
Money Market Funds		5,868,201		—		—		5,868,201
Total Investments in Securities		280,062,135		—		—		280,062,135
Other Investments - Assets*
Futures Contracts		94,045		—		—		94,045
Total Investments	$	280,156,180		$—		$—	$	280,156,180

* Unrealized appreciation.

NOTE 4–Derivative Investments

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

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2019:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts – Exchange-Traded	$	94,045
Derivatives not subject to master netting agreements		(94,045	)
Total Derivative Assets subject to master netting agreements	$	-

Effect of Derivative Investments for the year ended December 31, 2019

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	$	1,012,481
Change in Net Unrealized Appreciation:
Futures contracts		89,463
Total	$	1,101,944

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

	Futures Contracts
Average notional value	$	4,175,133

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, 2019 and 2018:

	2019		2018
Ordinary income	$	5,190,383	$	5,428,590
Long-term capital gain		3,234,005		2,594,331
Total distributions	$	8,424,388	$	8,022,921

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

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	3,615,913
Undistributed long-term capital gain		4,504,643
Net unrealized appreciation – investments		94,631,185
Temporary book/tax differences		(32,800	)
Shares of beneficial interest		176,665,177
Total net assets	$	279,384,118

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $93,434,767 and $132,448,545, 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	$97,256,399
Aggregate unrealized (depreciation) of investments	(2,625,214	)
Net unrealized appreciation of investments	$94,631,185

Cost of investments for tax purposes is $185,524,995.

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, 2019, undistributed net investment income was increased by $13,240, undistributed net realized gain was decreased by $9,692 and shares of beneficial interest was decreased by $3,548. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended December 31, 2019(a)				Year ended December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		284,241	$	5,873,493		424,677	$	8,542,209
Series II		3,153,361		62,882,016		3,056,048		59,434,939
Issued as reinvestment of dividends:
Series I		47,845		984,182		174,246		3,643,484
Series II		373,130		7,440,206		215,418		4,379,437

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

	Summary of Share Activity
	Year ended December 31, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(5,064,768	)	$	(99,582,911	)		(863,544	)	$	(17,397,371	)
Series II		(637,753	)		(12,779,001	)		(667,704	)		(12,899,250	)
Net increase (decrease) in share activity		(1,843,944	)	$	(35,182,015	)		2,339,141		$	45,703,448

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Equally-Weighted S&P 500 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, 2019 through December 31, 2019.

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 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   (07/01/19)	ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
		Ending Account Value (12/31/19)1		Expenses Paid During Period2		Ending Account Value (12/31/19)		Expenses Paid During Period2
Series I	$1,000.00		$1,082.90		$1.79		$1,023.49		$1.73	0.35%
Series II	1,000.00		1,081.80		3.15		1,022.18		3.06	0.60

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

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

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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distribution	$	3,234,005
Corporate Dividends Received Deduction*		80.82	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

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

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Equity and Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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-VIEQI-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary For the fiscal year ended December 31, 2019, Series I shares of V.I. Invesco Equity and Income Fund (the Fund), at net asset value (NAV), underperformed the Russell 1000 Value Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	20.37	%
Series II Shares	20.01
Russell 1000 Value Indexq (Broad Market Index)	26.54
Bloomberg Barclays U.S. Government/Credit Indexq (Style-Specific Index)	9.71
Lipper VUF Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	20.66
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over

into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of the US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the

third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

All sectors within the Russell 1000 Value Index had positive returns for the year, and except for energy, all had double digit returns, with information technology and industrials posting the strongest gains.

Security selection in the financials sector was the largest contributor to the Fund’s performance relative to the Russell 1000 Value Index for the year. Several key relative contributors for the year were concentrated in the banking industry, including Citigroup, Citizens Financial, PNC Financials and Bank of America. Following a sharp selloff in the fourth quarter of 2018, banks rebounded in the first quarter of 2019, and performed well throughout 2019 as revenues have generally improved and companies continue to return capital to shareholders through stock buybacks (reducing outstanding shares) and increased dividends.

Good stock selection in the health care, communication services and consumer staples sectors also contributed to the Fund’s performance relative to the Russell 1000 Value Index. Within the health care sector, the Fund’s holdings in Celgene and Pfizer were strong contributors. During the year, Celgene was acquired by Bristol Meyers Squibb (also a Fund holding) at a significant premium, and shares of the acquisition target rose sharply following the announcement. We sold Celgene after the bid was announced, and the deal ultimately closed

Portfolio Composition
By security type	% of total net assets

Common Stocks & Other Equity Interests	61.11	%
U.S. Dollar Denominated Bonds & Notes	21.99
U.S. Treasury Securities	11.93
Security Types Each Less Than 1% of Portfolio	0.65
Money Market Funds Plus Other Assets Less Liabilities	4.32

Top 10 Equity Holdings*
% of total net assets
1. Johnson & Johnson	2.25	%
2. Bank of America Corp.	2.19
3. Philip Morris International, Inc.	2.02
4. Citigroup, Inc.	1.98
5. American International Group, Inc.	1.83
6. General Motors Co.	1.67
7. Morgan Stanley	1.65
8. PNC Financial Services Group, Inc. (The)	1.61
9. General Dynamics Corp.	1.38
10. Carnival Corp.	1.34

Total Net Assets	$1.3 billion
Total Number of Holdings*	351

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, 2019.

Invesco V.I. Equity and Income Fund

in November. At the close of the year, we maintained our holding in Bristol Meyers.

Charter Communications was a key absolute and relative contributor (versus the Russell 1000 Value Index) in the communication services sector during the year. The company reported strong revenues during the year as the company focused on adding broadband subscribers to drive future growth. At the close of the year, we maintained our position in the company.

Within the consumer staples sector, Mondelez was a strong absolute and relative contributor (versus the Russell 1000 Value Index) to Fund performance for the year. The company has made progress on its plan to increase profitability, with revenues and earnings growth accelerating during the year. Additionally, the fund’s lack of exposure to Walgreens Boots Alliance (an underperforming component of the Russell 1000 Value Index) contributed to relative Fund performance.

Given the strong equity market, the Fund’s allocation to cash, although averaging less than 5% for the year, was the Fund’s largest relative detractor compared to the Russell 1000 Value Index.

Security selection in the consumer discretionary sector also detracted from the Fund’s relative performance compared to the Russell 1000 Value Index during the year, due largely to Capri Holdings and Carnival. Capri Holdings suffered as its Michael Kors brand witnessed declining sales, and reduced its 2020 outlook. However, the company’s Jimmy Choo and Versace brands have shown improvement, and the company is focusing more on accessories which we believe should help boost margins. Shares of cruise operator Carnival declined in June after the company reported a decline in profits and a weaker outlook for the remainder of 2019.

The materials and information technology sectors also detracted from the Fund’s relative return versus the Russell 1000 Value Index. Within the materials sector, this was due largely to The Mosaic Company, a potash and phosphate supplier which announced plans to reduce phosphate production, an intended long-term benefit that has the potential to negatively affect short-term earnings. We liquidated our position in The Mosaic Company during the year.

The Fund uses high grade bonds as a source of income and to dampen return volatility. While bonds fared well on an absolute basis during the year, the bond

portion of the Fund’s portfolio underperformed the Russell 1000 Value Index. Similarly, the Fund’s allocation to convertible securities, while positive, underperformed the Russell 1000 Value Index, detracting from the Fund’s relative 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 performance relative to the Russell 1000 Value Index for the year.

During the year, within the equity portion of the Fund, we reduced the Fund’s relative overweight exposures to the financials and energy sectors, and increased exposures to the consumer staples, communication services and materials sectors. At the end of the year, the Fund’s largest equity overweight exposures relative to the style-specific benchmark were in the information technology, health care and financials sectors, while the largest underweight exposures were in the real estate, utilities and communication services 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: Bureau of Economic Analysis

Portfolio managers:

Chuck Burge

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - 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. 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 12/31/09

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
10 Years	8.75	%
5 Years	6.35
1 Year	20.37
Series II Shares
Inception (4/30/03)	7.82	%
10 Years	8.53
5 Years	6.07
1 Year	20.01

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 blended returns of the predecessor fund and Invesco V.I. Equity and Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

Series I shares incepted on June 1, 2010. Series I shares performance shown prior to that date is that of the predecessor fund’s Class II shares and includes the 12b-1 fees applicable to the predecessor fund’s Class II shares.

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.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.55% and 0.80%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.56% and 0.81%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

determined by the variable product issuers, will vary and will lower the total return.

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. Equity and Income Fund

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable

product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Equity and Income Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–61.11%
Aerospace & Defense–1.38%
General Dynamics Corp.		100,864	$     17,787,366
Apparel, Accessories & Luxury Goods–1.19%
Capri Holdings Ltd.(b)		401,127	15,302,995
Automobile Manufacturers–1.67%
General Motors Co.		586,873	21,479,552
Building Products–0.88%
Johnson Controls International PLC		278,714	11,346,447
Cable & Satellite–1.73%
Charter Communications, Inc., Class A(b)		25,859	12,543,684
Comcast Corp., Class A		217,051	9,760,783
			22,304,467
Commodity Chemicals–0.60%
Dow, Inc.		141,587	7,749,057
Communications Equipment–0.62%
Cisco Systems, Inc.		167,161	8,017,042
Diversified Banks–5.99%
Bank of America Corp.		799,871	28,171,457
Citigroup, Inc.		318,178	25,419,241
JPMorgan Chase & Co.		99,753	13,905,568
Wells Fargo & Co.		176,549	9,498,336
			76,994,602
Electric Utilities–1.36%
Duke Energy Corp.		59,193	5,398,993
Exelon Corp.		138,152	6,298,350
FirstEnergy Corp.		120,637	5,862,958
			17,560,301
Fertilizers & Agricultural Chemicals–1.46%
Corteva, Inc.		454,148	13,424,615
Nutrien Ltd. (Canada)		113,016	5,414,596
			18,839,211
Food Distributors–1.07%
US Foods Holding Corp.(b)		328,650	13,767,149
Health Care Distributors–0.82%
McKesson Corp.		76,685	10,607,069
Health Care Equipment–1.62%
Medtronic PLC		87,154	9,887,621
Zimmer Biomet Holdings, Inc.		73,498	11,001,181
			20,888,802

	Shares		Value
Health Care Services–1.01%
CVS Health Corp.		174,059	$     12,930,843
Health Care Supplies–0.38%
Alcon, Inc. (Switzerland)(b)		87,053	4,931,527
Home Improvement Retail–0.52%
Kingfisher PLC (United Kingdom)		2,323,863	6,739,349
Hotels, Resorts & Cruise Lines–1.34%
Carnival Corp.		339,203	17,241,689
Industrial Machinery–0.98%
Ingersoll-Rand PLC		94,450	12,554,294
Insurance Brokers–0.95%
Willis Towers Watson PLC		60,277	12,172,337
Integrated Oil & Gas–3.10%
BP PLC (United Kingdom)		2,011,410	12,626,317
Chevron Corp.		103,448	12,466,518
Royal Dutch Shell PLC, Class A (United Kingdom)		495,149	14,718,055
			39,810,890
Internet & Direct Marketing Retail–0.80%
eBay, Inc.		283,600	10,240,796
Investment Banking & Brokerage–2.96%
Goldman Sachs Group, Inc. (The)		73,311	16,856,398
Morgan Stanley		414,457	21,187,042
			38,043,440
IT Consulting & Other Services–0.98%
Cognizant Technology Solutions Corp., Class A		202,482	12,557,934
Managed Health Care–0.77%
Anthem, Inc.		32,607	9,848,292
Multi-line Insurance–1.83%
American International Group, Inc.		458,002	23,509,243
Oil & Gas Equipment & Services–0.75%
TechnipFMC PLC (United Kingdom)		453,157	9,715,686
Oil & Gas Exploration & Production–2.41%
Canadian Natural Resources Ltd. (Canada)		274,064	8,864,262
Devon Energy Corp.		420,393	10,917,606
Marathon Oil Corp.		826,837	11,228,447
			31,010,315
Other Diversified Financial Services–1.31%
AXA Equitable Holdings, Inc.		277,318	6,871,940

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

Invesco V.I. Equity and Income Fund

	Shares		Value
Other Diversified Financial Services–(continued)
Voya Financial, Inc.		163,014	$9,940,594
			16,812,534
Packaged Foods & Meats–1.89%
Kellogg Co.		124,701	8,624,321
Mondelez International, Inc., Class A		284,544	15,672,684
			24,297,005
Pharmaceuticals–5.35%
Bristol-Myers Squibb Co.		238,800	15,328,572
GlaxoSmithKline PLC (United Kingdom)		260,427	6,126,752
Johnson & Johnson		198,749	28,991,517
Pfizer, Inc.		190,416	7,460,499
Sanofi (France)		108,274	10,874,735
			68,782,075
Railroads–0.98%
CSX Corp.		173,611	12,562,492
Regional Banks–4.03%
Citizens Financial Group, Inc.		404,234	16,415,943
PNC Financial Services Group, Inc. (The)		129,538	20,678,151
Truist Financial Corp.		262,174	14,765,639
			51,859,733
Semiconductors–2.82%
Intel Corp.		255,953	15,318,787
NXP Semiconductors N.V. (Netherlands)		68,753	8,749,507
QUALCOMM, Inc.		137,761	12,154,653
			36,222,947
Specialty Chemicals–0.52%
DuPont de Nemours, Inc.		104,467	6,706,781
Systems Software–1.16%
Oracle Corp.		281,456	14,911,539
Technology Hardware, Storage & Peripherals–1.06%
Apple, Inc.		46,374	13,617,725
Tobacco–2.02%
Philip Morris International, Inc.		305,447	25,990,485
Wireless Telecommunication Services–0.80%
Vodafone Group PLC (United Kingdom)		5,276,147	10,242,964
Total Common Stocks & Other Equity Interests (Cost $601,389,474)			785,956,975
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–21.99%
Aerospace & Defense–0.39%
BAE Systems Holdings, Inc. (United Kingdom), 2.85%, 12/15/2020(c)	$	262,000	263,805
General Dynamics Corp., 2.88%, 05/11/2020		397,000	398,403

	Principal Amount		Value
Aerospace & Defense–(continued)
Northrop Grumman Corp., 2.08%, 10/15/2020	$	1,278,000	$     1,279,522
Precision Castparts Corp., 2.50%, 01/15/2023		333,000	339,023
Raytheon Co., 3.13%, 10/15/2020		2,375,000	2,398,030
United Technologies Corp., 4.45%, 11/16/2038		299,000	353,791
			5,032,574
Agricultural & Farm Machinery–0.09%
Deere & Co., 2.60%, 06/08/2022		1,161,000	1,182,675
Agricultural Products–0.02%
Ingredion, Inc., 6.63%, 04/15/2037		232,000	294,845
Air Freight & Logistics–0.12%
FedEx Corp., 4.90%, 01/15/2034		402,000	458,872
5.10%, 01/15/2044		828,000	907,735
United Parcel Service, Inc., 3.40%, 11/15/2046		236,000	235,433
			1,602,040
Airlines–0.13%
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		297,877	313,919
Continental Airlines Pass Through Trust, Series 2010-1, Class A, 4.75%, 01/12/2021		122,032	124,667
Series 2012-1, Class A, 4.15%, 04/11/2024		316,236	332,682
United Airlines Pass Through Trust, Series 2014-2, Class A, 3.75%, 09/03/2026		384,480	405,936
Series 2018-1, Class AA, 3.50%, 03/01/2030		474,116	488,916
			1,666,120
Alternative Carriers–0.23%
GCI Liberty, Inc., Conv., 1.75%, 10/05/2023(c)(d)		2,143,000	2,960,555
Application Software–0.61%
Nuance Communications, Inc., Conv., 1.00%, 12/15/2022(d)		2,458,000	2,481,041
1.25%, 04/01/2025		1,558,000	1,738,420
RealPage, Inc., Conv., 1.50%, 11/15/2022		628,000	876,845
Workday, Inc., Conv., 0.25%, 10/01/2022		2,173,000	2,786,719
			7,883,025
Asset Management & Custody Banks–0.29%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(c)		2,715,000	2,875,367

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
Asset Management & Custody Banks–(continued)
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025	$	420,000	$          451,663
Carlyle Holdings Finance LLC, 3.88%, 02/01/2023(c)		98,000	101,278
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(c)		287,000	339,491
			3,767,799
Automobile Manufacturers–0.28%
Daimler Finance North America LLC (Germany), 2.25%, 03/02/2020(c)		1,230,000	1,230,335
Ford Motor Credit Co. LLC, 3.10%, 05/04/2023		267,000	266,801
3.81%, 01/09/2024		445,000	451,745
4.13%, 08/04/2025		687,000	696,515
General Motors Co., 6.60%, 04/01/2036		361,000	425,900
General Motors Financial Co., Inc., 5.25%, 03/01/2026		459,000	509,748
			3,581,044
Automotive Retail–0.05%
Advance Auto Parts, Inc., 4.50%, 12/01/2023		602,000	645,188
Biotechnology–0.71%
AbbVie, Inc., 4.50%, 05/14/2035		656,000	743,575
4.05%, 11/21/2039(c)		1,288,000	1,365,789
BioMarin Pharmaceutical, Inc., Conv., 1.50%, 10/15/2020		2,172,000	2,364,888
Gilead Sciences, Inc., 2.55%, 09/01/2020		1,643,000	1,650,167
4.40%, 12/01/2021		448,000	467,474
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		1,685,000	2,588,644
			9,180,537
Brewers–0.28%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. (Belgium), 4.70%, 02/01/2036		914,000	1,055,783
4.90%, 02/01/2046		1,021,000	1,209,342
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(c)		910,000	964,128
Molson Coors Beverage Co., 4.20%, 07/15/2046		361,000	359,885
			3,589,138
Broadcasting–0.70%
Liberty Media Corp., Conv., 2.25%, 10/05/2021(d)		1,399,000	812,108
1.38%, 10/15/2023		5,513,000	7,432,075

	Principal Amount		Value
Broadcasting–(continued)
Liberty Formula One, Conv., 1.00%, 01/30/2023	$	520,000	$693,005
			8,937,188
Cable & Satellite–1.31%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022		969,000	1,018,417
Comcast Corp., 4.15%, 10/15/2028		905,000	1,018,836
6.45%, 03/15/2037		278,000	393,080
3.90%, 03/01/2038		746,000	825,826
4.60%, 10/15/2038		364,000	433,681
Discovery Communications LLC, 2.80%, 06/15/2020		3,195,000	3,203,503
DISH Network Corp., Conv., 3.38%, 08/15/2026		7,388,000	7,124,987
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024(c)		2,431,000	2,610,286
NBCUniversal Media LLC, 5.95%, 04/01/2041		197,000	270,928
			16,899,544
Commodity Chemicals–0.07%
LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027(c)		678,000	867,147
Communications Equipment–0.39%
Finisar Corp., Conv., 0.50%, 12/15/2021(d)		1,013,000	1,011,987
Viavi Solutions, Inc., Conv., 1.75%, 06/01/2023		1,295,000	1,631,632
1.00%, 03/01/2024		1,806,000	2,334,243
			4,977,862
Consumer Finance–0.15%
American Express Co., 3.63%, 12/05/2024		306,000	323,432
Capital One Financial Corp., 3.20%, 01/30/2023		943,000	969,567
Synchrony Financial, 3.95%, 12/01/2027		546,000	573,702
			1,866,701
Data Processing & Outsourced Services–0.17%
Euronet Worldwide, Inc., Conv., 0.75%, 03/15/2025(c)(d)		554,000	662,188
Fiserv, Inc., 3.80%, 10/01/2023		1,397,000	1,475,551
			2,137,739
Diversified Banks–2.25%
ANZ New Zealand (Int’l) Ltd. (New Zealand), 2.88%, 01/25/2022(c)		350,000	355,715

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

Invesco V.I. Equity and Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
Australia & New Zealand Banking Group Ltd. (Australia), 2.70%, 11/16/2020	$	2,690,000	$   2,709,956
2.30%, 06/01/2021		713,000	716,875
Bank of America Corp., 3.25%, 10/21/2027		515,000	536,692
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(c)		700,000	746,672
Citigroup, Inc., 3.67%, (3 mo. USD LIBOR + 1.39%), 07/24/2028(e)		496,000	528,566
6.68%, 09/13/2043		741,000	1,084,039
5.30%, 05/06/2044		228,000	291,019
4.75%, 05/18/2046		341,000	409,231
Commonwealth Bank of Australia (Australia), 2.25%, 03/10/2020(c)		987,000	987,583
Discover Bank, 3.35%, 02/06/2023		1,500,000	1,548,257
HSBC Holdings PLC (United Kingdom), 2.63% (3 mo. USD LIBOR + 1.14%), 11/07/2025(e)		1,775,000	1,781,613
JPMorgan Chase & Co., Series V, 5.23%(f)		582,000	587,092
4.50%, 01/24/2022		74,000	77,699
3.20%, 06/15/2026		379,000	395,892
3.51%, (3 mo. USD LIBOR + 0.95%), 01/23/2029(e)		1,043,000	1,108,061
4.26%, (3 mo. USD LIBOR + 1.58%), 02/22/2048(e)		479,000	567,772
3.90%, (3 mo. USD LIBOR + 1.22%), 01/23/2049(e)		1,043,000	1,171,863
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(c)		200,000	213,688
National Australia Bank Ltd. (Australia), 1.88%, 07/12/2021		945,000	944,659
SMBC Aviation Capital Finance DAC (Ireland), 2.65%, 07/15/2021(c)		315,000	317,217
Societe Generale S.A. (France), 2.63%, 09/16/2020(c)		890,000	893,933
5.00%, 01/17/2024(c)		735,000	792,598
Standard Chartered PLC (United Kingdom), 3.05%, 01/15/2021(c)		680,000	685,699
Sumitomo Mitsui Banking Corp. (Japan), 2.65%, 07/23/2020		715,000	717,823
Toronto-Dominion Bank (The) (Canada), 2.65%, 06/12/2024		560,000	573,521
U.S. Bancorp, Series W, 3.10%, 04/27/2026		2,087,000	2,172,183
Wells Fargo & Co., 3.55%, 09/29/2025		596,000	631,145
4.10%, 06/03/2026		410,000	442,112
4.65%, 11/04/2044		1,092,000	1,282,488

	Principal Amount		Value
Diversified Banks–(continued)
Westpac Banking Corp. (Australia), 2.10%, 05/13/2021	$	3,590,000	$3,600,726
			28,872,389
Diversified Capital Markets–0.65%
Credit Suisse AG (Switzerland), 6.50%, 08/08/2023(c)		686,000	766,553
Conv., 0.50%, 06/24/2024(c)		7,880,000	7,556,920
			8,323,473
Diversified Metals & Mining–0.02%
Rio Tinto Finance USA Ltd. (Australia), 7.13%, 07/15/2028		182,000	243,929
Drug Retail–0.13%
CVS Pass Through Trust, 6.04%, 12/10/2028		630,303	703,895
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021		548,000	558,395
4.50%, 11/18/2034		404,000	421,328
			1,683,618
Electric Utilities–0.43%
Electricite de France S.A. (France), 5.63%(c)(f)		745,000	790,233
4.60%, 01/27/2020(c)		138,000	138,233
4.88%, 01/22/2044(c)		846,000	970,009
Georgia Power Co., 2.00%, 03/30/2020		1,897,000	1,896,787
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		519,000	551,269
Ohio Power Co., Series M, 5.38%, 10/01/2021		182,000	192,860
PPL Electric Utilities Corp., 6.25%, 05/15/2039		46,000	64,353
Xcel Energy, Inc., 3.50%, 12/01/2049		957,000	974,094
			5,577,838
Environmental & Facilities Services–0.04%
Waste Management, Inc., 3.90%, 03/01/2035		427,000	470,450
Food Retail–0.30%
Kraft Heinz Foods Co., 4.63%, 10/01/2039(c)		525,000	546,748
Nestle Holdings, Inc., 3.10%, 09/24/2021(c)		3,190,000	3,261,504
			3,808,252
General Merchandise Stores–0.03%
Dollar General Corp., 3.25%, 04/15/2023		333,000	343,943
Health Care Equipment–1.00%
Becton, Dickinson and Co., 4.88%, 05/15/2044		342,000	395,706

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
Health Care Equipment–(continued)
DexCom, Inc., Conv., 0.75%, 05/15/2022	$	859,000	$     1,912,265
0.75%, 12/01/2023		2,639,000	3,915,477
Medtronic, Inc., 3.15%, 03/15/2022		385,000	395,931
4.38%, 03/15/2035		234,000	277,077
NuVasive, Inc., Conv., 2.25%, 03/15/2021		1,710,000	2,282,529
Wright Medical Group N.V., Conv., 2.25%, 11/15/2021		897,000	1,302,489
Wright Medical Group, Inc., Conv., 1.63%, 06/15/2023		2,296,000	2,430,966
			12,912,440
Health Care REITs–0.09%
Healthpeak Properties, Inc., 4.20%, 03/01/2024		438,000	468,294
3.88%, 08/15/2024		461,000	490,342
Ventas Realty L.P., 5.70%, 09/30/2043		196,000	243,679
			1,202,315
Health Care Services–0.22%
Cigna Corp., 4.80%, 08/15/2038		298,000	347,863
CVS Health Corp., 3.38%, 08/12/2024		341,000	354,895
4.10%, 03/25/2025		1,237,000	1,327,679
Laboratory Corp. of America Holdings, 3.20%, 02/01/2022		548,000	560,462
4.70%, 02/01/2045		241,000	271,003
			2,861,902
Home Improvement Retail–0.09%
Home Depot, Inc. (The), 2.00%, 04/01/2021		575,000	576,251
Lowe’s Cos., Inc., 4.55%, 04/05/2049		508,000	598,834
			1,175,085
Homebuilding–0.08%
MDC Holdings, Inc., 6.00%, 01/15/2043		956,000	995,937
Hotel & Resort REITs–0.02%
Service Properties Trust, 5.00%, 08/15/2022		182,000	191,439
Housewares & Specialties–0.03%
Tupperware Brands Corp., 4.75%, 06/01/2021		433,000	436,404
Insurance Brokers–0.02%
Willis North America, Inc., 3.60%, 05/15/2024		228,000	238,176

	Principal Amount		Value
Integrated Oil & Gas–0.09%
Husky Energy, Inc. (Canada), 3.95%, 04/15/2022	$	274,000	$283,408
Occidental Petroleum Corp., 3.40%, 04/15/2026		333,000	341,860
3.20%, 08/15/2026		225,000	227,853
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		304,000	322,555
			1,175,676
Integrated Telecommunication Services–0.46%
AT&T, Inc., 3.00%, 06/30/2022		474,000	484,446
3.40%, 05/15/2025		263,000	275,680
4.30%, 02/15/2030		318,000	353,590
4.50%, 05/15/2035		421,000	468,883
5.35%, 09/01/2040		92,000	110,963
5.15%, 03/15/2042		82,000	95,745
4.80%, 06/15/2044		851,000	969,775
5.15%, 11/15/2046		128,000	153,076
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		328,000	458,796
4.67%, 03/06/2038		750,000	832,912
5.21%, 03/08/2047		700,000	829,758
Verizon Communications, Inc., 4.40%, 11/01/2034		297,000	344,137
4.81%, 03/15/2039		459,000	553,665
			5,931,426
Interactive Media & Services–0.16%
JOYY, Inc. (China), Conv., 1.38%, 06/15/2024(c)(d)		2,294,000	2,075,341
Internet & Direct Marketing Retail–0.56%
IAC Financeco 3, Inc., Conv., 2.00%, 01/15/2030(c)		3,211,000	3,758,797
QVC, Inc., 5.45%, 08/15/2034		802,000	769,848
Trip.com Group Ltd. (China), Conv., 1.25%, 09/15/2022		2,721,000	2,717,324
			7,245,969
Investment Banking & Brokerage–0.60%
Goldman Sachs Group, Inc. (The), 5.25%, 07/27/2021		364,000	382,017
4.25%, 10/21/2025		502,000	545,093
GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024		5,920,000	6,085,760
Morgan Stanley, 4.00%, 07/23/2025		619,000	669,809
			7,682,679
IT Consulting & Other Services–0.04%
DXC Technology Co., 4.45%, 09/18/2022		446,000	468,282

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
Life & Health Insurance–0.36%
Athene Global Funding, 4.00%, 01/25/2022(c)	$	1,110,000	$1,146,580
2.75%, 06/25/2024(c)		260,000	262,582
Guardian Life Global Funding, 2.90%, 05/06/2024(c)		669,000	687,523
Jackson National Life Global Funding, 2.10%, 10/25/2021(c)		479,000	480,176
3.25%, 01/30/2024(c)		438,000	454,386
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(c)		405,000	461,543
Prudential Financial, Inc., 3.91%, 12/07/2047		141,000	151,580
3.94%, 12/07/2049		451,000	491,532
Reliance Standard Life Global Funding II, 3.05%, 01/20/2021(c)		423,000	427,571
			4,563,473
Managed Health Care–0.04%
UnitedHealth Group, Inc., 3.50%, 08/15/2039		543,000	569,948
Movies & Entertainment–0.19%
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023		1,953,000	2,386,371
Multi-line Insurance–0.14%
American Financial Group, Inc., 4.50%, 06/15/2047		474,000	512,276
American International Group, Inc., 4.38%, 01/15/2055		656,000	719,088
Metropolitan Life Global Funding I, 2.05%, 06/12/2020(c)		590,000	590,393
			1,821,757
Multi-Utilities–0.09%
NiSource, Inc., 4.38%, 05/15/2047		562,000	622,527
Sempra Energy, 3.80%, 02/01/2038		551,000	575,177
			1,197,704
Office REITs–0.05%
Office Properties Income Trust, 4.00%, 07/15/2022		664,000	679,617
Oil & Gas Equipment & Services–0.19%
Helix Energy Solutions Group, Inc., Conv., 4.25%, 05/01/2022		1,105,000	1,183,786
Oil States International, Inc., Conv., 1.50%, 02/15/2023		1,451,000	1,309,673
			2,493,459
Oil & Gas Exploration & Production–0.13%
Cameron LNG LLC, 3.70%, 01/15/2039(c)		606,000	618,920
ConocoPhillips Co., 4.15%, 11/15/2034		217,000	243,607

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Noble Energy, Inc., 5.25%, 11/15/2043	$	756,000	$850,850
			1,713,377
Oil & Gas Storage & Transportation–0.84%
Energy Transfer Operating L.P., 7.50%, 10/15/2020		2,392,000	2,486,197
4.20%, 09/15/2023		1,722,000	1,808,074
4.90%, 03/15/2035		325,000	341,291
Enterprise Products Operating LLC, 5.25%, 01/31/2020		141,000	141,322
6.45%, 09/01/2040		23,000	31,241
4.25%, 02/15/2048		686,000	735,987
Kinder Morgan, Inc., 5.30%, 12/01/2034		384,000	452,195
MPLX L.P., 4.50%, 07/15/2023		1,656,000	1,759,781
4.50%, 04/15/2038		799,000	812,514
Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022		323,000	331,418
Spectra Energy Partners L.P., 4.50%, 03/15/2045		488,000	537,737
Sunoco Logistics Partners Operations L.P., 5.50%, 02/15/2020		487,000	488,606
5.30%, 04/01/2044		587,000	624,171
Texas Eastern Transmission L.P., 7.00%, 07/15/2032		169,000	226,628
			10,777,162
Other Diversified Financial Services–1.98%
Convertible Trust - Consumer, Series 2018-1, 0.25%, 01/17/2024		5,674,000	5,847,624
Convertible Trust - Energy, Series 2019-1, 0.33%, 09/19/2024		5,688,000	5,891,062
Convertible Trust - Healthcare, Series 2018-1, 0.25%, 02/05/2024		5,897,000	6,421,833
Convertible Trust - Media, Series 2019, Class 1, 0.25%, 12/04/2024		5,704,000	6,326,306
MassMutual Global Funding II, 2.00%, 04/15/2021(c)		945,000	946,549
			25,433,374
Packaged Foods & Meats–0.24%
J. M. Smucker Co. (The), 2.50%, 03/15/2020		3,038,000	3,040,622
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		60,000	65,565
			3,106,187
Paper Packaging–0.11%
International Paper Co., 6.00%, 11/15/2041		223,000	278,127

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
Paper Packaging–(continued)
Packaging Corp. of America, 4.50%, 11/01/2023	$	1,037,000	$1,114,106
			1,392,233
Pharmaceuticals–0.78%
Allergan Funding S.C.S., 4.85%, 06/15/2044		864,000	940,529
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028(c)		985,000	1,074,719
Bayer US Finance LLC (Germany), 3.00%, 10/08/2021(c)		590,000	597,570
Bristol-Myers Squibb Co., 4.00%, 08/15/2023(c)		485,000	516,714
4.13%, 06/15/2039(c)		603,000	695,509
4.63%, 05/15/2044(c)		1,390,000	1,684,245
GlaxoSmithKline Capital, Inc. (United Kingdom), 6.38%, 05/15/2038		64,000	91,803
Jazz Investments I Ltd., Conv., 1.88%, 08/15/2021		1,455,000	1,501,741
Mylan N.V., 3.15%, 06/15/2021		393,000	398,174
Pacira BioSciences, Inc., Conv., 2.38%, 04/01/2022		1,080,000	1,125,374
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023		1,057,000	962,050
Zoetis, Inc., 4.70%, 02/01/2043		333,000	396,379
			9,984,807
Property & Casualty Insurance–0.27%
Allstate Corp. (The), 3.28%, 12/15/2026		292,000	308,420
Liberty Mutual Group, Inc., 4.85%, 08/01/2044(c)		887,000	1,017,163
Markel Corp., 5.00%, 03/30/2043		351,000	380,937
5.00%, 05/20/2049		482,000	567,149
Travelers Cos., Inc. (The), 4.60%, 08/01/2043		605,000	732,559
WR Berkley Corp., 4.63%, 03/15/2022		382,000	402,827
			3,409,055
Railroads–0.24%
Burlington Northern Santa Fe LLC, 5.15%, 09/01/2043		901,000	1,148,357
CSX Corp., 5.50%, 04/15/2041		346,000	438,404
Norfolk Southern Corp., 3.40%, 11/01/2049		456,000	453,563
Union Pacific Corp., 3.65%, 02/15/2024		92,000	97,275
4.15%, 01/15/2045		401,000	439,460
3.84%, 03/20/2060(c)		519,000	527,261
			3,104,320
Regional Banks–0.09%
Citizens Financial Group, Inc., 2.38%, 07/28/2021		415,000	417,039

	Principal Amount		Value
Regional Banks–(continued)
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029	$	669,000	$713,676
			1,130,715
Reinsurance–0.11%
PartnerRe Finance B LLC, 3.70%, 07/02/2029		1,015,000	1,055,721
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		352,000	381,825
			1,437,546
Renewable Electricity–0.04%
Oglethorpe Power Corp., 4.55%, 06/01/2044		529,000	554,897
Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029		685,000	742,679
Retail REITs–0.08%
Regency Centers L.P., 2.95%, 09/15/2029		745,000	744,401
4.65%, 03/15/2049		256,000	300,848
			1,045,249
Semiconductor Equipment–0.15%
Applied Materials, Inc., 2.63%, 10/01/2020		1,979,000	1,989,974
Semiconductors–0.87%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024 610,000			632,133
Cree, Inc., Conv., 0.88%, 09/01/2023		3,209,000	3,409,955
Microchip Technology, Inc., Conv., 1.63%, 02/15/2027		1,983,000	2,830,732
Micron Technology, Inc., 4.19%, 02/15/2027		410,000	438,930
NXP B.V./NXP Funding LLC (Netherlands), 5.35%, 03/01/2026(c)		656,000	739,729
ON Semiconductor Corp., Conv., 1.00%, 12/01/2020		1,548,000	2,107,591
Silicon Laboratories, Inc., Conv., 1.38%, 03/01/2022		563,000	749,674
Texas Instruments, Inc., 2.63%, 05/15/2024		210,000	215,563
			11,124,307
Specialized REITs–0.17%
Crown Castle International Corp., 4.75%, 05/15/2047		46,000	52,758
EPR Properties, 4.75%, 12/15/2026		1,556,000	1,700,393
LifeStorage L.P., 3.50%, 07/01/2026		404,000	415,125
			2,168,276

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–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047	$	156,000	$        176,999
Systems Software–0.27%
FireEye, Inc.,
Series A, Conv., 1.00%, 06/01/2020(d)		1,566,000	1,561,316
Series B, Conv., 1.63%, 06/01/2022(d)		1,587,000	1,539,735
Microsoft Corp., 3.50%, 02/12/2035		367,000	404,069
			3,505,120
Technology Distributors–0.05%
Avnet, Inc., 4.63%, 04/15/2026		641,000	678,214
Technology Hardware, Storage & Peripherals–0.45%
Apple, Inc., 2.15%, 02/09/2022		652,000	657,471
3.35%, 02/09/2027		305,000	324,786
Dell International LLC/EMC Corp., 5.45%, 06/15/2023(c)		587,000	636,698
8.35%, 07/15/2046(c)		14,000	19,271
SanDisk LLC, Conv., 0.50%, 10/15/2020		2,520,000	2,295,544
Western Digital Corp., Conv., 1.50%, 02/01/2024		1,916,000	1,886,062
			5,819,832
Tobacco–0.23%
Altria Group, Inc., 5.80%, 02/14/2039		1,088,000	1,279,544
Philip Morris International, Inc., 3.60%, 11/15/2023		369,000	389,236
4.88%, 11/15/2043		1,102,000	1,316,319
			2,985,099
Trading Companies & Distributors–0.10%
Air Lease Corp., 3.00%, 09/15/2023		63,000	64,524
4.25%, 09/15/2024		392,000	419,844
Aircastle Ltd., 4.40%, 09/25/2023		761,000	804,570
			1,288,938
Trucking–0.14%
Aviation Capital Group LLC, 2.88%, 01/20/2022(c)		1,015,000	1,022,221
4.88%, 10/01/2025(c)		669,000	720,617
			1,742,838
Wireless Telecommunication Services–0.22%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042		600,000	676,947

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Rogers Communications, Inc. (Canada), 4.50%, 03/15/2043	$	533,000	$          594,746
4.30%, 02/15/2048		1,379,000	1,533,942
			2,805,635
Total U.S. Dollar Denominated Bonds & Notes (Cost $260,628,503)			282,817,846
U.S. Treasury Securities–11.93%
U.S. Treasury Bills–0.00%
1.54%, 04/09/2020(g)(h)		15,000	14,938
U.S. Treasury Bonds–1.44%
4.50%, 02/15/2036		3,636,800	4,818,928
4.50%, 08/15/2039		36,400	49,365
4.38%, 05/15/2040		72,800	97,677
2.25%, 08/15/2049		13,999,600	13,568,924
			18,534,894
U.S. Treasury Floating Rate Notes–1.83%
1.75%, 12/31/2024		21,110,100	21,157,989
1.75%, 12/31/2026		2,304,800	2,291,472
			23,449,461
U.S. Treasury Notes–8.66%
3.63%, 02/15/2020		41,900	41,998
2.63%, 11/15/2020		545,600	550,197
1.63%, 12/31/2021		77,689,300	77,767,691
1.63%, 12/15/2022		15,880,500	15,888,041
1.75%, 11/15/2029		17,408,100	17,134,055
			111,381,982
Total U.S. Treasury Securities (Cost $152,978,184)			153,381,275
	Shares
Preferred Stocks–0.57%
Asset Management & Custody Banks–0.16%
AMG Capital Trust II, 5.15%, Conv. Pfd.		42,732	2,072,502
Diversified Banks–0.03%
Wells Fargo & Co., 5.85%, Series Q, Pfd.(f)		10,911	298,852
Oil & Gas Storage & Transportation–0.38%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		95,499	4,914,379
Total Preferred Stocks (Cost $5,854,432)			7,285,733
	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	987,632
5.50%, 02/01/2037		14	16
			987,648

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
Federal National Mortgage Association (FNMA)–0.00%
5.50%, 03/01/2021	$	15	$                   15
9.50%, 04/01/2030		952	1,064
			1,079
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $843,407)			988,727
	Shares
Money Market Funds–4.22%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(i)		19,017,510	19,017,510

	Shares		Value
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(i)		13,559,883	$     13,563,951
Invesco Treasury Portfolio, Institutional Class, 1.49%(i)		21,734,298	21,734,298
Total Money Market Funds (Cost $54,313,451)			54,315,759
TOTAL INVESTMENTS IN SECURITIES–99.90% (Cost $1,076,007,451)			1,284,746,315
OTHER ASSETS LESS LIABILITIES–0.10%			1,253,753
NET ASSETS–100.00%			$1,286,000,068

Investment Abbreviations:

Conv.	- Convertible
DAC	- Designated Activity Co.
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
REIT	- Real Estate Investment Trust
USD	- U.S. Dollar

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2019 was $54,425,752, which represented 4.23% of the Fund’s Net Assets.

^(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2019.

^(f)  Perpetual bond with no specified maturity date.

^(g)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

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

⁽ⁱ⁾  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
Interest Rate Risk
U.S. Treasury 5 Year Notes		14		March-2020		$(1,660,531)		$5,107		$5,107

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
01/17/2020	State Street Bank & Trust Co.		USD	140,199		CAD	184,993	$	2,274
01/17/2020	State Street Bank & Trust Co.		USD	65,334		CHF	63,984		831
01/17/2020	State Street Bank & Trust Co.		USD	363,093		EUR	326,447		3,402
01/17/2020	State Street Bank & Trust Co.		USD	1,218,556		GBP	925,306		7,599
Subtotal–Appreciation									14,106
Currency Risk
01/17/2020	Bank of New York Mellon (The)		GBP	13,721,816		USD	17,766,870		(416,390	)
01/17/2020	State Street Bank & Trust Co.		CAD	8,727,568		USD	6,573,076		(148,528	)
01/17/2020	State Street Bank & Trust Co.		CHF	3,727,392		USD	3,766,455		(87,985	)
01/17/2020	State Street Bank & Trust Co.		EUR	7,683,665		USD	8,536,776		(89,495	)
01/17/2020	State Street Bank & Trust Co.		GBP	15,970,612		USD	20,724,772		(438,446	)

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)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
01/17/2020	State Street Bank & Trust Co.		USD	88,462		CHF	85,530	$	(17	)
Subtotal–Depreciation									(1,180,861	)
Total Forward Foreign Currency Contracts								$	(1,166,755	)

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, 2019

Assets:
Investments in securities, at value (Cost $1,021,694,000)	$	1,230,430,556
Investments in affiliated money market funds, at value (Cost $54,313,451)		54,315,759
Other investments:
Variation margin receivable – futures contracts		310
Unrealized appreciation on forward foreign currency contracts outstanding		14,106
Foreign currencies, at value (Cost $404,162)		409,096
Receivable for:
Fund shares sold		654,006
Dividends		1,328,234
Interest		2,140,753
Investment for trustee deferred compensation and retirement plans		166,094
Total assets		1,289,458,914
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,180,861
Payable for:
Investments purchased		64,081
Fund shares reacquired		480,032
Amount due custodian		297,398
Accrued fees to affiliates		1,194,902
Accrued trustees’ and officers’ fees and benefits		843
Accrued other operating expenses		59,568
Trustee deferred compensation and retirement plans		181,161
Total liabilities		3,458,846
Net assets applicable to shares outstanding	$	1,286,000,068
Net assets consist of:
Shares of beneficial interest	$	1,009,126,008
Distributable earnings		276,874,060
	$1,286,000,068
Net Assets:
Series I	$	50,731,316
Series II	$	1,235,268,752
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		2,896,201
Series II		70,919,360
Series I:
Net asset value per share	$	17.52
Series II:
Net asset value per share	$	17.42

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $357,009)	$	21,429,499
Interest		10,041,147
Dividends from affiliated money market funds		1,618,997
Total investment income		33,089,643
Expenses:
Advisory fees		4,891,556
Administrative services fees		1,966,454
Custodian fees		30,850
Distribution fees - Series II		2,970,641
Transfer agent fees		38,636
Trustees’ and officers’ fees and benefits		36,494
Reports to shareholders		8,490
Professional services fees		73,104
Other		23,423
Total expenses		10,039,648
Less: Fees waived		(85,135	)
Net expenses		9,954,513
Net investment income		23,135,130
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		83,542,287
Foreign currencies		119,754
Forward foreign currency contracts		513,125
Futures contracts		(265,138	)
		83,910,028
Change in net unrealized appreciation (depreciation) of:
Investment securities		122,025,135
Foreign currencies		13,913
Forward foreign currency contracts		(1,074,785	)
Futures contracts		91,612
		121,055,875
Net realized and unrealized gain		204,965,903
Net increase in net assets resulting from operations	$	228,101,033

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	23,135,130		$	24,910,635
Net realized gain		83,910,028			92,833,956
Change in net unrealized appreciation (depreciation)		121,055,875			(251,690,383	)
Net increase (decrease) in net assets resulting from operations		228,101,033			(133,945,792	)
Distributions to shareholders from distributable earnings:
Series I		(4,953,688	)		(12,212,096	)
Series II		(114,458,310	)		(83,405,521	)
Total distributions from distributable earnings		(119,411,998	)		(95,617,617	)
Share transactions–net:
Series I		(131,330,818	)		10,954,748
Series II		100,806,762			(143,814,137	)
Net increase (decrease) in net assets resulting from share transactions		(30,524,056	)		(132,859,389	)
Net increase (decrease) in net assets		78,164,979			(362,422,798	)
Net assets:
Beginning of year		1,207,835,089			1,570,257,887
End of year	$	1,286,000,068		$	1,207,835,089

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 12/31/19		$	16.12		$	0.36			$	2.82			$	3.18			$	(0.47	)		$	(1.31	)		$	(1.78	)		$	17.52		20.37	%		$	50,731		0.54	%(d)		0.55	%(d)		2.02	%(d)		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
Year ended 12/31/15			18.93			0.28				(0.78	)			(0.50	)			(0.49	)			(1.71	)			(2.20	)			16.23		(2.29	)			96,287		0.64			0.65			1.55			87
Series II
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	(d)		0.80	(d)		1.77	(d)		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)ı		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
Year ended 12/31/15			18.86			0.23				(0.78	)			(0.55	)			(0.44	)			(1.71	)			(2.15	)			16.16		(2.58	)			1,129,261		0.89			0.90			1.30			87

^(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 $102,553 and $1,187,891 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objectives are both capital appreciation and current income.

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Equity and Income Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

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

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

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

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

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

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

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

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

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

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

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

I. 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

Invesco V.I. Equity and Income Fund

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

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

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

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

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

K. 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.

L. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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 based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 150 million		0.500%
Next $100 million		0.450%
Next $100 million		0.400%
Over $350 million		0.350%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.38%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. 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, 2020, 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 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, 2020.

Invesco V.I. Equity and Income Fund

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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $85,135.

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, 2019, Invesco was paid $181,664 for accounting and fund administrative services and was reimbursed $1,784,790 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $18,848 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	719,697,276	$	66,259,699		$–	$	785,956,975
U.S. Dollar Denominated Bonds & Notes		–		282,817,846		–		282,817,846
U.S. Treasury Securities		–		153,381,275		–		153,381,275
Preferred Stocks		7,285,733		–		–		7,285,733
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		988,727		–		988,727
Money Market Funds		54,315,759		–		–		54,315,759
Total Investments in Securities		781,298,768		503,447,547		–		1,284,746,315
Other Investments - Assets*
Futures Contracts		5,107		–		–		5,107
Forward Foreign Currency Contracts		–		14,106		–		14,106
		5,107		14,106		–		19,213

Invesco V.I. Equity and Income Fund

	Level 1		Level 2			Level 3		Total
Other Investments - Liabilities*
Forward Foreign Currency Contracts	$	-	$	(1,180,861	)		$-	$	(1,180,861	)
Total Other Investments		5,107		(1,166,755	)		-		(1,161,648	)
Total Investments	$	781,303,875	$	502,280,792			$-	$	1,283,584,667

* 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, 2019:

	Value
Derivative Assets	Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	5,107		$	5,107
Unrealized appreciation on forward foreign currency contracts outstanding		14,106			-			14,106
Total Derivative Assets		14,106			5,107			19,213
Derivatives not subject to master netting agreements		-			(5,107	)		(5,107	)
Total Derivative Assets subject to master netting agreements	$	14,106		$	-		$	14,106
	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,180,861	)	$	-		$	(1,180,861	)
Derivatives not subject to master netting agreements		-			-			-
Total Derivative Liabilities subject to master netting agreements	$	(1,180,861	)	$	-		$	(1,180,861	)

^(a)  The daily variation margin receivable 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, 2019.

	Financial	Financial
	Derivative Assets	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)	$          -	$(416,390)	$	(416,390	)	$-	$-	$(416,390)
State Street Bank & Trust Co.	14,106	(764,471)		(750,365	)	-	-	(750,365)
Total	$14,106	$(1,180,861)	$	(1,166,755	)	$-	$-	$(1,166,755)

Effect of Derivative Investments for the year ended December 31, 2019

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	$	513,125	$	-		$	513,125
Futures contracts		-		(265,138	)		(265,138	)

Invesco V.I. Equity and Income Fund

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	(1,074,785	)	$	-		$	(1,074,785	)
Futures contracts		-			91,612			91,612
Total	$	(561,660	)	$	(173,526	)	$	(735,186	)

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

	Forward
	Foreign Currency		Futures
	Contracts		Contracts
Average notional value	$	82,582,467	$	3,159,206

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, 2019 and 2018:

	2019		2018
Ordinary income	$	29,108,510	$	30,004,918
Long-term capital gain		90,303,488		65,612,699
Total distributions	$	119,411,998	$	95,617,617

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	28,743,726
Undistributed long-term capital gain		47,332,212
Net unrealized appreciation - investments		200,924,262
Net unrealized appreciation - foreign currencies		12,708
Temporary book/tax differences		(138,848	)
Shares of beneficial interest		1,009,126,008
Total net assets	$	1,286,000,068

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, the tax treatment of equity securities, bond premiums, forward foreign currency contracts and contingent payment debt instruments.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date

Invesco V.I. Equity and Income Fund

will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

During the year ended December 31, 2019, 7,236,105 Series I shares of the Fund valued at $128,223,776 were redeemed by significant shareholders and settled through a redemption-in-kind transaction, of which $16,258,255 consisted of cash, which resulted in a realized gain of $26,486,492 to the Fund for book purposes. From a federal income tax perspective, the realized gains are not recognized.

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, 2019 was $326,380,892 and $351,187,278, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $1,471,149,835 and $1,463,605,206, 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	$	225,937,904
Aggregate unrealized (depreciation) of investments		(25,013,642	)
Net unrealized appreciation of investments	$	200,924,262

Cost of investments for tax purposes is $1,082,660,405.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of redemption-in-kind, on December 31, 2019, undistributed net investment income was increased by $412,460, undistributed net realized gain was decreased by $25,985,869 and shares of beneficial interest was increased by $25,573,409. 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, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		400,977		$	7,034,559			986,810		$	18,720,753
Series II		10,719,286			190,855,182			3,896,513			72,253,278
Issued as reinvestment of dividends:
Series I		298,775			4,953,688			665,147			12,212,096
Series II		6,936,867			114,458,310			4,562,665			83,405,521
Reacquired:
Series I		(8,098,584	)		(143,319,065	)		(1,063,169	)		(19,978,101	)
Series II		(11,706,489	)		(204,506,730	)		(16,614,655	)		(299,472,936	)
Net increase (decrease) in share activity		(1,449,168	)	$	(30,524,056	)		(7,566,689	)	$	(132,859,389	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Equity and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
	Beginning     Account Value     (07/01/19)	Ending     Account Value     (12/31/19)1	Expenses     Paid During     Period2	Ending     Account Value     (12/31/19)	Expenses     Paid During     Period2
Series I	$1,000.00	$1,062.00	$2.81	$1,022.48	$2.75		0.54	%
Series II	1,000.00	1,060.60	4.10	1,021.22	4.02		0.79

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Equity and Income 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 advisors.

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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	90,303,488
Corporate Dividends Received Deduction*	56.45	%
U.S. Treasury Obligations*	9.47	%

* 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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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, 2019
	Invesco V.I. Global Core Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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.	VIGCE-AR-1

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	25.20	%
Series II Shares	24.82
MSCI World Indexq (Broad Market/Style-Specific Index)	27.67
Lipper VUF Global Multi-Cap Value Funds Classification Average∎ (Peer Group)	20.22
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second and third quarters, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

    Much of the year showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold.

    During the year, third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its

asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union. In this environment, global equity markets had robust gains for the year, with developed markets outperforming emerging markets.

    During the year, stock selection in the information technology (IT) and utilities sectors contributed to the Fund’s performance relative to the broad market/ style-specific benchmark, while stock selection in the energy and consumer staples sectors detracted from the Fund’s relative performance. While stock selection in the IT sector was favorable, the Fund’s underweight allocation to the sector was the largest drag on relative performance.

    From a geographic perspective, stock selection in Australia, Japan and Hong Kong benefited the Fund’s performance versus the broad market/style-specific benchmark for the year. Conversely, stock selection in the US and UK detracted from the Fund’s relative performance.

    The Fund’s top contributor relative to its broad market/style-specific benchmark for the year was Italian energy company Enel. Shares of the company returned 45% during the year as investors reacted favorably to the successful restructuring of the company’s Latin American business division. During the year, we trimmed our position in Enel, but we continued to hold the stock based on our belief in the durability of Enel’s position as one of the preeminent renewable energy players.

    Another key contributor to the Fund’s performance relative to its broad market/style-specific benchmark for the year was Japanese technology company Hitachi. The company benefited from portfolio rationalization and improving corporate governance. At the close of the year, we continued to see a considerable asymmetric payoff in its shares.

    EPAM Systems was also a leading contributor to the Fund’s performance relative to its broad market/style-specific benchmark for the year. The technology services company delivered strong top-line and earnings growth on the back of project wins. While we trimmed our position in EPAM Systems during the year, our outlook remained favorable, as we believed the company will continue to create value by helping its customers solve digital challenges.

    During the year, Chinese internet company Baidu was the Fund’s largest individual detractor versus the broad market/style-specific benchmark, with shares declining 20%. Growth in Baidu’s core search business slowed dramatically as its competition gained market share. As such, we exited our position in the company before the close of the year in order to focus on what we believed were more promising, durable businesses.

    Concho Resources was another detractor from the Fund’s performance

Portfolio Composition
By country	% of total net assets

United States	50.42%
United Kingdom	11.46
Japan	10.89
Germany	6.00
Italy	3.63
Denmark	2.41
Hong Kong	2.25
Countries, each less than 2% of portfolio	12.69
Money Market Funds Plus Other Assets Less Liabilities	0.25

Top 10 Equity Holdings*
% of total net assets
1.  Alphabet, Inc., Class C	3.86%
2.  Royal Dutch Shell PLC, Class A, ADR	2.69
3.  Siemens AG	2.50
4.  Chevron Corp.	2.40
5.  Wynn Resorts Ltd.	2.28
6.  American Express Co.	2.25
7.  AIA Group Ltd.	2.25
8.  Asahi Group Holdings Ltd.	2.16
9.  Nomad Foods Ltd.	2.15
10.  First Republic Bank	2.14

Total Net Assets $ 70.6 million

Total Number of Holdings* 69

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, 2019.

Invesco V.I. Global Core Equity Fund

relative to the broad market/style-specific benchmark during the year. The company sold off 14% as oil prices fell during the year. In addition, company-specific issues arose as production growth unexpectedly slowed. We exited our position in Concho Resources before the close of the year.

    Finally, Glencore, a global mining company, detracted from the Fund’s performance relative to the broad market/ style-specific benchmark for the year. Shares of the company declined as a result of investigations into its business practices by the Department of Justice and the Commodity Futures Trading Commission. We exited our position in the holding before the close of the year.

    At the close of the year, the Fund’s largest overweight positions relative to the MSCI World Index were in the communication services, financials and industrials sectors. The largest underweight positions relative to the MSCI World Index were in the health care and IT sectors.

    We believe the Fund is well-positioned for an improvement in economic data. We also believe it remains well-balanced and diversified with a focus on exploiting stock-specific opportunities. Our investment decision making process remains focused on our three Research Pillars of Durability, Asymmetry and Differentiated Thesis. We continue to exercise discipline in striving to manage outsized risks and focusing on opportunities with asymmetric return profiles. The Fund remains intentionally weighted toward stock-specific risk as opposed to macroeconomic and other risk factors.

    We thank you for your continued investment in Invesco V.I. Global Core Equity Fund.

Portfolio managers:

Erik Esselink

Jeffrey Everett

Marty Steinik

Assisted by Invesco’s Global Core Equity Team

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. 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 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee

future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (1/2/97)	5.23%
10 Years	6.65
5 Years	6.53
1 Year	25.20
Series II Shares
10 Years	6.38%
5 Years	6.24
1 Year	24.82

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 blended returns of the predecessor fund and Invesco V.I. Global Value Equity Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Series II shares incepted on June 1, 2010. Series II share performance shown prior to that date is that of the predecessor fund’s Class I shares restated to reflect the higher 12b-1 fees applicable to Series II shares.

    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.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.02% and 1.27%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent

month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

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

Invesco V.I. Global Core Equity Fund

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 US issuers.

∎  Unless otherwise stated, information presented in this report is as of December 31, 2019, 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.

∎ 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Global Core Equity Fund

Schedule of Investments

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–99.75%
Australia–1.22%
Rio Tinto PLC		14,477	$	860,179
Brazil–1.18%
Pagseguro Digital Ltd., Class A(a)		24,297		829,986
China–0.83%
Autohome, Inc., ADR(a)		7,345		587,673
Denmark–2.41%
AP Moller - Maersk A/S, Class B		405		584,395
Novo Nordisk A/S, Class B		19,262		1,117,190
				1,701,585
France–1.10%
Airbus SE		5,292		776,430
Germany–6.00%
Infineon Technologies AG		24,987		572,999
KION Group AG		12,765		881,398
SAP SE		7,559		1,018,725
Siemens AG		13,525		1,767,987
				4,241,109
Hong Kong–2.25%
AIA Group Ltd.		150,800		1,586,666
Ireland–0.95%
Ryanair Holdings PLC, ADR(a)		7,656		670,742
Italy–3.63%
Enel S.p.A.		180,932		1,439,387
Prysmian S.p.A.		46,708		1,125,543
				2,564,930
Japan–10.89%
Asahi Group Holdings Ltd.		33,400		1,525,702
FANUC Corp.		2,000		369,376
Hitachi Ltd.		31,000		1,305,783
KDDI Corp.		48,200		1,433,940
Kobe Bussan Co. Ltd.		8,300		285,150
Nissan Chemical Corp.		11,900		497,483
Shimano, Inc.		7,900		1,282,645
SoftBank Group Corp.		22,800		992,633
				7,692,712
Luxembourg–0.58%
ArcelorMittal S.A.		23,180		409,459
Netherlands–1.32%
Heineken N.V.		8,768		935,296
Singapore–1.40%
DBS Group Holdings Ltd.		51,300		988,821

	Shares		Value
South Korea–0.69%
Samsung Electronics Co. Ltd.		10,079	$	485,650
Spain–1.19%
Bankinter S.A.		114,109		838,966
Sweden–1.20%
Svenska Handelsbanken AB, Class A		78,964		850,230
Taiwan–1.03%
Taiwan Semiconductor Manufacturing Co. Ltd.		66,000		730,915
United Kingdom–11.46%
Experian PLC		16,900		571,602
Imperial Brands PLC		58,938		1,460,393
Nomad Foods Ltd.(a)		67,831		1,517,379
Reckitt Benckiser Group PLC		14,568		1,183,009
Royal Dutch Shell PLC, Class A, ADR		32,273		1,903,461
St James’s Place PLC		94,112		1,456,243
				8,092,087
United States–50.42%
Activision Blizzard, Inc.		12,880		765,330
Alphabet, Inc., Class C(a)		2,039		2,726,184
American Express Co.		12,762		1,588,741
Aptiv PLC		7,112		675,427
Biogen, Inc.(a)		2,014		597,614
BioMarin Pharmaceutical, Inc.(a)		7,875		665,831
Booking Holdings, Inc.(a)		438		899,534
Carnival Corp.		25,648		1,303,688
Chevron Corp.		14,063		1,694,732
Comcast Corp., Class A		29,574		1,329,943
Delta Air Lines, Inc.		14,196		830,182
EPAM Systems, Inc.(a)		4,619		979,967
Facebook, Inc., Class A(a)		5,832		1,197,018
FedEx Corp.		3,194		482,965
First Republic Bank		12,871		1,511,699
Globus Medical, Inc., Class A(a)		19,629		1,155,755
HCA Healthcare, Inc.		6,358		939,776
James Hardie Industries PLC, CDI		52,239		1,024,162
Marsh & McLennan Cos., Inc.		8,882		989,544
Mastercard, Inc., Class A		2,556		763,196
Moody’s Corp.		2,816		668,547
NIKE, Inc., Class B		6,919		700,964
Norfolk Southern Corp.		2,760		535,799
Northrop Grumman Corp.		1,315		452,320
PepsiCo., Inc.		10,522		1,438,042
Progressive Corp. (The)		9,557		691,831
salesforce.com, inc.(a)		8,750		1,423,100
Samsonite International S.A.(b)		304,200		728,773
Texas Instruments, Inc.		7,370		945,497
U.S. Bancorp		18,125		1,074,631

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

Invesco V.I. Global Core Equity Fund

	Shares		Value
United States–(continued)
United Technologies Corp.		7,659	$	1,147,012
Verizon Communications, Inc.		20,528		1,260,419
Wynn Resorts Ltd.		11,607		1,611,864
Zimmer Biomet Holdings, Inc.		5,446		815,157
				35,615,244
Total Common Stocks & Other Equity Interests (Cost $56,322,453)				70,458,680
Money Market Funds–0.19%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		40,649		40,649

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		47,369	$	47,383
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		46,456		46,456
Total Money Market Funds (Cost $134,488)				134,488
TOTAL INVESTMENTS IN SECURITIES–99.94% (Cost $56,456,941)				70,593,168
OTHER ASSETS LESS LIABILITIES–0.06%				45,636
NET ASSETS–100.00%			$	70,638,804

Investment Abbreviations:

ADR - American Depositary Receipt

CDI  - CREST Depository Interest

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at December 31, 2019 represented 1.03% of the Fund’s Net Assets.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to			Unrealized Appreciation
	Counterparty	Deliver	Receive
Currency Risk
02/14/2020	Royal Bank of Canada	JPY  202,000,000		USD  1,869,429		$6,462

Abbreviations:

JPY - Japanese Yen

USD - U.S. Dollar

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, 2019

Assets:
Investments in securities, at value (Cost $56,322,453)	$	70,458,680
Investments in affiliated money market funds, at value (Cost $134,488)		134,488
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		6,462
Foreign currencies, at value (Cost $100,123)		100,722
Receivable for:
Fund shares sold		7,440
Dividends		66,505
Investment for trustee deferred compensation and retirement plans		45,359
Total assets		70,819,656
Liabilities:
Payable for:
Fund shares reacquired		23,544
Amount due custodian		25,146
Accrued fees to affiliates		35,879
Accrued other operating expenses		48,362
Trustee deferred compensation and retirement plans		47,921
Total liabilities		180,852
Net assets applicable to shares outstanding	$	70,638,804
Net assets consist of:
Shares of beneficial interest	$	57,032,573
Distributable earnings		13,606,231
	$	70,638,804
Net Assets:
Series I	$	60,078,159
Series II	$	10,560,645
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,846,471
Series II		1,027,014
Series I:
Net asset value per share	$	10.28
Series II:
Net asset value per share	$	10.28

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $110,511)	$	1,745,484
Dividends from affiliated money market funds (includes securities lending income of $270)		5,182
Total investment income		1,750,666
Expenses:
Advisory fees		460,556
Administrative services fees		114,556
Custodian fees		11,449
Distribution fees - Series II		25,884
Transfer agent fees		13,007
Trustees’ and officers’ fees and benefits		19,328
Reports to shareholders		13,377
Professional services fees		56,366
Other		7,015
Total expenses		721,538
Less: Fees waived		(293	)
Net expenses		721,245
Net investment income		1,029,421
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,278,217	)
Foreign currencies		(3,784	)
Forward foreign currency contracts		(17,674	)
		(1,299,675	)
Change in net unrealized appreciation of:
Investment securities		15,521,127
Foreign currencies		683
Forward foreign currency contracts		53,972
		15,575,782
Net realized and unrealized gain		14,276,107
Net increase in net assets resulting from operations	$	15,305,528

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	1,029,421		$	922,275
Net realized gain (loss)		(1,299,675	)		4,749,812
Change in net unrealized appreciation (depreciation)		15,575,782			(17,548,034	)
Net increase (decrease) in net assets resulting from operations		15,305,528			(11,875,947	)
Distributions to shareholders from distributable earnings:
Series I		(4,858,170	)		(726,931	)
Series II		(849,972	)		(93,313	)
Total distributions from distributable earnings		(5,708,142	)		(820,244	)
Share transactions–net:
Series I		(2,943,770	)		(8,045,844	)
Series II		(484,443	)		(1,547,564	)
Net increase (decrease) in net assets resulting from share transactions		(3,428,213	)		(9,593,408	)
Net increase (decrease) in net assets		6,169,173			(22,289,599	)
Net assets:
Beginning of year		64,469,631			86,759,230
End of year	$	70,638,804		$	64,469,631

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 12/31/19	$	8.99	$	0.15	$	2.03		$	2.18		$	(0.15	)	$	(0.74	)	$	(0.89	)	$	10.28		25.20	%	$	60,078		1.01	%(d)		1.01	%(d)		1.54	%(d)		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
Year ended 12/31/15		8.94		0.09		(0.23	)		(0.14	)		(0.13	)		(0.32	)		(0.45	)		8.35		(1.42	)		65,167		1.06			1.06			0.98			75
Series II
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	(d)		1.26	(d)		1.29	(d)		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
Year ended 12/31/15		8.93		0.07		(0.23	)		(0.16	)		(0.10	)		(0.32	)		(0.42	)		8.35		(1.65	)		13,286		1.31			1.31			0.73			75

^(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 $58,379 and $10,361 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including U.S. issuers.

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Global Core Equity Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Global Core Equity Fund

collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

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

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

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 $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, 2019, the effective advisory fee rate incurred by the Fund was 0.67%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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.

Invesco V.I. Global Core Equity Fund

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $293.

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, 2019, Invesco was paid $9,828 for accounting and fund administrative services and was reimbursed $104,728 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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. Global Core Equity Fund

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	860,179	$	–	$	860,179
Brazil		829,986		–		–		829,986
China		587,673		–		–		587,673
Denmark		–		1,701,585		–		1,701,585
France		–		776,430		–		776,430
Germany		–		4,241,109		–		4,241,109
Hong Kong		–		1,586,666		–		1,586,666
Ireland		670,742		–		–		670,742
Italy		–		2,564,930		–		2,564,930
Japan		–		7,692,712		–		7,692,712
Luxembourg		–		409,459		–		409,459
Netherlands		–		935,296		–		935,296
Singapore		–		988,821		–		988,821
South Korea		–		485,650		–		485,650
Spain		–		838,966		–		838,966
Sweden		–		850,230		–		850,230
Taiwan		–		730,915		–		730,915
United Kingdom		3,420,840		4,671,247		–		8,092,087
United States		33,862,309		1,752,935		–		35,615,244
Money Market Funds		134,488		–		–		134,488
Total Investments in Securities		39,506,038		31,087,130		–		70,593,168
Other Investments - Assets*
Forward Foreign Currency Contracts		–		6,462		–		6,462
Total Investments	$	39,506,038	$	31,093,592	$	–	$	70,599,630

* Unrealized appreciation.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2019:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding		$6,462
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements		$6,462

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, 2019.

	Financial Derivative Assets		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash		Net Amount
Royal Bank of Canada	$6,462	$6,462	$–		$–		$6,462

Invesco V.I. Global Core Equity Fund

Effect of Derivative Investments for the year ended December 31, 2019

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		$(17,674)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		53,972
Total		$ 36,298
The table below summarizes the average notional value of derivatives held during the period.
	Forward Foreign Currency Contracts
Average notional value		$1,859,213

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, 2019 and 2018:

	2019		2018
Ordinary income	$	1,865,502	$	820,244
Long-term capital gain		3,842,640		–
Total distributions	$	5,708,142	$	820,244

Tax Components of Net Assets at Period-End:
	2019
Undistributed ordinary income	$	802,346
Net unrealized appreciation – investments		14,126,824
Net unrealized appreciation – foreign currencies		557
Temporary book/tax differences		(35,716	)
Capital loss carryforward		(1,287,780	)
Shares of beneficial interest		57,032,573
Total net assets	$	70,638,804

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 difference is attributable primarily to wash sales and forward foreign currency contracts.

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. Capital losses generated in years beginning after December 22, 2010

Invesco V.I. Global Core Equity Fund

can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2019, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term		Total
Not subject to expiration			$356,447		$931,333		$1,287,780

* Capital loss carryforward as of the date listed above 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, 2019 was $16,599,058 and $24,862,826, 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	$	15,891,255
Aggregate unrealized (depreciation) of investments		(1,764,431	)
Net unrealized appreciation of investments	$	14,126,824
Cost of investments for tax purposes is $56,472,806.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions and foreign currency transactions, on December 31, 2019, undistributed net investment income was decreased by $224,600 and undistributed net realized gain (loss) was increased by $224,600. 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, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		173,169		$	1,705,731			503,897		$	5,374,444
Series II		12,211			120,875			8,185			83,331
Issued as reinvestment of dividends:
Series I		517,929			4,858,170			68,065			726,931
Series II		90,378			848,653			8,717			93,182
Reacquired:
Series I		(948,455	)		(9,507,671	)		(1,339,378	)		(14,147,219	)
Series II		(145,366	)		(1,453,971	)		(162,966	)		(1,724,077	)
Net increase (decrease) in share activity		(300,134	)	$	(3,428,213	)		(913,480	)	$	(9,593,408	)

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. 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, 2019 through December 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/19)	Ending Account Value (12/31/19)1	Expenses Paid During Period2	Ending Account Value (12/31/19)	Expenses Paid During Period2	Annualized Expense Ratio
Series I	$1,000.00	$1,086.40	$5.31	$1,020.11	$5.14	1.01%
Series II	1,000.00	1,084.20	6.62	1,018.85	6.41	1.26

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Core Equity 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 advisors.

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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distribution	3,842,640
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	27.57	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. Global Core Equity Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Global Real Estate Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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.	VIGRE-AR-1

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2019, Series I shares of Invesco V.I. Global Real Estate Fund (the Fund) outperformed the Fund’s style-specific benchmark, the Custom Invesco Global Real Estate Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	23.00	%
Series II Shares	22.65
MSCI World Indexq (Broad Market Index)	27.67
Custom Invesco Global Real Estate Index∎ (Style-Specific Index)	22.50
Lipper VUF Real Estate Funds Classification Average◆ (Peer Group)	27.14
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.

Market conditions and your Fund

Global economic data ended the year with indications of improving growth conditions for several important countries. The US Federal Reserve (the Fed) signaled limited interest rate change probability, reflecting a constructive view of the underlying US economy. US job growth and housing conditions accelerated toward the end of the year, with borrowing costs and income levels comparing favorably to prior year levels. Progress toward a US-China trade resolution improved investor confidence and increased risk appetites in equity markets toward year end. Regional economic activity in the Asia Pacific region was subdued at the end of the year, although confidence indicators were starting to show incremental improvements. European economic data was relatively poor toward the end of the year, with headlines focused on the fragility of the German manufacturing sector and the economic impact of political uncertainty in the UK. Both countries have flirted with recession, but have so far avoided it.

More positively, the French and Spanish economies were both improving slightly, while the Swedish Riksbank saw enough health in its domestic economy to raise interest rates and remove the country’s negative interest rate policy. The recent UK general election brought greater clarity on Brexit prospects, albeit the challenge of negotiating a trade deal between the UK and the European Union still needs to be met.

    Global listed real estate delivered performance above its long-term average absolute performance in 2019. Performance was driven by a combination of supportive fundamental and macroeconomic-related factors. Real estate investment trusts (REITs) delivered modest cash flow growth during the year, as expected, and REITs experienced multiple expansions as markets tended to reward predictable growth and well-covered dividends during a period of falling bond yields and slowing global growth. The end of the Fed’s period of monetary tightening served as a meaningful inflection point. Almost all the world’s key central banks added stimulus

in 2019, which we believe is unlikely to be reversed in 2020 as inflation remains low. Demand for quality investment income remained undiminished in this low rate environment. Institutional allocations to direct real estate remained under-invested, which may be supportive of capital values for real estate in 2020. We believe slower global growth from 2019 may be followed with slightly improved growth. We believe such expansion may be supportive of tenant demand for real estate and where new development supply is not forthcoming, pricing power for landlords should remain and rent growth may be expected.

    Overall, the Fund modestly outperformed its style-specific benchmark during a year of strong positive performance. Key relative contributors included overall security selection, particularly in the US, the UK and China. Key relative detractors included security selection in Canada, an overweight allocation to Germany and an allocation to cash. Although the portfolio held a small amount of ancillary cash, it detracted meaningfully, as markets gained significant ground over the year.

    Top contributors to the Fund’s absolute performance during the year included industrial space owner and developer Prologis. A number of residential REITs also did well over the year, benefiting from economic and job growth tail-winds, including Mid-America Apartment Communities and Invitation Homes. In one of the largest transactions this year, Prologis acquired Liberty Property Trust in an all-stock deal valued at $12.6 billion, representing an opportunity for Prologis to utilize its global platform as a leading operator of distribution centers that serve local consumers or more global trade routes.

Portfolio Composition
By country	% of total net assets

United States	47.79%
Japan	10.40
China	6.33
Hong Kong	5.86
Germany	4.91
United Kingdom	4.64
Australia	3.05
Canada	2.90
Singapore	2.53
France	2.25
Countries, each less than 2% of portfolio	7.71
Money Market Funds Plus Other
Assets Less Liabilities	1.63

Top 10 Equity Holdings*

% of total net assets

1. Boston Properties, Inc.	3.16%
2.  Prologis, Inc.	2.99
3.  AvalonBay Communities, Inc.	2.80
4.  Simon Property Group, Inc.	2.43
5.  Ventas, Inc.	2.38
6.  Healthpeak Properties, Inc.	1.92
7.  Vonovia SE	1.91
8.  VICI Properties, Inc.	1.56
9.  UDR, Inc.	1.49
10.  Hudson Pacific Properties, Inc.	1.48

Total Net Assets $ 195.5 million

Total Number of Holdings* 181

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, 2019.

Invesco V.I. Global Real Estate Fund

    Top detractors from the Fund’s absolute performance during the year included Macerich and Ventas. Macerich is a regional mall operator that owns high-quality properties in the US. The company offered a discounted valuation and the prospect of stabilized operating results. Healthcare REIT Ventas reported a more modest outlook in the senior housing component of its business during the year, yet we believe the potential for growth remains favorable over the longer term.

    New holdings added to the Fund during the year included US REIT Essential Properties and Japanese REITs Tokyu Fudosan Holdings and LaSalle Logiport.

    At the end of the year, the Fund held neutral exposure to the North America region versus the style-specific benchmark, with a modest overweight position in Canada and a slight underweight position in the US. In the US, positioning focused on sectors and market exposures that support rental growth, as well as companies that can generate growth from attractive capital deployment opportunities.

    The Fund ended the year with an underweight allocation to the Asia Pacific region versus the style-specific benchmark, with a focus on stocks with company-specific growth opportunities and local relative value opportunity. Country weights across the region showed generally neutral exposure to Hong Kong and Japan and underweight exposure to Singapore and Australia, relative to the style-specific benchmark.

    The Fund also held an underweight allocation to the European region versus the style-specific benchmark at the close of the year. Key active positioning reflected a material underweight exposure to retail-focused REITs and overweight exposure to the secular growth prospects of industrial and residential real estate. Material country overweight exposure to Continental Europe was focused on Germany and smaller country overweight exposure was held in Spain.

    The Fund ended the year with a small underweight allocation to emerging markets versus the style-specific benchmark. Key active positioning resulted in relative underweight exposure to Chinese and Brazilian homebuilders and relative overweight exposure to Thailand and Philippines.

    At the end of the year, real estate continued to offer investors tangible asset exposure, with rents that could adjust upward (or downward) over time with economic strength and inflation. Listed

real estate companies generally maintained financial discipline, falling credit costs were improving cash flows modestly and absolute levels of debt remained in check. Many companies had the ability to utilize attractively priced new equity and debt to complete accretive acquisitions and enhance their growth rate. While recognizing the need to maintain attractive yield characteristics in an income-starved world, our overall portfolio maintained a bias toward companies with higher quality assets, supply-constrained real estate market exposure, generally lower-leveraged balance sheets and, most importantly, above-average earnings and asset value growth.

    We thank you for your continued investment in Invesco V.I. Global Real Estate Fund.

Portfolio managers:

Mark Blackburn

James Cowen - Co-lead

Paul Curbo - Co-lead

Grant Jackson

Joe Rodriguez, Jr. - Co-lead

Darin Turner

Ping-Ying Wang - Co-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. 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 12/31/09

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

3 Sources: Invesco, RIMES Technologies Corp.

Past performance cannot guarantee

future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (3/31/98)	7.96%
10 Years	8.07
5 Years	5.58
1 Year	23.00
Series II Shares
Inception (4/30/04)	7.90%
10 Years	7.81
5 Years	5.31
1 Year	22.65

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.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.01% and 1.26%, respectively. The expense ratios

presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

Invesco V.I. Global Real Estate Fund

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, 2019, 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 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 Lipper VUF Real Estate Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Real Estate Funds classification.

∎ The FTSE EPRA/NAREIT Developed Index is considered representative of global real estate companies and REITs. The net version of the index is computed using the net return, which withholds taxes for non-resident investors.

∎ 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 the index is computed using the net return, which withholds taxes for non-resident investors.

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

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

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Global Real Estate Fund

Schedule of Investments

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–98.37%
Australia–3.05%
Dexus		122,486	$	1,007,893
Goodman Group		96,294		905,181
GPT Group (The)		173,717		683,834
Mirvac Group		566,173		1,266,288
Scentre Group		778,157		2,094,968
				5,958,164
Brazil–0.56%
BR Malls Participacoes S.A.		108,925		489,679
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		34,800		257,324
Multiplan Empreendimentos Imobiliarios S.A.		41,700		343,838
				1,090,841
Canada–2.90%
Allied Properties REIT		34,972		1,402,327
Canadian Apartment Properties REIT		23,906		975,902
H&R REIT		25,981		422,162
Killam Apartment REIT		70,471		1,027,855
SmartCentres REIT		59,311		1,425,510
Summit Industrial Income REIT		45,000		417,928
				5,671,684
Chile–0.08%
Parque Arauco S.A.		60,410		148,901
China–6.33%
Agile Group Holdings Ltd.		284,000		427,816
CapitaLand Retail China Trust		301,256		360,594
China Aoyuan Group Ltd.		53,000		86,621
China Evergrande Group(a)		218,000		606,505
China Jinmao Holdings Group Ltd.		748,000		583,265
China Overseas Land & Investment Ltd.		412,000		1,609,085
China Resources Land Ltd.		292,444		1,457,150
China SCE Group Holdings Ltd.		594,000		346,760
China Vanke Co. Ltd., H Shares		198,500		847,369
CIFI Holdings Group Co. Ltd.		366,000		309,713
Country Garden Holdings Co. Ltd.		841,000		1,351,389
Guangzhou R&F Properties Co. Ltd., H Shares		170,400		314,621
Jiayuan International Group Ltd.		106,000		41,517
Logan Property Holdings Co. Ltd.		184,000		309,533
Longfor Group Holdings Ltd.(b)		173,500		814,848
Ronshine China Holdings Ltd.(a)		121,500		168,523
Shenzhen Investment Ltd.		496,000		198,703
Shimao Property Holdings Ltd.		125,000		485,418
SOHO China Ltd.		213,500		80,598
Sunac China Holdings Ltd.		232,000		1,390,323
Times China Holdings Ltd.		78,000		156,025

	Shares		Value
China–(continued)
Times Neighborhood Holdings Ltd.(a)		30,000	$	18,672
Yanlord Land Group Ltd.		72,800		65,524
Yuexiu Property Co. Ltd.		1,468,000		339,672
				12,370,244
France–2.25%
Gecina S.A.		7,053		1,264,228
ICADE		9,779		1,066,090
Unibail-Rodamco-Westfield		159		25,085
Unibail-Rodamco-Westfield		12,989		2,052,180
				4,407,583
Germany–4.91%
Aroundtown S.A.		165,104		1,478,537
Deutsche Wohnen SE		39,424		1,611,120
Grand City Properties S.A.		63,690		1,527,519
LEG Immobilien AG		10,461		1,238,977
Vonovia SE		69,385		3,735,418
				9,591,571
Hong Kong–5.86%
CK Asset Holdings Ltd.		194,300		1,408,159
Hang Lung Properties Ltd.		550,000		1,202,378
K Wah International Holdings Ltd.		120,000		67,056
Kerry Properties Ltd.		63,000		200,767
Link REIT		226,500		2,404,621
Mapletree North Asia Commercial Trust		178,000		153,668
New World Development Co. Ltd.		910,000		1,248,038
Sino Land Co. Ltd.		374,000		544,916
Sun Hung Kai Properties Ltd.		172,000		2,638,347
Swire Properties Ltd.		219,800		730,396
Wharf Real Estate Investment Co. Ltd.		123,000		754,222
Yuexiu REIT		156,000		105,735
				11,458,303
India–0.11%
DLF Ltd.		6,013		19,463
Oberoi Realty Ltd.		27,494		204,805
				224,268
Indonesia–0.18%
PT Bumi Serpong Damai Tbk(a)		864,800		77,976
PT Pakuwon Jati Tbk		4,632,400		189,742
PT Summarecon Agung Tbk		1,301,200		94,119
				361,837
Japan–10.40%
Activia Properties, Inc.		219		1,098,243
Comforia Residential REIT, Inc.		301		952,751
Daiwa House REIT Investment Corp.		330		862,106
Daiwa Office Investment Corp.		181		1,390,401

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

Invesco V.I. Global Real Estate Fund

	Shares		Value
Japan–(continued)
Invincible Investment Corp.		905	$	515,545
Japan Hotel REIT Investment Corp.		462		345,225
Japan Real Estate Investment Corp.		179		1,187,527
Japan Rental Housing Investments, Inc.		580		567,412
Japan Retail Fund Investment Corp.		327		703,028
LaSalle Logiport REIT		519		771,031
Mitsubishi Estate Co. Ltd.		93,220		1,782,106
Mitsui Fudosan Co. Ltd.		98,258		2,399,847
Mitsui Fudosan Logistics Park, Inc.		198		879,218
Mori Hills REIT Investment Corp.		442		734,186
Nippon Accommodations Fund, Inc.		108		682,454
Nippon Building Fund, Inc.		126		923,283
Nomura Real Estate Holdings, Inc.		25,400		611,231
Nomura Real Estate Master Fund, Inc.		412		704,085
ORIX JREIT, Inc.		273		591,949
Sumitomo Realty & Development Co. Ltd.		46,589		1,624,980
Tokyu Fudosan Holdings Corp.		145,500		1,004,643
				20,331,251
Malaysia–0.14%
IOI Properties Group Bhd.		394,600		119,725
Mah Sing Group Bhd.		291,200		50,261
Sime Darby Property Bhd.		465,100		104,156
				274,142
Malta–0.00%
BGP Holdings PLC, (Acquired 08/06/2009; Cost $0)(a)(c)		1,355,927		0
Mexico–0.49%
Fibra Uno Administracion S.A. de C.V.		335,200		519,088
Macquarie Mexico Real Estate Management S.A. de C.V.(b)		217,800		284,755
PLA Administradora Industrial, S. de R.L. de C.V.		96,200		157,726
				961,569
Philippines–0.95%
Altus San Nicolas Corp.(a)(c)		4,684		481
Ayala Land, Inc.		722,930		648,325
Megaworld Corp.		5,405,300		425,445
SM Prime Holdings, Inc.		954,800		791,932
				1,866,183
Singapore–2.53%
Ascendas India Trust		169,800		195,763
Ascendas REIT		373,056		824,189
CapitaLand Commercial Trust		288,700		427,444
CapitaLand Ltd.		353,400		985,678
CapitaLand Mall Trust		305,800		559,440
City Developments Ltd.		73,000		595,317
Mapletree Commercial Trust		494,621		879,050
Mapletree Logistics Trust		363,500		470,582
				4,937,463

	Shares		Value
South Africa–0.66%
Growthpoint Properties Ltd.		374,398	$	592,484
Hyprop Investments Ltd.		42,310		169,301
Redefine Properties Ltd.		621,965		336,284
SA Corporate Real Estate Ltd.		881,591		192,697
				1,290,766
Spain–1.02%
Inmobiliaria Colonial SOCIMI S.A.		73,676		940,116
Merlin Properties SOCIMI S.A.		72,890		1,047,498
				1,987,614
Sweden–1.85%
Fabege AB		68,831		1,144,750
Hufvudstaden AB, Class A		60,643		1,198,910
Wihlborgs Fastigheter AB		69,289		1,276,265
				3,619,925
Switzerland–0.87%
Swiss Prime Site AG(a)		14,599		1,692,380
Thailand–0.60%
AP Thailand PCL, Foreign Shares		268,400		66,036
Central Pattana PCL, Foreign Shares		500,900		1,035,493
Supalai PCL, Foreign Shares		67,600		40,235
Supalai PCL, NVDR		41,900		24,939
				1,166,703
Turkey–0.03%
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		227,990		55,988
United Arab Emirates–0.17%
Emaar Development PJSC		220,013		234,889
Emaar Malls PJSC		203,254		101,208
				336,097
United Kingdom–4.64%
Assura PLC		831,882		859,890
Big Yellow Group PLC		42,671		679,907
Derwent London PLC		17,331		925,682
GCP Student Living PLC		198,924		522,213
Grainger PLC		163,808		680,073
Land Securities Group PLC		136,905		1,798,977
Segro PLC		152,964		1,825,903
Tritax Big Box REIT PLC		518,072		1,022,533
Workspace Group PLC		47,704		755,945
				9,071,123
United States–47.79%
Agree Realty Corp.		24,758		1,737,269
Alexandria Real Estate Equities, Inc.		10,642		1,719,534
American Assets Trust, Inc.		14,396		660,776
American Homes 4 Rent, Class A		73,145		1,917,130
Americold Realty Trust		47,997		1,682,775
AvalonBay Communities, Inc.		26,135		5,480,509

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

Invesco V.I. Global Real Estate Fund

	Shares		Value
United States–(continued)
Boston Properties, Inc.		44,871	$	6,185,916
Camden Property Trust		11,555		1,225,986
CareTrust REIT, Inc.		24,722		510,015
Crown Castle International Corp.		6,907		981,830
CyrusOne, Inc.		13,988		915,235
Digital Realty Trust, Inc.		9,868		1,181,594
EastGroup Properties, Inc.		5,267		698,773
Empire State Realty Trust, Inc., Class A		68,894		961,760
EPR Properties		14,782		1,044,200
Equity LifeStyle Properties, Inc.		17,227		1,212,609
Essential Properties Realty Trust, Inc.		28,002		694,730
Essex Property Trust, Inc.		6,593		1,983,570
Extra Space Storage, Inc.		5,891		622,207
Federal Realty Investment Trust		10,711		1,378,827
Four Corners Property Trust, Inc.		14,324		403,794
Gaming and Leisure Properties, Inc.		17,619		758,498
Healthpeak Properties, Inc.		108,709		3,747,199
Hudson Pacific Properties, Inc.		77,108		2,903,116
Invitation Homes, Inc.		86,862		2,603,254
Macerich Co. (The)		52,034		1,400,755
Medical Properties Trust, Inc.		57,802		1,220,200
Mid-America Apartment Communities, Inc.		13,332		1,757,958
Omega Healthcare Investors, Inc.		30,081		1,273,930
Park Hotels & Resorts, Inc.		51,717		1,337,919
Pebblebrook Hotel Trust		70,861		1,899,783
Prologis, Inc.		65,471		5,836,085
Public Storage		9,468		2,016,305
QTS Realty Trust, Inc., Class A		24,211		1,313,931
Realty Income Corp.		11,708		862,060
Regency Centers Corp.		18,475		1,165,588

	Shares		Value
United States–(continued)
Retail Opportunity Investments Corp.		46,719	$	825,058
Rexford Industrial Realty, Inc.		23,471		1,071,921
RLJ Lodging Trust		83,590		1,481,215
SBA Communications Corp., Class A		3,559		857,683
Simon Property Group, Inc.		31,872		4,747,653
STAG Industrial, Inc.		49,263		1,555,233
Sun Communities, Inc.		17,315		2,598,981
Sunstone Hotel Investors, Inc.		39,151		544,982
Terreno Realty Corp.		18,916		1,024,112
UDR, Inc.		62,428		2,915,388
Ventas, Inc.		80,439		4,644,548
VEREIT, Inc.		165,428		1,528,555
VICI Properties, Inc.		119,502		3,053,276
Vornado Realty Trust		27,627		1,837,196
Welltower, Inc.		17,669		1,444,971
				93,426,392
Total Common Stocks & Other Equity Interests (Cost $168,467,277)				192,300,992
Money Market Funds–1.26%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)		857,646		857,646
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)		618,784		618,970
Invesco Treasury Portfolio, Institutional Class, 1.49%(d)		980,167		980,167
Total Money Market Funds (Cost $2,456,793)				2,456,783
TOTAL INVESTMENTS IN SECURITIES–99.63% (Cost $170,924,070)				194,757,775
OTHER ASSETS LESS LIABILITIES–0.37%				729,902
NET ASSETS-100.00%			$	195,487,677

Investment Abbreviations:

NVDR	– Non-Voting Depositary Receipt
REIT	– Real Estate Investment Trust

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, 2019 was $1,099,603, which represented less than 1% of the Fund’s Net Assets.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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, 2019

Assets:
Investments in securities, at value (Cost $168,467,277)	$	192,300,992
Investments in affiliated money market funds, at value (Cost $2,456,793)		2,456,783
Foreign currencies, at value (Cost $217,154)		217,374
Receivable for:
Investments sold		43,613
Fund shares sold		23,636
Dividends		781,357
Investment for trustee deferred compensation and retirement plans		75,885
Other assets		22,383
Total assets		195,922,023
Liabilities:
Payable for:
Investments purchased		21,261
Fund shares reacquired		116,219
Amount due custodian		18,582
Accrued foreign taxes		5,010
Accrued fees to affiliates		103,250
Accrued other operating expenses		85,848
Trustee deferred compensation and retirement plans		84,176
Total liabilities		434,346
Net assets applicable to shares outstanding	$	195,487,677
Net assets consist of:
Shares of beneficial interest	$	165,667,385
Distributable earnings		29,820,292
	$	195,487,677
Net Assets:
Series I	$	150,254,572
Series II	$	45,233,105
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		8,248,340
Series II		2,544,661
Series I:
Net asset value per share	$	18.22
Series II:
Net asset value per share	$	17.78

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $280,951)	$	5,998,563
Dividends from affiliated money market funds		56,089
Total investment income		6,054,652
Expenses:
Advisory fees		1,391,610
Administrative services fees		298,898
Custodian fees		97,151
Distribution fees - Series II		104,243
Transfer agent fees		34,868
Trustees’ and officers’ fees and benefits		20,998
Reports to shareholders		13,684
Professional services fees		49,062
Other		18,413
Total expenses		2,028,927
Less: Fees waived		(2,990	)
Net expenses		2,025,937
Net investment income		4,028,715
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $50,159)		6,517,104
Foreign currencies		(13,574	)
		6,503,530
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $12,007)		25,177,524
Foreign currencies		2,243
		25,179,767
Net realized and unrealized gain		31,683,297
Net increase in net assets resulting from operations	$	35,712,012

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	4,028,715		$	7,824,734
Net realized gain		6,503,530			32,257,333
Change in net unrealized appreciation (depreciation)		25,179,767			(62,318,170	)
Net increase (decrease) in net assets resulting from operations		35,712,012			(22,236,103	)
Distributions to shareholders from distributable earnings:
Series I		(6,628,755	)		(6,963,469	)
Series II		(1,565,707	)		(12,230,519	)
Total distributions from distributable earnings		(8,194,462	)		(19,193,988	)
Share transactions–net:
Series I		3,645,528			(17,886,490	)
Series II		12,709,777			(207,381,121	)
Net increase (decrease) in net assets resulting from share transactions		16,355,305			(225,267,611	)
Net increase (decrease) in net assets		43,872,855			(266,697,702	)
Net assets:
Beginning of year		151,614,822			418,312,524
End of year	$	195,487,677		$	151,614,822

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 12/31/19	$	15.52	$	0.39		$	3.15		$	3.54		$	(0.82	)	$	(0.02	)	$	(0.84	)	$	18.22		23.00	%	$	150,255		1.04	%(d)		1.04	%(d)		2.22	%(d)		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
Year ended 12/31/15		17.24		0.31			(0.59	)		(0.28	)		(0.60	)		-			(0.60	)		16.36		(1.48	)		208,796		1.11			1.11			1.79			72
Series II
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	(d)		1.29	(d)		1.97	(d)		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
Year ended 12/31/15		16.79		0.26			(0.58	)		(0.32	)		(0.56	)		-			(0.56	)		15.91		(1.74	)		208,000		1.36			1.36			1.54			72

^(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 $143,853 and $41,695 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return through growth of capital and current income.

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Global Real Estate Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Global Real Estate Fund

losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

K. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.750%
Next $250 million		0.740%
Next $500 million		0.730%
Next $1.5 billion		0.720%
Next $2.5 billion		0.710%
Next $2.5 billion		0.700%
Next $2.5 billion		0.690%
Over $10 billion		0.680%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.75%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $2,990.

Invesco V.I. Global Real Estate Fund

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, 2019, Invesco was paid $25,886 for accounting and fund administrative services and was reimbursed $273,012 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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. Global Real Estate Fund

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	—	$	5,958,164		$   —	$	5,958,164
Brazil		—		1,090,841		—		1,090,841
Canada		5,671,684		—		—		5,671,684
Chile		—		148,901		—		148,901
China		18,672		12,351,572		—		12,370,244
France		25,085		4,382,498		—		4,407,583
Germany		—		9,591,571		—		9,591,571
Hong Kong		—		11,458,303		—		11,458,303
India		—		224,268		—		224,268
Indonesia		—		361,837		—		361,837
Japan		—		20,331,251		—		20,331,251
Malaysia		—		274,142		—		274,142
Malta		—		—		0		0
Mexico		961,569		—		—		961,569
Philippines		—		1,865,702		481		1,866,183
Singapore		—		4,937,463		—		4,937,463
South Africa		—		1,290,766		—		1,290,766
Spain		—		1,987,614		—		1,987,614
Sweden		—		3,619,925		—		3,619,925
Switzerland		—		1,692,380		—		1,692,380
Thailand		1,141,764		24,939		—		1,166,703
Turkey		—		55,988		—		55,988
United Arab Emirates		—		336,097		—		336,097
United Kingdom		—		9,071,123		—		9,071,123
United States		93,426,392		—		—		93,426,392
Money Market Funds		2,456,783		—		—		2,456,783
Total Investments	$	103,701,949	$	91,055,345		$481	$	194,757,775

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

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

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, 2019 and 2018:

	2019		2018
Ordinary income	$	7,977,318	$	14,684,055
Long-term capital gain		217,144		4,509,933
Total distributions	$	8,194,462	$	19,193,988

Invesco V.I. Global Real Estate Fund

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	8,106,844
Undistributed long-term capital gain		2,947,580
Net unrealized appreciation – investments		18,828,109
Net unrealized appreciation - foreign currencies		2,183
Temporary book/tax differences		(64,424	)
Shares of beneficial interest		165,667,385
Total net assets	$	195,487,677

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 the tax treatment of passive foreign investment companies.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $122,546,053 and $111,178,465, 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	$24,896,439
Aggregate unrealized (depreciation) of investments	(6,068,330	)
Net unrealized appreciation of investments	$18,828,109

Cost of investments for tax purposes is $175,929,666.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, on December 31, 2019, undistributed net investment income was increased by $1,809,872 and undistributed net realized gain was decreased by $1,809,872. 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, 2019(a)				Year ended December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		1,903,457	$	33,607,781		1,662,498	$	28,085,608
Series II		1,239,958		20,535,447		1,936,421		31,871,041
Issued as reinvestment of dividends:
Series I		375,567		6,628,755		418,729		6,963,469
Series II		90,818		1,565,707		759,188		12,230,519

Invesco V.I. Global Real Estate Fund

	Summary of Share Activity
	Year ended December 31, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(2,070,856	)	$	(36,591,008	)		(3,142,606	)	$	(52,935,567	)
Series II		(569,384	)		(9,391,377	)		(16,340,645	)		(251,482,681	)
Net increase (decrease) in share activity		969,560		$	16,355,305			(14,706,415	)	$	(225,267,611	)

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Global Real Estate 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, 2019 through December 31, 2019.

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 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 (07/01/19)	ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
		Ending Account Value (12/31/19)1		Expenses Paid During Period2		Ending Account Value (12/31/19)		Expenses Paid During Period2
Series I	$1,000.00		$1,062.90		$5.41		$1,019.96		$5.30	1.04%
Series II	1,000.00		1,061.20		6.70		1,018.70		6.56	1.29

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Real Estate 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 advisors.

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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distribution	$	217,144
Corporate Dividends Received Deduction*		0.10	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. Global Real Estate Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Government Money Market Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

    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.

    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 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, 2019.

    As of December 31, 2019, the Fund’s net assets totaled $670.6 million. As of the same date, the Fund’s weighted average maturity was 23 days and the Fund’s weighted average life was 112 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 raising interest rates four times in 2018, the US Federal Reserve (the Fed) adopted a more accommodative monetary policy during 2019. At the start of the year, the Fed indicated there would likely be no interest rate hikes in 2019. During the first half of 2019, the Fed left rates unchanged. In the second half of the year, the Fed cut the federal funds rate by 0.25% three times in July, September and October 2019, respectively.¹ This left the federal funds target range at 1.50% to 1.75% at the close of 2019.

    One of the major developments impacting money market funds and the money market industry during the second half 2019 was the volatility in the short-term funding markets. October 2019, the Fed directed the Federal Reserve Bank of New York Trading Desk (the Desk) to purchase $60 billion per month in short-term Treasury Bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This has resulted in the flattening of the US Treasury curve and the stabilization of the repurchase agreement operations (repo) markets. Repos have been trending toward the lower end of the federal funds rate of 1.50% in part due to the Fed conducting overnight and term repo operations to keep adequate reserve supply and to lessen the risk of money market pressures on certain funding dates. Although many investors anticipated further volatility through the end of 2019 the Fed was able to supply enough liquidity to the markets so that repo rates were well contained heading into 2020.

    At the close of the year, it was Invesco Global Liquidity’s view that the Federal Open Market Committee (FOMC ) monetary policy directive would remain on hold for the year 2020, net issuance of

Treasury supply would be negative, and it would continue to stabilize the funding of markets by liquidity injections in the form of temporary open market operations and Treasury Bill purchases.

    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.

1 Source: US Federal Reserve

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.

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 12/31/2019
1-7	9.4%
8-30	14.7
31-60	9.3
61-90	18.3
91-180	14.8
181+	33.5

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

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, 2019, 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, 2019

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Government Sponsored Agency Securities-31.88%
Federal Farm Credit Bank (FFCB)-2.24%
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a)		1.73%		03/25/2020	$	8,500	$	8,499,156
Federal Farm Credit Bank (1 mo. USD LIBOR)(a)		1.79%		06/25/2020		1,500		1,500,070
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a)		1.75%		07/29/2020		5,000		4,999,654
								14,998,880
Federal Home Loan Bank (FHLB)-23.23%
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a)		1.72%		01/23/2020		9,800		9,799,753
Federal Home Loan Bank (SOFR + 0.03%)(a)		1.58%		03/06/2020		10,000		10,000,000
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a)		1.66%		04/06/2020		10,000		10,000,000
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a)		1.75%		04/28/2020		5,000		5,000,000
Federal Home Loan Bank (3 mo. USD LIBOR - 0.22%)(a)		1.67%		06/08/2020		15,000		15,000,000
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a)		1.65%		06/09/2020		5,000		5,000,000
Federal Home Loan Bank (3 mo. USD LIBOR - 0.22%)(a)		1.67%		06/09/2020		10,000		10,000,000
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a)		1.66%		06/10/2020		10,000		9,999,822
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a)		1.67%		06/12/2020		5,000		5,000,000
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a)		1.65%		07/13/2020		10,000		10,000,000
Federal Home Loan Bank (SOFR + 0.03%)(a)		1.58%		07/17/2020		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.08%)(a)		1.63%		07/24/2020		3,000		3,000,000
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a)		1.69%		08/13/2020		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.05%)(a)		1.60%		09/28/2020		10,000		10,000,000
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a)		1.70%		10/15/2020		2,000		2,000,000
Federal Home Loan Bank (SOFR + 0.03%)(a)		1.58%		11/06/2020		4,000		4,000,000
Federal Home Loan Bank (SOFR + 0.05%)(a)		1.60%		01/22/2021		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.05%)(a)		1.60%		01/28/2021		12,000		11,999,975
Federal Home Loan Bank (SOFR + 0.04%)(a)		1.59%		02/09/2021		8,000		8,000,000
Federal Home Loan Bank (SOFR + 0.07%)(a)		1.62%		02/26/2021		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.17%)(a)		1.72%		04/09/2021		5,000		5,000,000
Federal Home Loan Bank (SOFR + 0.08%)(a)		1.63%		07/23/2021		2,000		2,000,000
								155,799,550
Federal Home Loan Mortgage Corp. (FHLMC)-2.24%
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a)		1.59%		04/03/2020		5,000		5,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a)		1.59%		09/10/2020		4,000		4,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a)		1.58%		02/05/2021		3,000		3,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a)		1.58%		02/19/2021		3,000		3,000,000
								15,000,000
Federal National Mortgage Association (FNMA)-0.45%
Federal National Mortgage Association (SOFR + 0.06%)(a)		1.61%		07/30/2020		3,000		3,000,000
Overseas Private Investment Corp. (OPIC)-3.72%
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b)		1.95%		09/15/2020		5,000		5,000,000
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b)		1.95%		06/15/2025		3,000		3,000,000
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b)		1.95%		07/15/2025		298		297,722
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b)		1.95%		02/15/2028		9,167		9,166,667
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b)		1.54%		07/07/2040		7,494		7,493,565
								24,957,954
Total U.S. Government Sponsored Agency Securities (Cost $213,756,384)								213,756,384

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
U.S. Treasury Securities-27.07%
U.S. Treasury Bills-17.83%(c)
U.S. Treasury Bills		1.64%		01/23/2020	$	10,000	$	9,990,039
U.S. Treasury Bills		1.56%		01/28/2020		10,000		9,988,338
U.S. Treasury Bills		1.56%		02/18/2020		10,000		9,979,267
U.S. Treasury Bills		1.57%		02/25/2020		25,000		24,940,226
U.S. Treasury Bills		1.57%		03/05/2020		15,000		14,958,400
U.S. Treasury Bills		1.56%		03/26/2020		5,000		4,981,642
U.S. Treasury Bills		1.52%		04/02/2020		5,000		4,980,789
U.S. Treasury Bills		1.69%		04/09/2020		10,000		9,953,800
U.S. Treasury Bills		1.63%		04/16/2020		5,000		4,976,150
U.S. Treasury Bills		1.62%		04/30/2020		10,000		9,946,333
U.S. Treasury Bills		1.58%		06/25/2020		5,000		4,961,622
U.S. Treasury Bills		1.56%		07/02/2020		5,000		4,960,567
U.S. Treasury Bills		1.78%		08/13/2020		5,000		4,945,312
								119,562,485
U.S. Treasury Notes-9.24%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(a)		1.57%		10/31/2020		38,000		37,999,094
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a)		1.64%		01/31/2021		14,000		13,994,502
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a)		1.67%		04/30/2021		10,000		10,000,038
								61,993,634
Total U.S. Treasury Securities (Cost $181,556,119)								181,556,119
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-58.95% (Cost $395,312,503)								395,312,503
					Repurchase Amount
Repurchase Agreements-42.46%(d)
Bank of Montreal, joint term agreement dated 11/14/2019, aggregate maturing value of $501,358,333 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $510,000,000; 2.50% - 7.00%; 03/31/2023 - 12/01/2049)(e)		1.63%		01/13/2020		10,027,167		10,000,000
BMO Capital Markets Corp., joint term agreement dated 11/14/2019, aggregate maturing value of $1,002,790,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,093; 0% - 8.75%; 01/02/2020 - 08/15/2049)(e)		1.62%		01/15/2020		5,013,950		5,000,000
BNP Paribas Securities Corp., joint term agreement dated 12/09/2019, aggregate maturing value of $1,001,383,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 6.00%; 01/02/2020 - 02/15/2049)(e)		1.66%		01/08/2020		10,013,833		10,000,000
BNP Paribas Securities Corp., term agreement dated 12/04/2019, maturing value of $8,032,600 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $8,160,000; 0% - 3.50%; 01/02/2020 - 09/20/2049)(e)		1.63%		03/03/2020		8,032,600		8,000,000
CIBC World Markets Corp. , term agreement dated 11/01/2019, maturing value of $10,032,444 (collateralized by U.S. Treasury obligations valued at $10,200,007; 0.50% - 3.00%; 07/31/2021 - 08/15/2049)(e)		1.60%		01/13/2020		10,032,444		10,000,000
CIBC World Markets Corp., joint term agreement dated 10/11/2019, aggregate maturing value of $502,162,500 (collateralized by U.S. Treasury obligations valued at $510,000,289; 0.13% - 3.63%; 02/15/2021 - 08/15/2049)(e)		1.73%		01/09/2020		5,021,625		5,000,000
CIBC World Markets Corp., term agreement dated 11/04/2019, maturing value of $15,046,667 (collateralized by U.S. Treasury obligations valued at $15,300,063; 1.38% - 3.75%; 12/31/2020 - 08/15/2049)(e)		1.60%		01/13/2020		15,046,667		15,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 12/09/2019, aggregate maturing value of $1,001,420,833 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 0.13% - 3.63%; 01/15/2020 - 08/15/2047)(e)		1.65%		01/09/2020		10,014,208		10,000,000

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

Invesco V.I. Government Money Market Fund

	Interest Rate		Maturity Date		Repurchase Amount		Value
Credit Agricole Corporate & Investment Bank, joint term agreement dated 12/23/2019, aggregate maturing value of $1,004,044,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,081; 0.13% - 4.25%; 06/30/2020 - 11/15/2040)(e)		1.60%		03/23/2020	$	11,044,489	$	11,000,000
ING Financial Markets, LLC, joint term agreement dated 11/21/2019, aggregate maturing value of $685,836,727 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $696,660,001; 1.75% - 6.50%; 01/01/2024 - 09/01/2057)		1.68%		02/18/2020		18,074,760		18,000,000
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsered agency obligations valued at $510,000,033; 0% - 6.00%; 09/30/2020 - 08/01/2049)(f)		1.55%		-		-		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 $295,800,004; 0% - 6.50%; 02/15/2020 - 12/01/2049)(f)		1.59%		-		-		5,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,120; 0% - 2.75%; 02/06/2020 - 07/15/2025)(f)		1.53%		-		-		5,000,000
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $408,000,001; 0% - 8.00%; 01/01/2029 - 12/16/2059)(f)		1.56%		-		-		10,000,000
J.P. Morgan Securities LLC, joint term agreement dated 12/04/2019, aggregate maturing value of $572,000,000 (collateralized by U.S. Treasury obligations valued at $583,440,041; 0% - 4.50%; 03/26/2020 - 02/15/2036)(a)		1.56%		03/04/2020		7,000,000		7,000,000
Metropolitan Life Insurance Co., joint term agreement dated 12/31/2019, aggregate maturing value of $450,140,976 (collateralized by U.S. Treasury obligations valued at $456,345,231; 0% - 2.63%; 01/30/2020 - 05/15/2046)(e)		1.56%		01/07/2020		15,004,750		15,000,200
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 12/26/2019, aggregate maturing value of $1,189,900,059 (collateralized by U.S. Treasury obligations valued at $1,215,505,890; 1.63% - 2.63%; 04/30/2024 - 08/15/2029)(e)		2.00%		01/02/2020		29,861,608		29,850,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 12/26/2019, aggregate maturing value of $100,038,889 (collateralized by U.S. Treasury obligations valued at $102,034,206; 2.63%; 02/15/2029)(e)		2.00%		01/02/2020		15,005,833		15,000,000
RBC Capital Markets LLC, joint term agreement dated 12/31/2019, aggregate maturing value of $1,250,000,000 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and a foreign corporate obligation valued at $1,275,000,002; 0% - 8.00%; 11/15/2021 - 08/20/2069)(a)(e)		1.60%		03/02/2020		45,000,000		45,000,000
RBC Dominion Securities Inc., joint agreement dated 12/31/2019, aggregate maturing value of $650,056,694 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $663,000,028; 0% - 6.00%; 01/02/2020 - 11/20/2049)		1.57%		01/02/2020		3,908,719		3,908,378
RBC Dominion Securities Inc., joint term agreement dated 12/09/2019, aggregate maturing value of $350,490,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $357,000,035; 0% - 5.50%; 01/02/2020 - 01/01/2050)(e)		1.68%		01/08/2020		5,007,000		5,000,000
RBC Dominion Securities Inc., joint term agreement dated 12/09/2019, aggregate maturing value of $350,962,500 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $357,000,054; 1.50% - 6.00%; 07/15/2021 - 11/20/2049)(e)		1.65%		02/07/2020		5,013,750		5,000,000
RBC Dominion Securities Inc., joint term agreement dated 12/11/2019, aggregate maturing value of $325,829,111 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $331,500,091; 0.13% - 4.50%; 03/31/2022 - 12/01/2049)(e)		1.64%		02/05/2020		5,012,755		5,000,000
Royal Bank of Canada, joint term agreement dated 12/20/2019, aggregate maturing value of $1,004,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,000; 0% - 5.00%; 01/25/2029 - 12/20/2049)(e)		1.60%		03/19/2020		15,060,000		15,000,000

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
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $510,000,000; 0% -7.50%; 07/01/2020 - 04/20/2065)(f)		1.57%		-	$	-	$	5,000,000
Total Repurchase Agreements (Cost $284,758,578)								284,758,578
TOTAL INVESTMENTS IN SECURITIES(g)-101.41% (Cost $680,071,081)								680,071,081
OTHER ASSETS LESS LIABILITIES-(1.41)%								(9,423,488	)
NET ASSETS-100.00%							$	670,647,593

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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2019.

^(b)  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, 2019.

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

^(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, 2019

Assets:
Investments in securities, excluding repurchase agreements, at value and cost	$	395,312,503
Repurchase agreements, at value and cost		284,758,578
Receivable for:
Fund shares sold		887,183
Interest		810,863
Investment for trustee deferred compensation and retirement plans		48,550
Total assets		681,817,677
Liabilities:
Payable for:
Investments purchased		9,941,356
Fund shares reacquired		775,086
Dividends		18,401
Accrued fees to affiliates		326,118
Accrued trustees’ and officers’ fees and benefits		629
Accrued operating expenses		51,406
Trustee deferred compensation and retirement plans		57,088
Total liabilities		11,170,084
Net assets applicable to shares outstanding	$	670,647,593
Net assets consist of:
Shares of beneficial interest	$	670,653,256
Distributable earnings (loss)		(5,663	)
	$	670,647,593
Net Assets:
Series I	$	598,669,868
Series II	$	71,977,725
Shares outstanding, no par value, unlimited number of shares authorized:
Series I		598,663,458
Series II		71,976,936
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, 2019

Investment income:
Interest	$	16,784,420
Expenses:
Advisory fees		1,116,208
Administrative services fees		1,412,721
Custodian fees		9,386
Distribution fees - Series II		199,305
Transfer agent fees		17,355
Trustees’ and officers’ fees and benefits		29,174
Reports to shareholders		12,197
Professional services fees		60,368
Other		11,749
Total expenses		2,868,463
Net investment income		13,915,957
Net realized gain from investment securities		10,478
Net increase in net assets resulting from operations	$	13,926,435

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	13,915,957		$	12,056,451
Net realized gain (loss)		10,478			(1,401	)
Net increase in net assets resulting from operations		13,926,435			12,055,050
Distributions to shareholders from distributable earnings:
Series I		(12,604,943	)		(10,928,099	)
Series II		(1,311,014	)		(1,128,352	)
Total distributions from distributable earnings		(13,915,957	)		(12,056,451	)
Share transactions-net:
Series I		(302,240,128	)		244,533,792
Series II		(24,362,713	)		10,798,163
Net increase (decrease) in net assets resulting from share transactions		(326,602,841	)		255,331,955
Net increase (decrease) in net assets		(326,592,363	)		255,330,554
Net assets:
Beginning of year		997,239,956			741,909,402
End of year	$	670,647,593		$	997,239,956

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 12/31/19		$1.00		$0.02		$0.00			$0.02		$(0.02	)		$1.00		1.90	%		$598,670		0.36%(c)		0.36%(c)		1.90%(c)
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
Year ended 12/31/15		1.00		0.00		0.00			0.00		(0.00	)		1.00		0.01			737,858		0.21		0.51		0.01
Series II
Year ended 12/31/19		1.00		0.02		0.00			0.02		(0.02	)		1.00		1.64			71,978		0.61(c)		0.61(c)		1.65(c)
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
Year ended 12/31/15		1.00		0.00		0.00			0.00		(0.00	)		1.00		0.01			23,940		0.21		0.76		0.01

^(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 $664,417 and $79,722 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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

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

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

A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

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

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

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

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

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

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

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

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

Invesco V.I. Government Money Market Fund

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

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

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

I. Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, formerly Invesco PowerShares 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, 2020, 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 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, 2020. 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.

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, 2019, Invesco was paid $328,771 for accounting and fund administrative services and was reimbursed $1,083,950 for fees paid to insurance companies.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with IDI to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder

Invesco V.I. Government Money Market Fund

services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2019, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The Bank of New York Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

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

Tax Character of Distributions to Shareholders Paid During the Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	13,915,957	$	12,056,451

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	59,705
Temporary book/tax differences		(57,088	)
Capital loss carryforward		(8,280	)
Shares of beneficial interest		670,653,256
Total net assets	$	670,647,593

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 Funds 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.

Invesco V.I. Government Money Market Fund

The Fund has a capital loss carryforward as of December 31, 2019 as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$710	$7,570		$8,280

* Capital loss carryforwards as of the date listed above 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–Share Information

				Summary of Share Activity
				Years ended December 31,
	2019(a)						2018
	Shares			Amount			Shares			Amount
Sold:
Series I		1,064,989,449		$	1,064,989,449			1,959,818,121		$	1,959,818,121
Series II		42,932,790			42,932,790			73,566,458			73,566,458
Issued as reinvestment of dividends:
Series I		12,291,497			12,291,497			10,672,129			10,672,129
Series II		1,311,014			1,311,014			1,128,365			1,128,365
Reacquired:
Series I		(1,379,521,074	)		(1,379,521,074	)		(1,725,956,458	)		(1,725,956,458	)
Series II		(68,606,517	)		(68,606,517	)		(63,896,660	)		(63,896,660	)
Net increase (decrease) in share activity		(326,602,841	)	$	(326,602,841	)		255,331,955		$	255,331,955

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Government Money Market Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before  expenses)
Class	Beginning  Account Value   (07/01/19)	Ending  Account Value   (12/31/19)1	Expenses   Paid During   Period2	Ending  Account Value   (12/31/19)	Expenses  Paid During   Period2	Annualized     Expense Ratio
Series I	$1,000.00	$1,008.40	$1.82	$1,023.39	$1.84	0.36%
Series II	1,000.00	1,007.10	3.09	1,022.13	3.11	0.61

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Government Money Market 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 advisors.

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, 2019:

Federal and State Income Tax
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	34.10	%

* 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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 Bank of New York Mellon 2 Hanson Place Brooklyn, NY 11217-1431

Invesco V.I. Government Money Market Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Government Securities Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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.	VIGOV-AR-1

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2019, Series I shares of Invesco V.I. Government Securities Fund (the Fund) underperformed the Bloomberg Barclays 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	6.07	%
Series II Shares	5.75
Bloomberg Barclays U.S. Aggregate Bond Indexq (Broad Market Index)	8.72
Bloomberg Barclays U.S. Government Indexq (Style-Specific Index)	6.83
Lipper VUF Intermediate U.S. Government Funds Classification Average∎ (Peer Group)	5.76
Source(s): q RIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Calendar year 2019 proved to be an increasingly volatile time for the US bond market. US bond returns posted strong nominal results for the year, as rates fell amid a decelerating global economy and persistent trade disputes between the US and China. Global risks remained a head-wind to growth throughout most of the year. However, during the final months of 2019, rates increased amid diminishing risks of imminent rate cuts by the US Federal Reserve (the Fed), which were previously priced in. The global economy appeared to be stabilizing, as trade disputes between the US and China, Brexit uncertainties and Chinese data all seemed less threatening to valuations. Credit investors were generally rewarded over the year, despite heightened volatility and escalating recession fears. US based yield strategies remained competitive from a global perspective as negative yields increased across regions.

    During the year, the Fed cut interest rates three times: in July, September and October 2019.¹ However, at its December meeting, the Fed gave the clear indication that the target rate would likely remain at its current level through 2020, as factors that had driven risk aversion over the year had shown signs of improving.

    US rate movements were the primary driver of valuations for the year. The two-year US Treasury yield declined from 2.48% to 1.58%, the 10-year US Treasury yield decreased from 2.69% to 1.92%, and the 30-year US Treasury yield decreased from 3.02% to 2.39%.² The yield curve, as measured by the yield differential of the two-year US Treasury yield versus the 30-year US Treasury yield, steepened notably from 54 basis points to 81 basis points.² (A basis point is one one-hundreth of a percentage point). Given this market backdrop, the Fund’s total return for the year was positive, but the Fund underperformed its style-specific benchmark, the Bloomberg Barclays U.S. Government Index.

    Most of the Fund’s performance relative to the style-specific benchmark in 2019 was driven by the Fund’s out-of-index exposure to structured securities. These securities included agency pass-through mortgage-backed securities, high-quality non-agency residential mortgage-backed securities and commercial mortgage-backed securities. The

Fund’s underweight duration relative to its style-specific benchmark proved to be the Fund’s largest detractor as interest rates fell during the year. The Fund’s use of derivatives during the year included interest rate futures to manage yield curve exposure and swaptions to hedge interest rate volatility.

    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. The Fund also used swaptions to hedge interest rate volatility during the year.

    Please note that our strategy is implemented using derivative instruments, including futures and swaptions. Therefore, a portion of the Fund’s performance, 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 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

Portfolio Composition
By security type	% of total net assets
U.S. Government Sponsored Agency Mortgage-Backed Securities	53.61%
U.S. Treasury Securities	33.63
Asset-Backed Securities	8.34
U.S. Government Sponsored Agency Securities	1.94
U.S. Dollar Denominated Bonds & Notes	1.39
Money Market Funds Plus Other Assets Less Liabilities	1.09

Top Five Debt Issuers*
% of total net assets
1. U.S. Treasury	33.63%
2. Federal Home Loan Mortgage Corp.	14.08%
3. Federal National Mortgage Association	13.84
4. Freddie Mac Multifamily Structured Pass Through Ctfs.	7.32
5. Fannie Mae REMICs	6.10

Total Net Assets	$426.3 million
Total Number of Holdings*	575

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, 2019.

Invesco V.I. Government Securities Fund

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, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s 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: US Department of the Treasury

Portfolio managers:

Clint Dudley

Noelle Corum

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. Government Securities Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

Average Annual Total Returns As of 12/31/19
Series I Shares
Inception (5/5/93)	4.16%
10 Years	2.70
5 Years	2.01
1 Year	6.07
Series II Shares
Inception (9/19/01)	3.22%
10 Years	2.44
5 Years	1.74
1 Year	5.75

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.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.69% and 0.94%, respectively. The expense ratios presented above may vary from the ex-

pense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

Invesco V.I. Government Securities Fund

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, 2019, 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. Government Index is an unmanaged index considered representative of fixed income obligations issued by the US Treasury, government agencies and quasi-federal corporations.

∎ 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

Invesco V.I. Government Securities Fund

Schedule of Investments

December 31, 2019

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–53.61%
Collateralized Mortgage Obligations–20.77%
Fannie Mae ACES
2.76%, (1 mo. USD LIBOR + 0.59%), 09/25/2023(a)	$	702,369	$	703,191
3.27%, 01/25/2029		5,000,000		5,304,797
Fannie Mae REMICs
3.00%, 10/25/2025		40,497		40,528
2.50%, 03/25/2026		61,653		61,548
7.00%, 09/18/2027		165,977		182,134
1.50%, 01/25/2028		2,948,963		2,899,444
6.50%, 03/25/2032		525,549		597,064
5.75%, 10/25/2035		185,155		203,237
2.09%, (1 mo. USD LIBOR + 0.30%), 05/25/2036(a)		1,768,655		1,758,607
4.25%, 02/25/2037		224,105		227,426
2.24%, (1 mo. USD LIBOR + 0.45%), 03/25/2037(a)		905,299		893,042
2.19%, (1 mo. USD LIBOR + 0.40%), 06/25/2038(a)		871,806		872,210
6.59%, 06/25/2039(b)		2,493,618		2,876,525
2.29%, 03/25/40 to 05/25/41		2,038,415		2,048,374
4.00%, 07/25/2040		1,589,406		1,679,039
2.34%, (1 mo. USD LIBOR + 0.55%), 02/25/2041(a)		1,663,628		1,673,458
2.31%, (1 mo. USD LIBOR + 0.52%), 11/25/2041(a)		1,731,798		1,739,594
2.10%, (1 mo. USD LIBOR + 0.32%), 08/25/2044(a)		1,558,325		1,555,894
2.26%, (1 mo. USD LIBOR + 0.48%), 02/25/2056(a)		3,046,752		3,047,729
2.20%, (1 mo. USD LIBOR + 0.42%), 12/25/2056(a)		3,620,553		3,615,779
Freddie Mac Multifamily Structured Pass Through Ctfs.
Series K714, Class A2, 3.03%, 10/25/2020(b)		8,753,953		8,792,184
Series KLU1, Class A2, 2.51%, 12/25/2025		5,000,000		5,050,398
Series KG01, Class A7, 2.88%, 04/25/2026		5,000,000		5,145,379
Series KS11, Class AFX1, 2.15%, 12/25/2028		5,000,000		4,963,729
Series K093, Class A1, 2.76%, 12/25/2028		1,976,501		2,029,412
Series K092, Class AM, 3.02%, 04/25/2029		5,000,000		5,210,759

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs
3.00%, 04/15/2026	$	55,322	$	55,340
2.24%, 12/15/35 to 03/15/40		3,469,866		3,484,095
2.04%, 03/15/36 to 09/15/44		8,197,993		8,125,641
2.13%, (1 mo. USD LIBOR + 0.35%), 11/15/2036(a)		2,208,089		2,198,510
2.11%, (1 mo. USD LIBOR + 0.37%), 03/15/2037(a)		959,507		956,784
2.14%, 05/15/37 to 06/15/37		1,704,960		1,703,113
2.60%, (1 mo. USD LIBOR + 0.86%), 11/15/2039(a)		496,287		504,576
2.19%, 03/15/40 to 02/15/42		5,464,656		5,469,178
Freddie Mac STRIPS, 2.13% (1 mo. USD LIBOR + 0.35%), 10/15/2037(a)		1,789,252		1,773,018
Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A1, 3.50%, 05/25/2047		1,080,802		1,091,578
				88,533,314
Federal Home Loan Mortgage Corp. (FHLMC)–14.08%
4.50%, 09/01/2020 to 08/01/2041		5,853,305		6,418,328
6.50%, 02/01/2021 to 12/01/2035		1,630,515		1,841,272
6.00%, 03/01/2021 to 07/01/2038		178,286		196,726
10.00%, 03/01/2021		142		142
9.00%, 06/01/2021 to 06/01/2022		2,641		2,644
7.00%, 12/01/2021 to 11/01/2035		2,077,022		2,357,520
8.00%, 12/01/2021 to 02/01/2035		407,721		427,815
7.50%, 09/01/2022 to 06/01/2035		691,153		776,736
8.50%, 11/17/2022 to 08/01/2031		127,635		135,220
5.50%, 12/01/2022		11,995		12,080
3.50%, 08/01/2026		428,250		444,129
3.00%, 05/01/2027 to 12/01/2049		14,796,748		15,157,993
7.05%, 05/20/2027		63,303		67,788
6.03%, 10/20/2030		585,759		657,583
2.50%, 09/01/2034 to 10/01/2034		17,621,461		17,798,481
5.00%, 01/01/2037 to 01/01/2040		869,956		960,841

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,
4.28%, (1 yr. USD LIBOR + 1.88%), 09/01/2035(a)	$	2,138,008	$	2,254,625
4.50%, (1 yr. USD LIBOR + 1.88%), 07/01/2036(a)		1,939,826		2,041,994
3.95%, (1 yr. USD LIBOR + 1.91%), 10/01/2036(a)		80,355		84,827
3.98%, (1 yr. USD LIBOR + 1.55%), 10/01/2036(a)		1,123,936		1,174,991
3.98%, (1 yr. USD LIBOR + 1.97%), 11/01/2037(a)		530,695		562,229
5.20%, (1 yr. USD LIBOR + 2.01%), 01/01/2038(a)		20,274		21,291
4.54%, (1 yr. USD LIBOR + 1.84%), 07/01/2038(a)		622,923		658,723
4.49%, (1 yr. USD LIBOR + 1.79%), 06/01/2043(a)		839,834		877,549
2.89%, (1 yr. USD LIBOR + 1.64%), 01/01/2048(a)		5,005,625		5,073,718
				60,005,245
Federal National Mortgage Association (FNMA)–13.84%
5.00%, 03/01/2020 to 12/01/2033		151,643		160,217
7.00%, 08/01/2020 to 06/01/2036		1,711,234		1,836,418
8.00%, 02/01/2021 to 10/01/2037		2,019,964		2,348,135
8.50%, 02/01/2021 to 08/01/2037		519,195		582,618
5.50%, 03/01/2021 to 05/01/2035		993,242		1,118,036
6.00%, 08/01/2021 to 10/01/2038		1,056,750		1,182,182
7.50%, 11/01/2022 to 08/01/2037		3,027,738		3,431,440
6.50%, 06/01/2023 to 11/01/2037		1,587,424		1,768,185
6.75%, 07/01/2024		133,641		148,414
4.50%, 11/01/2024 to 12/01/2048		12,001,446		12,867,788
6.95%, 10/01/2025		12,832		12,952
3.50%, 03/01/2027 to 08/01/2027		5,230,496		5,429,838
3.00%, 05/01/2027 to 12/01/2049		13,801,573		14,166,358
4.00%, 12/01/2048		8,200,576		8,742,618

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
ARM,
4.20%, (1 yr. U.S. Treasury Yield Curve Rate + 2.36%), 10/01/2034(a)	$	1,384,514	$	1,468,991
4.47%, (1 yr. U.S. Treasury Yield Curve Rate + 2.21%), 05/01/2035(a)		159,412		168,060
4.44%, (1 yr. USD LIBOR + 1.72%), 03/01/2038(a)		36,854		38,785
3.99%, (1 yr. USD LIBOR + 1.75%), 02/01/2042(a)		346,517		353,224
2.15%, (1 yr. USD LIBOR + 1.52%), 08/01/2043(a)		1,390,726		1,421,361
2.59%, (1 yr. U.S. Treasury Yield Curve Rate + 1.88%), 05/01/2044(a)		1,683,595		1,747,698
				58,993,318
Government National Mortgage Association (GNMA)–4.92%
6.50%, 07/15/2020 to 09/15/2034		2,319,475		2,547,901
6.00%, 09/15/2020 to 08/15/2033		477,614		520,851
7.50%, 09/15/2022 to 10/15/2035		1,477,084		1,645,287
8.00%, 01/15/2023 to 01/15/2037		870,810		984,730
7.00%, 04/15/2023 to 12/15/2036		635,660		694,104
5.00%, 02/15/2025		119,933		128,266
8.50%, 02/15/2025 to 01/15/2037		131,143		136,815
6.95%, 08/20/2025 to 08/20/2027		138,511		138,727
6.38%, 10/20/2027 to 02/20/2028		156,471		166,283
6.10%, 12/20/2033		3,087,502		3,482,882
5.71%, 08/20/2034(b)		876,286		976,101
5.88%, 01/20/2039(b)		3,046,574		3,420,827
2.54%, (1 mo. USD LIBOR + 0.80%), 09/16/2039(a)		925,682		942,455
4.49%, 07/20/2041(b)		669,453		717,835
3.85%, 09/20/2041(b)		2,136,246		2,195,227
2.01%, (1 mo. USD LIBOR + 0.25%), 01/20/2042(a)		360,873		360,340
3.50%, 10/20/2042		1,872,813		1,921,708
				20,980,339
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $225,187,294)				228,512,216
U.S. Treasury Securities–33.63%
U.S. Treasury Bills–0.18%
1.52%, 04/09/2020(c)(d)		760,000		756,855

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

Invesco V.I. Government Securities Fund

	Principal Amount		Value
U.S. Treasury Bonds–13.72%
5.38%, 02/15/2031	$	3,800,000	$	5,098,256
3.38%, 05/15/2044		3,500,000		4,138,494
3.00%, 05/15/2045		7,000,000		7,808,059
2.88%, 08/15/2045		750,000		819,151
3.00%, 11/15/2045		3,000,000		3,353,240
2.50%, 05/15/2046		6,000,000		6,120,543
2.25%, 08/15/2046		6,550,000		6,359,927
3.00%, 05/15/2047		7,300,000		8,194,876
2.75%, 08/15/2047		10,000,000		10,714,752
2.75%, 11/15/2047		5,500,000		5,893,018
				58,500,316
U.S. Treasury Inflation – Indexed Bonds–1.00%
0.13%, 04/15/2021(e)		2,171,480		2,167,095
0.50%, 04/15/2024(e)		2,040,580		2,073,898
				4,240,993
U.S. Treasury Inflation – Indexed Notes–0.64%
0.63%, 04/15/2023(e)		2,693,522		2,735,529
U.S. Treasury Notes–18.09%
2.63%, 05/15/2021		2,000,000		2,027,453
2.13%, 08/15/2021		2,700,000		2,722,547
2.00%, 10/31/2021		500,000		503,697
2.00%, 11/15/2021		3,300,000		3,325,974
2.00%, 12/31/2021		3,000,000		3,023,676
2.00%, 07/31/2022		2,000,000		2,020,089
1.63%, 08/31/2022		5,000,000		5,002,707
1.50%, 09/15/2022		5,000,000		4,986,719
1.63%, 11/15/2022		2,000,000		2,000,648
2.00%, 11/30/2022		2,700,000		2,729,545
2.38%, 01/31/2023		2,000,000		2,044,577
1.63%, 04/30/2023		4,000,000		3,998,014
1.63% - 2.75%, 05/31/2023		7,700,000		7,928,902
1.63%, 10/31/2023		625,000		624,076
2.63%, 12/31/2023		4,000,000		4,146,678
2.13%, 03/31/2024		4,000,000		4,071,574
2.00%, 05/31/2024		2,500,000		2,532,800
2.25%, 11/15/2024		3,000,000		3,076,528
2.88%, 05/31/2025		4,000,000		4,233,689
2.88%, 11/30/2025		2,500,000		2,653,865
2.63%, 12/31/2025		2,000,000		2,095,774
1.50%, 08/15/2026		4,250,000		4,163,011
2.38%, 05/15/2027		1,000,000		1,036,246
2.25%, 11/15/2027		3,000,000		3,082,029
2.38%, 05/15/2029		2,600,000		2,700,804
1.63%, 08/15/2029		400,000		389,447
				77,121,069
Total U.S. Treasury Securities (Cost $136,631,023)				143,354,762
Asset-Backed Securities–8.34%(f)
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.81%, 09/15/2048(b)		15,914,953		622,342

	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 3.82%, 01/25/2035(b)	$	411,060	$	427,072
Chase Mortgage Finance Corp., Series 2016-1, Class M3, 3.75%, 04/25/2045(b)(g)		1,940,854		1,966,968
Series 2016-2, Class M3, 3.75%, 12/25/2045(b)(g)		2,299,706		2,324,773
Commercial Mortgage Trust, Series 2015-CR23, Class CMB, 3.68%, 05/10/2048(b)(g)		2,800,026		2,806,508
Series 2015-CR24, Class B, 4.38%, 08/10/2048(b)		6,200,000		6,596,971
FRESB Mortgage Trust, Series 2019- SB63, Class A5, 2.55% (1 mo. USD LIBOR + 2.55%), 02/25/2039(a)		3,793,854		3,842,946
Galton Funding Mortgage Trust, Series 2018-2, Series A41, 4.50%, 10/25/2058(b)(g)		2,628,037		2,686,716
JP Morgan Mortgage Trust, Series 2018-8, Class A15, 4.00%, 01/25/2049(b)(g)		1,476,786		1,480,357
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 2.54% (1 mo. USD LIBOR + 0.75%), 01/25/2048(a)(g)		3,213,030		3,212,314
Towd Point Mortgage Trust, Series 2015-1, Class AES, 3.00%, 10/25/2053(b)(g)		693,326		696,225
Verus Securitization Trust, Series 2018-3, Class A-2, 4.18%, 10/25/2058(b)(g)		2,665,137		2,698,072
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class B, 4.11%, 05/15/2048(b)		5,900,000		6,168,630
Total Asset-Backed Securities (Cost $34,857,996)				35,529,894
U.S. Government Sponsored Agency Securities–1.94%
Federal Home Loan Bank (FHLB)–1.47%
Federal Home Loan Bank, 3.38%, 06/12/2020		6,220,000		6,265,553
Tennessee Valley Authority (TVA)–0.47%
Tennessee Valley Authority, 1.88%, 08/15/2022		2,000,000		2,007,564
Total U.S. Government Sponsored Agency Securities (Cost $8,244,318)				8,273,117
U.S. Dollar Denominated Bonds & Notes–1.39%
Other Diversified Financial Services–0.38%
Private Export Funding Corp., Series BB, 4.30%, 12/15/2021		1,540,000		1,615,668
Sovereign Debt–1.01%
Israel Government AID Bond, 5.13%, 11/01/2024		3,800,000		4,326,709
Total U.S. Dollar Denominated Bonds & Notes (Cost $5,349,195)				5,942,377

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–2.00%
Invesco Government & Agency Portfolio,Institutional Class, 1.50% (Cost $8,520,491)(h)		8,520,491	$	8,520,491
TOTAL INVESTMENTS IN SECURITIES-100.91% (Cost $418,790,317)				430,132,857
OTHER ASSETS LESS LIABILITIES-(0.91)%				(3,864,438	)
NET ASSETS-100.00%			$	426,268,419

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
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, 2019.

^(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, 2019.

^(c)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

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

^(e)  Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(f)  Non-U.S. government sponsored securities.

^(g)  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, 2019 was $17,871,933, which represented 4.19% of the Fund’s Net Assets.

^(h)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)(a)
Interest Rate Risk
U.S. Treasury 2 Year Notes		369		March-2020	$	79,519,500		$	(78,149	)	$	(78,149)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		17		March-2020		(2,016,359	)		6,206			6,206
U.S. Treasury 10 Year Ultra Bonds		71		March-2020		(9,989,922	)		126,767			126,767
U.S. Treasury 10 Year Notes		26		March-2020		(3,338,969	)		(6,149	)		(6,149)
U.S. Treasury Ultra Bond		146		March-2020		(26,521,813	)		167,082			167,082
Subtotal–Short Futures Contracts									293,906			293,906
Total Futures Contracts								$	215,757		$	215,757

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

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, 2019

Assets:
Investments in securities, at value (Cost $ 410,269,826)	$	421,612,366
Investments in affiliated money market funds, at value (Cost $ 8,520,491)		8,520,491
Other investments:
Variation margin receivable – futures contracts		201,562
Cash		177,388
Receivable for:
Fund shares sold		34,239
Dividends		14,134
Interest		1,471,351
Principal paydowns		197,659
Investment for trustee deferred compensation and retirement plans		249,141
Total assets		432,478,331
Liabilities:
Payable for:
Investments purchased		5,102,292
Fund shares reacquired		479,785
Accrued fees to affiliates		293,854
Accrued other operating expenses		67,684
Trustee deferred compensation and retirement plans		266,297
Total liabilities		6,209,912
Net assets applicable to shares outstanding	$	426,268,419
Net assets consist of:
Shares of beneficial interest	$	421,684,363
Distributable earnings		4,584,056
	$	426,268,419
Net Assets:
Series I	$	251,440,286
Series II	$	174,828,133
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		21,666,387
Series II		15,205,088
Series I:
Net asset value per share	$	11.61
Series II:
Net asset value per share	$	11.50

Statement of Operations

For the year ended December 31, 2019

Investment income:
Interest	$	12,639,900
Treasury Inflation-Protected Securities inflation adjustments		251,877
Dividends from affiliated money market funds		92,363
Total investment income		12,984,140
Expenses:
Advisory fees		2,170,512
Administrative services fees		753,463
Custodian fees		27,838
Distribution fees - Series II		465,987
Transfer agent fees		35,794
Trustees’ and officers’ fees and benefits		24,474
Reports to shareholders		7,530
Professional services fees		47,833
Other		29,946
Total expenses		3,563,377
Less: Fees waived		(4,102	)
Net expenses		3,559,275
Net investment income		9,424,865
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,824,209
Foreign currencies		(312	)
Futures contracts		2,609,830
Swap agreements		(594,990	)
		3,838,737
Change in net unrealized appreciation (depreciation) of:
Investment securities		13,565,030
Futures contracts		(87,353	)
Swap agreements		(325,665	)
		13,152,012
Net realized and unrealized gain		16,990,749
Net increase in net assets resulting from operations	$	26,415,614

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	9,424,865		$	10,721,947
Net realized gain (loss)		3,838,737			(4,268,596	)
Change in net unrealized appreciation (depreciation)		13,152,012			(4,960,649	)
Net increase in net assets resulting from operations		26,415,614			1,492,702
Distributions to shareholders from distributable earnings:
Series I		(6,666,815	)		(6,550,635	)
Series II		(4,034,804	)		(3,832,997	)
Total distributions from distributable earnings		(10,701,619	)		(10,383,632	)
Share transactions–net:
Series I		(37,212,596	)		(33,348,279	)
Series II		(23,434,778	)		(11,943,167	)
Net increase (decrease) in net assets resulting from share transactions		(60,647,374	)		(45,291,446	)
Net increase (decrease) in net assets		(44,933,379	)		(54,182,376	)
Net assets:
Beginning of year		471,201,798			525,384,174
End of year	$	426,268,419		$	471,201,798

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 12/31/19	$	11.22	$	0.25	$	0.43		$	0.68	$	(0.29	)	$	11.61		6.07	%	$	251,440		0.68	%(d)		0.68	%(d)		2.18	%(d)		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
Year ended 12/31/15		11.74		0.17		(0.13	)		0.04		(0.26	)		11.52		0.34			393,090		0.77			0.77			1.44			59
Series II
Year ended 12/31/19		11.12		0.22		0.42			0.64		(0.26	)		11.50		5.75			174,828		0.93	(d)		0.93	(d)		1.93	(d)		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
Year ended 12/31/15		11.64		0.14		(0.13	)		0.01		(0.23	)		11.42		0.06			195,392		1.02			1.02			1.19			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 $268,124 and $186,434 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

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

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

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

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

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

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

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

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

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

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

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

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates

Invesco V.I. Government Securities Fund

depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

I. Treasury Inflation-Protected Securities - The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

J. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as

Invesco V.I. Government Securities Fund

unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Put Options Purchased - The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on put 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.

L. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the

Invesco V.I. Government Securities Fund

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. 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, 2019 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.

M. 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

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

Average Daily Net Assets	Rate
First $250 million		0.500%
Over $250 million		0.450%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.48%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

Invesco V.I. Government Securities Fund

For the year ended December 31, 2019, the Adviser waived advisory fees of $4,102.

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, 2019, Invesco was paid $64,686 for accounting and fund administrative services and was reimbursed $688,777 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	—		$	228,512,216	$	—	$	228,512,216
U.S. Treasury Securities		—			143,354,762		—		143,354,762
Asset-Backed Securities		—			35,529,894		—		35,529,894
U.S. Government Sponsored Agency Securities		—			8,273,117		—		8,273,117
U.S. Dollar Denominated Bonds & Notes		—			5,942,377		—		5,942,377
Money Market Funds		8,520,491			—		—		8,520,491
Total Investments in Securities		8,520,491			421,612,366		—		430,132,857
Other Investments - Assets*
Futures Contracts		300,055			—		—		300,055
Other Investments - Liabilities*
Futures Contracts		(84,298	)		—		—		(84,298	)
Total Other Investments		215,757			—		—		215,757
Total Investments	$	8,736,248		$	421,612,366	$	—	$	430,348,614

* Unrealized appreciation (depreciation).

Invesco V.I. Government Securities Fund

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, 2019:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	300,055
Derivatives not subject to master netting agreements		(300,055	)
Total Derivative Assets subject to master netting agreements	$	-
	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(84,298	)
Derivatives not subject to master netting agreements		84,298
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, 2019

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		$2,609,830
Options purchased(a)		(279,125	)
Swap agreements		(594,990	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(87,353	)
Options purchased(a)		148,784
Swap agreements		(325,665	)
Total		$1,471,481

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

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

	Futures Contracts		Swaptions Purchased		Swap Agreements
Average notional value	$	111,812,401	$	57,000,000	$	69,000,000

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. Government Securities 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, 2019 and 2018:
	2019		2018
Ordinary income	$	10,701,619		$10,383,632
Tax Components of Net Assets at Period-End:
			2019
Undistributed ordinary income			$	10,364,572
Net unrealized appreciation – investments				11,116,767
Temporary book/tax differences				(204,294	)
Capital loss carryforward				(16,692,989	)
Shares of beneficial interest				421,684,363
Total net assets			$	426,268,419

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 futures contracts and straddle.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2019, as follows:

Capital Loss Carryforward
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	7,872,584	$	8,820,405	$	16,692,989

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, 2019 was $19,172,875 and $20,060,800, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $137,421,227 and $207,449,714, 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	$	11,717,069
Aggregate unrealized (depreciation) of investments		(600,302	)
Net unrealized appreciation of investments	$	11,116,767
Cost of investments for tax purposes is $419,231,847.

Invesco V.I. Government Securities Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns, on December 31, 2019, undistributed net investment income was increased by $1,058,037 and undistributed net realized gain (loss) was decreased by $1,058,037. 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, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		3,053,546		$	35,296,652			3,593,416		$	40,500,688
Series II		1,618,892			18,750,084			1,057,433			11,758,788
Issued as reinvestment of dividends:
Series I		571,278			6,666,815			594,971			6,550,635
Series II		348,730			4,034,804			351,007			3,832,997
Reacquired:
Series I		(6,860,415	)		(79,176,063	)		(7,180,556	)		(80,399,602	)
Series II		(4,004,398	)		(46,219,666	)		(2,482,818	)		(27,534,952	)
Net increase (decrease) in share activity		(5,272,367	)	$	(60,647,374	)		(4,066,547	)	$	(45,291,446	)

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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.

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, 2019 through December 31, 2019.

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     (07/01/19)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense Ratio
			Ending     Account Value     (12/31/19)1		Expenses     Paid During     Period2		Ending     Account Value     (12/31/19)		Expenses     Paid During     Period2
Series I		$1,000.00		$1,015.50		$3.40		$1,021.83		$3.41		0.67%
Series II		1,000.00		1,013.70		4.67		1,020.57		4.69		0.92

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Government Securities 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 advisors.

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, 2019:

Federal and State Income Tax
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	34.21	%

* 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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. Government Securities Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Growth and Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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-VIGRI-AR-1

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	25.19	%
Series II Shares	24.85
S&P 500 Indexq (Broad Market Index)	31.49
Russell 1000 Value Indexq (Style-Specific Index)	26.54
Lipper VUF Large-Cap Value Funds Index∎ (Peer Group Index)	26.71
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

    Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

    Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

    Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again

by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

    All sectors within the Russell 1000 Value Index had positive returns for the year, and except for energy, all had double digit returns, with information technology and industrials posting the strongest gains.

    Security selection in the financials sector was the largest contributor to the Fund’s performance relative to its style-specific benchmark for the year. Several key relative contributors for the year were concentrated in the banking industry, including Citigroup, Citizens Financial, PNC Financials and Bank of America. Following a sharp selloff in the fourth quarter of 2018, banks rebounded in the first quarter of 2019, and performed well throughout 2019 as revenues have generally improved and companies continue to return capital to shareholders through stock buybacks (reducing outstanding shares) and increased dividends.

    Good stock selection in the health care, communication services and consumer staples sectors also contributed to the Fund’s performance relative to its style-specific benchmark. Within the health care sector, the Fund’s holdings in Celgene and Johnson & Johnson were strong contributors. During the year, Celgene was acquired by Bristol Meyers Squibb (also a fund holding) at a significant premium, and shares of the acquisition target rose sharply following the announcement. We sold Celgene after the bid was announced, and the deal ultimately closed in November. We maintained our holding in Bristol Meyers at the end of the year.

Portfolio  Composition

By sector % of total net assets

Financials	26.10%
Health Care	15.45
Information Technology	10.60
Energy	10.06
Consumer Discretionary	8.76
Consumer Staples	7.90
Industrials	6.65
Communication Services	4.25
Materials	4.06
Utilities	2.14
Money Market Funds Plus Other
Assets Less Liabilities	4.03

Top 10 Equity Holdings*

% of total net assets

1. Johnson & Johnson	3.57%
2. Bank of America Corp.	3.37
3. Philip Morris International, Inc.	3.22
4. American International Group, Inc.	3.05
5. Citigroup, Inc.	2.87
6. General Motors Co.	2.77
7. PNC Financial Services Group, Inc. (The)	2.54
8. Morgan Stanley	2.43
9. General Dynamics Corp.	2.16
10. Carnival Corp.	2.15

Total Net Assets	$	1.7 billion
Total Number of Holdings*		61

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, 2019.

Invesco V.I. Growth and Income Fund

    Charter Communications was a key absolute and relative (compared to the Fund’s style-specific benchmark) contributor in the communication services sector during the year. The company reported strong revenues during the year as the company focused on adding broadband subscribers to drive future growth. We maintained our position in the company at the end of the year.

    Within the consumer staples sector, Mondelez was a strong absolute and relative (compared to the Fund’s style-specific benchmark) contributor to Fund performance. The company has made progress on its plan to increase profitability, with revenues and earnings growth accelerating during the year. Additionally, the Fund’s lack of exposure to Walgreens Boots Alliance (an underperforming component of the Russell 1000 Value Index) contributed to relative Fund performance.

    Given the strong equity market, the Fund’s allocation to cash, although averaging less than 5% for the year, was the Fund’s largest relative detractor compared to its style-specific benchmark.

    Security selection in the consumer discretionary sector also detracted from the Fund’s relative performance compared to its style-specific benchmark during the year, due largely to Capri Holdings and Carnival. Capri Holdings suffered as its Michael Kors brand witnessed declining sales, and reduced its 2020 outlook, However, the company’s Jimmy Choo and Versace brands have shown improvement, and the company is focusing more on accessories which we believe should help boost margins. Shares of cruise operator Carnival declined in June after the company reported a decline in profits and a weaker outlook for the remainder of 2019.

    The materials sector also detracted from the Fund’s relative return versus its style-specific benchmark during the year. This was due largely to The Mosaic Company, a potash and phosphate supplier which announced plans to reduce phosphate production, an intended long-term benefit that has the potential to negatively affect short-term earnings. We liquidated our position in The Mosaic Company during the year.

    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 performance relative to its style-specific benchmark for the year.

    During the year, we reduced the Fund’s relative overweight exposures to the financials and energy sectors, and increased exposures to the consumer staples, materials and consumer discretionary sectors. At the end of the year, the Fund’s largest overweight exposures relative to the style-specific benchmark were in the information technology, health care and financials sectors, while the largest underweight exposures were in the real estate, utilities and communication services 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: Bureau of Economic Analysis

Portfolio managers:

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - 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. 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 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee

future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (12/23/96)	8.83%
10 Years	10.39
5 Years	7.54
1 Year	25.19
Series II Shares
Inception (9/18/00)	6.75%
10 Years	10.11
5 Years	7.27
1 Year	24.85

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 blended returns of the predecessor fund and Invesco V.I. Growth and Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value.

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

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.75% and 1.00%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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.

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

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

Invesco V.I. Growth and Income Fund

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Growth and Income Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests-95.97%
Aerospace & Defense-2.16%
General Dynamics Corp.		208,266	$	36,727,709
Apparel, Accessories & Luxury Goods-1.82%
Capri Holdings Ltd.(b)		813,101		31,019,803
Automobile Manufacturers-2.77%
General Motors Co.		1,288,226		47,149,072
Building Products-1.36%
Johnson Controls International PLC		569,994		23,204,456
Cable & Satellite-2.82%
Charter Communications, Inc., Class A(b)		53,863		26,127,864
Comcast Corp., Class A		484,979		21,809,506
				47,937,370
Commodity Chemicals-0.95%
Dow, Inc.		295,560		16,175,999
Communications Equipment-0.85%
Cisco Systems, Inc.		301,877		14,478,021
Diversified Banks-9.02%
Bank of America Corp.		1,628,076		57,340,837
Citigroup, Inc.		610,029		48,735,217
JPMorgan Chase & Co.		195,905		27,309,157
Wells Fargo & Co.		370,587		19,937,580
				153,322,791
Electric Utilities-2.14%
Duke Energy Corp.		128,402		11,711,546
Exelon Corp.		284,973		12,991,919
FirstEnergy Corp.		239,468		11,638,145
				36,341,610
Fertilizers & Agricultural Chemicals-2.30%
Corteva, Inc.		936,991		27,697,454
Nutrien Ltd. (Canada)		239,036		11,452,215
				39,149,669
Food Distributors-1.70%
US Foods Holding Corp.(b)		688,284		28,832,217
Health Care Distributors-1.20%
McKesson Corp.		146,890		20,317,825
Health Care Equipment-2.49%
Medtronic PLC		180,344		20,460,027
Zimmer Biomet Holdings, Inc.		146,575		21,939,346
				42,399,373
Health Care Services-1.51%
CVS Health Corp.		345,129		25,639,633

	Shares		Value
Health Care Supplies-0.75%
Alcon, Inc. (Switzerland)(b)		225,966	$	12,800,909
Home Improvement Retail-0.79%
Kingfisher PLC (United Kingdom)		4,617,831		13,392,000
Hotels, Resorts & Cruise Lines-2.15%
Carnival Corp.		720,370		36,616,407
Industrial Machinery-1.55%
Ingersoll-Rand PLC		198,887		26,436,060
Insurance Brokers-1.43%
Willis Towers Watson PLC		120,275		24,288,333
Integrated Oil & Gas-4.95%
BP PLC (United Kingdom)		3,953,074		24,814,813
Chevron Corp.		210,894		25,414,836
Royal Dutch Shell PLC, Class A (United Kingdom)		1,141,517		33,931,020
				84,160,669
Internet & Direct Marketing Retail-1.23%
eBay, Inc.		577,014		20,835,976
Investment Banking & Brokerage-4.37%
Goldman Sachs Group, Inc. (The)		143,540		33,004,152
Morgan Stanley		806,653		41,236,102
				74,240,254
IT Consulting & Other Services-1.57%
Cognizant Technology Solutions Corp., Class A		430,847		26,721,131
Managed Health Care-1.15%
Anthem, Inc.		64,455		19,467,344
Multi-line Insurance-3.05%
American International Group, Inc.		1,011,334		51,911,774
Oil & Gas Equipment & Services-1.12%
TechnipFMC PLC (United Kingdom)		891,791		19,119,999
Oil & Gas Exploration & Production-3.99%
Canadian Natural Resources Ltd. (Canada)		626,257		20,255,511
Devon Energy Corp.		829,350		21,538,219
Marathon Oil Corp.		1,914,239		25,995,366
				67,789,096
Other Diversified Financial Services-1.93%
AXA Equitable Holdings, Inc.		539,221		13,361,897
Voya Financial, Inc.		318,142		19,400,299
				32,762,196
Packaged Foods & Meats-2.98%
Kellogg Co.		259,111		17,920,117

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

Invesco V.I. Growth and Income Fund

	Shares		Value
Packaged Foods & Meats-(continued)
Mondelez International, Inc., Class A		593,939	$	32,714,160
				50,634,277
Pharmaceuticals-8.35%
Bristol-Myers Squibb Co.		472,134		30,306,281
GlaxoSmithKline PLC (United Kingdom)		536,820		12,629,118
Johnson & Johnson		415,950		60,674,626
Pfizer, Inc.		406,792		15,938,111
Sanofi (France)		223,975		22,495,418
				142,043,554
Railroads-1.57%
CSX Corp.		367,768		26,611,692
Regional Banks-6.31%
Citizens Financial Group, Inc.		819,134		33,265,031
PNC Financial Services Group, Inc. (The)		271,033		43,264,998
Truist Financial Corp.		544,956		30,691,922
				107,221,951
Semiconductors-4.80%
Intel Corp.		603,348		36,110,378
NXP Semiconductors N.V. (Netherlands)		156,488		19,914,663
QUALCOMM, Inc.		290,664		25,645,284
				81,670,325
Specialty Chemicals-0.81%
DuPont de Nemours, Inc.		214,207		13,752,089

	Shares		Value
Systems Software-1.75%
Oracle Corp.		561,294	$	29,737,356
Technology Hardware, Storage & Peripherals-1.63%
Apple, Inc.		94,155		27,648,616
Tobacco-3.22%
Philip Morris International, Inc.		644,365		54,829,018
Wireless Telecommunication Services-1.43%
Vodafone Group PLC (United Kingdom)		12,507,253		24,281,229
Total Common Stocks & Other Equity Interests (Cost $1,328,500,568)				1,631,667,803
Money Market Funds-6.08%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		36,165,254		36,165,254
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		25,908,034		25,915,806
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		41,331,718		41,331,718
Total Money Market Funds (Cost $103,413,096)				103,412,778
TOTAL INVESTMENTS IN SECURITIES-102.05% (Cost $1,431,913,664)				1,735,080,581
OTHER ASSETS LESS LIABILITIES-(2.05)%				(34,879,304	)
NET ASSETS-100.00%				$1,700,201,277

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
01/17/2020	State Street Bank & Trust Co.		USD	314,876		CAD	415,479	$	5,108
01/17/2020	State Street Bank & Trust Co.		USD	166,681		CHF	163,237		2,120
01/17/2020	State Street Bank & Trust Co.		USD	738,219		EUR	663,713		6,916
01/17/2020	State Street Bank & Trust Co.		USD	1,455,688		GBP	1,110,149		15,410
Subtotal-Appreciation									29,554
Currency Risk
01/17/2020	Bank of New York Mellon (The)		GBP	29,050,110		USD	37,613,792		(881,528	)
01/17/2020	State Street Bank & Trust Co.		CAD	20,109,696		USD	15,151,896		(335,744	)
01/17/2020	State Street Bank & Trust Co.		CHF	9,509,465		USD	9,609,126		(224,471	)
01/17/2020	State Street Bank & Trust Co.		EUR	15,923,130		USD	17,694,361		(182,163	)

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

Invesco V.I. Growth and Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
01/17/2020	State Street Bank & Trust Co.		GBP	34,910,663		USD	45,320,488		$   (940,857	)
Subtotal–Depreciation									(2,564,763	)
Total Forward Foreign Currency Contracts									$(2,535,209	)

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, 2019

Assets:
Investments in securities, at value (Cost $1,328,500,568)	$	1,631,667,803
Investments in affiliated money market funds, at value (Cost $103,413,096)		103,412,778
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		29,554
Foreign currencies, at value (Cost $846,234)		856,183
Receivable for:
Investments sold		18,710
Fund shares sold		777,503
Dividends		2,702,145
Investment for trustee deferred compensation and retirement plans		226,236
Total assets		1,739,690,912
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		2,564,763
Payable for:
Investments purchased		28,011,059
Fund shares reacquired		6,383,822
Amount due custodian		717,282
Accrued fees to affiliates		1,500,654
Accrued trustees’ and officers’ fees and benefits		297
Accrued other operating expenses		62,300
Trustee deferred compensation and retirement plans		249,458
Total liabilities		39,489,635
Net assets applicable to shares outstanding	$	1,700,201,277
Net assets consist of:
Shares of beneficial interest	$	1,390,932,962
Distributable earnings		309,268,315
	$	1,700,201,277
Net Assets:
Series I	$	187,096,710
Series II	$	1,513,104,567
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		9,803,091
Series II		79,397,791
Series I:
Net asset value per share	$	19.09
Series II:
Net asset value per share	$	19.06

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $705,270)	$	38,924,340
Dividends from affiliated money market funds		1,713,295
Total investment income		40,637,635
Expenses:
Advisory fees		8,704,724
Administrative services fees		2,450,536
Custodian fees		46,919
Distribution fees - Series II		3,389,283
Transfer agent fees		30,472
Trustees’ and officers’ fees and benefits		38,729
Reports to shareholders		11,659
Professional services fees		81,000
Other		23,174
Total expenses		14,776,496
Less: Fees waived		(85,922	)
Net expenses		14,690,574
Net investment income		25,947,061
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(8,098,192	)
Foreign currencies		355,860
Forward foreign currency contracts		903,540
		(6,838,792	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		281,453,547
Foreign currencies		24,902
Forward foreign currency contracts		(2,383,293	)
		279,095,156
Net realized and unrealized gain		272,256,364
Net increase in net assets resulting from operations	$	298,203,425

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	25,947,061		$	25,317,518
Net realized gain (loss)		(6,838,792	)		167,616,765
Change in net unrealized appreciation (depreciation)		279,095,156			(397,739,484	)
Net increase (decrease) in net assets resulting from operations		298,203,425			(204,805,201	)
Distributions to shareholders from distributable earnings:
Series I		(23,474,054	)		(20,657,576	)
Series II		(173,791,397	)		(184,183,100	)
Total distributions from distributable earnings		(197,265,451	)		(204,840,676	)
Share transactions-net:
Series I		4,136,745			25,029,084
Series II		343,560,704			(374,156,431	)
Net increase (decrease) in net assets resulting from share transactions		347,697,449			(349,127,347	)
Net increase (decrease) in net assets		448,635,423			(758,773,224	)
Net assets:
Beginning of year		1,251,565,854			2,010,339,078
End of year	$	1,700,201,277		$	1,251,565,854

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 12/31/19		$17.51		$0.37			$3.84			$ 4.21			$(0.38	)		$(2.25	)		$(2.63	)		$19.09		25.19	%		$ 187,097		0.73	%(d)		0.74	%(d)		1.91	%(d)		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
Year ended 12/31/15		25.15		0.33			(1.30	)		(0.97	)		(0.74	)		(3.84	)		(4.58	)		19.60		(3.06	)		149,066		0.78			0.84			1.41			22
Series II
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	(d)		0.99	(d)		1.66	(d)		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
Year ended 12/31/15		25.09		0.27			(1.29	)		(1.02	)		(0.65	)		(3.84	)		(4.49	)		19.58		(3.26	)		1,435,111		1.03			1.09			1.16			22

^(a) Calculated using average shares outstanding.

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

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

^(d) Ratios are based on average daily net assets (000’s omitted) of $182,503 and $1,354,720 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek long-term growth of capital and income.

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Growth and Income Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Growth and Income Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.57%.

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

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 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, 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $85,922.

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, 2019, Invesco was paid $207,526 for accounting and fund administrative services and was reimbursed $2,243,010 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Invesco V.I. Growth and Income Fund

For the year ended December 31, 2019, the Fund incurred $73,303 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

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

Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$1,487,323,296		$144,344,507			$-		$ 1,631,667,803
Money Market Funds		103,412,778		-			-		103,412,778
Total Investments in Securities		1,590,736,074		144,344,507			-		1,735,080,581
Other Investments - Assets*
Forward Foreign Currency Contracts		-		29,554			-		29,554
Other Investments - Liabilities*
Forward Foreign Currency Contracts		-		(2,564,763	)		-		(2,564,763	)
Total Other Investments		-		(2,535,209	)		-		(2,535,209	)
Total Investments		$1,590,736,074		$141,809,298			$-		$1,732,545,372

* 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, 2019:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	29,554
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	29,554

Invesco V.I. Growth and Income Fund

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(2,564,763	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(2,564,763	)

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, 2019.

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts		Net Value of Derivatives			Non-Cash	Cash	Net Amount
Bank of New York Mellon (The)		$          -		$   (881,528)	$	(881,528	)	$-	$-	$	(881,528	)
State Street Bank & Trust Co.		29,554		(1,683,235)		(1,653,681	)	-	-		(1,653,681	)
Total		$29,554		$(2,564,763)	$	(2,535,209	)	$-	$-	$	(2,535,209	)

Effect of Derivative Investments for the year ended December 31, 2019

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:
Forward foreign currency contracts		$    903,540
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(2,383,293)
Total		$(1,479,753)

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

	Forward Foreign Currency Contracts
Average notional value	$	159,044,939

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. Growth 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, 2019 and 2018:

	2019		2018
Ordinary income	$	24,898,470	$	38,083,181
Long-term capital gain		172,366,981		166,757,495
Total distributions	$	197,265,451	$	204,840,676

Tax Components of Net Assets at Period-End:
	2019
Undistributed ordinary income	$	26,288,357
Undistributed long-term capital gain		21,853,705
Net unrealized appreciation – investments		261,297,943
Net unrealized appreciation - foreign currencies		21,831
Temporary book/tax differences		(193,521	)
Shares of beneficial interest		1,390,932,962
Total net assets	$	1,700,201,277

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 forward foreign currency contracts and wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $1,078,494,879 and $902,686,567, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$291,213,520
Aggregate unrealized (depreciation) of investments	(29,915,577	)
Net unrealized appreciation of investments	$261,297,943
Cost of investments for tax purposes is $1,471,247,429.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2019, undistributed net investment income was increased by $355,861 and undistributed net realized gain (loss) was decreased by $355,861. 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, 2019(a)				Year ended December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		961,502	$	18,593,160		1,599,024	$	33,449,701
Series II		46,991,194		937,263,516		4,823,927		100,263,745

Invesco V.I. Growth and Income Fund

	Summary of Share Activity
	Year ended December 31, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Series I		1,324,721		$	23,474,054			978,568		$	20,657,576
Series II		9,813,179			173,791,397			8,737,339			184,183,100
Reacquired:
Series I		(1,980,258	)		(37,930,469	)		(1,330,437	)		(29,078,193	)
Series II		(39,496,692	)		(767,494,209	)		(31,937,812	)		(658,603,276	)
Net increase (decrease) in share activity		17,613,646		$	347,697,449			(17,129,391	)	$	(349,127,347	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Growth and Income Fund

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Growth and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning           Account Value           (07/01/19)	Ending   Account Value   (12/31/19)1		Expenses     Paid During     Period2		Ending     Account Value     (12/31/19)		Expenses     Paid During     Period2		Annualized     Expense     Ratio
Series I	$1,000.00		$1,078.20		$3.82		$1,021.53		$3.72		0.73%
Series II	1,000.00		1,076.60		5.13		1,020.27		4.99		0.98

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Growth and Income 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 advisors.

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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distribution	172,366,981
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. Growth and Income Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Health Care Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. I-VIGHC-AR-1

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	32.50	%
Series II Shares	32.18
MSCI World Indexq (Broad Market Index)	27.67
MSCI World Health Care Indexq (Style-Specific Index)	23.24
Lipper VUF Health/Biotechnology Funds Classification Average∎ (Peer Group)	27.16
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the

Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.2 During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US

economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

Stock selection in biotechnology and pharmaceuticals was the main driver behind the Fund’s outperformance relative to the style-specific benchmark during the year. Axsome Therapeutics, a neurology company developing potential best-in-class drugs for depression, migraine, agitation and narcolepsy, was the greatest contributor to relative performance. The company reported positive data in narcolepsy and depression in 2019. In the fourth quarter, Axsome announced positive top-line data for the phase III GEMINI trial of AXS-05 in major depressive disorder. The effects, speed of onset, responder rates and deepening effect over time position AXS-05 as a differentiated therapy that could potentially be a new standard of care. Array BioPharma was the second-largest contributor to the Fund’s relative performance. Array BioPharma is a discovery research company that provides drug discovery products and services to create, evaluate and optimize potential drug candidates in collaboration with pharmaceutical and biotechnology companies. The company’s stock soared after announcing positive clinical trial results in early spring and then was bought by Pfizer in June 2019.

Stock selection in managed health care and life science tools and services also aided the Fund’s performance versus the style-specific benchmark during the year. The greatest contributor of these being Thermo Fisher Scientific, a life sciences tools and services company. The firm consolidated its presence in this market with several acquisitions, most recently Affymetrix, FEI and Patheon (not Fund holdings), with the goal of continuing to be the ultimate provider of life science instruments and consumables. The acquisition approach has allowed the

Portfolio Composition
By country	% of total net assets
United States	75.28%
Switzerland	6.56
United Kingdom	3.77
Brazil	2.86
France	2.80
Denmark	2.47
Countries, each less than 2% of portfolio	4.67
Money Market Funds Plus Other Assets Less Liabilities	1.59

Top 10 Equity Holdings*
% of total net assets
1. UnitedHealth Group, Inc.	4.61%
2. Thermo Fisher Scientific, Inc.	4.41
3. Medtronic PLC	4.19
4. Novartis AG, ADR	4.17
5. Johnson & Johnson	3.92
6. AstraZeneca PLC, ADR	3.77
7. Merck & Co., Inc.	3.23
8. Sanofi, ADR	2.63
9. Biogen, Inc.	2.53
10. Zimmer Biomet Holdings, Inc.	2.45

Total Net Assets	$220.7 million
Total Number of Holdings*	72

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, 2019.

Invesco V.I. Health Care Fund

firm to broaden its product offering and increase market share.

    Stock selection in health care equipment and health care supplies detracted from the Fund’s performance relative to the style-specific benchmark during the year. Specifically, Alcon, the largest eye care device company in the world. In 2019, the company spun-off from Novartis and management was optimistic that this independence would result in increased flexibility and improved performance. The stock price was not particularly strong during the year, as the company worked through separation costs and restructuring plans. Wright Medical, a medical device company specializing in extremities and biologics products, also detracted from the Fund’s relative performance. The firm had a difficult second quarter with salesforce integration issues slowing momentum and lowering forward guidance. However, in the fourth quarter Stryker (not a Fund holding) agreed to buy Wright at a 52% premium to its stock price at the time.

    We continue to believe research and development productivity within health care remains robust, as information technology increasingly intersects with new medical technologies and a receptive regulatory environment to shepherd new treatments to market. Therefore, we continue to emphasize and search for new investment opportunities in the biotechnology and pharmaceuticals industries, and in areas like life sciences tools and services, and medical devices.

    As always, thank you for your continued investment in Invesco V.I. Health Care Fund.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Henry Wu

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. Health Care Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

Past performance cannot guarantee

future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (5/21/97)	9.09%
10 Years	12.15
5 Years	7.18
1 Year	32.50
Series II Shares
Inception (4/30/04)	8.61%
10 Years	11.87
5 Years	6.91
1 Year	32.18

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.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.00% and 1.25%, respectively. The expense ratios presented above may vary from the expense

ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

Invesco V.I. Health Care Fund

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, 2019, 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 nonresident 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.

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

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

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

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable

product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Health Care Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests-98.41%
Biotechnology-17.70%
ACADIA Pharmaceuticals, Inc.(b)		29,163	$	1,247,593
Alexion Pharmaceuticals, Inc.(b)		27,043		2,924,700
Amarin Corp. PLC, ADR (Ireland)(b)		53,490		1,146,826
Ascendis Pharma A/S, ADR (Denmark)(b)		9,637		1,340,699
Avrobio, Inc.(b)		15,465		311,310
Biogen, Inc.(b)		18,845		5,591,877
Biohaven Pharmaceutical Holding Co. Ltd.(b)		21,736		1,183,308
BioMarin Pharmaceutical, Inc.(b)		48,889		4,133,565
Bluebird Bio, Inc.(b)		5,791		508,160
Constellation Pharmaceuticals, Inc.(b)		8,994		423,707
DBV Technologies S.A., ADR (France)(b)		34,735		371,665
Exact Sciences Corp.(b)		31,402		2,904,057
Global Blood Therapeutics, Inc.(b)		19,010		1,511,105
Heron Therapeutics, Inc.(b)		27,976		657,436
Immunomedics, Inc.(b)		55,348		1,171,164
Incyte Corp.(b)		20,164		1,760,721
IVERIC bio, Inc.(b)		103,668		889,471
Kadmon Holdings, Inc.(b)		189,896		860,229
Neurocrine Biosciences, Inc.(b)		14,118		1,517,544
REGENXBIO, Inc.(b)		14,958		612,829
Rocket Pharmaceuticals, Inc.(b)		63,634		1,448,310
Rubius Therapeutics, Inc.(b)		40,991		389,415
Sarepta Therapeutics, Inc.(b)		11,570		1,492,993
Vertex Pharmaceuticals, Inc.(b)		21,353		4,675,239
				39,073,923
Drug Retail-0.61%
Raia Drogasil S.A. (Brazil)		48,660		1,352,087
Health Care Equipment-16.87%
Abbott Laboratories		62,242		5,406,340
Baxter International, Inc.		31,801		2,659,200
Becton, Dickinson and Co.		6,568		1,786,299
Boston Scientific Corp.(b)		115,911		5,241,495
Edwards Lifesciences Corp.(b)		12,869		3,002,209
Globus Medical, Inc., Class A(b)		9,201		541,755
Koninklijke Philips N.V. (Netherlands)		80,603		3,940,614
Medtronic PLC		81,585		9,255,818
Zimmer Biomet Holdings, Inc.		36,147		5,410,483
				37,244,213
Health Care Facilities–1.62%
HCA Healthcare, Inc.		24,171		3,572,716
Health Care Services-2.91%
Cigna Corp.		16,951		3,466,310
CVS Health Corp.		39,698		2,949,164
				6,415,474

	Shares		Value
Health Care Supplies-2.03%
Alcon, Inc. (Switzerland)(b)		20,862	$	1,180,163
Align Technology, Inc.(b)		6,791		1,894,961
Silk Road Medical, Inc.(b)		34,745		1,403,003
				4,478,127
Health Care Technology-1.30%
HMS Holdings Corp.(b)		32,082		949,627
Inspire Medical Systems, Inc.(b)		25,931		1,924,340
				2,873,967
Life Sciences Tools & Services-8.51%
10X Genomics, Inc., Class A(b)		9,554		728,493
Agilent Technologies, Inc.		16,723		1,426,639
Bio-Rad Laboratories, Inc., Class A(b)		6,180		2,286,785
Eurofins Scientific SE (Luxembourg)		3,811		2,116,398
Illumina, Inc.(b)		7,505		2,489,709
Thermo Fisher Scientific, Inc.		29,943		9,727,582
				18,775,606
Managed Health Care-13.53%
Anthem, Inc.		15,612		4,715,292
Centene Corp.(b)		59,710		3,753,968
Hapvida Participacoes e Investimentos S.A. (Brazil)(c)		150,700		2,396,722
HealthEquity, Inc.(b)		11,488		850,916
Humana, Inc.		14,723		5,396,274
Notre Dame Intermedica Participacoes S.A. (Brazil)		150,683		2,559,351
UnitedHealth Group, Inc.		34,631		10,180,821
				29,853,344
Pharmaceuticals-33.33%
AstraZeneca PLC, ADR (United Kingdom)		166,828		8,318,044
Axsome Therapeutics, Inc.(b)		45,329		4,685,205
Bristol-Myers Squibb Co.		78,666		5,049,570
Elanco Animal Health, Inc.(b)		58,724		1,729,422
Eli Lilly and Co.		39,598		5,204,365
Johnson & Johnson		59,326		8,653,884
Merck & Co., Inc.		78,283		7,119,839
Milestone Pharmaceuticals, Inc. (Canada)(b)		34,630		554,426
Nippon Shinyaku Co. Ltd. (Japan)		29,200		2,539,262
Novartis AG, ADR (Switzerland)		97,228		9,206,519
Novo Nordisk A/S, Class B (Denmark)		70,943		4,114,671
Odonate Therapeutics, Inc.(b)		27,809		902,402
Pfizer, Inc.		90,493		3,545,516
Relmada Therapeutics, Inc.(b)		28,383		1,106,937
Roche Holding AG (Switzerland)		12,664		4,106,404
Sanofi, ADR (France)		115,630		5,804,626

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

Invesco V.I. Health Care Fund

	Shares		Value
Pharmaceuticals–(continued)
Zogenix, Inc.(b)		17,712	$	923,327
				73,564,419
Total Common Stocks & Other Equity Interests (Cost $143,337,219)				217,203,876
Money Market Funds–1.73%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)		1,366,547		1,366,547
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)		893,541		893,809

	Shares		Value
Invesco Treasury Portfolio, Institutional Class, 1.49%(d)		1,561,768	$	1,561,768
Total Money Market Funds (Cost $3,822,164)				3,822,124
TOTAL INVESTMENTS IN SECURITIES-100.14% (Cost $147,159,383)				221,026,000
OTHER ASSETS LESS LIABILITIES–(0.14)%				(308,643	)
NET ASSETS-100.00%			$	220,717,357

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) 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, 2019 represented 1.09% of the Fund’s Net Assets.

^(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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, 2019

Assets:
Investments in securities, at value (Cost $143,337,219)	$	217,203,876
Investments in affiliated money market funds, at value (Cost $3,822,164)		3,822,124
Foreign currencies, at value (Cost $53,968)		54,562
Receivable for:
Fund shares sold		26,288
Dividends		278,318
Investment for trustee deferred compensation and retirement plans		81,744
Total assets		221,466,912
Liabilities:
Payable for:
Fund shares reacquired		388,864
Amount due custodian		110,478
Accrued fees to affiliates		120,788
Accrued other operating expenses		39,364
Trustee deferred compensation and retirement plans		90,061
Total liabilities		749,555
Net assets applicable to shares outstanding	$	220,717,357
Net assets consist of:
Shares of beneficial interest	$	141,570,385
Distributable earnings		79,146,972
	$	220,717,357
Net Assets:
Series I	$	149,954,492
Series II	$	70,762,865
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,960,896
Series II		2,483,505
Series I:
Net asset value per share	$	30.23
Series II:
Net asset value per share	$	28.49

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $122,215)	$	2,496,070
Dividends from affiliated money market funds		90,288
Total investment income		2,586,358
Expenses:
Advisory fees		1,505,765
Administrative services fees		326,651
Custodian fees		8,484
Distribution fees - Series II		161,301
Transfer agent fees		31,478
Trustees’ and officers’ fees and benefits		20,911
Reports to shareholders		8,189
Professional services fees		48,589
Other		3,208
Total expenses		2,114,576
Less: Fees waived		(4,841	)
Net expenses		2,109,735
Net investment income		476,623
Realized and unrealized gain from:
Net realized gain from:
Investment securities		5,110,258
Foreign currencies		1,676
		5,111,934
Change in net unrealized appreciation of:
Investment securities		50,734,461
Foreign currencies		1,765
		50,736,226
Net realized and unrealized gain		55,848,160
Net increase in net assets resulting from operations	$	56,324,783

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	476,623		$	52,575
Net realized gain		5,111,934			6,023,929
Change in net unrealized appreciation (depreciation)		50,736,226			(4,170,670	)
Net increase in net assets resulting from operations		56,324,783			1,905,834
Distributions to shareholders from distributable earnings:
Series I		(3,345,368	)		(18,007,655	)
Series II		(1,628,278	)		(8,604,944	)
Total distributions from distributable earnings		(4,973,646	)		(26,612,599	)
Share transactions-net:
Series I		(14,313,793	)		1,916,919
Series II		(6,003,015	)		1,194,044
Net increase (decrease) in net assets resulting from share transactions		(20,316,808	)		3,110,963
Net increase (decrease) in net assets		31,034,329			(21,595,802	)
Net assets:
Beginning of year		189,683,028			211,278,830
End of year	$	220,717,357		$	189,683,028

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 12/31/19		$23.41		$ 0.08			$ 7.40			$ 7.48			$(0.01	)		$(0.65	)		$(0.66)			$	30.2	3		32.50	%		$149,95	4		0.97%	(d)		0.97%	(d)		0.32%	(d)		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
Year ended 12/31/15		33.78		0.00			1.08			1.08			-			(3.11	)		(3.11	)			31.75			3.16			209,511			1.06			1.07			0.01			42
Series II
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	(d)		1.22	(d)		0.07	(d)		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
Year ended 12/31/15		32.80		(0.08	)		1.04			0.96			-			(3.11	)		(3.11	)			30.65			2.89			103,464			1.31			1.32			(0.24	)		42

^(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 $136,234 and $64,535 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, 2019

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Health Care Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Health Care Fund

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

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

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

K. Other Risks - The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.750%
Next $250 million		0.740%
Next $500 million		0.730%
Next $1.5 billion		0.720%
Next $2.5 billion		0.710%
Next $2.5 billion		0.700%
Next $2.5 billion		0.690%
Over $10 billion		0.680%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.75%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $4,841.

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, 2019, Invesco was paid $28,452 for accounting and fund administrative services and was reimbursed $298,199 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. Health Care Fund

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $596 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	194,078,367	$	23,125,509		$–	$	217,203,876
Money Market Funds		3,822,124		–		–		3,822,124
Total Investments	$	197,900,491	$	23,125,509		$–	$	221,026,000

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

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

Invesco V.I. Health Care 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, 2019 and 2018:

	2019		2018
Ordinary income		$1,765,566	$	281,491
Long-term capital gain		3,208,080		26,331,108
Total distributions	$	4,973,646	$	26,612,599

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	798,485
Undistributed long-term capital gain		4,586,978
Net unrealized appreciation – investments		73,830,296
Net unrealized appreciation - foreign currencies		210
Temporary book/tax differences		(68,997	)
Shares of beneficial interest		141,570,385
Total net assets	$	220,717,357

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 difference is attributable primarily to passive foreign investment companies.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $14,737,400 and $38,795,140, 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	$76,318,069
Aggregate unrealized (depreciation) of investments	(2,487,773	)
Net unrealized appreciation of investments	$73,830,296

Cost of investments for tax purposes is $147,195,704.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and fair fund settlements, on December 31, 2019, undistributed net investment income was increased by $2,642 and undistributed net realized gain was decreased by $2,642. 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, 2019(a)				Year ended December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		588,096	$	15,603,976		682,421	$	18,324,767
Series II		184,379		4,579,271		204,677		5,112,391

Invesco V.I. Health Care Fund

	Summary of Share Activity
	Year ended December 31, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Series I		131,915		$	3,345,368			689,156		$	18,007,655
Series II		68,072			1,628,278			347,815			8,604,944
Reacquired:
Series I		(1,286,131	)		(33,263,137	)		(1,292,416	)		(34,415,503	)
Series II		(492,335	)		(12,210,564	)		(492,468	)		(12,523,291	)
Net increase (decrease) in share activity		(806,004	)	$	(20,316,808	)		139,185		$	(3,110,963	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Health Care Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning         Account Value         (07/01/19)	Ending         Account Value         (12/31/19)1	Expenses         Paid During         Period2	Ending         Account Value         (12/31/19)	Expenses         Paid During         Period2	Annualized         Expense Ratio
Series I	$1,000.00	$1,147.60	$5.25	$1,020.32	$4.94	0.97%
Series II	1,000.00	1,145.80	6.60	1,019.06	6.21	1.22

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Health Care 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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distributions	$	3,208,080
Corporate Dividends Received Deduction*		62.09	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. Health Care Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. High Yield Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. VIHYI-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	13.51	%
Series II Shares	13.16
Bloomberg Barclays U.S. Aggregate Bond Indexq (Broad Market Index)	8.72
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Indexq (Style-Specific Index)	14.32
Lipper VUF High Yield Bond Funds Classification Average∎ (Peer Group)	13.01
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

For the year ended December 31, 2019, US high yield bond returns were positive. The year began with heightened volatility as investors feared that the US Federal Reserve (the Fed) had gone too far in its monetary policy tightening and that the effects would lead to a synchronized global economic growth slowdown. That uncertainty was quickly alleviated when the Fed changed its course in January and indicated it would not raise interest rates in 2019. The renewed risk appetite was further inspired by dovish central banks globally.

The Fed cut interest rates three times during the year to a range of 1.50% to 1.75%.¹ The European Central Bank also cut rates to end 2019 at -0.5%.² This, coupled with easier fiscal and monetary

policy in China and the continued economic woes plaguing the European Union, led to easier financial conditions globally, which in turn drove interest rates lower across maturities.

Against this backdrop, the high yield market posted strong returns for the year. Overall, underlying company fundamentals remained supportive in spite of a weakening outlook for the energy and materials sectors as commodity prices fell. Despite the bullish sentiment of investors throughout the year, the par-weighted high yield default rate increased over 1% in 2019, and ended the year at 2.94%, compared to 1.89% at the end of 2018.³ New issuance increased more than expected in 2019, due to a surge in refinancing activity in response to the Fed’s interest rate cuts. For the year, total issuance was $287

billion compared to $187 billion in 2018, representing a 53% increase.³ In 2019, high yield mutual funds had inflows of $19 billion at year end, compared to $47 billion of outflows in 2019.³

    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 14.32% for the year. Likewise, the Fund generated a positive return for the year.

    During the year, the Fund benefited from its positioning in the aerospace and defense and metals and mining industries relative to the style-specific index. While the Fund had an overweight allocation to the independent energy sector relative to the style-specific index, security selection was a significant contributor to the Fund’s relative performance. The Fund’s overweight allocation to construction machinery was also beneficial to relative Fund performance, along with security selection in the pharmaceuticals industry.

    The Fund’s underweight allocation to technology during the year, relative to the style-specific index, was the largest detractor from the Fund’s performance. Security selection in retailers was also a drag on the Fund’s relative return. Additionally, an underweight allocation to finance companies, along with security selection in the industry, detracted from the Fund’s relative performance.

    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 Composition*
By credit quality	% of total investments

A	1.8%
BBB	2.7
BB	33.2
B	43.3
CCC	17.6
Non-Rated	1.4

* 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.

Top Five Debt Issuers*
% of total net assets
1.  CSC Holdings, LLC	1.62%
2.  Sprint Corp.	1.58
3.  Bombardier, Inc.	1.31
4.  Tenet Healthcare Corp.	1.25
5.  HCA, Inc.	1.13

Total Net Assets	$155.1 million
Total Number of Holdings*	313

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, 2019.

Invesco V.I. High Yield Fund

portfolio. We also used credit default swaps to efficiently manage the portfolio and to take advantage of relative value opportunities. The use of currency, interest rate and credit derivatives 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. 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, 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: European Central Bank

3 Source: JP Morgan

Portfolio managers:

Andrew Geryol

Joseph Portera

Scott Roberts

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. High Yield Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1   Source: RIMES Technologies Corp.

2   Source: Lipper Inc.

Past performance cannot guarantee future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (5/1/98)	4.38	%
10 Years	6.27
5 Years	4.66
1 Year	13.51
Series II Shares
Inception (3/26/02)	6.60	%
10 Years	6.03
5 Years	4.39
1 Year	13.16

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.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.18% and 1.43%, respectively. The expense ratios presented above may vary from the

expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

Invesco V.I. High Yield Fund

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, 2019, 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.

∎ 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

Invesco V.I. High Yield Fund

Schedule of Investments^(a)

December 31, 2019

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–87.25%
Aerospace & Defense–3.63%
Bombardier, Inc. (Canada),
8.75%, 12/01/2021(b)	$	170,000	$    186,639
5.75%, 03/15/2022(b)		215,000	222,437
6.13%, 01/15/2023(b)		428,000	439,806
7.50%, 03/15/2025(b)		982,000	1,015,133
7.88%, 04/15/2027(b)		161,000	166,035
Moog, Inc., 4.25%, 12/15/2027(b)		239,000	243,804
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		600,000	640,708
TransDigm, Inc.,
6.50%, 07/15/2024		157,000	162,249
6.50%, 05/15/2025		574,000	598,157
6.25%, 03/15/2026(b)		871,000	944,586
Triumph Group, Inc.,
6.25%, 09/15/2024(b)		148,000	155,894
7.75%, 08/15/2025		819,000	856,359
			5,631,807
Agricultural & Farm Machinery–0.65%
Titan International, Inc., 6.50%, 11/30/2023		1,181,000	1,013,198
Airlines–0.27%
Air Canada (Canada), 7.75%, 04/15/2021(b)		400,000	426,600
Alternative Carriers–1.16%
CenturyLink, Inc.,
Series S, 6.45%, 06/15/2021		210,000	220,290
Series Y, 7.50%, 04/01/2024		696,000	786,191
Level 3 Financing, Inc.,
5.38%, 05/01/2025		365,000	378,536
5.25%, 03/15/2026		400,000	416,740
			1,801,757
Apparel Retail–0.96%
L Brands, Inc.,
6.88%, 11/01/2035		684,000	613,394
6.75%, 07/01/2036		101,000	88,890
Michaels Stores, Inc., 8.00%, 07/15/2027(b)		830,000	794,186
			1,496,470
Apparel, Accessories & Luxury Goods–0.22%
William Carter Co. (The), 5.63%, 03/15/2027(b)		317,000	341,511

	Principal Amount		Value
Asset Management & Custody Banks–0.43%
Prime Security Services Borrower LLC/Prime Finance, Inc.,
9.25%, 05/15/2023(b)	$	457,000	$       480,135
5.75%, 04/15/2026(b)		172,000	187,266
			667,401
Auto Parts & Equipment–1.43%
Adient Global Holdings Ltd., 4.88%, 08/15/2026(b)		350,000	313,259
Dana, Inc.,
5.50%, 12/15/2024		498,000	513,356
5.38%, 11/15/2027		119,000	122,867
Flexi-Van Leasing, Inc., 10.00%, 02/15/2023(b)		346,000	329,565
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.,
6.25%, 05/15/2026(b)		215,000	232,065
8.50%, 05/15/2027(b)		354,000	376,780
Tenneco, Inc., 5.00%, 07/15/2026		365,000	336,722
			2,224,614
Automobile Manufacturers–1.50%
Ford Motor Credit Co. LLC,
5.60%, 01/07/2022		514,000	541,648
5.11%, 05/03/2029		616,000	634,580
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		1,086,000	1,148,822
Motors Liquidation Co., 8.38%, 07/15/2033(c)(d)		1,060,000	0
			2,325,050
Automotive Retail–1.99%
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024(b)		646,000	672,108
Lithia Motors, Inc.,
5.25%, 08/01/2025(b)		248,000	260,193
4.63%, 12/15/2027(b)		169,000	174,131
Murphy Oil USA, Inc.,
5.63%, 05/01/2027		722,000	776,401
4.75%, 09/15/2029		202,000	213,700
Penske Automotive Group, Inc., 5.50%, 05/15/2026		942,000	988,487
			3,085,020
Broadcasting–2.21%
AMC Networks, Inc.,
5.00%, 04/01/2024		486,000	496,935
4.75%, 08/01/2025		127,000	127,741
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024(b)		929,000	1,030,805
Gray Television, Inc., 7.00%, 05/15/2027(b)		564,000	627,788
iHeartCommunications, Inc., 8.38%, 05/01/2027		817,000	904,296

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

Invesco V.I. High Yield Fund

	Principal Amount		Value
Broadcasting–(continued)
TV Azteca S.A.B. de C.V. (Mexico), 8.25%, 08/09/2024	$	270,000	$	241,765
				3,429,330
Building Products–0.42%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b)		219,000		226,467
Standard Industries, Inc., 5.00%, 02/15/2027(b)		400,000		417,929
				644,396
Cable & Satellite–6.47%
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026(b)		430,000		463,046
Altice Luxembourg S.A. (Luxembourg), 10.50%, 05/15/2027(b)		410,000		468,179
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 01/15/2024		6,000		6,122
5.75%, 02/15/2026(b)		1,128,000		1,192,149
5.13%, 05/01/2027(b)		400,000		422,740
CSC Holdings LLC,
10.88%, 10/15/2025(b)		445,000		498,122
6.50%, 02/01/2029(b)		1,395,000		1,558,041
Dish DBS Corp.,
5.88%, 11/15/2024		986,000		1,009,625
7.75%, 07/01/2026		220,000		233,473
DISH Network Corp., Conv., 3.38%, 08/15/2026		376,000		362,614
Intelsat Jackson Holdings S.A. (Luxembourg),
5.50%, 08/01/2023		967,000		832,708
8.50%, 10/15/2024(b)		501,000		457,370
9.75%, 07/15/2025(b)		210,000		194,688
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028(b)		400,000		430,600
UPCB Finance IV Ltd. (Netherlands), 5.38%, 01/15/2025(b)		450,000		463,538
Virgin Media Finance PLC (United Kingdom), 6.00%, 10/15/2024(b)		450,000		464,812
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 08/15/2026(b)		300,000		315,697
VTR Finance B.V. (Chile), 6.88%, 01/15/2024(b)		440,000		450,817
Ziggo Bond Co. B.V. (Netherlands), 5.88%, 01/15/2025(b)		200,000		206,709
				10,031,050
Casinos & Gaming–2.44%
Boyd Gaming Corp., 6.00%, 08/15/2026		226,000		243,311
Cirsa Finance International S.a.r.l. (Spain), 7.88%, 12/20/2023(b)		200,000		212,342
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.63%, 11/01/2021(b)		448,000		409,838
Melco Resorts Finance Ltd. (Hong Kong), 5.63%, 07/17/2027(b)		229,000		238,921

	Principal Amount		Value
Casinos & Gaming–(continued)
MGM China Holdings Ltd. (Macau), 5.88%, 05/15/2026(b)	$	206,000	$	218,746
MGM Resorts International,
7.75%, 03/15/2022		519,000		579,609
6.00%, 03/15/2023		305,000		335,373
Scientific Games International, Inc., 7.00%, 05/15/2028(b)		251,000		269,034
Studio City Finance Ltd. (Macau), 7.25%, 02/11/2024(b)		505,000		535,090
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b)		685,000		735,512
				3,777,776
Coal & Consumable Fuels–0.68%
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)		1,097,000		1,057,684
Commodity Chemicals–0.82%
Koppers, Inc., 6.00%, 02/15/2025(b)		460,000		482,996
Nufarm Australia Ltd./Nufarm Americas, Inc. (Australia), 5.75%, 04/30/2026(b)		306,000		302,281
Olin Corp., 5.63%, 08/01/2029		466,000		493,051
				1,278,328
Communications Equipment–0.75%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		152,000		152,552
Hughes Satellite Systems Corp., 7.63%, 06/15/2021		942,000		1,008,194
				1,160,746
Construction & Engineering–0.48%
William Lyon Homes, Inc.,
6.00%, 09/01/2023		124,000		129,632
6.63%, 07/15/2027(b)		562,000		611,370
				741,002
Construction Materials–0.18%
Cemex S.A.B. de C.V. (Mexico), 5.45%, 11/19/2029(b)		270,000		282,488
Consumer Finance–1.78%
Ally Financial, Inc., 5.13%, 09/30/2024		966,000		1,067,309
Navient Corp.,
8.00%, 03/25/2020		178,000		180,142
7.25%, 01/25/2022		345,000		375,436
7.25%, 09/25/2023		1,005,000		1,138,183
				2,761,070
Copper–1.88%
First Quantum Minerals Ltd. (Zambia), 7.50%, 04/01/2025(b)		1,022,000		1,047,126
Freeport-McMoRan, Inc., 5.40%, 11/14/2034		1,118,000		1,173,702

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

Invesco V.I. High Yield Fund

	Principal Amount		Value
Copper–(continued)
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(b)	$	840,000	$	699,562
				2,920,390
Data Processing & Outsourced Services–0.55%
Alliance Data Systems Corp., 4.75%, 12/15/2024(b)		394,000		394,000
Cardtronics Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)		440,000		457,783
				851,783
Distributors–0.66%
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(b)(e)		975,000		1,016,842
Diversified Banks–0.94%
Barclays Bank PLC (United Kingdom), 7.63%, 11/21/2022		200,000		224,893
Credit Agricole S.A. (France), 8.13%(b)(f)		507,000		616,449
Societe Generale S.A. (France), 7.38%(b)(f)		308,000		327,027
Standard Chartered PLC (United Kingdom), 7.50%(b)(f)		263,000		283,957
				1,452,326
Diversified Chemicals–0.53%
Braskem Netherlands Finance B.V. (Brazil), 4.50%, 01/31/2030(b)		320,000		318,880
Chemours Co. (The), 7.00%, 05/15/2025		220,000		222,109
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b)		285,000		285,712
				826,701
Diversified Metals & Mining–0.53%
Hudbay Minerals, Inc. (Canada), 7.63%, 01/15/2025(b)		396,000		418,804
Vedanta Resources Ltd. (India), 6.38%, 07/30/2022(b)		407,000		400,208
				819,012
Diversified REITs–0.73%
Colony Capital, Inc., Conv.,
3.88%, 01/15/2021		34,000		33,575
5.00%, 04/15/2023		268,000		267,659
iStar, Inc., 4.75%, 10/01/2024		803,000		833,783
				1,135,017
Diversified Support Services–0.31%
IAA, Inc., 5.50%, 06/15/2027(b)		454,000		483,215
Electric Utilities–0.25%
DPL, Inc., 4.35%, 04/15/2029(b)		405,000		390,729

	Principal Amount		Value
Electrical Components & Equipment–0.51%
EnerSys,
5.00%, 04/30/2023(b)	$	598,000	$	628,148
4.38%, 12/15/2027(b)		172,000		170,297
				798,445
Electronic Equipment & Instruments–0.48%
Itron, Inc., 5.00%, 01/15/2026(b)		452,000		469,672
MTS Systems Corp., 5.75%, 08/15/2027(b)		260,000		272,440
				742,112
Environmental & Facilities Services–0.47%
GFL Environmental, Inc. (Canada),
7.00%, 06/01/2026(b)		141,000		149,354
5.13%, 12/15/2026(b)		103,000		108,550
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		444,000		463,901
				721,805
Fertilizers & Agricultural Chemicals–0.32%
OCI N.V. (Netherlands), 6.63%, 04/15/2023(b)		481,000		503,126
Food Retail–1.29%
Albertsons Cos., Inc./Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC,
6.63%, 06/15/2024		783,000		821,484
7.50%, 03/15/2026(b)		278,000		312,576
5.88%, 02/15/2028(b)		309,000		328,884
Quatrim S.A.S.U. (France), 5.88%, 01/15/2024(b)		100,000		118,455
Simmons Foods, Inc., 5.75%, 11/01/2024(b)		419,000		421,969
				2,003,368
Forest Products–0.38%
Norbord, Inc. (Canada), 5.75%, 07/15/2027(b)		560,000		582,595
Gas Utilities–1.16%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		741,000		818,323
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.50%, 06/01/2024		955,000		983,641
				1,801,964
Health Care Facilities–3.18%
Community Health Systems, Inc.,
6.25%, 03/31/2023		777,000		790,597
8.00%, 03/15/2026(b)		449,000		463,311
HCA, Inc.,
7.50%, 02/15/2022		334,000		369,664
5.38%, 02/01/2025		640,000		709,066
5.88%, 02/15/2026		410,000		466,982
5.50%, 06/15/2047		170,000		195,159

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 Facilities–(continued)
Tenet Healthcare Corp., 6.75%, 06/15/2023	$	1,760,000	$	1,937,399
				4,932,178
Health Care REITs–0.27%
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		395,000		419,697
Health Care Services–1.95%
Eagle Holding Co. II LLC, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022(b)(e)		474,000		482,642
Envision Healthcare Corp., 8.75%, 10/15/2026(b)		213,000		132,667
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		795,000		816,145
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024(b)		650,000		630,494
Polaris Intermediate Corp., 9.25% PIK Rate, 8.50% Cash Rate, 12/01/2022(b)(e)		386,000		360,425
Surgery Center Holdings, Inc., 10.00%, 04/15/2027(b)		308,000		338,907
Team Health Holdings, Inc., 6.38%, 02/01/2025(b)		384,000		257,439
				3,018,719
Home Improvement Retail–0.26%
Hillman Group, Inc. (The), 6.38%, 07/15/2022(b)		438,000		408,572
Homebuilding–1.86%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		402,000		453,395
KB Home, 4.80%, 11/15/2029		300,000		306,750
Lennar Corp.,
8.38%, 01/15/2021		112,000		118,765
5.38%, 10/01/2022		404,000		432,406
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)		284,000		296,070
Meritage Homes Corp., 5.13%, 06/06/2027		350,000		373,746
PulteGroup, Inc., 6.38%, 05/15/2033		11,000		12,878
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b)		320,000		349,711
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)		498,000		538,047
				2,881,768
Household Products–1.35%
Energizer Holdings, Inc.,
6.38%, 07/15/2026(b)		77,000		82,147
7.75%, 01/15/2027(b)		275,000		307,835
Reynolds Group Issuer, Inc./LLC, 7.00%, 07/15/2024(b)		929,000		962,096
Spectrum Brands, Inc., 5.75%, 07/15/2025		705,000		737,613
				2,089,691

	Principal Amount		Value
Human Resource & Employment Services–0.35%
ASGN, Inc., 4.63%, 05/15/2028(b)	$	534,000	$	549,876
Independent Power Producers & Energy Traders–0.98%
Calpine Corp., 5.50%, 02/01/2024		334,000		339,842
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)		335,000		359,498
NRG Energy, Inc.,
7.25%, 05/15/2026		200,000		218,870
6.63%, 01/15/2027		175,000		190,199
5.25%, 06/15/2029(b)		374,000		405,079
				1,513,488
Industrial Machinery–1.65%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)		866,000		866,359
EnPro Industries, Inc., 5.75%, 10/15/2026		795,000		848,939
Mueller Industries, Inc., 6.00%, 03/01/2027		825,000		846,943
				2,562,241
Integrated Oil & Gas–0.47%
Petrobras Global Finance B.V. (Brazil), 5.75%, 02/01/2029		645,000		728,689
Integrated Telecommunication Services–2.65%
Altice France S.A. (France), 7.38%, 05/01/2026(b)		764,000		821,674
Cincinnati Bell, Inc.,
7.00%, 07/15/2024(b)		629,000		661,230
8.00%, 10/15/2025(b)		94,000		99,914
CommScope, Inc.,
6.00%, 03/01/2026(b)		467,000		497,646
8.25%, 03/01/2027(b)		536,000		565,132
Frontier Communications Corp.,
10.50%, 09/15/2022		1,501,000		735,958
11.00%, 09/15/2025		264,000		128,700
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		95,000		105,626
7.20%, 07/18/2036		417,000		495,146
				4,111,026
Interactive Media & Services–1.49%
Cable Onda S.A. (Panama), 4.50%, 01/30/2030(b)		210,000		221,518
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)		684,000		734,017
Diamond Sports Group LLC/Diamond Sports Finance Co.,
5.38%, 08/15/2026(b)		579,000		586,774
6.63%, 08/15/2027(b)		784,000		763,890
				2,306,199
Leisure Products–0.21%
Mattel, Inc., 6.75%, 12/31/2025(b)		303,000		326,296

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

Invesco V.I. High Yield Fund

	Principal Amount		Value
Managed Health Care–1.10%
Centene Corp.,
5.38%, 06/01/2026(b)	$	356,000	$	378,464
4.63%, 12/15/2029(b)		250,000		263,925
Molina Healthcare, Inc., 4.88%, 06/15/2025(b)		340,000		350,341
WellCare Health Plans, Inc.,
5.25%, 04/01/2025		367,000		382,594
5.38%, 08/15/2026(b)		310,000		330,723
				1,706,047
Metal & Glass Containers–0.95%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), 6.00%, 02/15/2025(b)		500,000		525,625
Flex Acquisition Co., Inc., 7.88%, 07/15/2026(b)		507,000		511,980
Trivium Packaging Finance B.V. (Netherlands),
5.50%, 08/15/2026(b)		206,000		217,459
8.50%, 08/15/2027(b)		200,000		222,870
				1,477,934
Movies & Entertainment–1.29%
AMC Entertainment Holdings, Inc.,
5.75%, 06/15/2025		735,000		681,407
6.13%, 05/15/2027		308,000		281,828
Netflix, Inc.,
5.75%, 03/01/2024		355,000		393,754
5.88%, 11/15/2028		577,000		640,706
				1,997,695
Oil & Gas Drilling–1.40%
Diamond Offshore Drilling, Inc., 4.88%, 11/01/2043		240,000		131,624
Ensign Drilling, Inc. (Canada), 9.25%, 04/15/2024(b)		395,000		373,765
Noble Holding International Ltd., 7.75%, 01/15/2024		709,000		370,392
Precision Drilling Corp. (Canada),
7.75%, 12/15/2023		94,000		94,039
5.25%, 11/15/2024		405,000		372,768
Transocean, Inc., 7.50%, 04/15/2031		662,000		514,722
Valaris PLC, 7.75%, 02/01/2026		544,000		308,707
				2,166,017
Oil & Gas Equipment & Services–0.41%
Calfrac Holdings L.P. (Canada), 8.50%, 06/15/2026(b)		350,000		144,384
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		153,000		145,786
SESI LLC, 7.13%, 12/15/2021		396,000		338,738
				628,908
Oil & Gas Exploration & Production–6.10%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(b)		633,000		631,179

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
California Resources Corp., 8.00%, 12/15/2022(b)	$	559,000	$	241,768
Callon Petroleum Co.,
6.13%, 10/01/2024		441,000		450,455
6.38%, 07/01/2026		169,000		171,949
Centennial Resource Production LLC, 6.88%, 04/01/2027(b)		499,000		520,119
Chesapeake Energy Corp., 11.50%, 01/01/2025(b)		173,000		163,918
Denbury Resources, Inc.,
9.00%, 05/15/2021(b)		250,000		242,438
5.50%, 05/01/2022		323,000		211,006
EP Energy LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/2024(b)(c)		420,000		211,224
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026		940,000		900,377
Gulfport Energy Corp.,
6.63%, 05/01/2023		608,000		513,948
6.00%, 10/15/2024		747,000		532,237
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026(b)		781,000		757,470
Oasis Petroleum, Inc., 6.88%, 01/15/2023		654,000		640,920
QEP Resources, Inc.,
5.25%, 05/01/2023		375,000		372,188
5.63%, 03/01/2026		440,000		430,221
SM Energy Co.,
6.75%, 09/15/2026		285,000		280,112
6.63%, 01/15/2027		96,000		94,577
Southwestern Energy Co.,
7.50%, 04/01/2026		341,000		316,286
7.75%, 10/01/2027		344,000		319,481
Whiting Petroleum Corp., 6.25%, 04/01/2023		560,000		470,400
WPX Energy, Inc., 5.25%, 09/15/2024		930,000		990,441
				9,462,714
Oil & Gas Refining & Marketing–1.38%
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022		700,000		701,968
NuStar Logistics L.P., 6.00%, 06/01/2026		681,000		721,434
Parkland Fuel Corp. (Canada), 6.00%, 04/01/2026(b)		676,000		715,310
				2,138,712
Oil & Gas Storage & Transportation–1.03%
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.75%, 01/15/2028(b)		813,000		709,363

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

Invesco V.I. High Yield Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.88%, 04/15/2026	$	743,000	$	790,830
5.50%, 03/01/2030(b)		100,000		102,875
				1,603,068
Other Diversified Financial Services–1.70%
eG Global Finance PLC (United Kingdom),
6.75%, 02/07/2025(b)		449,000		456,671
8.50%, 10/30/2025(b)		212,000		225,427
Lions Gate Capital Holdings LLC, 6.38%, 02/01/2024(b)		457,000		478,712
LPL Holdings, Inc., 5.75%, 09/15/2025(b)		509,000		533,809
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b)		910,000		941,841
				2,636,460
Packaged Foods & Meats–1.86%
B&G Foods, Inc.,
5.25%, 04/01/2025		389,000		400,832
5.25%, 09/15/2027		229,000		231,576
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025(b)		180,000		186,825
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030(b)		439,000		472,342
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(b)		343,000		371,503
Post Holdings, Inc.,
5.75%, 03/01/2027(b)		355,000		381,562
5.63%, 01/15/2028(b)		355,000		383,169
TreeHouse Foods, Inc., 6.00%, 02/15/2024(b)		448,000		465,174
				2,892,983
Paper Packaging–0.23%
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)		353,000		363,590
Paper Products–0.90%
Mercer International, Inc. (Germany),
6.50%, 02/01/2024		442,000		459,863
5.50%, 01/15/2026		162,000		165,244
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		713,000		770,288
				1,395,395
Pharmaceuticals–1.79%
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b)		372,000		427,967
Bausch Health Cos., Inc., 9.00%, 12/15/2025(b)		974,000		1,110,068
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/2023(b)		240,000		173,998

	Principal Amount		Value
Pharmaceuticals–(continued)
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b)	$	724,000	$	768,345
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		293,000		292,275
				2,772,653
Property & Casualty Insurance–0.12%
AmWINS Group, Inc., 7.75%, 07/01/2026(b)		169,000		187,248
Publishing–0.49%
Meredith Corp., 6.88%, 02/01/2026		735,000		766,272
Railroads–0.81%
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		1,277,000		1,252,526
Restaurants–0.58%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(b)		332,000		343,482
IRB Holding Corp., 6.75%, 02/15/2026(b)		531,000		557,735
				901,217
Security & Alarm Services–0.51%
Brink’s Co. (The), 4.63%, 10/15/2027(b)		545,000		562,616
GW B-CR Security Corp. (Canada), 9.50%, 11/01/2027(b)		207,000		221,355
				783,971
Specialized Consumer Services–0.56%
ServiceMaster Co. LLC (The), 7.45%, 08/15/2027		765,000		866,628
Specialized REITs–1.00%
Iron Mountain US Holdings, Inc., 5.38%, 06/01/2026(b)		248,000		259,866
Iron Mountain, Inc.,
5.75%, 08/15/2024		377,000		382,180
5.25%, 03/15/2028(b)		492,000		512,590
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)		518,000		391,305
				1,545,941
Specialty Chemicals–0.78%
Element Solutions, Inc., 5.88%, 12/01/2025(b)		578,000		606,172
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)		567,000		596,964
				1,203,136
Systems Software–0.11%
Camelot Finance S.A., 4.50%, 11/01/2026(b)		173,000		178,082

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

Invesco V.I. High Yield Fund

	Principal Amount		Value
Technology Hardware, Storage & Peripherals–0.27%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b)	$	396,000	$	418,275
Textiles–0.42%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(b)		814,000		653,573
Trading Companies & Distributors–2.00%
AerCap Global Aviation Trust (Ireland), 6.50% (3 mo. USD LIBOR + 4.30%), 06/15/2045(b)(g)		434,000		479,614
BMC East LLC, 5.50%, 10/01/2024(b)		649,000		676,852
Herc Holdings, Inc., 5.50%, 07/15/2027(b)		653,000		688,931
United Rentals North America, Inc.,
5.50%, 07/15/2025		41,000		42,687
5.88%, 09/15/2026		375,000		403,228
6.50%, 12/15/2026		188,000		206,972
5.25%, 01/15/2030		562,000		605,920
				3,104,204
Trucking–0.37%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
6.38%, 04/01/2024(b)		150,000		156,062
5.25%, 03/15/2025(b)		400,000		412,666
				568,728
Wireless Telecommunication Services–2.96%
Digicel Group One Ltd. (Jamaica), 8.25%, 12/30/2022(b)		205,000		114,864
Digicel Group Two Ltd. (Jamaica), 8.25%, 09/30/2022(b)		194,000		47,194
Intelsat (Luxembourg) S.A. (Luxembourg), 7.75%, 06/01/2021		347,000		274,911
Intelsat Connect Finance S.A. (Luxembourg), 9.50%, 02/15/2023(b)		159,000		111,650
Oztel Holdings SPC Ltd. (Oman), 5.63%, 10/24/2023(b)		477,000		509,865
Sprint Capital Corp., 8.75%, 03/15/2032		297,000		361,033
Sprint Corp.,
7.25%, 09/15/2021		457,000		484,109
7.88%, 09/15/2023		1,429,000		1,579,638
7.63%, 02/15/2025		275,000		302,459
7.63%, 03/01/2026		73,000		80,640
T-Mobile USA, Inc., 6.50%, 01/15/2026		671,000		720,694
				4,587,057
Total U.S. Dollar Denominated Bonds & Notes (Cost $133,674,419)				135,334,202

	Principal Amount		Value
Variable Rate Senior Loan Interests–1.97%(h)
Alternative Carriers–0.30%
CenturyLink, Inc., Term Loan B, 0.00% (1 mo. USD LIBOR + 2.75%), 01/31/2025	$	456,835	$	459,404
Cable & Satellite–0.80%
Altice Financing S.A. (Luxembourg), Term Loan, 4.70% (1 mo. USD LIBOR + 2.75%), 07/15/2025		326,389		326,308
Charter Communications Operating LLC, Term Loan B-1, 3.55% (3 mo. USD LIBOR + 1.75%), 04/30/2025		452,845		456,524
CSC Holdings LLC, Term Loan, 0.00% (1 mo. USD LIBOR + 2.50%), 04/15/2027		454,000		456,742
				1,239,574
Integrated Telecommunication Services–0.29%
Sprint Communications, Inc., Incremental Term Loan, 0.00% (1 mo. USD LIBOR + 3.00%), 02/02/2024		454,851		453,619
Paper Packaging–0.29%
Reynolds Group Holdings, Inc., Incremental Term Loan, 0.00% (1 mo. USD LIBOR + 2.75%), 02/05/2023		451,835		453,814
Pharmaceuticals–0.29%
Valeant Pharmaceuticals International, Inc. (Canada), First Lien Incremental Term Loan, 0.00% (1 mo. USD LIBOR + 2.75%), 11/27/2025		440,057		442,946
Total Variable Rate Senior Loan Interests (Cost $3,034,671)				3,049,357
Asset-Backed Securities–1.63%
Apidos CLO XV, Series 2013-15A, Class CRR, 3.82% (3 mo. USD LIBOR + 1.85%), 04/20/2031(b)(g)		474,000		454,447
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-1A, Class C, 4.75% (3 mo. USD LIBOR + 2.75%), 04/18/2032(b)(g)		420,000		420,186
Series 2019-3A, Class C, 4.73% (3 mo. USD LIBOR + 2.85%), 10/21/2032(b)(g)		308,000		308,610
Magnetite XXIII Ltd., Series 2019-23A, Class C, 4.27% (3 mo. USD LIBOR + 2.40%), 10/25/2032(b)(g)		474,000		475,217
Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class C1, 4.51% (3 mo. USD LIBOR + 2.60%), 01/20/2033(b)(g)		475,000		474,743
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class CR2, 3.64% (3 mo. USD LIBOR + 1.70%), 01/25/2031(b)(g)		418,732		397,607
Total Asset-Backed Securities (Cost $2,534,955)				2,530,810

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

Invesco V.I. High Yield Fund

	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–0.49%(i)
Diversified Banks–0.17%
Erste Group Bank AG (Austria), 6.50%(f)	EUR	200,000	$	261,395
Food Retail–0.26%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(b)	GBP	350,000		407,059
Textiles–0.06%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(b)	EUR	100,000		85,810
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $836,582)				754,264
U.S. Treasury Securities–0.18%
U.S. Treasury Bills–0.18%
1.54%, 04/09/2020 (Cost $283,802)(j)(k)	$	285,000		283,821
Agency Credit Risk Transfer Notes–0.07%
Freddie Mac Multifamily Connecticut Avenue Securities TrustSeries 2019-01, Class M10, 5.04%, (1 mo. USD LIBOR + 3.25%) 10/15/2049 (Cost $107,000)(b)(g)		107,000		111,808
	Shares
Common Stocks & Other Equity Interests–0.00%
Asset Management & Custody Banks–0.00%
Motors Liquidation Co. GUC Trust(l)		1		9

Investment Abbreviations:

CLO – Collateralized Loan Obligation

Conv. – Convertible

EUR – Euro

GBP – British Pound Sterling

GUC – General Unsecured Creditors

LIBOR – London Interbank Offered Rate

PIK – Pay-in-Kind

REIT – Real Estate Investment Trust

USD – U.S. Dollar

	Shares		Value
Diversified Support Services–0.00%
ACC Claims Holdings LLC(d)(l)		269,616	$	0
Other Diversified Financial Services–0.00%
Adelphia Recovery Trust, Series ACC1(m)		318,570		3
Adelphia Recovery Trust, Series Arahova(m)		109,170		109
				112
Total Common Stocks & Other Equity Interests (Cost $143,574)				121
Money Market Funds–8.17%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(n)		4,401,627		4,401,627
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(n)		3,244,628		3,245,601
Invesco Treasury Portfolio, Institutional Class, 1.49%(n)		5,030,431		5,030,431
Total Money Market Funds (Cost $12,677,660)				12,677,659
Options Purchased–0.03%
(Cost $80,190)(o)				50,008
TOTAL INVESTMENTS IN SECURITIES–99.79%
(Cost $153,372,853)				154,792,050
OTHER ASSETS LESS LIABILITIES–0.21%				326,232
NET ASSETS–100.00%			$	155,118,282

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, 2019 was $80,157,899, which represented 51.68% of the Fund’s Net Assets.

^(c)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at December 31, 2019 represented less than 1% 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)  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, 2019.

^(h)  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.

⁽ⁱ⁾  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(j)  All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 10.

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

^(l)  Non-income producing security.

^(m)  Acquired as part of the Adelphia Communications bankruptcy reorganization.

⁽ⁿ⁾  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

^(o)  The table below details options purchased.

Open Over-The-Counter Credit Default Swaptions Purchased

(Pay)/

Receive

Implied

Type of

Exercise

Reference

Fixed

Payment

Expiration

Credit

Notional

Counterparty

Contract

Rate

Entity

Rate

Frequency

Date

Spread(a)

Value

Value

Credit Risk

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

Put

1.08%

Markit CDX North America High Yield Index, Series 33, Version 2

(5.00

)%

Quarterly

02/19/2020

2.798

%

$

15,000,000

$

50,008

^(a)  Implied credit spreads represent the current level, as of December 31, 2019, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Credit Default Swaptions Written

(Pay)/

Receive

Implied

Type of

Exercise

Reference

Fixed

Payment

Expiration

Credit

Premiums

Notional

Unrealized

Counterparty

Contract

Rate

Entity

Rate

Frequency

Date

Spread(a)

Received

Value

Value

Appreciation

Credit Risk

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

Put

1.06

%

Markit CDX North America High Yield Index, Series 33, Version 2

5.00

%

Quarterly

02/19/2020

2.798

%

$(29,700)

$(15,000,000)

$(18,975)

$10,725

(a) Implied credit spreads represent the current level, as of December 31, 2019, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Centrally Cleared Credit Default Swap Agreements

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(a)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation(b)

Credit Risk

Markit CDX North America High Yield Index, Series 33, Version 2

Sell

5.00%

Quarterly

12/20/2024

2.80

%

USD 4,950,000

$471,974

$476,859

$4,885

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

Invesco V.I. High Yield Fund

^(a)  Implied credit spreads represent the current level, as of December 31, 2019, 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.

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

Open Forward Foreign Currency Contracts

						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
02/28/2020	Barclays Bank PLC		GBP 146,765		USD 188,952		$  (5,755)
02/28/2020	Citibank, N.A.		EUR 706,629		USD 784,315		(11,080)
Total Forward Foreign Currency Contracts							$(16,835)

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

Open Over-The-Counter Total Return Swap Agreements

Upfront

Payments

Pay/

Fixed

Payment

Number of

Paid

Unrealized

Counterparty

Receive

Reference Entity

Rate

Frequency

Contracts

Maturity Date

Notional Value

(Received)

Value

Appreciation

Equity Risk

Morgan Stanley & Co. LLC

Pay

Markit iBoxx USD Liquid Liveraged Loan Index

0.00

%

Quarterly

13,724

June-2020

$

2,440,000

$-

$10,055

$10,055

Morgan Stanley & Co. LLC

Pay

Markit iBoxx USD Liquid Liveraged Loan Index

0.00

Quarterly

8,774

June-2020

1,560,000

-

6,429

6,429

Total – Total Return Swap Agreements

$-

$16,484

$16,484

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, 2019

Assets:
Investments in securities, at value (Cost $140,695,193)	$	142,114,391
Investments in affiliated money market funds, at value (Cost $12,677,660)		12,677,659
Other investments:
Unrealized appreciation on swap agreements – OTC		16,484
Cash		44,660
Foreign currencies, at value (Cost $606,205)		617,835
Receivable for:
Fund shares sold		73,443
Dividends		16,050
Interest		2,381,617
Investments matured, at value (Cost $179,953)		0
Investment for trustee deferred compensation and retirement plans		82,205
Total assets		158,024,344
Liabilities:
Other investments:
Options written, at value (premiums received $29,700)		18,975
Variation margin payable - centrally cleared swap agreements		2,536
Unrealized depreciation on forward foreign currency contracts outstanding		16,835
Swaps payable – OTC		2,544
Payable for:
Investments purchased		2,580,957
Fund shares reacquired		29,023
Accrued fees to affiliates		131,613
Accrued other operating expenses		36,212
Trustee deferred compensation and retirement plans		87,367
Total liabilities		2,906,062
Net assets applicable to shares outstanding	$	155,118,282
Net assets consist of:
Shares of beneficial interest	$	165,450,183
Distributable earnings (loss)		(10,331,901	)
	$155,118,282
Net Assets:
Series I	$	50,189,730
Series II	$	104,928,552
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		9,273,670
Series II		19,578,876
Series I:
Net asset value per share	$	5.41
Series II:
Net asset value per share	$	5.36

Statement of Operations

For the year ended December 31, 2019

Investment income:
Interest	$	9,431,686
Dividends from affiliated money market funds		151,658
Dividends		12,001
Total investment income		9,595,345
Expenses:
Advisory fees		947,906
Administrative services fees		254,157
Custodian fees		9,650
Distribution fees - Series II		244,522
Transfer agent fees		27,384
Trustees’ and officers’ fees and benefits		20,657
Reports to shareholders		11,087
Professional services fees		65,057
Other		14,005
Total expenses		1,594,425
Less: Fees waived		(8,211	)
Net expenses		1,586,214
Net investment income		8,009,131
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(7,662,981	)
Foreign currencies		(13,793	)
Forward foreign currency contracts		59,398
Option contracts written		156,370
Swap agreements		(53,697	)
		(7,514,703	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		17,909,612
Foreign currencies		8,677
Forward foreign currency contracts		(3,630	)
Option contracts written		15,892
Swap agreements		259,731
		18,190,282
Net realized and unrealized gain		10,675,579
Net increase in net assets resulting from operations	$	18,684,710

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	8,009,131		$	8,275,606
Net realized gain (loss)		(7,514,703	)		(824,052	)
Change in net unrealized appreciation (depreciation)		18,190,282			(13,592,308	)
Net increase (decrease) in net assets resulting from operations		18,684,710			(6,140,754	)
Distributions to shareholders from distributable earnings:
Series I		(3,070,770	)		(4,211,171	)
Series II		(5,696,932	)		(4,569,006	)
Total distributions from distributable earnings		(8,767,702	)		(8,780,177	)
Share transactions–net:
Series I		(9,441,935	)		(17,542,621	)
Series II		12,704,138			2,229,098
Net increase (decrease) in net assets resulting from share transactions		3,262,203			(15,313,523	)
Net increase (decrease) in net assets		13,179,211			(30,234,454	)
Net assets:
Beginning of year		141,939,071			172,173,525
End of year	$	155,118,282		$	141,939,071

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.

																												Ratio of			Ratio of
																												expenses			expenses
							Net gains																					to average			to average net
							(losses)																					net assets			assets without			Ratio of net
	Net asset						on securities								Dividends													with fee waivers			fee waivers			investment
	value,			Net			(both				Total from				from net				Net asset						Net assets,			and/or			and/or			income
	beginning			investment			realized and				investment				investment				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income(a)			unrealized)				operations				income				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Series I
Year ended 12/31/19		$	5.06		$	0.29		$	0.39			$	0.68			$	(0.33	)		$	5.41		13.51	%		$	50,190		0.88	%(d)		0.89	%(d)		5.45	%(d)		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
Year ended 12/31/15			5.53			0.29			(0.46	)			(0.17	)			(0.30	)			5.06		(3.17	)			73,594		1.03			1.03			5.23			99
Series II
Year ended 12/31/19			5.02			0.28			0.37				0.65				(0.31	)			5.36		13.16				104,929		1.13	(d)		1.14	(d)		5.20	(d)		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
Year ended 12/31/15			5.50			0.27			(0.45	)			(0.18	)			(0.29	)			5.03		(3.37	)			70,840		1.28			1.28			4.98			99

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are based on average daily net assets (000’s omitted) of $53,875 and $97,790 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, 2019

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

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

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

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

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends,

Invesco V.I. High Yield Fund

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

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

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

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

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

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

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

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

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

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

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

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

I. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

J. Lower-Rated Securities – The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., “junk bonds”.

Invesco V.I. High Yield Fund

Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

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

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

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

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

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

M. 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.

N. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Invesco V.I. High Yield Fund

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.

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

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract 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

Invesco V.I. High Yield Fund

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. 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, 2019 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.

P. 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

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

Average Daily Net Assets	Rate
First $ 200 million		0.625%
Next $300 million		0.550%
Next $500 million		0.500%
Over $1 billion		0.450%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.625%.

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, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $8,211.

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, 2019, Invesco was paid $21,327 for accounting and fund administrative services and was reimbursed $232,830 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. High Yield Fund

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	–	$	135,334,202			$–	$	135,334,202
Variable Rate Senior Loan Interests		–		3,049,357			–		3,049,357
Asset-Backed Securities		–		2,530,810			–		2,530,810
Non-U.S. Dollar Denominated Bonds & Notes		–		754,264			–		754,264
U.S. Treasury Securities		–		283,821			–		283,821
Agency Credit Risk Transfer Notes		–		111,808			–		111,808
Common Stocks & Other Equity Interests		121		–			0		121
Money Market Funds		12,677,659		–			–		12,677,659
Options Purchased		–		50,008			–		50,008
Investments Matured		–		–			0		0
Total Investments in Securities		12,677,780		142,114,270			0		154,792,050
Other Investments - Assets*
Swap Agreements		–		21,369			–		21,369
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(16,835	)		–		(16,835	)
Options Written		–		(18,975	)		–		(18,975	)
		–		(35,810	)		–		(35,810	)
Total Other Investments		–		(14,441	)		–		(14,441	)
Total Investments	$	12,677,780	$	142,099,829			$0	$	154,777,609

* Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

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

Invesco V.I. High Yield Fund

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, 2019:

	Value
	Credit			Currency			Equity
Derivative Assets	Risk			Risk			Risk		Total
Unrealized appreciation on swap agreements – Centrally Cleared(a)	$	4,885		$	-		$	-	$	4,885
Unrealized appreciation on swap agreements – OTC		-			-			16,484		16,484
Options purchased, at value – OTC(b)		50,008			-			-		50,008
Total Derivative Assets		54,893			-			16,484		71,377
Derivatives not subject to master netting agreements		(4,885	)		-			-		(4,885	)
Total Derivative Assets subject to master netting agreements	$	50,008		$	-		$	16,484	$	66,492
	Value
	Credit			Currency			Equity
Derivative Liabilities	Risk			Risk			Risk		Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	-		$	(16,835	)	$	-	$	(16,835	)
Options written, at value – OTC		(18,975	)		-			-		(18,975	)
Total Derivative Liabilities		(18,975	)		(16,835	)		-		(35,810	)
Derivatives not subject to master netting agreements		-			-			-		-
Total Derivative Liabilities subject to master netting agreements	$	(18,975	)	$	(16,835	)	$	-	$	(35,810	)

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

^(b)  Options purchased, at value as reported in the 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, 2019.

																			Collateral
	Financial Derivative Assets						Financial Derivative Liabilities												(Received/Pledged)
							Forward
							Foreign
	Options		Swap		Total		Currency			Options			Swap			Total			Net Value of					Net
Counterparty	Purchased		Agreements		Assets		Contracts			Written			Agreements			Liabilities			Derivatives			Non-Cash	Cash	Amount
Barclays Bank PLC	$	-	$	-	$	-	$	(5,755	)	$	-		$	-		$	(5,755	)	$	(5,755	)	$-	`$-	$	(5,755	)
Citibank, N.A.		-		-		-		(11,080	)		-			-			(11,080	)		(11,080	)	-	-		(11,080	)
J.P. Morgan Chase Bank, N.A.		50,008		-		50,008		-			(18,975	)		-			(18,975	)		31,033		-	-		31,033
Morgan Stanley Capital Services LLC		-		16,484		16,484		-			-			(2,544	)		(2,544	)		13,940		-	-		13,940
Total	$	50,008	$	16,484	$	66,492	$	(16,835	)	$	(18,975	)	$	(2,544	)	$	(38,354	)	$	28,138		$-	$-	$	28,138

Effect of Derivative Investments for the year ended December 31, 2019

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		Currency			Equity		Interest
	Risk		Risk			Risk		Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-	$	59,398		$	-	$	-		$	59,398
Options purchased(a)		-		(13,612	)		-		(66,538	)		(80,150	)
Options written		-		-			-		156,370			156,370
Swap agreements		78,139		-			58,967		(190,803	)		(53,697	)

Invesco V.I. High Yield Fund

	Location of Gain (Loss) on
	Statement of Operations
	Credit		Currency			Equity		Interest
	Risk		Risk			Risk		Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-	$	(3,630	)	$	-	$	-		$	(3,630	)
Options purchased(a)		1,498		-			-		-			1,498
Options written		15,892		-			-		-			15,892
Swap agreements		243,247		-			16,484		-			259,731
Total	$	338,776	$	42,156		$	75,451	$	(100,971	)	$	355,412

^(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	Swaptions	Options	Options	Swap
	Contracts	Purchased	Purchased	Written	Agreements
Average notional value	$1,556,371	$17,071,429	$2,994,200	$14,757,143	$6,317,636

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 exceed 5% of the Fund’s total assets.

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, 2019 and 2018:

	2019		2018
Ordinary income	$	8,767,702	$	8,780,177

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	7,992,327
Net unrealized appreciation – investments		1,186,593
Net unrealized appreciation - foreign currencies		11,787
Temporary book/tax differences		(65,248	)
Capital loss carryforward		(19,457,360	)
Shares of beneficial interest		165,450,183
Total net assets	$	155,118,282

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 difference is attributable primarily to wash sales, swap agreements and forward foreign currency contracts.

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. Capital losses generated in years beginning after December 22, 2010

Invesco V.I. High Yield Fund

can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2019, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	6,519,207	$	12,938,153	$	19,457,360

* Capital loss carryforward as of the date listed above 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, 2019 was $76,208,054 and $82,787,136, 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	$	5,676,261
Aggregate unrealized (depreciation) of investments		(4,489,668	)
Net unrealized appreciation of investments	$	1,186,593

Cost of investments for tax purposes is $153,591,016.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2019, undistributed net investment income was increased by $62,161 and undistributed net realized gain (loss) was decreased by $62,161. 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						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		10,060,540		$	54,316,527			14,839,601		$	80,754,950
Series II		3,671,455			19,825,254			3,110,907			16,714,977
Issued as reinvestment of dividends:
Series I		581,585			3,070,770			793,064			4,211,171
Series II		1,089,280			5,696,932			866,984			4,569,006
Reacquired:
Series I		(12,378,602	)		(66,829,232	)		(19,216,611	)		(102,508,742	)
Series II		(2,376,915	)		(12,818,048	)		(3,585,217	)		(19,054,885	)
Net increase (decrease) in share activity		647,343		$	3,262,203			(3,191,272	)	$	(15,313,523	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. High Yield Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses Paid During       Period2	Ending   Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,033.00	$4.51	$1,020.77	$4.48	0.88%
Series II	1,000.00	1,031.00	5.78	1,019.51	5.75	1.13

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. High Yield 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, 2019:

Federal and State Income Tax
Corporate Dividends Received Deduction*	0.55	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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. High Yield Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. International Growth Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. VIIGR-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, Series I shares of Invesco V.I. International Growth Fund (the Fund) outperformed 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	28.57	%
Series II Shares	28.24
MSCI All Country World ex-USA Indexq (Broad Market Index)	21.51
Custom Invesco International Growth Index∎ (Style-Specific Index)	27.34
Lipper VUF International Large-Cap Growth Funds Index¨ (Peer Group Index)	28.04
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ¨Lipper Inc.

Market conditions and your Fund

After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second and third quarters, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

Much of the year showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold.

During the year, third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European

Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union. In this environment, global equity markets had robust gains for the year, with developed markets outperforming emerging markets.

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.

During the year, relative outperformance versus the Fund’s style-specific benchmark was primarily driven by strong stock selection in the consumer staples sector. Within the sector, Chinese spirits producers Wuliangye Yibin and Kweichow Moutai contributed favorably to both absolute and relative results. The companies benefited from the consumption upgrade cycle in China with the popularity of its premium Baiju brands. Denmark-based brewer Carlsberg was

another notable relative contributor within consumer staples. Stock selection and underweight exposure to the communication services sector contributed to the Fund’s relative performance as well. Within the sector, UK-based Informa was a key contributor to absolute and relative performance during the year. Geographically, strong stock selection in China added to both absolute and relative returns. Stock selection and underweight exposure to Japan was beneficial as well.

  Stock selection in the energy and information technology (IT) sectors were key detractors from the Fund’s relative return compared to its style-specific benchmark for the year. Within energy, Canada-based PrairieSky Royalty and UK-based TechnipFMC underperformed and were notable relative detractors during the year. We sold our position in PrairieSky Royalty during the year as falling commodity prices and declining production volumes caused deteriorating earnings. Within the IT sector, lack of exposure to strong performers within the Fund’s style-specific benchmark including ASML and Shopify hampered relative results. Geographically, the portfolio’s holdings in Canada and the Netherlands underperformed those of the style-specific benchmark, detracting from relative return.

  Given the rising equity market during the year, the Fund’s cash position detracted from relative results compared to its style-specific benchmark. It is important to note that cash is a residual of our bottom-up investment process and not the result of any top-down tactical asset allocation or risk-management allocation decision.

  During the year, we looked 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. We added

Portfolio Composition
By sector	% of total net assets

Industrials	17.61%
Financials	17.41
Information Technology	16.75
Consumer Staples	16.55
Consumer Discretionary	12.17
Health Care	6.83
Communication Services	4.69
Energy	2.53
Materials	2.24
Money Market Funds Plus Other Assets Less Liabilities	3.22

Top 10 Equity Holdings*
% of total net assets
1.  CGI, Inc., Class A	3.90%
2.  SAP SE	3.01
3.  Investor AB, Class B	2.82
4.  Wolters Kluwer N.V.	2.73
5.  Taiwan Semiconductor Manufacturing Co. Ltd., ADR	2.65
6.  Allianz SE	2.64
7.  Philip Morris International, Inc.	2.60
8.  Deutsche Boerse AG	2.37
9.  Samsung Electronics Co. Ltd.	2.34
10. RELX PLC	2.30

Total Net Assets	$1.5 billion
Total Number of Holdings*	63

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, 2019.

Invesco V.I. International Growth Fund

several new holdings, including France-based testing, inspection and certification services company Bureau Veritas, Brazil-based beer and soft drink distributor Ambev and Hong Kong-based life insurance company AIA Group. We sold several holdings, including China-based consumer staples company Henan Shuanghui Investment & Development, Australia-based industrials company Brambles and UK-based consumer staples company Unilever. After owning consumer products maker Unilever for over a decade, we exited our position in early 2019 driven by concerns about rising valuation levels, higher risks to the business, as well as turnover in management.

As always, regardless of the macroeconomic environment, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for 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. We believe that this balanced EQV-focused approach may help deliver attractive risk-adjusted returns over the long term.

We thank you for your continued investment in Invesco V.I. International Growth Fund.

Portfolio managers:

Brent Bates

Matthew Dennis

Mark Jason

Richard Nield

Clas Olsson

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. International Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1   Source: Lipper Inc.

2   Source: Invesco, RIMES Technologies Corp.

3   Source: RIMES Technologies Corp.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (5/5/93)	7.18	%
10 Years	6.62
5 Years	5.50
1 Year	28.57
Series II Shares
Inception (9/19/01)	7.34	%
10 Years	6.35
5 Years	5.23
1 Year	28.24

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.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.93% and 1.18%, respectively.¹ The total annual

Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.94% and 1.19%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. International Growth Fund

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, 2019, 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 market stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for nonresident 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 Lipper VUF International Large-Cap Growth Funds Index is an unmanaged index considered representative of international large-cap growth variable insurance underlying funds tracked by Lipper.

∎ The MSCI EAFE^® Growth Index is an unmanaged index considered representative of the growth stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ 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. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles

require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. International Growth Fund

Schedule of Investments

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–96.78%
Australia–0.76%
CSL Ltd.		57,302	$     11,120,663
Brazil–3.71%
Ambev S.A., ADR		4,491,636	20,931,024
B3 S.A. - Brasil Bolsa Balcao		1,678,734	17,938,616
Banco Bradesco S.A., ADR		1,757,928	15,733,456
			54,603,096
Canada–7.86%
Canadian National Railway Co.		296,817	26,850,790
CGI, Inc., Class A(a)		685,973	57,406,096
Nutrien Ltd.		265,006	12,687,554
Suncor Energy, Inc.		574,525	18,830,067
			115,774,507
China–7.16%
Alibaba Group Holding Ltd., ADR(a)		154,102	32,685,034
Kweichow Moutai Co. Ltd., A Shares		71,413	12,141,518
New Oriental Education & Technology Group, Inc., ADR(a)		130,804	15,859,985
Wuliangye Yibin Co. Ltd., A Shares		929,497	17,751,526
Yum China Holdings, Inc.		562,849	27,022,380
			105,460,443
Denmark–1.59%
Carlsberg A/S, Class B		156,524	23,349,599
France–9.87%
Bureau Veritas S.A.		1,094,365	28,596,651
EssilorLuxottica S.A.		108,839	16,625,988
Pernod Ricard S.A.		90,095	16,127,499
Schneider Electric SE		289,919	29,823,422
Vinci S.A.		278,771	30,970,170
Vivendi S.A.		796,082	23,074,505
			145,218,235
Germany–8.63%
Allianz SE		158,718	38,919,364
Beiersdorf AG		74,761	8,945,771
Deutsche Boerse AG		221,893	34,896,710
SAP SE		328,270	44,240,885
			127,002,730
Hong Kong–1.17%
AIA Group Ltd.		1,637,800	17,232,367
Ireland–1.13%
ICON PLC(a)		96,780	16,668,419
Italy–2.38%
FinecoBank Banca Fineco S.p.A.		1,898,302	22,785,703

	Shares		Value
Italy–(continued)
Mediobanca Banca di Credito Finanziario S.p.A.		1,105,547	$     12,177,553
			34,963,256
Japan–9.85%
Asahi Group Holdings Ltd.		601,900	27,494,608
FANUC Corp.		67,400	12,447,984
Hoya Corp.		324,200	30,954,660
Kao Corp.		166,200	13,707,840
Keyence Corp.		51,400	18,193,194
Koito Manufacturing Co. Ltd.		270,800	12,533,515
Komatsu Ltd.		507,700	12,172,295
SMC Corp.		38,200	17,461,539
			144,965,635
Macau–1.82%
Galaxy Entertainment Group Ltd.		3,639,000	26,822,362
Mexico–1.37%
Fomento Economico Mexicano S.A.B. de C.V., ADR		212,813	20,112,957
Netherlands–4.14%
ING Groep N.V.		1,725,688	20,739,390
Wolters Kluwer N.V.		550,758	40,256,645
			60,996,035
Singapore–1.51%
United Overseas Bank Ltd.		1,128,366	22,194,866
South Korea–3.48%
NAVER Corp.(a)		104,209	16,787,355
Samsung Electronics Co. Ltd.		715,957	34,497,911
			51,285,266
Spain–1.60%
Amadeus IT Group S.A.		288,008	23,598,462
Sweden–2.82%
Investor AB, Class B		759,317	41,486,452
Switzerland–6.17%
Alcon, Inc.(a)		237,980	13,481,498
Cie Financiere Richemont S.A.		150,589	11,820,858
Julius Baer Group Ltd.(a)		234,815	12,126,862
Kuehne + Nagel International AG		148,591	25,047,562
Novartis AG		299,214	28,348,242
			90,825,022
Taiwan–2.65%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		670,183	38,937,632

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

Invesco V.I. International Growth Fund

	Shares		Value
United Kingdom–9.80%
British American Tobacco PLC		602,786	$     25,681,836
Compass Group PLC		654,772	16,402,601
Informa PLC		2,565,697	29,165,172
Melrose Industries PLC		544,296	1,739,768
Reckitt Benckiser Group PLC		234,399	19,034,603
RELX PLC		1,341,186	33,834,333
TechnipFMC PLC		869,204	18,465,674
			144,323,987
United States–7.31%
Amcor PLC, CDI		1,854,087	20,317,649
Booking Holdings, Inc.(a)		9,437	19,381,050
Broadcom, Inc.		93,917	29,679,650
Philip Morris International, Inc.		449,584	38,255,103
			107,633,452
Total Common Stocks & Other Equity Interests (Cost $944,085,433)			1,424,575,443

	Shares		Value
Money Market Funds–2.77%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(b)		14,279,963	$     14,279,963
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(b)		10,200,528	10,203,588
Invesco Treasury Portfolio, Institutional Class, 1.49%(b)		16,319,957	16,319,957
Total Money Market Funds (Cost $40,801,515)			40,803,508
TOTAL INVESTMENTS IN SECURITIES–99.55% (Cost $984,886,948)			1,465,378,951
OTHER ASSETS LESS LIABILITIES–0.45%			6,653,763
NET ASSETS–100.00%			$1,472,032,714

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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, 2019

Assets:
Investments in securities, at value (Cost $944,085,433)	$1,424,575,443
Investments in affiliated money market funds, at value (Cost $40,801,515)	40,803,508
Foreign currencies, at value (Cost $804,052)	808,683
Receivable for:
Investments sold	3,847,468
Fund shares sold	780,907
Dividends	4,370,464
Investment for trustee deferred compensation and retirement plans	271,007
Total assets	1,475,457,480
Liabilities:
Payable for:
Investments purchased	707,147
Fund shares reacquired	558,143
Amount due custodian	613,073
Accrued fees to affiliates	1,193,336
Accrued trustees’ and officers’ fees and benefits	4,167
Accrued other operating expenses	53,693
Trustee deferred compensation and retirement plans	295,207
Total liabilities	3,424,766
Net assets applicable to shares outstanding	$1,472,032,714
Net assets consist of:
Shares of beneficial interest	$963,320,855
Distributable earnings	508,711,859
	$1,472,032,714
Net Assets:
Series I	$   466,400,776
Series II	$1,005,631,938
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I	11,942,228
Series II	26,130,889
Series I:
Net asset value per share	$              39.05
Series II:
Net asset value per share	$              38.48

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $3,407,783)	$	33,365,751
Dividends from affiliated money market funds		1,198,441
Total investment income		34,564,192
Expenses:
Advisory fees		10,096,407
Administrative services fees		2,323,954
Custodian fees		110,269
Distribution fees - Series II		2,426,952
Transfer agent fees		85,195
Trustees’ and officers’ fees and benefits		41,285
Reports to shareholders		7,881
Professional services fees		57,252
Other		17,741
Total expenses		15,166,936
Less: Fees waived		(63,247	)
Net expenses		15,103,689
Net investment income		19,460,503
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		36,687,689
Foreign currencies		(201,463	)
		36,486,226
Change in net unrealized appreciation of:
Investment securities (net of foreign taxes of $24,371)		292,272,666
Foreign currencies		17,319
		292,289,985
Net realized and unrealized gain		328,776,211
Net increase in net assets resulting from operations	$	348,236,714

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	19,460,503		$	27,428,724
Net realized gain		36,486,226			141,516,648
Change in net unrealized appreciation (depreciation)		292,289,985			(430,688,387	)
Net increase (decrease) in net assets resulting from operations		348,236,714			(261,743,015	)
Distributions to shareholders from distributable earnings:
Series I		(35,398,141	)		(14,207,500	)
Series II		(74,537,058	)		(29,812,608	)
Total distributions from distributable earnings		(109,935,199	)		(44,020,108	)
Share transactions–net:
Series I		(25,039,724	)		(118,679,986	)
Series II		(18,732,098	)		(374,671,558	)
Net increase (decrease) in net assets resulting from share transactions		(43,771,822	)		(493,351,544	)
Net increase (decrease) in net assets		194,529,693			(799,114,667	)
Net assets:
Beginning of year		1,277,503,021			2,076,617,688
End of year	$	1,472,032,714		$	1,277,503,021

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.

																																				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 12/31/19		$	32.98		$	0.58		$	8.60			$	9.18			$	(0.62	)		$	(2.49	)		$	(3.11	)		$	39.05		28.54	%		$	466,401		0.89	%(d)		0.89	%(d)		1.54	%(d)		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
Year ended 12/31/15			34.87			0.48			(1.33	)			(0.85	)			(0.53	)			—				(0.53	)			33.49		(2.34	)			601,760		1.00			1.01			1.35			22
Series II
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	(d)		1.14	(d)		1.29	(d)		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
Year ended 12/31/15			34.42			0.38			(1.31	)			(0.93	)			(0.45	)			—				(0.45	)			33.04		(2.61	)			1,169,823		1.25			1.26			1.10			22

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are based on average daily net assets (000’s omitted) of $453,636 and $970,851 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, 2019

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. International Growth Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. International Growth Fund

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.750%
Over $250 million		0.700%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.71%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $63,247.

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, 2019, Invesco was paid $201,937 for accounting and fund administrative services and was reimbursed $2,122,017 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Invesco V.I. International Growth Fund

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	11,120,663		$–	$	11,120,663
Brazil		36,664,480		17,938,616		–		54,603,096
Canada		115,774,507		–		–		115,774,507
China		75,567,399		29,893,044		–		105,460,443
Denmark		–		23,349,599		–		23,349,599
France		–		145,218,235		–		145,218,235
Germany		–		127,002,730		–		127,002,730
Hong Kong		–		17,232,367		–		17,232,367
Ireland		16,668,419		–		–		16,668,419
Italy		–		34,963,256		–		34,963,256
Japan		–		144,965,635		–		144,965,635
Macau		–		26,822,362		–		26,822,362
Mexico		20,112,957		–		–		20,112,957
Netherlands		–		60,996,035		–		60,996,035
Singapore		–		22,194,866		–		22,194,866
South Korea		–		51,285,266		–		51,285,266
Spain		–		23,598,462		–		23,598,462
Sweden		–		41,486,452		–		41,486,452
Switzerland		–		90,825,022		–		90,825,022
Taiwan		38,937,632		–		–		38,937,632
United Kingdom		–		144,323,987		–		144,323,987
United States		87,315,803		20,317,649		–		107,633,452
Money Market Funds		40,803,508		–		–		40,803,508
Total Investments	$	431,844,705	$	1,033,534,246		$–	$	1,465,378,951

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.

Invesco V.I. International Growth Fund

NOTE 5–Cash Balances

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

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, 2019 and 2018:

	2019		2018
Ordinary income	$	19,392,737	$	32,026,526
Long-term capital gain		90,542,462		11,993,582
Total distributions	$	109,935,199	$	44,020,108

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	30,974,896
Undistributed long-term capital gain		26,510,218
Net unrealized appreciation – investments		451,409,604
Net unrealized appreciation - foreign currencies		44,653
Temporary book/tax differences		(227,512	)
Shares of beneficial interest		963,320,855
Total net assets	$	1,472,032,714

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 passive foreign investment companies.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $419,062,364 and $556,912,377, 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	$	471,357,717
Aggregate unrealized (depreciation) of investments		(19,948,113	)
Net unrealized appreciation of investments	$	451,409,604

Cost of investments for tax purposes is $1,013,969,347.

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and foreign currency transactions, on December 31, 2019, undistributed net investment income was increased by $83,624 and undistributed net realized gain was decreased by $83,624. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

Invesco V.I. International Growth Fund

NOTE 9–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		1,348,893		$	50,918,059			1,795,725		$	68,266,200
Series II		2,347,857			86,070,698			3,256,967			122,515,503
Issued as reinvestment of dividends:
Series I		964,334			35,063,198			378,411			14,076,897
Series II		2,079,137			74,537,058			812,333			29,812,608
Reacquired:
Series I		(2,946,756	)		(111,020,981	)		(5,338,737	)		(201,023,083	)
Series II		(4,827,830	)		(179,339,854	)		(14,373,620	)		(526,999,669	)
Net increase (decrease) in share activity		(1,034,365	)	$	(43,771,822	)		(13,468,921	)	$	(493,351,544	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 50% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. International Growth Fund

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. International Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses Paid During       Period2	Ending   Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,072.70	$4.55	$1,020.82	$4.43	0.87%
Series II	1,000.00	1,070.90	5.85	1,019.56	5.70	1.12

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. International Growth 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 advisors.

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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	90,542,462
Corporate Dividends Received Deduction*		10.19	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0876		per share
Foreign Source Income	$	0.9393		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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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. International Growth Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Managed Volatility Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. I-VIMGV-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	18.58	%
Series II Shares	18.30
Russell 1000 Value Indexq (Broad Market Index)	26.54
Bloomberg Barclays U.S. Government/Credit Indexq (Style-Specific Index)	9.71
Lipper VUF Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	20.66
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-

expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

  All sectors within the Russell 1000 Value Index had positive returns for the year, and except for energy, all had double digit returns, with the information technology and industrials posting the strongest gains.

  Security selection in the financials sector was the largest contributor to the Fund’s performance relative to the Russell 1000 Value Index for the year. Several key relative contributors for the year were concentrated in the banking industry, including Citigroup, Citizens Financial, PNC Financials and Bank of America. Following a sharp selloff in the fourth quarter of 2018, banks rebounded in the first quarter of 2019, and performed well throughout 2019 as revenues have generally improved and companies continue to return capital to shareholders through stock buybacks (reducing outstanding shares) and increased dividends.

  Good stock selection in the health care, communication services and consumer staples sectors also contributed to the Fund’s performance relative to the Russell 1000 Value Index during the year. Within the health care sector, the Fund’s holdings in Celgene and Pfizer were strong contributors. During the year, Celgene was acquired by Bristol Meyers Squibb (also a Fund holding) at a significant premium, and shares of the

Portfolio Composition
By sector	% of total net assets

Financials	24.29%
Health Care	14.85
Information Technology	10.63
U.S. Treasury Securities	7.78
Communication Services	7.56
Consumer Discretionary	7.06
Energy	6.96
Consumer Staples	5.88
Industrials	5.03
Materials	2.57
Other Sectors, Each Less than 2% of Net Assets	2.50
Money Market Funds Plus Other Assets Less Liabilities	4.89

Top 10 Equity Holdings*
% of total net assets
1. Johnson & Johnson	2.24%
2. Bank of America Corp.	2.19
3. Philip Morris International, Inc.	2.06
4. Citigroup, Inc.	1.98
5. American International Group, Inc.	1.85
6. General Motors Co.	1.61
7. PNC Financial Services Group, Inc. (The)	1.59
8. Morgan Stanley	1.57
9. General Dynamics Corp.	1.35
10. Bristol-Myers Squibb Co.	1.28

Total Net Assets	$36.7 million
Total Number of Holdings*	250

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, 2019.

Invesco V.I. Managed Volatility Fund

acquisition target rose sharply following the announcement. We sold Celgene after the bid was announced, and the deal ultimately closed in November. At the close of the year, we maintained our holding in Bristol Meyers.

  Charter Communications was a key absolute and relative contributor (versus the Russell 1000 Value Index) in the communication services sector during the year. The company reported strong revenues during the year as the company focused on adding broadband subscribers to drive future growth. At the close of the year, we maintained our position in the company.

  Within the consumer staples sector, Mondelez was a strong absolute and relative contributor (versus the Russell 1000 Value Index) to Fund performance for the year. The company has made progress on its plan to increase profitability, with revenues and earnings growth accelerating during the year. Additionally, the Fund’s lack of exposure to Walgreens Boots Alliance (an underperforming component of the Russell 1000 Value Index) contributed to relative Fund performance.

  Given the strong equity market, the Fund’s allocation to cash, although averaging less than 5% for the year, was the Fund’s largest relative detractor compared to the Russell 1000 Value Index.

  Security selection in the consumer discretionary sector also detracted from the Fund’s relative performance compared to the Russell 1000 Value Index during the year, due largely to Capri Holdings and Carnival. Capri Holdings suffered as its Michael Kors brand witnessed declining sales, and reduced its 2020 outlook. However, the company’s Jimmy Choo and Versace brands have shown improvement, and the company is focusing more on accessories which we believe should help boost margins. Shares of cruise operator Carnival declined in June after the company reported a decline in profits and a weaker outlook for the remainder of 2019.

  The materials and information technology sectors also detracted from the Fund’s relative return versus the Russell 1000 Value Index during the year. Within the materials sector, this was due largely to The Mosaic Company, a potash and phosphate supplier which announced plans to reduce phosphate production, an intended long-term benefit that has the potential to negatively affect short-term earnings. We liquidated our position in The Mosaic Company during the year.

  The Fund uses high grade bonds as a source of income and to dampen return volatility. While bonds fared well on an absolute basis during the year, the bond portion of the Fund’s portfolio underperformed the Russell 1000 Value Index. Similarly, the Fund’s allocation to convertible securities, while positive, underperformed the Russell 1000 Value Index, detracting from the Fund’s relative 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 performance relative to the Russell 1000 Value Index 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, within the equity portion of the Fund, we reduced the Fund’s relative overweight exposures to the financials and energy sectors, and increased exposures to the consumer staples, communication services and materials sectors. At the end of the year, the Fund’s largest equity overweight exposures relative to the style-specific benchmark were in the information technology, health care and financials sectors, while the largest underweight exposures were in the real estate, utilities and communication services sectors.

  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: Bureau of Economic Analysis

Portfolio managers:

Jacob Borbidge

Chuck Burge

Brian Jurkash - Lead

Sergio Marcheli

Matthew Titus - 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. Managed Volatility Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/31/09

1   Source: RIMES Technologies Corp.

2   Source: Lipper Inc.

Past performance cannot guarantee future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (12/30/94)	7.10	%
10 Years	8.02
5 Years	4.78
1 Year	18.58
Series II Shares
Inception (4/30/04)	8.38	%
10 Years	7.74
5 Years	4.51
1 Year	18.30

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.

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.13% and 1.38%, respectively.¹ The total annual Fund operating expense ratio set forth in

the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.14% and 1.39%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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. 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.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. Managed Volatility Fund

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, 2019, 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Managed Volatility Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–60.40%
Aerospace & Defense–1.35%
General Dynamics Corp.		2,806	$	494,838
Apparel, Accessories & Luxury Goods–1.22%
Capri Holdings Ltd.(b)		11,788		449,712
Automobile Manufacturers–1.61%
General Motors Co.		16,195		592,737
Building Products–0.88%
Johnson Controls International PLC		7,908		321,935
Cable & Satellite–1.70%
Charter Communications, Inc., Class A(b)		726		352,168
Comcast Corp., Class A		6,023		270,854
				623,022
Commodity Chemicals–0.59%
Dow, Inc.		3,990		218,373
Communications Equipment–0.60%
Cisco Systems, Inc.		4,585		219,897
Diversified Banks–5.97%
Bank of America Corp.		22,834		804,214
Citigroup, Inc.		9,097		726,759
JPMorgan Chase & Co.		2,853		397,708
Wells Fargo & Co.		4,897		263,459
				2,192,140
Electric Utilities–1.31%
Duke Energy Corp.		1,353		123,407
Exelon Corp.		4,026		183,545
FirstEnergy Corp.		3,571		173,551
				480,503
Fertilizers & Agricultural Chemicals–1.45%
Corteva, Inc.		12,616		372,929
Nutrien Ltd. (Canada)		3,364		161,169
				534,098
Food Distributors–1.06%
US Foods Holding Corp.(b)		9,326		390,666
Health Care Distributors–0.83%
McKesson Corp.		2,214		306,241
Health Care Equipment–1.62%
Medtronic PLC		2,537		287,823
Zimmer Biomet Holdings, Inc.		2,058		308,041
				595,864

	Shares		Value
Health Care Services–0.98%
CVS Health Corp.		4,863	$	361,272
Health Care Supplies–0.40%
Alcon, Inc. (Switzerland)(b)		2,584		146,383
Home Improvement Retail–0.56%
Kingfisher PLC (United Kingdom)		70,708		205,058
Hotels, Resorts & Cruise Lines–1.26%
Carnival Corp.		9,078		461,435
Industrial Machinery–0.98%
Ingersoll-Rand PLC		2,700		358,884
Insurance Brokers–0.91%
Willis Towers Watson PLC		1,660		335,220
Integrated Oil & Gas–3.01%
BP PLC (United Kingdom)		56,053		351,864
Chevron Corp.		2,861		344,779
Royal Dutch Shell PLC, Class A (United Kingdom)		13,814		410,614
				1,107,257
Internet & Direct Marketing Retail–0.78%
eBay, Inc.		7,963		287,544
Investment Banking & Brokerage–2.82%
Goldman Sachs Group, Inc. (The)		1,987		456,871
Morgan Stanley		11,308		578,065
				1,034,936
IT Consulting & Other Services–1.00%
Cognizant Technology Solutions Corp., Class A		5,937		368,213
Managed Health Care–0.72%
Anthem, Inc.		872		263,370
Multi-line Insurance–1.85%
American International Group, Inc.		13,249		680,071
Oil & Gas Equipment & Services–0.74%
TechnipFMC PLC (United Kingdom)		12,662		271,473
Oil & Gas Exploration & Production–2.34%
Canadian Natural Resources Ltd. (Canada)		7,614		246,265
Devon Energy Corp.		12,105		314,367
Marathon Oil Corp.		21,901		297,416
				858,048
Other Diversified Financial Services–1.37%
AXA Equitable Holdings, Inc.		8,100		200,718
Voya Financial, Inc.		4,935		300,936
				501,654

Invesco V.I. Managed Volatility Fund

	Shares		Value
Packaged Foods & Meats–1.87%
Kellogg Co.		3,625	$	250,705
Mondelez International, Inc., Class A		7,908		435,573
				686,278
Pharmaceuticals–5.40%
Bristol-Myers Squibb Co.		7,312		469,357
GlaxoSmithKline PLC (United Kingdom)		7,350		172,915
Johnson & Johnson		5,635		821,977
Pfizer, Inc.		5,538		216,979
Sanofi (France)		3,005		301,814
				1,983,042
Railroads–1.00%
CSX Corp.		5,054		365,708
Regional Banks–3.98%
Citizens Financial Group, Inc.		11,541		468,680
PNC Financial Services Group, Inc. (The)		3,652		582,969
Truist Financial Corp.		7,280		410,009
				1,461,658
Semiconductors–2.68%
Intel Corp.		6,595		394,711
NXP Semiconductors N.V. (Netherlands)		1,902		242,048
QUALCOMM, Inc.		3,918		345,685
				982,444
Specialty Chemicals–0.51%
DuPont de Nemours, Inc.		2,944		189,005
Systems Software–1.16%
Oracle Corp.		8,046		426,277
Technology Hardware, Storage & Peripherals–1.05%
Apple, Inc.		1,317		386,737
Tobacco–2.06%
Philip Morris International, Inc.		8,887		756,195
Wireless Telecommunication Services–0.78%
Vodafone Group PLC (United Kingdom)		147,262		285,890
Total Common Stocks & Other Equity Interests (Cost $17,598,002)				22,184,078
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–26.70%
Aerospace & Defense–0.25%
General Dynamics Corp., 2.88%, 05/11/2020	$	10,000		10,035
Northrop Grumman Corp., 2.08%, 10/15/2020		35,000		35,042
Raytheon Co., 3.13%, 10/15/2020		35,000		35,340
United Technologies Corp., 4.45%, 11/16/2038		9,000		10,649
				91,066

	Principal     Amount		Value
Air Freight & Logistics–0.01%
United Parcel Service, Inc., 3.40%, 11/15/2046	$	4,000	$	3,990
Airlines–0.16%
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		18,163		19,142
United Airlines Pass Through Trust, Series 2014-2, Class A, 3.75%, 09/03/2026		23,208		24,503
Series 2018-1, Class AA, 3.50%, 03/01/2030		16,283		16,791
				60,436
Alternative Carriers–0.32%
GCI Liberty, Inc., Conv., 1.75%, 10/05/2023(c)(d)		85,000		117,428
Application Software–0.85%
Nuance Communications, Inc., Conv.,
1.00%, 12/15/2022(d)		127,000		128,191
1.25%, 04/01/2025		49,000		54,674
RealPage, Inc., Conv., 1.50%, 11/15/2022		24,000		33,510
Workday, Inc., Conv., 0.25%, 10/01/2022		75,000		96,182
				312,557
Asset Management & Custody Banks–0.48%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(c)		40,000		42,363
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		25,000		26,885
Carlyle Holdings Finance LLC, 3.88%, 02/01/2023(c)		5,000		5,167
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(c)		85,000		100,546
				174,961
Automobile Manufacturers–0.67%
Ford Motor Credit Co. LLC, 4.13%, 08/04/2025		200,000		202,770
General Motors Co., 6.60%, 04/01/2036		16,000		18,876
General Motors Financial Co., Inc., 5.25%, 03/01/2026		21,000		23,322
				244,968
Biotechnology–1.03%
AbbVie, Inc.,
4.50%, 05/14/2035		38,000		43,073
4.05%, 11/21/2039(c)		34,000		36,053
BioMarin Pharmaceutical, Inc., Conv., 1.50%, 10/15/2020		117,000		127,390
Gilead Sciences, Inc.,
2.55%, 09/01/2020		50,000		50,218
4.40%, 12/01/2021		25,000		26,087

Invesco V.I. Managed Volatility Fund

	Principal     Amount		Value
Biotechnology–(continued)
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024	$	62,000	$	95,250
				378,071
Brewers–0.44%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
4.70%, 02/01/2036		45,000		51,980
4.90%, 02/01/2046		47,000		55,670
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(c)		35,000		37,082
Molson Coors Beverage Co., 4.20%, 07/15/2046		16,000		15,951
				160,683
Broadcasting–1.26%
Liberty Media Corp., Conv.,
2.25%, 10/05/2021(d)		55,000		31,927
1.38%, 10/15/2023		299,000		403,082
Liberty Formula One, Conv., 1.00%, 01/30/2023		20,000		26,654
				461,663
Cable & Satellite–1.34%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022		60,000		63,060
Comcast Corp.,
4.15%, 10/15/2028		30,000		33,774
3.90%, 03/01/2038		10,000		11,070
4.60%, 10/15/2038		10,000		11,914
Discovery Communications LLC, 2.80%, 06/15/2020		85,000		85,226
DISH Network Corp., Conv., 3.38%, 08/15/2026		216,000		208,310
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024(c)		74,000		79,458
				492,812
Communications Equipment–0.59%
Finisar Corp., Conv., 0.50%, 12/15/2021(d)		39,000		38,961
Viavi Solutions, Inc., Conv.,
1.75%, 06/01/2023		71,000		89,456
1.00%, 03/01/2024		68,000		87,890
				216,307
Consumer Finance–0.12%
American Express Co., 3.63%, 12/05/2024		18,000		19,025
Capital One Financial Corp., 3.20%, 01/30/2023		15,000		15,423
Synchrony Financial, 3.95%, 12/01/2027		10,000		10,507
				44,955

	Principal     Amount		Value
Data Processing & Outsourced Services–0.10%
Euronet Worldwide, Inc., Conv., 0.75%, 03/15/2025(c)(d)	$	17,000	$	20,320
Fiserv, Inc., 3.80%, 10/01/2023		15,000		15,843
				36,163
Diversified Banks–2.00%
Bank of America Corp., 3.25%, 10/21/2027		10,000		10,421
Citigroup, Inc.,
4.00%, 08/05/2024		60,000		64,249
3.67%, (3 mo. USD LIBOR + 1.39%), 07/24/2028(e)		15,000		15,985
4.75%, 05/18/2046		15,000		18,001
Commonwealth Bank of Australia (Australia), 2.25%, 03/10/2020(c)		40,000		40,024
JPMorgan Chase & Co., Series V, 5.23%(f)		150,000		151,312
3.20%, 06/15/2026		15,000		15,669
3.51%, (3 mo. USD LIBOR + 0.95%), 01/23/2029(e)		15,000		15,936
4.26%, (3 mo. USD LIBOR + 1.58%), 02/22/2048(e)		10,000		11,853
3.90%, (3 mo. USD LIBOR + 1.22%), 01/23/2049(e)		15,000		16,853
Toronto-Dominion Bank (The) (Canada), 2.65%, 06/12/2024		15,000		15,362
U.S. Bancorp, Series W, 3.10%, 04/27/2026		10,000		10,408
Wells Fargo & Co.,
3.55%, 09/29/2025		30,000		31,769
4.10%, 06/03/2026		95,000		102,441
4.65%, 11/04/2044		100,000		117,444
Westpac Banking Corp. (Australia), 2.10%, 05/13/2021		95,000		95,284
				733,011
Diversified Capital Markets–0.68%
Credit Suisse AG (Switzerland), Conv., 0.50%, 06/24/2024(c)		260,000		249,340
Drug Retail–0.16%
Walgreens Boots Alliance, Inc.,
3.30%, 11/18/2021		32,000		32,607
4.50%, 11/18/2034		24,000		25,029
				57,636
Electric Utilities–0.15%
Georgia Power Co., 2.00%, 03/30/2020		35,000		34,996
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		11,000		11,684
Xcel Energy, Inc., 3.50%, 12/01/2049		7,000		7,125
				53,805
Environmental & Facilities Services–0.07%
Waste Management, Inc., 3.90%, 03/01/2035		25,000		27,544

Invesco V.I. Managed Volatility Fund

	Principal     Amount		Value
Food Retail–0.03%
Kraft Heinz Foods Co., 4.63%, 10/01/2039(c)	$	10,000	$	10,414
General Merchandise Stores–0.06%
Dollar General Corp., 3.25%, 04/15/2023		20,000		20,657
Health Care Equipment–1.70%
Becton, Dickinson and Co., 4.88%, 05/15/2044		86,000		99,505
DexCom, Inc., Conv.,
0.75%, 05/15/2022		32,000		71,237
0.75%, 12/01/2023		86,000		127,598
Medtronic, Inc.,
3.15%, 03/15/2022		23,000		23,653
4.38%, 03/15/2035		15,000		17,761
NuVasive, Inc., Conv., 2.25%, 03/15/2021		80,000		106,785
Wright Medical Group N.V., Conv., 2.25%, 11/15/2021		39,000		56,630
Wright Medical Group, Inc., Conv., 1.63%, 06/15/2023		113,000		119,643
				622,812
Health Care REITs–0.07%
Healthpeak Properties, Inc., 3.88%, 08/15/2024		25,000		26,591
Health Care Services–0.29%
Cigna Corp., 4.80%, 08/15/2038		9,000		10,506
CVS Health Corp.,
3.38%, 08/12/2024		20,000		20,815
4.10%, 03/25/2025		16,000		17,173
Laboratory Corp. of America Holdings,
3.20%, 02/01/2022		33,000		33,750
4.70%, 02/01/2045		22,000		24,739
				106,983
Home Improvement Retail–0.07%
Home Depot, Inc. (The), 2.00%, 04/01/2021		27,000		27,059
Insurance Brokers–0.01%
Willis North America, Inc., 3.60%, 05/15/2024		5,000		5,223
Integrated Oil & Gas–0.11%
Occidental Petroleum Corp.,
3.40%, 04/15/2026		15,000		15,399
3.20%, 08/15/2026		7,000		7,089
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		18,000		19,099
				41,587

	Principal     Amount		Value
Integrated Telecommunication Services–1.75%
AT&T, Inc.,
3.00%, 06/30/2022	$	28,000	$	28,617
3.40%, 05/15/2025		15,000		15,723
4.50%, 05/15/2035		25,000		27,844
5.15%, 03/15/2042		150,000		175,144
4.80%, 06/15/2044		40,000		45,583
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		150,000		209,815
Verizon Communications, Inc., 4.40%, 11/01/2034		120,000		139,045
				641,771
Interactive Media & Services–0.17%
JOYY, Inc. (China), Conv., 1.38%, 06/15/2024(c)(d)		69,000		62,423
Internet & Direct Marketing Retail–0.77%
Amazon.com, Inc., 4.80%, 12/05/2034		9,000		11,342
IAC Financeco 3, Inc., Conv., 2.00%, 01/15/2030(c)		94,000		110,036
QVC, Inc., 5.45%, 08/15/2034		50,000		47,996
Trip.com Group Ltd. (China), Conv., 1.25%, 09/15/2022		113,000		112,847
				282,221
Investment Banking & Brokerage–0.74%
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025		27,000		29,318
GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024		198,000		203,544
Morgan Stanley, 4.00%, 07/23/2025		35,000		37,873
				270,735
Life & Health Insurance–0.42%
Athene Global Funding, 4.00%, 01/25/2022(c)		45,000		46,483
Guardian Life Global Funding, 2.90%, 05/06/2024(c)		20,000		20,554
Jackson National Life Global Funding, 2.10%, 10/25/2021(c)		10,000		10,025
3.25%, 01/30/2024(c)		15,000		15,561
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(c)		35,000		39,886
Reliance Standard Life Global Funding II, 3.05%, 01/20/2021(c)		20,000		20,216
				152,725
Managed Health Care–0.04%
UnitedHealth Group, Inc., 3.50%, 08/15/2039		16,000		16,794
Movies & Entertainment–0.21%
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023		62,000		75,758
Multi-line Insurance–0.18%
American Financial Group, Inc., 4.50%, 06/15/2047		20,000		21,615

Invesco V.I. Managed Volatility Fund

	Principal     Amount		Value
Multi-line Insurance–(continued)
American International Group, Inc., 4.38%, 01/15/2055	$	40,000	$	43,847
				65,462
Multi-Utilities–0.05%
NiSource, Inc., 4.38%, 05/15/2047		9,000		9,969
Sempra Energy, 3.80%, 02/01/2038		8,000		8,351
				18,320
Office REITs–0.48%
Highwoods Realty L.P., 3.20%, 06/15/2021		150,000		151,928
Office Properties Income Trust, 4.00%, 07/15/2022		25,000		25,588
				177,516
Oil & Gas Equipment & Services–0.23%
Helix Energy Solutions Group, Inc., Conv., 4.25%, 05/01/2022		40,000		42,852
Oil States International, Inc., Conv., 1.50%, 02/15/2023		46,000		41,520
				84,372
Oil & Gas Exploration & Production–0.08%
Cameron LNG LLC, 3.70%, 01/15/2039(c)		16,000		16,341
ConocoPhillips Co., 4.15%, 11/15/2034		13,000		14,594
				30,935
Oil & Gas Storage & Transportation–0.44%
Energy Transfer Operating L.P.,
7.50%, 10/15/2020		20,000		20,788
4.20%, 09/15/2023		2,000		2,100
4.90%, 03/15/2035		19,000		19,952
Enterprise Products Operating LLC, 4.25%, 02/15/2048		10,000		10,729
Kinder Morgan, Inc., 5.30%, 12/01/2034		23,000		27,085
MPLX L.P.,
4.50%, 07/15/2023		65,000		69,073
4.50%, 04/15/2038		11,000		11,186
				160,913
Other Diversified Financial Services–1.93%
Convertible Trust - Consumer, Series 2018-1, 0.25%, 01/17/2024		160,000		164,896
Convertible Trust - Energy, Series 2019-1, 0.33%, 09/19/2024		168,000		173,997
Convertible Trust - Healthcare, Series 2018-1, 0.25%, 02/05/2024		168,000		182,952
Convertible Trust - Media, Series 2019, Class 1, 0.25%, 12/04/2024		168,000		186,329
				708,174
Packaged Foods & Meats–0.14%
J. M. Smucker Co. (The), 2.50%, 03/15/2020		50,000		50,043

	Principal     Amount		Value
Packaged Foods & Meats–(continued)
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025	$	3,000	$	3,279
				53,322
Pharmaceuticals–1.83%
Allergan Funding S.C.S., 4.85%, 06/15/2044		150,000		163,286
Bayer US Finance LLC (Germany), 3.00%, 10/08/2021(c)		200,000		202,566
Bristol-Myers Squibb Co.,
4.13%, 06/15/2039(c)		18,000		20,761
4.63%, 05/15/2044(c)		100,000		121,169
Jazz Investments I Ltd., Conv., 1.88%, 08/15/2021		76,000		78,441
Mylan N.V., 3.15%, 06/15/2021		17,000		17,224
Pacira BioSciences, Inc., Conv., 2.38%, 04/01/2022		39,000		40,639
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023		33,000		30,036
				674,122
Property & Casualty Insurance–0.44%
Allstate Corp. (The), 3.28%, 12/15/2026		10,000		10,562
Liberty Mutual Group, Inc., 4.85%, 08/01/2044(c)		115,000		131,876
Markel Corp., 5.00%, 05/20/2049		15,000		17,650
				160,088
Railroads–0.09%
Norfolk Southern Corp., 3.40%, 11/01/2049		5,000		4,973
Union Pacific Corp., 4.15%, 01/15/2045		25,000		27,398
				32,371
Regional Banks–0.10%
Citizens Financial Group, Inc., 2.38%, 07/28/2021		15,000		15,074
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		20,000		21,335
				36,409
Reinsurance–0.08%
PartnerRe Finance B LLC, 3.70%, 07/02/2029		30,000		31,204
Renewable Electricity–0.43%
Oglethorpe Power Corp., 4.55%, 06/01/2044		150,000		157,343
Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029		20,000		21,684
Retail REITs–0.01%
Regency Centers L.P., 2.95%, 09/15/2029		5,000		4,996

Invesco V.I. Managed Volatility Fund

	Principal     Amount		Value
Semiconductor Equipment–0.18%
Applied Materials, Inc., 2.63%, 10/01/2020	$	65,000	$	65,360
Semiconductors–1.09%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024		30,000		31,089
Cree, Inc., Conv., 0.88%, 09/01/2023		98,000		104,137
Microchip Technology, Inc., Conv., 1.63%, 02/15/2027		74,000		105,635
NXP B.V./NXP Funding LLC (Netherlands), 5.35%, 03/01/2026(c)		20,000		22,553
ON Semiconductor Corp., Conv., 1.00%, 12/01/2020		76,000		103,473
Silicon Laboratories, Inc., Conv., 1.38%, 03/01/2022		21,000		27,963
Texas Instruments, Inc., 2.63%, 05/15/2024		5,000		5,132
				399,982
Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047		3,000		3,404
Systems Software–0.52%
FireEye, Inc.,
Series A, Conv., 1.00%, 06/01/2020(d)		76,000		75,773
Series B, Conv., 1.63%, 06/01/2022(d)		77,000		74,707
Microsoft Corp., 3.50%, 02/12/2035		37,000		40,737
				191,217
Technology Distributors–0.09%
Avnet, Inc., 4.63%, 04/15/2026		30,000		31,742
Technology Hardware, Storage & Peripherals–0.72%
Apple, Inc.,
2.15%, 02/09/2022		39,000		39,327
3.35%, 02/09/2027		10,000		10,649
Dell International LLC/EMC Corp., 5.45%, 06/15/2023(c)		26,000		28,201
SanDisk LLC, Conv., 0.50%, 10/15/2020		140,000		127,530
Western Digital Corp., Conv., 1.50%, 02/01/2024		61,000		60,047
				265,754
Tobacco–0.11%
Altria Group, Inc., 5.80%, 02/14/2039		36,000		42,338
Trading Companies & Distributors–0.13%
Air Lease Corp., 4.25%, 09/15/2024		35,000		37,486

	Principal     Amount		Value
Trading Companies & Distributors–(continued)
Aircastle Ltd., 4.40%, 09/25/2023	$	10,000	$	10,573
				48,059
Trucking–0.12%
Aviation Capital Group LLC, 4.88%, 10/01/2025(c)		40,000		43,086
Wireless Telecommunication Services–0.04%
Rogers Communications, Inc. (Canada), 4.30%, 02/15/2048		15,000		16,685
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,969,250)				9,806,007
U.S. Treasury Securities–7.78%
U.S. Treasury Bonds–0.49%
4.50%, 02/15/2036		75,000		99,378
2.25%, 08/15/2049		84,500		81,901
				181,279
U.S. Treasury Floating Rate Notes–0.29%
1.75%, 12/31/2024		88,200		88,400
1.75%, 12/31/2026		19,300		19,188
				107,588
U.S. Treasury Notes–7.00%
1.63%, 12/31/2021		2,218,000		2,220,238
1.63%, 12/15/2022		290,000		290,138
1.75%, 11/15/2029		59,300		58,366
				2,568,742
Total U.S. Treasury Securities (Cost $2,844,883)				2,857,609
	Shares
Preferred Stocks–0.23%
Asset Management & Custody Banks–0.23%
AMG Capital Trust II, 5.15%, Conv. Pfd. (Cost $106,269)		1,700		82,450
Money Market Funds–4.82%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(g)		619,911		619,911
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(g)		441,688		441,820
Invesco Treasury Portfolio, Institutional Class, 1.49%(g)		708,469		708,469
Total Money Market Funds (Cost $1,770,200)				1,770,200
TOTAL INVESTMENTS IN SECURITIES–99.93% (Cost $31,288,604)				36,700,344
OTHER ASSETS LESS LIABILITIES–0.07%				25,951
NET ASSETS–100.00%			$	36,726,295

Investment Abbreviations:

Conv.	-	Convertible
LIBOR	-	London Interbank Offered Rate
Pfd.	-	Preferred
REIT	-	Real Estate Investment Trust
USD	-	U.S. Dollar

Invesco V.I. Managed Volatility 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, 2019 was $1,649,932, which represented 4.49% of the Fund’s Net Assets.

^(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2019.

^(f)  Perpetual bond with no specified maturity date.

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Forward Foreign Currency Contracts
						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
01/17/2020	State Street Bank & Trust Co.	USD	3,895	CAD	5,139		$        63
01/17/2020	State Street Bank & Trust Co.	USD	1,939	CHF	1,899		25
01/17/2020	State Street Bank & Trust Co.	USD	10,076	EUR	9,059		94
01/17/2020	State Street Bank & Trust Co.	USD	34,413	GBP	26,132		215
Subtotal–Appreciation							397
Currency Risk
01/17/2020	Bank of New York Mellon (The)	GBP	387,927	USD	502,284		(11,772)
01/17/2020	State Street Bank & Trust Co.	CAD	242,467	USD	182,612		(4,125)
01/17/2020	State Street Bank & Trust Co.	CHF	110,640	USD	111,799		(2,612)
01/17/2020	State Street Bank & Trust Co.	EUR	213,249	USD	236,926		(2,484)
01/17/2020	State Street Bank & Trust Co.	GBP	451,409	USD	585,784		(12,393)
01/17/2020	State Street Bank & Trust Co.	USD	2,626	CHF	2,539		(1)
Subtotal–Depreciation							(33,387)
Total Forward Foreign Currency Contracts							$(32,990)

Abbreviations:

CAD - Canadian Dollar

CHF - Swiss Franc

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

Invesco V.I. Managed Volatility Fund

Statement of Assets and Liabilities

December 31, 2019

Assets:
Investments in securities, at value (Cost $29,518,404)	$34,930,144
Investments in affiliated money market funds, at value (Cost $1,770,200)	1,770,200
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding	397
Cash	840
Foreign currencies, at value (Cost $28,719)	28,825
Receivable for:
Fund shares sold	30,856
Dividends	38,409
Interest	61,551
Investment for trustee deferred compensation and retirement plans	71,613
Total assets	36,932,835
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding	33,387
Payable for:
Investments purchased	1,831
Fund shares reacquired	19,339
Accrued fees to affiliates	17,159
Accrued other operating expenses	58,838
Trustee deferred compensation and retirement plans	75,986
Total liabilities	206,540
Net assets applicable to shares outstanding	$36,726,295
Net assets consist of:
Shares of beneficial interest	$30,328,254
Distributable earnings	6,398,041
	$36,726,295
Net Assets:
Series I	$35,408,916
Series II	$  1,317,379
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I	2,852,985
Series II	107,410
Series I:
Net asset value per share	$          12.41
Series II:
Net asset value per share	$          12.26

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $10,035)	$	596,028
Interest		327,206
Dividends from affiliated money market funds		48,005
Total investment income		971,239
Expenses:
Advisory fees		222,843
Administrative services fees		61,341
Custodian fees		9,572
Distribution fees - Series II		3,219
Transfer agent fees		18,521
Trustees’ and officers’ fees and benefits		18,995
Reports to shareholders		10,467
Professional services fees		53,471
Other		5,608
Total expenses		404,037
Less: Fees waived		(2,546	)
Net expenses		401,491
Net investment income		569,748
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,314,895
Foreign currencies		9,796
Forward foreign currency contracts		4,611
Futures contracts		(620,303	)
		708,999
Change in net unrealized appreciation (depreciation) of:
Investment securities		4,868,935
Foreign currencies		308
Forward foreign currency contracts		(30,101	)
Futures contracts		172,631
		5,011,773
Net realized and unrealized gain		5,720,772
Net increase in net assets resulting from operations	$	6,290,520

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	569,748		$	521,300
Net realized gain		708,999			1,584,562
Change in net unrealized appreciation (depreciation)		5,011,773			(6,547,229	)
Net increase (decrease) in net assets resulting from operations		6,290,520			(4,441,367	)
Distributions to shareholders from distributable earnings:
Series I		(1,896,583	)		(2,054,218	)
Series II		(63,708	)		(66,296	)
Total distributions from distributable earnings		(1,960,291	)		(2,120,514	)
Share transactions–net:
Series I		(3,190,164	)		(3,342,378	)
Series II		(47,952	)		(11,717	)
Net increase (decrease) in net assets resulting from share transactions		(3,238,116	)		(3,354,095	)
Net increase (decrease) in net assets		1,092,113			(9,915,976	)
Net assets:
Beginning of year		35,634,182			45,550,158
End of year	$	36,726,295		$	35,634,182

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.

																																					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 12/31/19		$	11.04		$	0.19			$	1.82			$	2.01			$	(0.17	)		$	(0.47	)		$	(0.64	)		$	12.41		18.58	%		$	35,409		1.07	%(d)		1.08	%(d)		1.55	%(d)		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
Year ended 12/31/15			19.02			0.18				(0.74	)			(0.56	)			(0.27	)			(6.81	)			(7.08	)			11.38		(2.15	)			52,360		1.08			1.10			1.07			117
Series II
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	(d)		1.33	(d)		1.30	(d)		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
Year ended 12/31/15			18.88			0.13				(0.72	)			(0.59	)			(0.22	)			(6.81	)			(7.03	)			11.26		(2.37	)			1,500		1.33			1.35			0.82			117

^(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 $35,853 and $1,288 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, 2019

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 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.

Invesco V.I. Managed Volatility Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

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

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

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

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

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

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

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

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

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

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

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

I. 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

Invesco V.I. Managed Volatility Fund

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

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

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

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

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

K. 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.

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

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, 2019, the effective advisory fee rate incurred by the Fund was 0.60%.

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, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $2,546.

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

Invesco V.I. Managed Volatility Fund

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, 2019, Invesco was paid $5,271 for accounting and fund administrative services and was reimbursed $56,070 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $477 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	20,309,540	$	1,874,538			$–	$	22,184,078
U.S. Dollar Denominated Bonds & Notes		–		9,806,007			–		9,806,007
U.S. Treasury Securities		–		2,857,609			–		2,857,609
Preferred Stocks		82,450		–			–		82,450
Money Market Funds		1,770,200		–			–		1,770,200
Total Investments in Securities		22,162,190		14,538,154			–		36,700,344
Other Investments - Assets*
Forward Foreign Currency Contracts		–		397			–		397
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(33,387	)		–		(33,387	)
Total Other Investments		–		(32,990	)		–		(32,990	)
Total Investments	$	22,162,190	$	14,505,164			$–	$	36,667,354

* 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

Invesco V.I. Managed Volatility Fund

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, 2019:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	397
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	397
	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(33,387	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(33,387	)

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, 2019.

	Financial Derivative Assets		Financial Derivative Liabilities				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts		Net Value of Derivatives		Non-Cash		Cash		Net Amount
Bank of New York Mellon (The)		$    –		$(11,772)		$(11,772)		$–		$–	$	(11,772	)
State Street Bank & Trust Co.		397		(21,615)		(21,218)		–		–		(21,218	)
Total		$397		$(33,387)		$(32,990)		$–		$–	$	(32,990	)

Effect of Derivative Investments for the year ended December 31, 2019

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			Equity Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts		$   4,611			$             -			$      4,611
Futures contracts		-			(620,303	)		(620,303	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(30,101	)		-			(30,101	)
Futures contracts		-			172,631			172,631
Total		$(25,490	)		$(447,672	)		$(473,162	)

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

	Forward Foreign Currency Contracts	Futures Contracts
Average notional value	$2,322,134	$2,286,424

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

Invesco V.I. Managed Volatility Fund

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, 2019 and 2018:

	2019		2018
Ordinary income	$	514,166	$	700,251
Long-term capital gain		1,446,125		1,420,263
Total distributions	$	1,960,291	$	2,120,514

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	621,474
Undistributed long-term capital gain		690,387
Net unrealized appreciation – investments		5,142,726
Net unrealized appreciation - foreign currencies		326
Temporary book/tax differences		(56,872	)
Shares of beneficial interest		30,328,254
Total net assets	$	36,726,295

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 difference is attributable primarily to wash sales, tax treatment of forward contracts and adjustments to contingent payment debt instruments.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $6,742,855 and $10,980,156, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $30,943,773 and $31,731,190, 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	$	5,833,149
Aggregate unrealized (depreciation) of investments		(690,423	)
Net unrealized appreciation of investments	$	5,142,726

Cost of investments for tax purposes is $31,524,628.

Invesco V.I. Managed Volatility Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2019, undistributed net investment income was increased by $9,796 and undistributed net realized gain was decreased by $9,796. 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, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		262,050		$	3,173,461			209,264		$	2,541,868
Series II		2,709			32,332			5,870			72,638
Issued as reinvestment of dividends:
Series I		161,687			1,896,583			162,517			2,054,218
Series II		5,492			63,708			5,304			66,295
Reacquired:
Series I		(688,807	)		(8,260,208	)		(630,388	)		(7,938,464	)
Series II		(12,075	)		(143,992	)		(11,831	)		(150,650	)
Net increase (decrease) in share activity		(268,944	)	$	(3,238,116	)		(259,264	)	$	(3,354,095	)

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Managed Volatility 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, 2019 through December 31, 2019.

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       (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense   Ratio
		Ending     Account Value     (12/31/19)1	Expenses       Paid During       Period2	Ending     Account Value       (12/31/19)	Expenses     Paid During       Period2
Series I	$1,000.00	$1,058.30	$5.55	$1,019.81	$5.45	1.07%
Series II	1,000.00	1,057.00	6.84	1,018.55	6.72	1.32

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Managed Volatility 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	1,446,125
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		90.19	%
U.S. Treasury Obligations*		6.05	%

                        *  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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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. Managed Volatility Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Mid Cap Core Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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.	VIMCCE-AR-1

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	25.28	%
Series II Shares	25.04
S&P 500 Indexq (Broad Market Index)	31.49
Russell Midcap Indexq (Style-Specific Index)	30.54
Lipper VUF Mid-Cap Core Funds Index∎ (Peer Group Index)	26.84
Source(s): qRIMES Technologies Corp.; ∎ Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

    Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

    Key issues that concerned investors in the second quarter of 2019 carried over

into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

    Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third

quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

    During the year, the Fund produced a strong absolute return but underperformed its style-specific benchmark. Key detractors from the Fund’s relative performance included stock selection in the industrials, consumer staples and materials sectors. A significant cash position during the first half of the year was also a large drag on the Fund’s relative performance. The Fund’s cash position was significantly reduced and ended the year at less than 2% of the portfolio, down from over 20% in March. Top contributors to the Fund’s relative performance included stock selection in the information technology (IT), consumer discretionary and financials sectors.

    Key individual contributors to the Fund’s absolute returns included KLA, Keysight Technologies and EPAM Systems as IT stocks generally performed well during the year.

    KLA, a semiconductor manufacturing company, delivered strong revenue and earnings results during the year.

    Keysight Technologies, a manufacturer of electronic test and measurement equipment and software, also benefited from the strength across the IT sector.

    EPAM Systems provides software engineering solutions and technology services. The company benefited from an increased demand for digital products, which resulted in strong growth rates and increasing margins. We exited this holding before the close of the year.

    Key individual detractors from the Fund’s absolute returns included Spirit

Portfolio Composition
By sector	% of total net assets

Industrials	17.52%
Health Care	14.96
Information Technology	14.50
Energy	10.34
Financials	9.24
Consumer Discretionary	7.64
Real Estate	6.49
Consumer Staples	6.35
Utilities	6.30
Communication Services	3.28
Materials	2.95
Money Market Funds Plus Other Assets Less Liabilities	0.43

Top 10 Equity Holdings*

% of total net assets   

1. Fiserv, Inc.	3.11%
2. Schlumberger Ltd.	3.10
3. Noble Energy, Inc.	2.78
4. Westinghouse Air Brake Technologies Corp.	2.68
5. UGI Corp.	2.65
6. Prologis, Inc.	2.60
7. Coca-Cola European Partners PLC	2.50
8. Elanco Animal Health, Inc.	2.39
9. Eastman Chemical Co.	2.37
10. T-Mobile US, Inc.	2.33

Total Net Assets	$247.0 million
Total Number of Holdings*	78

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, 2019.

Invesco V.I. Mid Cap Core Equity Fund

Airlines, UGI and Nordstrom. Spirit Airlines, a provider of ultra-low-cost airline fares, sold off during the third quarter. The company reported a spike in costs driven by poor execution from stretching its network too thin, runway construction at its Fort Lauderdale hub and the impact of Hurricane Dorian.

    Utility provider UGI was purchased during the second half of the year. During this time, however, the utilities sector performed poorly as so-called “bond proxies” were out of favor.

    Nordstrom was negatively impacted by general weakness across department store stocks, which challenged the consumer goods sector and broader market as commerce continued to shift online. We exited this holding before the close of the year.

    At the close of the year, we expected that in the short-term, the US economy would continue to show economic growth, albeit at a slower rate than experienced in 2018 and early 2019, driven by increased consumer confidence, fewer regulatory hurdles and technological innovation. However, we saw several warning signs on the horizon including less synchronized global growth, weakening transport volumes, poor ISM purchasing managers surveys and a recent flattening/inversion of the US Treasury yield curve. While a recession toward the end of 2020 would not surprise us, it was not our base case assumption at year-end.

    Please note that a new portfolio management team began managing the Fund on June 21, 2019.

    We thank you for your continued investment in Invesco V.I. Mid Cap Core Equity Fund.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Raymond Anello - Lead

Joy Budzinski

Kristin Ketner

Magnus Krantz

Raman Vardharaj

Adam Weiner

Matthew Ziehl

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. 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 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee

future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (9/10/01)	7.47	%
10 Years	8.28
5 Years	6.80
1 Year	25.28
Series II Shares
Inception (9/10/01)	7.21	%
10 Years	8.01
5 Years	6.54
1 Year	25.04

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.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.95% and 1.20%, respectively.¹ The total annual Fund operating expense ratio set forth in

the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.98% and 1.23%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    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. 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.

1 Total annual Fund operating expenses after any

contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2021. See current prospectus for more information.

Invesco V.I. Mid Cap Core Equity Fund

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, 2019, 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.

∎ 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Mid Cap Core Equity Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–99.57%
Aerospace & Defense–2.08%
L3Harris Technologies, Inc.		25,981	$	5,140,861
Airlines–1.40%
Spirit Airlines, Inc.(b)		86,022		3,467,547
Apparel Retail–1.21%
Burlington Stores, Inc.(b)		13,067		2,979,668
Application Software–1.63%
Q2 Holdings, Inc.(b)		17,191		1,393,846
Synopsys, Inc.(b)		18,953		2,638,258
				4,032,104
Auto Parts & Equipment–1.60%
Visteon Corp.(b)		45,755		3,961,925
Automotive Retail–0.60%
O’Reilly Automotive, Inc.(b)		3,409		1,494,028
Biotechnology–2.10%
Sarepta Therapeutics, Inc.(b)		9,009		1,162,521
Seattle Genetics, Inc.(b)		19,349		2,210,817
Vertex Pharmaceuticals, Inc.(b)		8,235		1,803,053
				5,176,391
Communications Equipment–1.50%
Motorola Solutions, Inc.		22,951		3,698,324
Construction Machinery & Heavy Trucks–2.68%
Westinghouse Air Brake Technologies Corp.		85,037		6,615,879
Consumer Finance–1.07%
Capital One Financial Corp.		25,734		2,648,286
Data Processing & Outsourced Services–3.11%
Fiserv, Inc.(b)		66,499		7,689,279
Distillers & Vintners–1.24%
Constellation Brands, Inc., Class A		16,192		3,072,432
Diversified Chemicals–2.37%
Eastman Chemical Co.		73,873		5,855,174
Diversified Support Services–0.89%
IAA, Inc.(b)		46,804		2,202,596
Electric Utilities–0.80%
PPL Corp.		55,300		1,984,164
Electronic Equipment & Instruments–1.30%
Keysight Technologies, Inc.(b)		31,260		3,208,214
Environmental & Facilities Services–1.11%
Republic Services, Inc.		30,562		2,739,272

	Shares		Value
Financial Exchanges & Data–0.74%
Tradeweb Markets, Inc., Class A		39,336	$	1,823,224
Gas Utilities–2.65%
UGI Corp.		145,012		6,548,742
Gold–0.58%
Franco-Nevada Corp. (Canada)		13,805		1,426,057
Health Care Equipment–6.12%
Boston Scientific Corp.(b)		58,278		2,635,331
DexCom, Inc.(b)		11,336		2,479,637
IDEXX Laboratories, Inc.(b)		4,721		1,232,795
Intuitive Surgical, Inc.(b)		3,376		1,995,722
Teleflex, Inc.		3,378		1,271,614
Zimmer Biomet Holdings, Inc.		36,713		5,495,202
				15,110,301
Health Care Facilities–0.67%
HCA Healthcare, Inc.		11,224		1,659,019
Health Care Services–1.36%
Guardant Health, Inc.(b)		14,819		1,157,957
LHC Group, Inc.(b)		15,974		2,200,578
				3,358,535
Health Care Supplies–1.03%
Alcon, Inc. (Switzerland)(b)		45,120		2,552,438
Homebuilding–0.95%
D.R. Horton, Inc.		44,503		2,347,533
Human Resource & Employment Services–1.40%
Korn Ferry		81,811		3,468,786
Hypermarkets & Super Centers–1.44%
BJ’s Wholesale Club Holdings, Inc.(b)		156,451		3,557,696
Industrial Machinery–4.97%
Chart Industries, Inc.(b)		20,799		1,403,724
Ingersoll-Rand PLC		32,935		4,377,720
ITT, Inc.		43,494		3,214,642
Stanley Black & Decker, Inc.		19,850		3,289,939
				12,286,025
Industrial REITs–2.60%
Prologis, Inc.		72,047		6,422,270
Insurance Brokers–1.12%
Arthur J. Gallagher & Co.		29,071		2,768,431
Interactive Home Entertainment–0.95%
Zynga, Inc., Class A(b)		383,197		2,345,166
Investment Banking & Brokerage–0.67%
E*TRADE Financial Corp.		36,226		1,643,574

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
IT Consulting & Other Services–2.25%
Amdocs Ltd.		41,237	$	2,976,899
KBR, Inc.		84,485		2,576,793
				5,553,692
Leisure Products–0.54%
Peloton Interactive, Inc., Class A(b)(c)		46,651		1,324,888
Life & Health Insurance–0.72%
Lincoln National Corp.		30,134		1,778,207
Managed Health Care–1.30%
Humana, Inc.		8,732		3,200,453
Multi-Utilities–2.85%
CMS Energy Corp.		16,483		1,035,792
Dominion Energy, Inc.		49,716		4,117,479
Public Service Enterprise Group, Inc.		31,739		1,874,188
				7,027,459
Office REITs–1.47%
SL Green Realty Corp.		39,452		3,624,850
Oil & Gas Equipment & Services–3.10%
Schlumberger Ltd.		190,352		7,652,150
Oil & Gas Exploration & Production–5.20%
Diamondback Energy, Inc.		47,061		4,370,084
Matador Resources Co.(b)		89,290		1,604,541
Noble Energy, Inc.		276,952		6,879,488
				12,854,113
Oil & Gas Storage & Transportation–2.04%
Magellan Midstream Partners L.P.		80,079		5,034,567
Packaged Foods & Meats–1.17%
Conagra Brands, Inc.		84,398		2,889,788
Pharmaceuticals–2.39%
Elanco Animal Health, Inc.(b)		200,262		5,897,716
Property & Casualty Insurance–0.87%
Fidelity National Financial, Inc.		47,637		2,160,338
Railroads–2.22%
Canadian Pacific Railway Ltd. (Canada)		21,461		5,471,482
Regional Banks–4.05%
East West Bancorp, Inc.		52,945		2,578,422
Huntington Bancshares, Inc.		74,905		1,129,567
Sterling Bancorp		95,377		2,010,547
SVB Financial Group(b)		7,804		1,959,116
TCF Financial Corp.		49,810		2,331,108
				10,008,760
Restaurants–2.01%
Wendy’s Co. (The)		223,382		4,961,314

	Shares		Value
Semiconductor Equipment–3.05%
Applied Materials, Inc.		61,781	$	3,771,112
KLA Corp.		21,175		3,772,750
				7,543,862
Semiconductors–1.66%
Microchip Technology, Inc.		39,083		4,092,772
Soft Drinks–2.50%
Coca-Cola European Partners PLC (United Kingdom)		121,411		6,177,392
Specialized REITs–2.43%
EPR Properties		20,803		1,469,524
Lamar Advertising Co., Class A		23,568		2,103,679
Outfront Media, Inc.		90,162		2,418,145
				5,991,348
Specialty Stores–0.72%
Ulta Beauty, Inc.(b)		7,071		1,789,953
Trading Companies & Distributors–0.76%
Fastenal Co.		50,911		1,881,161
Wireless Telecommunication Services–2.33%
T-Mobile US, Inc.(b)		73,533		5,766,458
Total Common Stocks & Other Equity Interests (Cost $212,532,897)				245,966,664
Money Market Funds–1.08%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)		1,051,777		1,051,777
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)		401,713		401,834
Invesco Treasury Portfolio, Institutional Class, 1.49%(d)		1,202,031		1,202,031
Total Money Market Funds (Cost $2,655,636)				2,655,642
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.65% (Cost $215,188,533)				248,622,306
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.36%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)(e)		674,953		674,953
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)(e)		224,917		224,984
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $899,958)				899,937
TOTAL INVESTMENTS IN SECURITIES–101.01% (Cost $216,088,491)				249,522,243
OTHER ASSETS LESS LIABILITIES-(1.01)%				(2,505,841	)
NET ASSETS–100.00%			$	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

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at December 31, 2019.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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

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

Invesco V.I. Mid Cap Core Equity Fund

Statement of Assets and Liabilities

December 31, 2019

Assets:
Investments in securities, at value (Cost $ 212,532,897)*	$	245,966,664
Investments in affiliated money market funds, at value (Cost $3,555,594)		3,555,579
Cash		2,326,922
Receivable for:
Investments sold		1,235,095
Fund shares sold		12,779
Dividends		327,306
Investment for trustee deferred compensation and retirement plans		126,301
Total assets		253,550,646
Liabilities:
Payable for:
Investments purchased		4,162,486
Fund shares reacquired		1,138,143
Collateral upon return of securities loaned		899,958
Accrued fees to affiliates		152,513
Accrued other operating expenses		45,014
Trustee deferred compensation and retirement plans		136,130
Total liabilities		6,534,244
Net assets applicable to shares outstanding	$	247,016,402
Net assets consist of:
Shares of beneficial interest	$	167,461,127
Distributable earnings		79,555,275
	$	247,016,402
Net Assets:
Series I	$	157,959,388
Series II	$	89,057,014
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		12,968,112
Series II		7,499,519
Series I:
Net asset value per share	$	12.18
Series II:
Net asset value per share	$	11.88

* At December 31, 2019, securities with an aggregate value of $882,120 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $24,792)	$	3,252,730
Dividends from affiliated money market funds (includes securities lending income of $7,470)		670,458
Total investment income		3,923,188
Expenses:
Advisory fees		1,742,463
Administrative services fees		395,603
Custodian fees		5,759
Distribution fees - Series II		207,918
Transfer agent fees		37,558
Trustees’ and officers’ fees and benefits		21,744
Reports to shareholders		6,770
Professional services fees		50,021
Other		4,422
Total expenses		2,472,258
Less: Fees waived		(36,831	)
Net expenses		2,435,427
Net investment income		1,487,761
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $240,609)		45,992,857
Foreign currencies		(656	)
		45,992,201
Change in net unrealized appreciation of:
Investment securities		5,911,870
Foreign currencies		151
		5,912,021
Net realized and unrealized gain		51,904,222
Net increase in net assets resulting from operations	$	53,391,983

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	1,487,761		$	999,300
Net realized gain		45,992,201			26,580,216
Change in net unrealized appreciation (depreciation)		5,912,021			(58,167,791	)
Net increase (decrease) in net assets resulting from operations		53,391,983			(30,588,275	)
Distributions to shareholders from distributable earnings:
Series I		(17,475,575	)		(25,354,121	)
Series II		(9,551,503	)		(12,182,243	)
Total distributions from distributable earnings		(27,027,078	)		(37,536,364	)
Share transactions–net:
Series I		(7,906,038	)		350,737
Series II		8,650,685			(45,715,623	)
Net increase (decrease) in net assets resulting from share transactions		744,647			(45,364,886	)
Net increase (decrease) in net assets		27,109,552			(113,489,525	)
Net assets:
Beginning of year		219,906,850			333,396,375
End of year	$	247,016,402		$	219,906,850

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 (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 12/31/19	$	10.97	$	0.09		$	2.57		$	2.66		$	(0.06	)	$	(1.39	)	$	(1.45	)	$	12.18		25.28	%	$	157,959		0.93	%(d)		0.94	%(d)		0.70	%(d)		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
Year ended 12/31/15		14.06		0.02			(0.58	)		(0.56	)		(0.05	)		(1.33	)		(1.38	)		12.12		(4.03	)		201,685		1.01			1.03			0.17			44
Series II
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	(d)		1.19	(d)		0.45	(d)		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
Year ended 12/31/15		13.84		(0.01	)		(0.57	)		(0.58	)		(0.02	)		(1.33	)		(1.35	)		11.91		(4.28	)		118,276		1.26			1.28			(0.08	)		44

^(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 $157,183 and $83,157 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, 2019

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 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.

Invesco V.I. Mid Cap Core Equity Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security.

Invesco V.I. Mid Cap Core Equity Fund

Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

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

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

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

L. 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

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

Average Daily Net Assets	Rate
First $ 500 million		0.725%
Next $500 million		0.700%
Next $500 million		0.675%
Over $1.5 billion		0.650%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.725%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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

Invesco V.I. Mid Cap Core Equity Fund

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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $36,831.

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, 2019, Invesco was paid $34,184 for accounting and fund administrative services and was reimbursed $361,419 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, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $216 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2019, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2019, the Fund engaged in securities purchases of $6,101,712 and securities sales of $3,169,164, which resulted in net realized gains of $240,609.

Invesco V.I. Mid Cap Core Equity Fund

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 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, 2019 and 2018:

	2019		2018
Ordinary income	$	944,716	$	978,585
Long-term capital gain		26,082,362		36,557,779
Total distributions	$	27,027,078	$	37,536,364

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	1,478,403
Undistributed long-term capital gain		44,893,335
Net unrealized appreciation - investments		33,287,707
Net unrealized appreciation - foreign currencies		96
Temporary book/tax differences		(104,266	)
Shares of beneficial interest		167,461,127
Total net assets	$	247,016,402

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $268,645,725 and $240,773,523, respectively. Cost of

Invesco V.I. Mid Cap Core Equity Fund

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	$36,828,213
Aggregate unrealized (depreciation) of investments	(3,540,506	)
Net unrealized appreciation of investments	$33,287,707

Cost of investments for tax purposes is $216,234,536.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2019, undistributed net investment income was decreased by $657 and undistributed net realized gain was increased by $657. 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, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		261,011		$	3,199,054			300,113		$	3,835,156
Series II		1,214,662			14,406,495			740,161			9,893,417
Issued as reinvestment of dividends:
Series I		1,542,416			17,475,575			1,976,159			25,354,119
Series II		864,389			9,551,503			970,697			12,182,244
Reacquired:
Series I		(2,338,334	)		(28,580,667	)		(2,114,524	)		(28,838,538	)
Series II		(1,281,486	)		(15,307,313	)		(5,009,103	)		(67,791,284	)
Net increase (decrease) in share activity		262,658		$	744,647			(3,136,497	)	$	(45,364,886	)

^(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

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Mid Cap Core Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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 (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (12/31/19)1	Expenses Paid During Period2	Ending Account Value (12/31/19)	Expenses Paid During Period2
Series I	$1,000.00	$1,086.40	$4.94	$1,020.47	$4.79	0.94%
Series II	1,000.00	1,085.40	6.26	1,019.21	6.06	1.19

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Mid Cap Core Equity 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	26,082,362
Qualified Business Income*		0.02	%
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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, 2019
	Invesco V.I. Mid Cap Growth Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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-VIMCG-AR-1                                

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, Series I shares of Invesco V.I. Mid Cap Growth Fund (the Fund) underperformed the Russell Midcap Growth Index, the Fund’s style-specific benchmark.

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

Fund vs. Indexes

Total returns, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	34.34	%
Series II Shares	34.00
S&P 500 Indexq (Broad Market Index)	31.49
Russell Midcap Growth Indexq (Style-Specific Index)	35.47
Lipper VUF Mid-Cap Growth Funds Index∎ (Peer Group Index)	35.06
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.2 During its October meeting, the Fed cut interest rates again

by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

  During the year, the Fund produced a strong, double-digit return but slightly underperformed its style-specific benchmark. Stock selection in the health care, consumer discretionary and financials sectors was a key detractor from the Fund’s performance relative to the style-specific benchmark. This performance was partially offset by stronger stock selection in the industrials, information technology (IT) and communication services sectors, which contributed to the Fund’s relative performance.

  Key individual detractors from the Fund’s absolute performance for the year included Tractor Supply, LivaNova and Aerie Pharmaceuticals. Tractor Supply is a rural lifestyle retailer that provides home improvement, agriculture, lawn and garden maintenance, livestock, equine and pet care products. Shares of the company declined as concerns around profit margin trends weighed on investor sentiment. LivaNova, a global medical technology company, and Aerie Pharmaceuticals, a leading ophthalmic pharmaceuticals company, both under-performed during the first half of 2019. As such, we exited our positions in both companies before the close of the year.

  Key individual contributors to the Fund’s absolute performance included CoStar Group, ServiceNow and Dexcom. CoStar provides information, analytics and marketing services to the commercial real estate industry. The company experienced robust organic growth across its segments and saw an increase in its profit margins. Service-Now, a provider of IT services for enterprises, experienced strong billings and

Portfolio Composition
By sector	% of total net assets

Information Technology	29.69%
Industrials	20.69
Health Care	14.78
Consumer Discretionary	13.96
Financials	7.34
Communication Services	3.59
Real Estate	3.49
Materials	3.19
Consumer Staples	2.09
Energy	0.45
Money Market Funds Plus Other Assets Less Liabilities	0.73

Top 10 Equity Holdings*
% of total net assets
1. O’Reilly Automotive, Inc.	2.26%
2. KLA Corp.	2.11
3. DexCom, Inc.	2.07
4. Synopsys, Inc.	1.98
5. Lam Research Corp.	1.92
6. RingCentral, Inc., Class A	1.90
7. TransDigm Group, Inc.	1.89
8. Pool Corp.	1.87
9. CDW Corp.	1.82
10. CoStar Group, Inc.	1.79

Total Net Assets	$225.4 million
Total Number of Holdings*	92

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, 2019.

Invesco V.I. Mid Cap Growth Fund

provided guidance early in the year for future subscription revenue that was above consensus estimates, which drove the stock higher. We exited our position in the company before the close of the year. Dexcom, a medical device company, reported strong earnings throughout the year and saw an accelerated demand for its continuous glucose monitoring systems.

At the close of the year, we expected the US economy to generate about 2.5% growth in 2020, in line with the 2.4% experienced in 2019 and representing the 11^th consecutive year of growth.¹ A stable Fed monetary policy, along with the resolution of uncertainties regarding trade disputes, Brexit, the annual federal budget and US presidential impeachment all support the case for sustaining this long expansion. Meanwhile, interest rates and inflation remained low by historical standards and we believe corporate earnings may regain some vigor after a tough stretch in recent quarters. In our view, equity valuations remained relatively high but also appear reasonable when placed in context of the favorable macroeconomic environment. At the end of the year, our opportunity set of premier growth companies remained compelling in our opinion, and we believe stock selection can continue to drive the Fund’s relative performance.

Please note that a new portfolio management team began managing the Fund on June 21, 2019.

We thank you for your commitment to Invesco V.I. Mid Cap Growth Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Justin Livengood

Ronald Zibeli, Jr.

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. 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 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
10 Years	11.71	%
5 Years	9.64
1 Year	34.34
Series II Shares
Inception (9/25/00)	2.71	%
10 Years	11.48
5 Years	9.38
1 Year	34.00

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

Series I shares incepted on June 1, 2010. Series I share performance shown prior to that date is that of the predecessor fund’s Class II shares and includes the 12b-1 fees applicable to the predecessor fund’s Class II shares.

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.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.00% and 1.25%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent

month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

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

Invesco V.I. Mid Cap Growth Fund

Invesco V.I. Mid Cap Growth Fund’s investment objective is to seek capital growth.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2019, 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^® 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 Lipper VUF Mid-Cap Growth Funds Index is an unmanaged index considered representative of mid-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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Mid Cap Growth Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–99.27%
Aerospace & Defense–3.10%
HEICO Corp.		23,779	$	2,714,373
TransDigm Group, Inc.		7,621		4,267,760
				6,982,133
Apparel Retail–0.80%
Burlington Stores, Inc.(b)		7,868		1,794,140
Apparel, Accessories & Luxury Goods–1.79%
Lululemon Athletica, Inc.(b)		17,398		4,030,595
Application Software–10.04%
ANSYS, Inc.(b)		8,131		2,093,001
Aspen Technology, Inc.(b)		12,983		1,570,034
Atlassian Corp. PLC, Class A(b)		21,249		2,557,105
Coupa Software, Inc.(b)		12,580		1,839,825
Paycom Software, Inc.(b)		7,056		1,868,147
RingCentral, Inc., Class A(b)		25,398		4,283,881
Splunk, Inc.(b)		14,834		2,221,688
Synopsys, Inc.(b)		32,137		4,473,470
Trade Desk, Inc. (The), Class A(b)		6,666		1,731,693
				22,638,844
Asset Management & Custody Banks–0.74%
KKR & Co., Inc., Class A		57,040		1,663,857
Auto Parts & Equipment–0.72%
Aptiv PLC		17,097		1,623,702
Automotive Retail–2.92%
CarMax, Inc.(b)		16,981		1,488,725
O’Reilly Automotive, Inc.(b)		11,624		5,094,334
				6,583,059
Biotechnology–0.50%
Seattle Genetics, Inc.(b)		9,779		1,117,349
Building Products–0.94%
Masco Corp.		44,127		2,117,655
Cable & Satellite–0.97%
Cable One, Inc.		1,469		2,186,562
Communications Equipment–1.26%
Motorola Solutions, Inc.		17,569		2,831,069
Construction Materials–0.94%
Martin Marietta Materials, Inc.		7,588		2,121,908
Consumer Electronics–0.52%
Garmin Ltd.		12,051		1,175,696
Data Processing & Outsourced Services–3.30%
Euronet Worldwide, Inc.(b)		14,178		2,233,886

	Shares		Value
Data Processing & Outsourced Services–(continued)
Global Payments, Inc.		16,385	$	2,991,320
WEX, Inc.(b)		10,602		2,220,695
				7,445,901
Distributors–1.87%
Pool Corp.		19,887		4,223,601
Diversified Chemicals–0.37%
Huntsman Corp.		34,344		829,751
Diversified Support Services–2.82%
Cintas Corp.		12,788		3,440,995
Copart, Inc.(b)		32,148		2,923,539
				6,364,534
Education Services–1.22%
Bright Horizons Family Solutions, Inc.(b)		18,348		2,757,521
Electrical Components & Equipment–1.19%
AMETEK, Inc.		27,004		2,693,379
Electronic Equipment & Instruments–1.77%
Keysight Technologies, Inc.(b)		38,814		3,983,481
Environmental & Facilities Services–1.93%
Clean Harbors, Inc.(b)		13,333		1,143,305
Republic Services, Inc.		35,891		3,216,910
				4,360,215
Fertilizers & Agricultural Chemicals–0.61%
FMC Corp.		13,828		1,380,311
Financial Exchanges & Data–3.20%
MarketAxess Holdings, Inc.		5,179		1,963,411
MSCI, Inc.		15,545		4,013,408
Tradeweb Markets, Inc., Class A		26,510		1,228,738
				7,205,557
Health Care Equipment–7.91%
DexCom, Inc.(b)		21,302		4,659,599
Edwards Lifesciences Corp.(b)		12,120		2,827,475
IDEXX Laboratories, Inc.(b)		8,712		2,274,965
Masimo Corp.(b)		15,140		2,393,028
Novocure Ltd.(b)		12,258		1,032,982
STERIS PLC		16,574		2,526,209
Teleflex, Inc.		5,604		2,109,570
				17,823,828
Health Care Supplies–1.52%
Cooper Cos., Inc. (The)		3,619		1,162,749
West Pharmaceutical Services, Inc.		15,025		2,258,708
				3,421,457

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

Invesco V.I. Mid Cap Growth Fund

	Shares		Value
Health Care Technology–0.74%
Veeva Systems, Inc., Class A(b)		11,906	$	1,674,698
Hotels, Resorts & Cruise Lines–0.87%
Hilton Worldwide Holdings, Inc.		17,632		1,955,565
Industrial Conglomerates–2.75%
Carlisle Cos., Inc.		13,751		2,225,462
Roper Technologies, Inc.		11,219		3,974,106
				6,199,568
Industrial Machinery–1.63%
IDEX Corp.		14,882		2,559,704
Nordson Corp.		6,836		1,113,174
				3,672,878
Industrial REITs–0.46%
Americold Realty Trust		29,764		1,043,526
Insurance Brokers–1.25%
Arthur J. Gallagher & Co.		29,525		2,811,666
Interactive Media & Services–1.11%
IAC/InterActiveCorp.(b)		10,020		2,496,082
Internet Services & Infrastructure–0.75%
Twilio, Inc., Class A(b)		17,229		1,693,266
Investment Banking & Brokerage–1.06%
LPL Financial Holdings, Inc.		25,815		2,381,434
IT Consulting & Other Services–2.11%
Booz Allen Hamilton Holding Corp.		37,830		2,690,848
EPAM Systems, Inc.(b)		9,705		2,059,013
				4,749,861
Leisure Facilities–0.77%
Planet Fitness, Inc., Class A(b)		23,368		1,745,122
Life Sciences Tools & Services–4.12%
Bio-Rad Laboratories, Inc., Class A(b)		5,715		2,114,721
Bio-Techne Corp.		8,211		1,802,397
ICON PLC (Ireland)(b)		14,856		2,558,649
IQVIA Holdings, Inc.(b)		18,132		2,801,575
				9,277,342
Metal & Glass Containers–0.75%
Ball Corp.		26,256		1,697,976
Movies & Entertainment–1.51%
Live Nation Entertainment, Inc.(b)		34,473		2,463,785
Roku, Inc.(b)		7,034		941,853
				3,405,638
Office REITs–0.87%
Alexandria Real Estate Equities, Inc.		12,106		1,956,087
Oil & Gas Storage & Transportation–0.45%
Cheniere Energy, Inc.(b)		16,707		1,020,296

	Shares		Value
Packaged Foods & Meats–2.09%
McCormick & Co., Inc.		16,722	$	2,838,225
Simply Good Foods Co. (The)(b)		26,311		750,916
Tyson Foods, Inc., Class A		12,408		1,129,624
				4,718,765
Paper Packaging–0.51%
Avery Dennison Corp.		8,844		1,156,972
Railroads–1.16%
Kansas City Southern		17,026		2,607,702
Real Estate Services–1.14%
CBRE Group, Inc., Class A(b)		42,108		2,580,799
Regional Banks–1.10%
First Republic Bank		21,071		2,474,789
Research & Consulting Services–4.24%
CoStar Group, Inc.(b)		6,737		4,030,747
IHS Markit Ltd.(b)		30,674		2,311,286
TransUnion		37,515		3,211,659
				9,553,692
Restaurants–1.48%
Chipotle Mexican Grill, Inc.(b)		3,987		3,337,558
Semiconductor Equipment–4.03%
KLA Corp.		26,671		4,751,972
Lam Research Corp.		14,824		4,334,538
				9,086,510
Semiconductors–4.61%
Advanced Micro Devices, Inc.(b)		80,652		3,698,700
Marvell Technology Group Ltd.		80,123		2,128,067
Monolithic Power Systems, Inc.		16,136		2,872,531
NXP Semiconductors N.V. (Netherlands)		13,342		1,697,903
				10,397,201
Specialized REITs–1.01%
SBA Communications Corp., Class A		9,470		2,282,175
Specialty Stores–1.00%
Tractor Supply Co.		24,146		2,256,202
Technology Distributors–1.82%
CDW Corp.		28,760		4,108,078
Trucking–0.93%
Old Dominion Freight Line, Inc.		10,998		2,087,200
Total Common Stocks & Other Equity Interests (Cost $188,161,551)				223,784,753
Money Market Funds–0.73%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		632,628		632,628
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		289,675		289,762

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

Invesco V.I. Mid Cap Growth Fund

	Shares		Value
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		723,003	$	723,003
Total Money Market Funds (Cost $1,645,393)				1,645,393
TOTAL INVESTMENTS IN SECURITIES–100.00% (Cost $189,806,944)				225,430,146
OTHER ASSETS LESS LIABILITIES–(0.00)%				(3,022	)
NET ASSETS–100.00%			$	225,427,124

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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

Invesco V.I. Mid Cap Growth Fund

Statement of Assets and Liabilities

December 31, 2019

Assets:
Investments in securities, at value (Cost $ 188,161,551)	$	223,784,753
Investments in affiliated money market funds, at value (Cost $ 1,645,393)		1,645,393
Receivable for:
Investments sold		832,868
Fund shares sold		21,925
Dividends		350,608
Investment for trustee deferred compensation and retirement plans		124,895
Total assets		226,760,442
Liabilities:
Payable for:
Investments purchased		717,377
Fund shares reacquired		186,885
Amount due custodian		105,244
Accrued fees to affiliates		158,130
Accrued other operating expenses		32,443
Trustee deferred compensation and retirement plans		133,239
Total liabilities		1,333,318
Net assets applicable to shares outstanding	$	225,427,124
Net assets consist of:
Shares of beneficial interest	$	144,575,847
Distributable earnings		80,851,277
	$	225,427,124
Net Assets:
Series I	$	106,960,873
Series II	$	118,466,251
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		19,591,036
Series II		22,306,972
Series I:
Net asset value per share	$	5.46
Series II:
Net asset value per share	$	5.31

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $5,397)	$	1,768,103
Dividends from affiliated money market funds (includes securities lending income of $13,248)		74,245
Total investment income		1,842,348
Expenses:
Advisory fees		1,633,947
Administrative services fees		355,060
Custodian fees		5,753
Distribution fees - Series II		282,726
Transfer agent fees		45,504
Trustees’ and officers’ fees and benefits		21,376
Reports to shareholders		7,413
Professional services fees		41,290
Other		4,057
Total expenses		2,397,126
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(3,191	)
Net expenses		2,393,935
Net investment income (loss)		(551,587	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $605,290)		48,152,599
Foreign currencies		(556	)
		48,152,043
Change in net unrealized appreciation (depreciation) of:
Investment securities		13,601,011
Foreign currencies		(187	)
		13,600,824
Net realized and unrealized gain		61,752,867
Net increase in net assets resulting from operations	$	61,201,280

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

Invesco V.I. Mid Cap Growth Fund

Statement of Changes in Net Assets

For the years ended December 31, 2019 and 2018

	2019			2018
Operations:
Net investment income (loss)	$	(551,587	)	$	(1,121,299	)
Net realized gain		48,152,043			32,029,158
Change in net unrealized appreciation (depreciation)		13,600,824			(40,227,712	)
Net increase (decrease) in net assets resulting from operations		61,201,280			(9,319,853	)
Distributions to shareholders from distributable earnings:
Series I		(15,327,683	)		(11,710,806	)
Series II		(17,108,194	)		(12,842,411	)
Total distributions from distributable earnings		(32,435,877	)		(24,553,217	)
Share transactions–net:
Series I		861,000			(1,294,488	)
Series II		12,504,595			(13,180,099	)
Net increase (decrease) in net assets resulting from share transactions		13,365,595			(14,474,587	)
Net increase (decrease) in net assets		42,130,998			(48,347,657	)
Net assets:
Beginning of year		183,296,126			231,643,783
End of year	$	225,427,124		$	183,296,126

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

Invesco V.I. 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								Distributions													with fee waivers			fee waivers			income
	value,			investment				(both				Total from				from net				Net asset						Net assets,			and/or			and/or			(loss)
	beginning			income				realized and				investment				realized				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			(loss)(a)				unrealized)				operations				gains				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Series I
Year ended 12/31/19		$	4.77		$	(0.01	)		$	1.59			$	1.58			$	(0.89	)		$	5.46		34.34	%		$	106,961		0.97	%(d)		0.97	%(d)		(0.12	)%(d)		122	%
Year ended 12/31/18			5.62			(0.02	)			(0.18	)			(0.20	)			(0.65	)			4.77		(5.58	)			91,501		1.00			1.00			(0.37	)		57
Year ended 12/31/17			4.89			(0.02	)			1.10				1.08				(0.35	)			5.62		22.49				109,197		1.00			1.00			(0.34	)		46
Year ended 12/31/16			5.38			(0.02	)			0.07				0.05				(0.54	)			4.89		0.76				97,444		1.03			1.03			(0.39	)		60
Year ended 12/31/15			5.78			(0.02	)			0.08				0.06				(0.46	)			5.38		1.21				103,632		1.07			1.07			(0.33	)		62
Series II
Year ended 12/31/19			4.67			(0.02	)			1.55				1.53				(0.89	)			5.31		34.00				118,466		1.22	(d)		1.22	(d)		(0.37	)(d)		122
Year ended 12/31/18			5.53			(0.03	)			(0.18	)			(0.21	)			(0.65	)			4.67		(5.87	)			91,795		1.25			1.25			(0.62	)		57
Year ended 12/31/17			4.83			(0.03	)			1.08				1.05				(0.35	)			5.53		22.14				122,447		1.25			1.25			(0.59	)		46
Year ended 12/31/16			5.33			(0.03	)			0.07				0.04				(0.54	)			4.83		0.57				114,282		1.28			1.28			(0.64	)		60
Year ended 12/31/15			5.74			(0.03	)			0.08				0.05				(0.46	)			5.33		1.04				158,684		1.32			1.32			(0.58	)		62

^(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 $104,733 and $113,126 for Series I and Series II shares, respectively.

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

Invesco V.I. Mid Cap Growth Fund

Notes to Financial Statements

December 31, 2019

NOTE 1–Significant Accounting Policies

Invesco V.I. 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 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.

Invesco V.I. Mid Cap Growth Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Mid Cap Growth Fund

collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

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

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

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

L. 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

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

Average Daily Net Assets	Rate
First $ 500 million		0.750%
Next $500 million		0.700%
Over $1 billion		0.650%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.75%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, 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, 2019, the Adviser waived advisory fees of $3,191.

Invesco V.I. Mid Cap Growth Fund

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, 2019, Invesco was paid $30,911 for accounting and fund administrative services and was reimbursed $324,149 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $1,165 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$223,784,753		$-		$-		$223,784,753
Money Market Funds		1,645,393		-		-		1,645,393
Total Investments		$225,430,146		$-		$-		$225,430,146

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, 2019, the Fund engaged in securities purchases of $7,395,590 and securities sales of $2,999,451, which resulted in net realized gains of $605,290.

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

Invesco V.I. Mid Cap Growth Fund

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, 2019 and 2018:

	2019		2018
Long-term capital gain	$	32,435,877	$	24,553,217

Tax Components of Net Assets at Period-End:

	2019
Undistributed long-term capital gain	$	45,482,421
Net unrealized appreciation – investments		35,471,980
Temporary book/tax differences		(103,124	)
Shares of beneficial interest		144,575,847
Total net assets	$	225,427,124

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $261,472,493 and $281,691,510, 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	$	37,401,580
Aggregate unrealized (depreciation) of investments		(1,929,600	)
Net unrealized appreciation of investments	$	35,471,980

Cost of investments for tax purposes is $189,958,166.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2019, undistributed net investment income (loss) was increased by $554,035, undistributed net realized gain was increased by $556 and shares of beneficial interest was decreased by $554,591. This reclassification had no effect on the net assets of the Fund.

Invesco V.I. Mid Cap Growth Fund

NOTE 10–Share Information

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		1,676,924		$	9,326,165			1,634,000		$	9,588,108
Series II		3,129,705			16,917,490			1,697,932			9,678,387
Issued as reinvestment of dividends:
Series I		3,005,428			15,327,683			2,026,091			11,710,806
Series II		3,449,233			17,108,194			2,264,976			12,842,411
Reacquired:
Series I		(4,258,394	)		(23,792,848	)		(3,918,877	)		(22,593,402	)
Series II		(3,908,716	)		(21,521,089	)		(6,472,581	)		(35,700,897	)
Net increase (decrease) in share activity		3,094,180		$	13,365,595			(2,768,459	)	$	(14,474,587	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Significant 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 Oppenheimer V.I. Discovery Mid Cap Growth 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 2020. 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. 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 V.I. 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 V.I. 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses Paid During       Period2	Ending   Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,073.40	$5.07	$1,020.32	$4.94	0.97%
Series II	1,000.00	1,071.60	6.37	1,019.06	6.21	1.22

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Mid Cap Growth 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	32,435,877
Corporate Dividends Received Deduction*		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. Mid Cap Growth 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 Person
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)	229	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 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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

Invesco V.I. 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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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. Mid Cap Growth Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. S&P 500 Index Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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.	MS-VISPI-AR-1

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	30.90	%
Series II Shares	30.62
S&P 500 Indexq (Broad Market/Style-Specific Index)	31.49
Lipper VUF S&P 500 Funds Index∎ (Peer Group Index)	31.20
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

    Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

    Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China

trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

    Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again

by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

    Invesco V.I. S&P 500 Index Fund invests in stocks in approximately the same proportion as they are represented in the S&P 500 Index. While all sectors contributed to the Fund’s overall performance during the year, information technology (IT), financials and communication services stocks were the most significant contributors. Stocks in the energy, health care and materials sectors delivered positive absolute performance but lagged the Fund’s overall performance for the year.

    The largest contributor to overall Fund performance for the year was Apple. Despite slower growth in iPhone sales, Apple delivered higher-than-expected revenue from its watches, iPads and other services. Microsoft, the largest position in the Fund’s portfolio, was another strong contributor. The company benefited from increased demand for its cloud-based services and other products. In addition, Facebook, which has been under regulatory scrutiny due to privacy concerns, delivered a 30% increase in revenue over the year and announced that 2.2 billion unique visits to either its website, Instagram, Messenger or WhatsApp sites occurred daily. Amazon.com was another top contributor although its shares underperformed peers due antitrust concerns. JP Morgan Chase was another key contributor.

    Pharmaceutical company Pfizer was the largest detractor from overall Fund performance for the year. After Pfizer announced a corporate spinoff, investors were concerned over the valuation of its

Portfolio Composition
By sector	% of total net assets
Information Technology	23.57%
Health Care	14.44
Financials	13.16
Communication Services	10.56
Consumer Discretionary	9.92
Industrials	9.20
Consumer Staples	7.32
Energy	4.42
Utilities	3.37
Real Estate	2.97
Materials	2.70
Money Market Funds Plus Other
Assets Less Liabilities	(1.63)

Top 10 Equity Holdings*

% of total net assets

1.  Apple, Inc.	4.66%
2.  Microsoft Corp.	4.57
3.  Amazon.com, Inc.	2.92
4.  Facebook, Inc., Class A	1.88
5.  Berkshire Hathaway, Inc., Class B	1.68
6.  JPMorgan Chase & Co.	1.66
7.  Alphabet, Inc., Class A	1.52
8.  Alphabet, Inc., Class C	1.52
9.  Johnson & Johnson	1.46
10.Visa, Inc., Class A	1.22

Total Net Assets	$	89.6 million
Total Number of Holdings*		505

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, 2019.

Invesco V.I. S&P 500 Index Fund

current business. During the year, Occidental Petroleum purchased Anadarko Petroleum at a valuation that investors feared was too high, which subsequently drove shares lower. Shares of utility provider PG&E fell over 70% as liabilities mounted from wildfires in the California region. DuPont de Nemours and Walgreens Boots Alliance were also key detractors. In January, Teleflex replaced PG&E in the S&P 500 Index. As such, we made the same adjustment to the Fund’s positioning before the close of the fiscal year.

    Please note, the Fund’s strategy is principally implemented through equity investments, but the Fund may also use S&P 500 futures contracts, which are derivative instruments used to gain exposure to the equity market. During the year, the Fund invested in S&P 500 futures contracts, which generated a negative return and detracted from absolute 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.

    We welcome new investors who joined the Fund during the year and thank you for your investment in Invesco V.I. S&P 500 Index Fund.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Anthony Munchak

Glen Murphy

Francis Orlando

Daniel Tsai

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. 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 12/31/09

1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee

future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (5/18/98)	6.74	%
10 Years	13.16
5 Years	11.22
1 Year	30.90
Series II Shares
Inception (6/5/00)	5.56	%
10 Years	12.88
5 Years	10.95
1 Year	30.62

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Variable Investment 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 blended returns of the predecessor fund and Invesco V.I. S&P 500 Index Fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable product issuer or financial adviser for the most recent month-end variable product performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.51% and 0.76%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Invesco V.I. S&P 500 Index Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

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

    Fund performance reflects any applicable fee waivers and/or expense

reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. S&P 500 Index Fund

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, 2019, 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.

∎ 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. S&P 500 Index Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests-101.63%
Advertising-0.10%
Interpublic Group of Cos., Inc. (The)		1,299	$	30,007
Omnicom Group, Inc.		736		59,631
				89,638
Aerospace & Defense-2.48%
Arconic, Inc.		1,338		41,170
Boeing Co. (The)		1,818		592,232
General Dynamics Corp.		797		140,551
Huntington Ingalls Industries, Inc.		142		35,625
L3Harris Technologies, Inc.		755		149,392
Lockheed Martin Corp.		844		328,637
Northrop Grumman Corp.		532		182,992
Raytheon Co.		947		208,094
Textron, Inc.		795		35,457
TransDigm Group, Inc.		169		94,640
United Technologies Corp.		2,760		413,337
				2,222,127
Agricultural & Farm Machinery-0.21%
Deere & Co.		1,066		184,695
Agricultural Products-0.10%
Archer-Daniels-Midland Co.		1,886		87,416
Air Freight & Logistics-0.54%
C.H. Robinson Worldwide, Inc.		469		36,676
Expeditors International of Washington, Inc.		577		45,018
FedEx Corp.		812		122,782
United Parcel Service, Inc., Class B		2,383		278,954
				483,430
Airlines-0.37%
Alaska Air Group, Inc.		416		28,184
American Airlines Group, Inc.		1,342		38,488
Delta Air Lines, Inc.		1,960		114,621
Southwest Airlines Co.		1,611		86,962
United Airlines Holdings, Inc.(b)		747		65,803
				334,058
Alternative Carriers-0.05%
CenturyLink, Inc.		3,292		43,487
Apparel Retail-0.47%
Gap, Inc. (The)		761		13,454
L Brands, Inc.		833		15,094
Ross Stores, Inc.		1,234		143,662
TJX Cos., Inc. (The)		4,125		251,873
				424,083

	Shares		Value
Apparel, Accessories & Luxury Goods-0.28%
Capri Holdings Ltd.(b)		512	$	19,533
Hanesbrands, Inc.		1,228		18,236
PVH Corp.		257		27,024
Ralph Lauren Corp.		174		20,396
Tapestry, Inc.		938		25,298
Under Armour, Inc., Class A(b)		669		14,450
Under Armour, Inc., Class C(b)		671		12,870
VF Corp.		1,105		110,124
				247,931
Application Software-1.85%
Adobe, Inc.(b)		1,644		542,208
ANSYS, Inc.(b)		288		74,134
Autodesk, Inc.(b)		748		137,228
Cadence Design Systems, Inc.(b)		948		65,753
Citrix Systems, Inc.		416		46,135
Intuit, Inc.		885		231,808
salesforce.com, inc.(b)		3,022		491,498
Synopsys, Inc.(b)		515		71,688
				1,660,452
Asset Management & Custody Banks-0.82%
Ameriprise Financial, Inc.		430		71,629
Bank of New York Mellon Corp. (The)		2,855		143,692
BlackRock, Inc.		401		201,583
Franklin Resources, Inc.		974		25,305
Invesco Ltd.(c)		1,219		21,918
Northern Trust Corp.		727		77,236
State Street Corp.		1,236		97,768
T. Rowe Price Group, Inc.		797		97,106
				736,237
Auto Parts & Equipment-0.13%
Aptiv PLC		867		82,339
BorgWarner, Inc.		698		30,279
				112,618
Automobile Manufacturers-0.31%
Ford Motor Co.		13,280		123,504
General Motors Co.		4,277		156,538
				280,042
Automotive Retail-0.33%
Advance Auto Parts, Inc.		240		38,439
AutoZone, Inc.(b)		81		96,496
CarMax, Inc.(b)		560		49,095
O’Reilly Automotive, Inc.(b)		258		113,071
				297,101
Biotechnology-2.03%
AbbVie, Inc.		5,031		445,445

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

Invesco V.I. S&P 500 Index Fund

	Shares		Value
Biotechnology-(continued)
Alexion Pharmaceuticals, Inc.(b)		758	$	81,978
Amgen, Inc.		2,021		487,202
Biogen, Inc.(b)		613		181,896
Gilead Sciences, Inc.		4,290		278,764
Incyte Corp.(b)		612		53,440
Regeneron Pharmaceuticals, Inc.(b)		269		101,004
Vertex Pharmaceuticals, Inc.(b)		874		191,362
				1,821,091
Brewers-0.04%
Molson Coors Beverage Co., Class B		645		34,765
Broadcasting-0.22%
Discovery, Inc., Class A(b)		542		17,745
Discovery, Inc., Class C(b)		1,167		35,582
Fox Corp., Class A		1,200		44,484
Fox Corp., Class B		549		19,984
ViacomCBS, Inc. , Class B		1,825		76,595
				194,390
Building Products-0.27%
A.O. Smith Corp.		467		22,248
Allegion PLC		315		39,230
Fortune Brands Home & Security, Inc.		480		31,363
Johnson Controls International PLC		2,624		106,823
Masco Corp.		966		46,359
				246,023
Cable & Satellite-1.10%
Charter Communications, Inc., Class A(b)		533		258,548
Comcast Corp., Class A		15,469		695,641
DISH Network Corp., Class A(b)		867		30,752
				984,941
Casinos & Gaming-0.20%
Las Vegas Sands Corp.		1,146		79,120
MGM Resorts International		1,766		58,755
Wynn Resorts Ltd.		327		45,410
				183,285
Commodity Chemicals-0.25%
Dow, Inc.		2,517		137,755
LyondellBasell Industries N.V., Class A		873		82,481
				220,236
Communications Equipment-0.98%
Arista Networks, Inc.(b)		188		38,239
Cisco Systems, Inc.		14,435		692,303
F5 Networks, Inc.(b)		202		28,209
Juniper Networks, Inc.		1,138		28,029
Motorola Solutions, Inc.		582		93,784
				880,564
Computer & Electronics Retail-0.08%
Best Buy Co., Inc.		774		67,957

	Shares		Value
Construction & Engineering-0.07%
Jacobs Engineering Group, Inc.		468	$	42,040
Quanta Services, Inc.		480		19,541
				61,581
Construction Machinery & Heavy Trucks-0.57%
Caterpillar, Inc.		1,879		277,491
Cummins, Inc.		521		93,238
PACCAR, Inc.		1,172		92,705
Westinghouse Air Brake Technologies Corp.		626		48,703
				512,137
Construction Materials-0.14%
Martin Marietta Materials, Inc.		210		58,724
Vulcan Materials Co.		454		65,372
				124,096
Consumer Electronics-0.05%
Garmin Ltd.		488		47,609
Consumer Finance-0.68%
American Express Co.		2,282		284,086
Capital One Financial Corp.		1,592		163,833
Discover Financial Services		1,077		91,351
Synchrony Financial		2,022		72,812
				612,082
Copper-0.07%
Freeport-McMoRan, Inc.		4,971		65,220
Data Processing & Outsourced Services-4.13%
Alliance Data Systems Corp.		135		15,147
Automatic Data Processing, Inc.		1,469		250,465
Broadridge Financial Solutions, Inc.		386		47,686
Fidelity National Information Services, Inc.		2,090		290,698
Fiserv, Inc.(b)		1,942		224,553
FleetCor Technologies, Inc.(b)		292		84,014
Global Payments, Inc.		1,022		186,576
Jack Henry & Associates, Inc.		264		38,457
Mastercard, Inc., Class A		3,020		901,742
Paychex, Inc.		1,082		92,035
PayPal Holdings, Inc.(b)		3,986		431,166
Visa, Inc., Class A		5,824		1,094,330
Western Union Co. (The)		1,435		38,429
				3,695,298
Department Stores-0.07%
Kohl’s Corp.		549		27,972
Macy’s, Inc.		1,085		18,445
Nordstrom, Inc.		381		15,594
				62,011
Distillers & Vintners-0.17%
Brown-Forman Corp., Class B		628		42,453
Constellation Brands, Inc., Class A		565		107,209
				149,662

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
Distributors-0.10%
Genuine Parts Co.		502	$	53,327
LKQ Corp.(b)		1,064		37,985
				91,312
Diversified Banks-4.51%
Bank of America Corp.		27,547		970,205
Citigroup, Inc.		7,428		593,423
JPMorgan Chase & Co.		10,672		1,487,677
U.S. Bancorp		4,835		286,667
Wells Fargo & Co.		13,096		704,565
				4,042,537
Diversified Chemicals-0.04%
Eastman Chemical Co.		463		36,697
Diversified Support Services-0.16%
Cintas Corp.		285		76,688
Copart, Inc.(b)		693		63,021
				139,709
Drug Retail-0.17%
Walgreens Boots Alliance, Inc.		2,550		150,348
Electric Utilities-2.06%
Alliant Energy Corp.		813		44,487
American Electric Power Co., Inc.		1,672		158,021
Duke Energy Corp.		2,479		226,109
Edison International		1,212		91,397
Entergy Corp.		672		80,506
Evergy, Inc.		775		50,445
Eversource Energy		1,095		93,152
Exelon Corp.		3,291		150,037
FirstEnergy Corp.		1,828		88,841
NextEra Energy, Inc.		1,662		402,470
Pinnacle West Capital Corp.		379		34,083
PPL Corp.		2,446		87,762
Southern Co. (The)		3,568		227,282
Xcel Energy, Inc.		1,776		112,758
				1,847,350
Electrical Components & Equipment-0.50%
AMETEK, Inc.		772		76,999
Eaton Corp. PLC		1,406		133,176
Emerson Electric Co.		2,083		158,850
Rockwell Automation, Inc.		395		80,055
				449,080
Electronic Components-0.21%
Amphenol Corp., Class A		1,007		108,988
Corning, Inc.		2,645		76,996
				185,984
Electronic Equipment & Instruments-0.15%
FLIR Systems, Inc.		458		23,848
Keysight Technologies, Inc.(b)		634		65,067

	Shares		Value
Electronic Equipment & Instruments-(continued)
Zebra Technologies Corp., Class A(b)		183	$	46,746
				135,661
Electronic Manufacturing Services-0.14%
IPG Photonics Corp.(b)		121		17,535
TE Connectivity Ltd.		1,137		108,970
				126,505
Environmental & Facilities Services-0.26%
Republic Services, Inc.		716		64,175
Rollins, Inc.		476		15,784
Waste Management, Inc.		1,321		150,541
				230,500
Fertilizers & Agricultural Chemicals-0.20%
CF Industries Holdings, Inc.		754		35,996
Corteva, Inc.		2,536		74,964
FMC Corp.		450		44,919
Mosaic Co. (The)		1,147		24,821
				180,700
Financial Exchanges & Data-1.11%
Cboe Global Markets, Inc.		383		45,960
CME Group, Inc., Class A		1,218		244,477
Intercontinental Exchange, Inc.		1,898		175,660
MarketAxess Holdings, Inc.		128		48,526
Moody’s Corp.		550		130,575
MSCI, Inc.		290		74,872
Nasdaq, Inc.		398		42,626
S&P Global, Inc.		833		227,451
				990,147
Food Distributors-0.17%
Sysco Corp.		1,738		148,669
Food Retail-0.09%
Kroger Co. (The)		2,729		79,114
Footwear-0.48%
NIKE, Inc., Class B		4,241		429,656
Gas Utilities-0.05%
Atmos Energy Corp.		402		44,968
General Merchandise Stores-0.48%
Dollar General Corp.		870		135,703
Dollar Tree, Inc.(b)		800		75,240
Target Corp.		1,730		221,803
				432,746
Gold-0.13%
Newmont Goldcorp Corp.		2,777		120,661
Health Care Distributors-0.24%
AmerisourceBergen Corp.		514		43,700
Cardinal Health, Inc.		1,009		51,035

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 Distributors-(continued)
Henry Schein, Inc.(b)		512	$	34,161
McKesson Corp.		612		84,652
				213,548
Health Care Equipment-3.45%
Abbott Laboratories		6,013		522,289
ABIOMED, Inc.(b)		157		26,783
Baxter International, Inc.		1,729		144,579
Becton, Dickinson and Co.		919		249,940
Boston Scientific Corp.(b)		4,742		214,433
Danaher Corp.		2,174		333,666
Edwards Lifesciences Corp.(b)		709		165,403
Hologic, Inc.(b)		922		48,138
IDEXX Laboratories, Inc.(b)		295		77,033
Intuitive Surgical, Inc.(b)		393		232,322
Medtronic PLC		4,560		517,332
ResMed, Inc.		492		76,245
STERIS PLC		288		43,897
Stryker Corp.		1,095		229,884
Teleflex, Inc.		155		58,348
Varian Medical Systems, Inc.(b)		307		43,597
Zimmer Biomet Holdings, Inc.		694		103,878
				3,087,767
Health Care Facilities-0.19%
HCA Healthcare, Inc.		900		133,029
Universal Health Services, Inc., Class B		274		39,308
				172,337
Health Care REITs-0.27%
Healthpeak Properties, Inc.		1,663		57,324
Ventas, Inc.		1,261		72,810
Welltower, Inc.		1,372		112,202
				242,336
Health Care Services-0.80%
Cigna Corp.		1,270		259,702
CVS Health Corp.		4,426		328,808
DaVita, Inc.(b)		306		22,959
Laboratory Corp. of America Holdings(b)		330		55,826
Quest Diagnostics, Inc.		461		49,230
				716,525
Health Care Supplies-0.18%
Align Technology, Inc.(b)		245		68,365
Cooper Cos., Inc. (The)		167		53,655
DENTSPLY SIRONA, Inc.		756		42,782
				164,802
Health Care Technology-0.09%
Cerner Corp.		1,078		79,114
Home Furnishings-0.06%
Leggett & Platt, Inc.		451		22,925

	Shares		Value
Home Furnishings-(continued)
Mohawk Industries, Inc.(b)		206	$	28,094
				51,019
Home Improvement Retail-1.25%
Home Depot, Inc. (The)		3,710		810,190
Lowe’s Cos., Inc.		2,614		313,052
				1,123,242
Homebuilding-0.21%
D.R. Horton, Inc.		1,139		60,082
Lennar Corp., Class A		962		53,670
NVR, Inc.(b)		11		41,892
PulteGroup, Inc.		877		34,028
				189,672
Hotel & Resort REITs-0.05%
Host Hotels & Resorts, Inc.		2,414		44,780
Hotels, Resorts & Cruise Lines-0.49%
Carnival Corp.		1,355		68,875
Hilton Worldwide Holdings, Inc.		959		106,363
Marriott International, Inc., Class A		925		140,073
Norwegian Cruise Line Holdings Ltd.(b)		723		42,230
Royal Caribbean Cruises Ltd.		581		77,569
				435,110
Household Appliances-0.04%
Whirlpool Corp.		221		32,604
Household Products-1.72%
Church & Dwight Co., Inc.		847		59,578
Clorox Co. (The)		425		65,254
Colgate-Palmolive Co.		2,906		200,049
Kimberly-Clark Corp.		1,165		160,246
Procter & Gamble Co. (The)		8,480		1,059,152
				1,544,279
Housewares & Specialties-0.03%
Newell Brands, Inc.		1,310		25,178
Human Resource & Employment Services-0.03%
Robert Half International, Inc.		397		25,071
Hypermarkets & Super Centers-1.13%
Costco Wholesale Corp.		1,502		441,468
Walmart, Inc.		4,826		573,522
				1,014,990
Independent Power Producers & Energy Traders-0.09%
AES Corp. (The)		2,239		44,556
NRG Energy, Inc.		856		34,026
				78,582
Industrial Conglomerates-1.38%
3M Co.		1,956		345,077
General Electric Co.(d)		29,718		331,653

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
Industrial Conglomerates-(continued)
Honeywell International, Inc.		2,435	$	430,995
Roper Technologies, Inc.		351		124,335
				1,232,060
Industrial Gases-0.63%
Air Products and Chemicals, Inc.		749		176,007
Linde PLC (United Kingdom)		1,831		389,820
				565,827
Industrial Machinery-0.86%
Dover Corp.		491		56,593
Flowserve Corp.		450		22,396
Fortive Corp.		999		76,314
IDEX Corp.		256		44,032
Illinois Tool Works, Inc.		996		178,911
Ingersoll-Rand PLC		817		108,596
Parker-Hannifin Corp.		434		89,326
Pentair PLC		580		26,605
Snap-on, Inc.		189		32,016
Stanley Black & Decker, Inc.		513		85,025
Xylem, Inc.		618		48,692
				768,506
Industrial REITs-0.26%
Duke Realty Corp.		1,237		42,887
Prologis, Inc.		2,148		191,473
				234,360
Insurance Brokers-0.57%
Aon PLC		798		166,215
Arthur J. Gallagher & Co.		637		60,661
Marsh & McLennan Cos., Inc.		1,714		190,957
Willis Towers Watson PLC		436		88,046
				505,879
Integrated Oil & Gas-2.13%
Chevron Corp.		6,432		775,120
Exxon Mobil Corp.		14,397		1,004,623
Occidental Petroleum Corp.		3,030		124,866
				1,904,609
Integrated Telecommunication Services-2.05%
AT&T, Inc.		24,871		971,958
Verizon Communications, Inc.		14,072		864,021
				1,835,979
Interactive Home Entertainment-0.35%
Activision Blizzard, Inc.		2,598		154,373
Electronic Arts, Inc.(b)		997		107,188
Take-Two Interactive Software, Inc.(b)		386		47,258
				308,819
Interactive Media & Services-5.01%
Alphabet, Inc., Class A(b)		1,019		1,364,839
Alphabet, Inc., Class C(b)		1,016		1,358,412

	Shares		Value
Interactive Media & Services-(continued)
Facebook, Inc., Class A(b)		8,188	$	1,680,587
Twitter, Inc.(b)		2,618		83,907
				4,487,745
Internet & Direct Marketing Retail-3.41%
Amazon.com, Inc.(b)		1,416		2,616,541
Booking Holdings, Inc.(b)		142		291,630
eBay, Inc.		2,602		93,958
Expedia Group, Inc.		483		52,232
				3,054,361
Internet Services & Infrastructure-0.13%
Akamai Technologies, Inc.(b)		549		47,423
VeriSign, Inc.(b)		352		67,823
				115,246
Investment Banking & Brokerage-0.80%
Charles Schwab Corp. (The)		3,889		184,961
E*TRADE Financial Corp.		767		34,799
Goldman Sachs Group, Inc. (The)		1,083		249,014
Morgan Stanley		4,185		213,937
Raymond James Financial, Inc.		417		37,305
				720,016
IT Consulting & Other Services-1.23%
Accenture PLC, Class A		2,158		454,410
Cognizant Technology Solutions Corp., Class A		1,870		115,977
DXC Technology Co.		886		33,305
Gartner, Inc.(b)		309		47,617
International Business Machines Corp.		3,013		403,862
Leidos Holdings, Inc.		452		44,246
				1,099,417
Leisure Products-0.05%
Hasbro, Inc.		425		44,884
Life & Health Insurance-0.61%
Aflac, Inc.		2,508		132,673
Globe Life, Inc.		339		35,680
Lincoln National Corp.		677		39,950
MetLife, Inc.		2,659		135,529
Principal Financial Group, Inc.		891		49,005
Prudential Financial, Inc.		1,361		127,580
Unum Group		728		21,229
				541,646
Life Sciences Tools & Services-1.06%
Agilent Technologies, Inc.		1,047		89,320
Illumina, Inc.(b)		500		165,870
IQVIA Holdings, Inc.(b)		616		95,178
Mettler-Toledo International, Inc.(b)		84		66,636
PerkinElmer, Inc.		375		36,412
Thermo Fisher Scientific, Inc.		1,363		442,798

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
Life Sciences Tools & Services-(continued)
Waters Corp.(b)		219	$	51,169
				947,383
Managed Health Care-1.70%
Anthem, Inc.		864		260,954
Centene Corp.(b)		1,400		88,018
Humana, Inc.		450		164,934
UnitedHealth Group, Inc.		3,223		947,498
WellCare Health Plans, Inc.(b)		172		56,796
				1,518,200
Metal & Glass Containers-0.08%
Ball Corp.		1,124		72,689
Motorcycle Manufacturers-0.02%
Harley-Davidson, Inc.		547		20,343
Movies & Entertainment-1.57%
Live Nation Entertainment, Inc.(b)		479		34,234
Netflix, Inc.(b)		1,490		482,120
Walt Disney Co. (The)		6,132		886,871
				1,403,225
Multi-line Insurance-0.28%
American International Group, Inc.		2,947		151,270
Assurant, Inc.		210		27,527
Hartford Financial Services Group, Inc. (The)		1,224		74,382
				253,179
Multi-Sector Holdings-1.68%
Berkshire Hathaway, Inc., Class B(b)		6,655		1,507,357
Multi-Utilities-1.08%
Ameren Corp.		832		63,898
CenterPoint Energy, Inc.		1,728		47,122
CMS Energy Corp.		976		61,332
Consolidated Edison, Inc.		1,124		101,688
Dominion Energy, Inc.		2,800		231,896
DTE Energy Co.		653		84,805
NiSource, Inc.		1,264		35,190
Public Service Enterprise Group, Inc.		1,712		101,093
Sempra Energy		958		145,118
WEC Energy Group, Inc.		1,068		98,502
				970,644
Office REITs-0.21%
Alexandria Real Estate Equities, Inc.		388		62,693
Boston Properties, Inc.		486		67,000
SL Green Realty Corp.		277		25,451
Vornado Realty Trust		547		36,375
				191,519
Oil & Gas Drilling-0.02%
Helmerich & Payne, Inc.		379		17,218

	Shares		Value
Oil & Gas Equipment & Services-0.43%
Baker Hughes Co., Class A		2,174	$	55,719
Halliburton Co.		3,009		73,630
National Oilwell Varco, Inc.		1,333		33,392
Schlumberger Ltd.		4,710		189,342
TechnipFMC PLC (United Kingdom)		1,429		30,638
				382,721
Oil & Gas Exploration & Production-0.95%
Apache Corp.		1,294		33,113
Cabot Oil & Gas Corp.		1,387		24,148
Cimarex Energy Co.		350		18,372
Concho Resources, Inc.		690		60,423
ConocoPhillips		3,733		242,757
Devon Energy Corp.		1,329		34,514
Diamondback Energy, Inc.		548		50,887
EOG Resources, Inc.		1,978		165,677
Hess Corp.		876		58,526
Marathon Oil Corp.		2,715		36,870
Noble Energy, Inc.		1,626		40,390
Pioneer Natural Resources Co.		565		85,524
				851,201
Oil & Gas Refining & Marketing-0.51%
HollyFrontier Corp.		523		26,521
Marathon Petroleum Corp.		2,208		133,032
Phillips 66		1,519		169,232
Valero Energy Corp.		1,403		131,391
				460,176
Oil & Gas Storage & Transportation-0.38%
Kinder Morgan, Inc.		6,596		139,637
ONEOK, Inc.		1,398		105,787
Williams Cos., Inc. (The)		4,088		96,967
				342,391
Packaged Foods & Meats-1.06%
Campbell Soup Co.		582		28,762
Conagra Brands, Inc.		1,672		57,249
General Mills, Inc.		2,044		109,477
Hershey Co. (The)		503		73,931
Hormel Foods Corp.		959		43,260
JM Smucker Co. (The)		385		40,090
Kellogg Co.		855		59,132
Kraft Heinz Co. (The)		2,107		67,698
Lamb Weston Holdings, Inc.		492		42,327
McCormick & Co., Inc.		420		71,286
Mondelez International, Inc., Class A		4,884		269,011
Tyson Foods, Inc., Class A		997		90,767
				952,990
Paper Packaging-0.28%
Amcor PLC		5,489		59,501
Avery Dennison Corp.		289		37,807
International Paper Co.		1,330		61,246

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
Paper Packaging-(continued)
Packaging Corp. of America		324	$	36,285
Sealed Air Corp.		535		21,309
Westrock Co.		871		37,375
				253,523
Personal Products-0.19%
Coty, Inc., Class A		977		10,991
Estee Lauder Cos., Inc. (The), Class A		757		156,351
				167,342
Pharmaceuticals-4.70%
Allergan PLC		1,116		213,346
Bristol-Myers Squibb Co.		7,976		511,979
Eli Lilly and Co.		2,878		378,256
Johnson & Johnson		8,955		1,306,266
Merck & Co., Inc.		8,663		787,900
Mylan N.V.(b)		1,771		35,597
Perrigo Co. PLC		470		24,280
Pfizer, Inc.		18,850		738,543
Zoetis, Inc.		1,617		214,010
				4,210,177
Property & Casualty Insurance-0.85%
Allstate Corp. (The)		1,101		123,808
Chubb Ltd.		1,543		240,183
Cincinnati Financial Corp.		521		54,783
Loews Corp.		870		45,666
Progressive Corp. (The)		1,980		143,332
Travelers Cos., Inc. (The)		881		120,653
W.R. Berkley Corp.		490		33,859
				762,284
Publishing-0.03%
News Corp., Class A		1,299		18,368
News Corp., Class B		442		6,413
				24,781
Railroads-0.94%
CSX Corp.		2,646		191,465
Kansas City Southern		339		51,921
Norfolk Southern Corp.		891		172,970
Union Pacific Corp.		2,361		426,845
				843,201
Real Estate Services-0.08%
CBRE Group, Inc., Class A(b)		1,138		69,748
Regional Banks-1.21%
Citizens Financial Group, Inc.		1,478		60,022
Comerica, Inc.		490		35,157
Fifth Third Bancorp		2,404		73,899
First Republic Bank		569		66,829
Huntington Bancshares, Inc.		3,478		52,448
KeyCorp		3,351		67,824
M&T Bank Corp.		451		76,557

	Shares		Value
Regional Banks-(continued)
People’s United Financial, Inc.		1,502	$	25,384
PNC Financial Services Group, Inc. (The)		1,490		237,849
Regions Financial Corp.		3,280		56,285
SVB Financial Group(b)		173		43,430
Truist Financial Corp.		4,562		256,932
Zions Bancorporation N.A.		579		30,062
				1,082,678
Reinsurance-0.04%
Everest Re Group Ltd.		137		37,927
Research & Consulting Services-0.30%
Equifax, Inc.		415		58,150
IHS Markit Ltd.(b)		1,358		102,325
Nielsen Holdings PLC		1,249		25,355
Verisk Analytics, Inc.		553		82,585
				268,415
Residential REITs-0.43%
Apartment Investment & Management Co., Class A		511		26,393
AvalonBay Communities, Inc.		472		98,978
Equity Residential		1,180		95,486
Essex Property Trust, Inc.		225		67,694
Mid-America Apartment Communities, Inc.		391		51,557
UDR, Inc.		991		46,280
				386,388
Restaurants-1.21%
Chipotle Mexican Grill, Inc.(b)		85		71,154
Darden Restaurants, Inc.		422		46,002
McDonald’s Corp.		2,561		506,079
Starbucks Corp.		4,018		353,263
Yum! Brands, Inc.		1,030		103,752
				1,080,250
Retail REITs-0.37%
Federal Realty Investment Trust		240		30,895
Kimco Realty Corp.		1,458		30,195
Realty Income Corp.		1,108		81,582
Regency Centers Corp.		574		36,214
Simon Property Group, Inc.		1,042		155,216
				334,102
Semiconductor Equipment-0.48%
Applied Materials, Inc.		3,129		190,994
KLA Corp.		538		95,856
Lam Research Corp.		493		144,153
				431,003
Semiconductors-3.82%
Advanced Micro Devices, Inc.(b)		3,789		173,764
Analog Devices, Inc.		1,250		148,550
Broadcom, Inc.		1,348		425,995
Intel Corp.		14,801		885,840
Maxim Integrated Products, Inc.		918		56,466

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
Semiconductors–(continued)
Microchip Technology, Inc.		805	$	84,300
Micron Technology, Inc.(b)		3,766		202,536
NVIDIA Corp.		2,081		489,659
Qorvo, Inc.(b)		398		46,260
QUALCOMM, Inc.		3,884		342,685
Skyworks Solutions, Inc.		580		70,110
Texas Instruments, Inc.		3,180		407,962
Xilinx, Inc.		855		83,593
				3,417,720
Soft Drinks–1.63%
Coca-Cola Co. (The)		13,121		726,247
Monster Beverage Corp.(b)		1,310		83,251
PepsiCo., Inc.		4,737		647,406
				1,456,904
Specialized Consumer Services–0.02%
H&R Block, Inc.		664		15,591
Specialized REITs-1.29%
American Tower Corp.		1,506		346,109
Crown Castle International Corp.		1,414		201,000
Digital Realty Trust, Inc.		705		84,417
Equinix, Inc.		290		169,273
Extra Space Storage, Inc.		438		46,261
Iron Mountain, Inc.		971		30,946
Public Storage		507		107,971
SBA Communications Corp., Class A		382		92,058
Weyerhaeuser Co.		2,523		76,195
				1,154,230
Specialty Chemicals–0.81%
Albemarle Corp.		364		26,587
Celanese Corp.		418		51,464
DuPont de Nemours, Inc.		2,525		162,105
Ecolab, Inc.		853		164,620
International Flavors & Fragrances, Inc.		368		47,479
PPG Industries, Inc.		799		106,659
Sherwin-Williams Co. (The)		279		162,808
				721,722
Specialty Stores–0.15%
Tiffany & Co.		371		49,584
Tractor Supply Co.		403		37,657
Ulta Beauty, Inc.(b)		194		49,109
				136,350
Steel-0.06%
Nucor Corp.		1,026		57,743
Systems Software-5.32%
Fortinet, Inc.(b)		479		51,138
Microsoft Corp.		25,959		4,093,734

	Shares		Value
Systems Software-(continued)
NortonLifeLock, Inc.		1,925	$	49,126
Oracle Corp.		7,360		389,933
ServiceNow, Inc.(b)		641		180,967
				4,764,898
Technology Distributors-0.08%
CDW Corp.		489		69,849
Technology Hardware, Storage & Peripherals-5.06%
Apple, Inc.		14,211		4,173,060
Hewlett Packard Enterprise Co.		4,395		69,705
HP, Inc.		5,021		103,182
NetApp, Inc.		776		48,306
Seagate Technology PLC		786		46,767
Western Digital Corp.		1,002		63,597
Xerox Holdings Corp.		643		23,707
				4,528,324
Tobacco-0.86%
Altria Group, Inc.		6,356		317,228
Philip Morris International, Inc.		5,294		450,466
				767,694
Trading Companies & Distributors-0.18%
Fastenal Co.		1,942		71,757
United Rentals, Inc.(b)		260		43,360
W.W. Grainger, Inc.		148		50,101
				165,218
Trucking-0.08%
J.B. Hunt Transport Services, Inc.		295		34,450
Old Dominion Freight Line, Inc.		217		41,182
				75,632
Water Utilities-0.08%
American Water Works Co., Inc.		611		75,061
Wireless Telecommunication Services-0.09%
T-Mobile US, Inc.(b)		1,070		83,909
Total Common Stocks & Other Equity Interests (Cost $24,846,256)				91,022,817
Money Market Funds-0.92%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(e)		281,283		281,283
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(e)		221,928		221,995
Invesco Treasury Portfolio, Institutional Class, 1.49%(e)		321,467		321,467
Total Money Market Funds (Cost $824,767)				824,745
TOTAL INVESTMENTS IN SECURITIES - 102.55% (Cost $25,671,023)				91,847,562
OTHER ASSETS LESS LIABILITIES - (2.55)%				(2,284,694	)
NET ASSETS-100.00%			$	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

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)  The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the fiscal year ended December 31, 2019.

	Value December 31, 2018	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation	Realized Gain (Loss)	Value December 31, 2019	Dividend Income
Invesco Ltd.	$25,428	$-	$(5,462)	$4,213	$(2,261)	$21,918	$1,744

^(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 money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value		Unrealized Appreciation
Equity Risk
E-Mini S&P 500 Index		5	March-2020		$807,775		$21,780		$21,780

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, 2019

Assets:
Investments in securities, at value (Cost $ 24,817,739)	$	91,000,899
Investments in affiliates, at value (Cost $ 853,284)		846,663
Other investments:
Variation margin receivable - futures contracts		1,728
Receivable for: Dividends		93,945
Investment for trustee deferred compensation and retirement plans		41,109
Total assets		91,984,344
Liabilities:
Payable for:
Fund shares reacquired		2,249,272
Accrued fees to affiliates		65,747
Accrued other operating expenses		59,135
Trustee deferred compensation and retirement plans		47,322
Total liabilities		2,421,476
Net assets applicable to shares outstanding	$	89,562,868
Net assets consist of:
Shares of beneficial interest	$	18,735,574
Distributable earnings		70,827,294
	$	89,562,868
Net Assets:
Series I	$	36,805,923
Series II	$	52,756,945
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		1,966,695
Series II		2,837,985
Series I:
Net asset value per share	$	18.71
Series II:
Net asset value per share	$	18.59

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends	$	1,733,752
Dividends from affiliates (includes securities lending income of $77)		20,156
Total investment income		1,753,908
Expenses:
Advisory fees		104,132
Administrative services fees		141,013
Custodian fees		6,422
Distribution fees - Series II		124,835
Transfer agent fees		4,061
Trustees’ and officers’ fees and benefits		19,619
Licensing fees		17,050
Reports to shareholders		11,400
Professional services fees		39,117
Other		17,003
Total expenses		484,652
Less: Fees waived		(1,057	)
Net expenses		483,595
Net investment income		1,270,313
Realized and unrealized gain from:
Net realized gain from:
Investment securities		5,760,353
Futures contracts		154,758
		5,915,111
Change in net unrealized appreciation of:
Investment securities		15,766,908
Futures contracts		86,806
		15,853,714
Net realized and unrealized gain		21,768,825
Net increase in net assets resulting from operations	$	23,039,138

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	1,270,313		$	1,125,215
Net realized gain		5,915,111			8,831,060
Change in net unrealized appreciation (depreciation)		15,853,714			(13,888,492	)
Net increase (decrease) in net assets resulting from operations		23,039,138			(3,932,217	)
Distributions to shareholders from distributable earnings:
Series I		(4,162,074	)		(3,325,539	)
Series II		(5,597,313	)		(4,552,548	)
Total distributions from distributable earnings		(9,759,387	)		(7,878,087	)
Share transactions-net:
Series I		(2,676,121	)		268,373
Series II		98,753			(3,137,670	)
Net increase (decrease) in net assets resulting from share transactions		(2,577,368	)		(2,869,297	)
Net increase (decrease) in net assets		10,702,383			(14,679,601	)
Net assets:
Beginning of year		78,860,485			93,540,086
End of year	$	89,562,868		$	78,860,485

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 12/31/19	$	16.12	$	0.29	$	4.51		$	4.80		$	(0.28	)	$	(1.93	)	$	(2.21	)	$	18.71		30.98	%	$	36,806		0.41	%(d)		0.41	%(d)		1.61	%(d)		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
Year ended 12/31/15		18.52		0.30		(0.24	)		0.06			(0.33	)		(1.67	)		(2.00	)		16.58		1.03			35,586		0.41			0.41			1.66			7
Series II
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	(d)		0.66	(d)		1.36	(d)		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
Year ended 12/31/15		18.43		0.25		(0.24	)		0.01			(0.28	)		(1.67	)		(1.95	)		16.49		0.72			58,268		0.66			0.66			1.41			7

^(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 $36,848 and $49,928 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, 2019

NOTE 1–Significant Accounting Policies

Invesco V.I. S&P 500 Index Fund (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to provide investment results that, before expenses, correspond to the total return (i.e., the combination of capital changes and income) of the Standard & Poor’s 500^® Composite Stock Price Index.

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. S&P 500 Index Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. S&P 500 Index Fund

collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $2 billion		0.120%
Over $2 billion		0.100%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.12%.

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

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020. 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, 2021, 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, 2019, the Adviser waived advisory fees of $1,057.

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, 2019, Invesco was paid $12,250 for accounting and fund administrative services and was reimbursed $128,763 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Invesco V.I. S&P 500 Index Fund

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, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	91,022,817	$	-	$	-	$	91,022,817
Money Market Funds		824,745		-		-		824,745
Total Investments in Securities		91,847,562		-		-		91,847,562
Other Investments - Assets*
Futures Contracts		21,780		-		-		21,780
Total Investments	$	91,869,342	$	-		$-	$	91,869,342

* Unrealized appreciation.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2019:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts - Exchange-Traded(a)	$	21,780
Derivatives not subject to master netting agreements		(21,780	)
Total Derivative Assets subject to master netting agreements	$	-

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

Invesco V.I. S&P 500 Index Fund

Effect of Derivative Investments for the year ended December 31, 2019

The table below summarizes the gains 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		$154,758
Change in Net Unrealized Appreciation:
Futures contracts		86,806
Total		$241,564

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

	Futures Contracts
Average notional value	$	981,273

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, 2019 and 2018:

	2019		2018
Ordinary income	$	1,124,398	$	1,343,960
Long-term capital gain		8,634,989		6,534,127
Total distributions	$	9,759,387	$	7,878,087

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	1,424,678
Undistributed long-term capital gain		5,156,583
Net unrealized appreciation – investments		64,282,341
Temporary book/tax differences		(36,308	)
Shares of beneficial interest		18,735,574
Total net assets	$	89,562,868

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date

Invesco V.I. S&P 500 Index Fund

will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $2,724,085 and $10,355,954, 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	$65,194,258
Aggregate unrealized (depreciation) of investments	(911,917	)
Net unrealized appreciation of investments	$64,282,341

Cost of investments for tax purposes is $27,587,001.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of real estate investment trusts and fair fund settlements, on December 31, 2019, undistributed net investment income was increased by $1,028, undistributed net realized gain was decreased by $1,074 and shares of beneficial interest was increased by $46. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information

	Summary of Share Activity
	Year ended December 31, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		101,728		$	1,853,921			197,507		$	3,659,064
Series II		79,690			1,455,975			126,250			2,450,887
Issued as reinvestment of dividends:
Series I		242,328			4,160,777			177,118			3,324,539
Series II		327,904			5,597,313			243,843			4,552,548
Reacquired:
Series I		(470,895	)		(8,690,819	)		(355,679	)		(6,715,230	)
Series II		(383,854	)		(6,954,535	)		(544,977	)		(10,141,105	)
Net increase (decrease) in share activity		(103,099	)	$	(2,577,368	)		(155,938	)	$	(2,869,297	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. S&P 500 Index Fund

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. S&P 500 Index Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
		Ending Account Value (12/31/19)1		Expenses Paid During Period2		Ending Account Value (12/31/19)		Expenses Paid During Period2
Series I	$1,000.00		$1,107.20		$2.07		$1,023.24		$1.99	0.39%
Series II	1,000.00		1,106.10		3.40		1,021.98		3.26	0.64

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. S&P 500 Index 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	8,634,989
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

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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. S&P 500 Index Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Small Cap Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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. VISCE-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2019, 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	26.60	%
Series II Shares	26.32
S&P 500 Indexq (Broad Market Index)	31.49
Russell 2000 Indexq (Style-Specific Index)	25.52
Lipper VUF Small-Cap Core Funds Index∎ (Peer Group Index)	23.69
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

    Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

    Key issues that concerned investors in the second quarter of 2019 carried over

into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.1 This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

    Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third

quarter of 2019.2 During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

    Given this landscape, the Fund produced a strong, double-digit return and outperformed its style-specific benchmark during the year. Relative performance was primarily driven by stock selection in the health care, information technology (IT), industrials and energy sectors. Overweight exposures in IT and industrials also benefited the Fund’s relative performance. Conversely, stock selection in the financials and consumer staples sector detracted from the Fund’s relative performance. Ancillary cash also hurt the Fund’s relative returns, given strong stock market performance during the year.

    Top individual contributors to the Fund’s performance during the year included Array BioPharma, Avalara and SPX.

    Array BioPharma is a Colorado-based biotechnology company that experienced strong sales from its two drugs to treat metastatic melanoma in patients with a BRAF gene mutation. In May, Array reported positive phase 3 data for its BRAF-mutant colorectal cancer (CRC) treatment. This was significant as there was a very substantial unmet need that could add significant sales to Array’s franchise. In June, on the heels of the CRC data and the early commercial success of Array’s combination drug treatment for BRAF-mutant melanoma, Pfizer (not a Fund holding) announced its intent to acquire Array at a roughly 60% premium to its prior day trading price.

Portfolio Composition
By sector	% of total net assets

Industrials	18.05%
Financials	17.87
Information Technology	17.59
Consumer Discretionary	12.63
Health Care	12.54
Real Estate	6.33
Materials	4.30
Energy	3.13
Utilities	2.08
Other Sectors, Each Less than 2% of Net Assets	3.80
Money Market Funds Plus Other
Assets Less Liabilities	1.68

Top 10 Equity Holdings*
% of total net assets
1. SPX Corp.	1.88%
2. Iridium Communications, Inc.	1.85
3. Lumentum Holdings, Inc.	1.63
4. Wolverine World Wide, Inc.	1.49
5. Boot Barn Holdings, Inc.	1.49
6. NeoGenomics, Inc.	1.46
7. HealthEquity, Inc.	1.40
8. Curtiss-Wright Corp.	1.35
9. LPL Financial Holdings, Inc.	1.33
10. Graphic Packaging Holding Co.	1.27

Total Net Assets $216.3 million

Total Number of Holdings* 94

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, 2019.

Invesco V.I. Small Cap Equity Fund

Seattle-based software company Avalara experienced better-than-expected revenues and bookings growth driven by new clients seeking to automate online sales taxes before state mandates take effect. A 2018 US Supreme Court ruling gave states the authority to require retailers to collect state taxes for online purchases. Since then, many states have revised their sales tax laws. California began taxing sales by out-of-state sellers in April. By October, 14 states required marketplace facilitators to charge sales tax. Given this, we believed Avalara’s bookings would continue even as more states implement new sales tax laws.

SPX, a global supplier of heating, ventilating and air conditioning infrastructure equipment, benefited from gradual improvements and decreasing operational risk since the company separated from its parent company a few years ago. During the year, SPX reported strong organic growth, executed strategic acquisitions to increase its profitability and strengthened its portfolio via divestitures.

Top individual detractors from the Fund’s performance for the year included Retrophin, American Eagle Outfitters and ICU Medical.

Biopharmaceutical firm Retrophin suffered from a phase 3 drug trial failure, which, in our view, essentially removed one of the company’s two key value drivers. We sold the stock given the limited upside until its next phase 3 data is released in 2021.

Clothing retailer American Eagle Outfitters sold off in May after President Trump threatened to impose tariffs on apparel sourced from China. Investors’ fears remained heightened that the potential for these List 4 tariffs would result in lower earnings and profits for American Eagle Outfitters. We continued to hold the stock as the company’s management team had high conviction that it would be able to mitigate any impacts from tariffs based on their conversations with suppliers.

During the year, ICU Medical announced it would exit the intravenous solutions business, which is primarily serviced through short-term contracts, and instead focus on its long-term contracts business. Essentially, the company decided to sacrifice short-term sales and profits that can be volatile in favor of longer, more stable sales and profits. We viewed weakness in the share price as transitory and continued to hold the stock.

We wish to remind you that all positioning changes are based on a

bottom-up stock selection process. Our portfolio construction process seeks to manage risk and ensure alignment with small-cap market sector exposure within modest over- and underweight allocations relative to the style-specific benchmark. At the close of the year, the Fund’s underweight exposures relative to the Russell 2000 Index were in the health care, utilities, real estate, consumer staples, communication services and energy sectors. Conversely, the Fund’s overweight exposures relative to the Russell 2000 Index were in the IT, industrials, consumer discretionary, materials and financials sectors.

Central bank actions in 2019 supported continued growth by keeping the cost of debt low. At the end of the year, the labor market remained healthy with employment and wage gains, which was beneficial to consumers. However, these were clearly the late innings of the economic cycle and, therefore, we expect only modest growth from here, as well as continued volatility spurred by trade and election headlines. Prolonged cyclical growth is likely to be scarce and we believe the market will continue to favor companies that can produce sustainable, above-average earnings and cash flow growth despite the economic cycle.

Thank you for investing in Invesco V.I. Small Cap Equity Fund and for sharing our long-term investment horizon.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Juan Hartsfield - Lead

Davis Paddock

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. 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 12/31/09

1   Source: RIMES Technologies Corp.

2   Source: Lipper Inc.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (8/29/03)	8.31	%
10 Years	10.26
5 Years	5.36
1 Year	26.60
Series II Shares
Inception (8/29/03)	8.05	%
10 Years	9.99
5 Years	5.11
1 Year	26.32

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.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 0.96% and 1.21%, respectively. The expense ratios presented above may vary from the

expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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

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

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

Invesco V.I. Small Cap Equity Fund

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, 2019, 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 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Small Cap Equity Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–98.32%
Aerospace & Defense–3.75%
BWX Technologies, Inc.		41,812	$    2,595,689
Cubic Corp.		40,938	2,602,429
Curtiss-Wright Corp.		20,740	2,922,058
			8,120,176
Alternative Carriers–1.85%
Iridium Communications, Inc.(b)		162,059	3,993,134
Apparel Retail–2.79%
American Eagle Outfitters, Inc.		109,533	1,610,135
Boot Barn Holdings, Inc.(b)		72,296	3,219,341
Children’s Place, Inc. (The)(c)		19,092	1,193,632
			6,023,108
Application Software–4.84%
Avalara, Inc.(b)		32,809	2,403,259
Blackbaud, Inc.		25,841	2,056,944
Cornerstone OnDemand, Inc.(b)		36,983	2,165,355
Manhattan Associates, Inc.(b)		19,494	1,554,646
Q2 Holdings, Inc.(b)		28,232	2,289,051
			10,469,255
Asset Management & Custody Banks–0.59%
Blucora, Inc.(b)		48,861	1,277,227
Auto Parts & Equipment–1.06%
Visteon Corp.(b)		26,580	2,301,562
Biotechnology–1.25%
Neurocrine Biosciences, Inc.(b)		25,236	2,712,618
Building Products–0.47%
Trex Co., Inc.(b)		11,355	1,020,587
Casinos & Gaming–1.94%
Boyd Gaming Corp.		69,244	2,073,165
Penn National Gaming, Inc.(b)		82,702	2,113,863
			4,187,028
Communications Equipment–2.66%
Ciena Corp.(b)		52,184	2,227,735
Lumentum Holdings, Inc.(b)		44,529	3,531,150
			5,758,885
Construction & Engineering–1.45%
Dycom Industries, Inc.(b)		25,622	1,208,078
Primoris Services Corp.		86,951	1,933,790
			3,141,868
Construction Materials–0.97%
Summit Materials, Inc., Class A(b)		87,678	2,095,504

	Shares		Value
Data Processing & Outsourced Services–2.02%
Euronet Worldwide, Inc.(b)		13,012	$    2,050,171
Jack Henry & Associates, Inc.		15,954	2,324,019
			4,374,190
Diversified Support Services–1.14%
Mobile Mini, Inc.		64,816	2,457,175
Education Services–1.02%
Strategic Education, Inc.		13,865	2,203,149
Electric Utilities–1.01%
IDACORP, Inc.		20,458	2,184,914
Electrical Components & Equipment–1.18%
EnerSys		34,071	2,549,533
Electronic Equipment & Instruments–2.21%
Badger Meter, Inc.		33,287	2,161,325
FLIR Systems, Inc.		50,275	2,617,819
			4,779,144
Environmental & Facilities Services–3.12%
ABM Industries, Inc.		55,632	2,097,883
BrightView Holdings, Inc.(b)		131,958	2,226,131
Casella Waste Systems, Inc., Class A(b)		52,831	2,431,811
			6,755,825
Fertilizers & Agricultural Chemicals–1.12%
Scotts Miracle-Gro Co. (The)		22,880	2,429,398
Financial Exchanges & Data–1.11%
TMX Group Ltd. (Canada)		27,641	2,393,616
Food Retail–0.93%
Sprouts Farmers Market, Inc.(b)		104,386	2,019,869
Footwear–1.49%
Wolverine World Wide, Inc.		95,792	3,232,022
General Merchandise Stores–0.59%
Big Lots, Inc.		44,693	1,283,583
Health Care Equipment–3.37%
Hill-Rom Holdings, Inc.		22,156	2,515,371
STERIS PLC		14,761	2,249,871
Wright Medical Group N.V.(b)		82,727	2,521,519
			7,286,761
Health Care Facilities–2.01%
Acadia Healthcare Co., Inc.(b)		60,154	1,998,316
Encompass Health Corp.		33,947	2,351,509
			4,349,825
Health Care REITs–1.03%
Healthcare Trust of America, Inc., Class A		73,219	2,217,071

Invesco V.I. Small Cap Equity Fund

	Shares		Value
Health Care Supplies–1.78%
ICU Medical, Inc.(b)		9,297	$    1,739,655
Lantheus Holdings, Inc.(b)		103,201	2,116,652
			3,856,307
Industrial Machinery–3.85%
Albany International Corp.		26,639	2,022,433
Altra Industrial Motion Corp.		61,782	2,237,126
SPX Corp.(b)		79,899	4,065,261
			8,324,820
Industrial REITs–1.04%
EastGroup Properties, Inc.		16,878	2,239,204
Investment Banking & Brokerage–2.52%
LPL Financial Holdings, Inc.		31,155	2,874,049
Piper Sandler Cos.		32,097	2,565,834
			5,439,883
Life & Health Insurance–1.07%
Primerica, Inc.		17,647	2,303,992
Life Sciences Tools & Services–1.46%
NeoGenomics, Inc.(b)		108,170	3,163,973
Managed Health Care–1.40%
HealthEquity, Inc.(b)		40,787	3,021,093
Multi-line Insurance–1.03%
Assurant, Inc.		16,922	2,218,136
Office REITs–1.08%
Highwoods Properties, Inc.		47,655	2,330,806
Oil & Gas Equipment & Services–0.96%
Apergy Corp.(b)		61,510	2,077,808
Oil & Gas Exploration & Production–2.17%
Matador Resources Co.(b)		82,789	1,487,718
Parsley Energy, Inc., Class A(b)		83,969	1,587,854
Viper Energy Partners L.P.		65,293	1,610,125
			4,685,697
Packaged Foods & Meats–1.02%
Calavo Growers, Inc.(b)		24,342	2,205,142
Paper Packaging–1.27%
Graphic Packaging Holding Co.		165,228	2,751,046
Pharmaceuticals–1.26%
Horizon Therapeutics PLC(b)		75,212	2,722,674
Property & Casualty Insurance–1.70%
Hanover Insurance Group, Inc. (The)		14,334	1,959,028
Selective Insurance Group, Inc.		26,204	1,708,239
			3,667,267
Real Estate Services–1.11%
FirstService Corp. (Canada)		25,703	2,392,850

	Shares		Value
Regional Banks–8.80%
CenterState Bank Corp.		84,405	$    2,108,437
Columbia Banking System, Inc.		63,294	2,575,116
Community Bank System, Inc.		31,996	2,269,796
Glacier Bancorp, Inc.		49,391	2,271,492
Pacific Premier Bancorp, Inc.		65,657	2,140,747
Pinnacle Financial Partners, Inc.		35,085	2,245,440
Webster Financial Corp.		50,741	2,707,540
Western Alliance Bancorporation(b)		47,576	2,711,832
			19,030,400
Restaurants–1.96%
Papa John’s International, Inc.		33,421	2,110,536
Wendy’s Co. (The)		95,882	2,129,539
			4,240,075
Semiconductor Equipment–1.95%
Brooks Automation, Inc.		48,070	2,017,017
Entegris, Inc.		44,143	2,211,123
			4,228,140
Semiconductors–2.95%
Lattice Semiconductor Corp.(b)		110,051	2,106,376
Power Integrations, Inc.		18,695	1,849,122
Semtech Corp.(b)		45,661	2,415,467
			6,370,965
Specialized Consumer Services–0.94%
ServiceMaster Global Holdings, Inc.(b)		52,640	2,035,062
Specialized REITs–2.09%
CubeSmart		63,327	1,993,534
CyrusOne, Inc.		38,606	2,525,991
			4,519,525
Specialty Chemicals–0.94%
Sensient Technologies Corp.		30,750	2,032,268
Systems Software–0.95%
Rapid7, Inc.(b)		36,648	2,053,021
Thrifts & Mortgage Finance–1.07%
Essent Group Ltd.		44,535	2,315,375
Tires & Rubber–0.84%
Cooper Tire & Rubber Co.		62,950	1,809,813
Trading Companies & Distributors–0.99%
Univar Solutions, Inc.(b)		88,708	2,150,282
Trucking–2.08%
Knight-Swift Transportation Holdings, Inc.		60,320	2,161,869
Old Dominion Freight Line, Inc.		12,338	2,341,505
			4,503,374

Invesco V.I. Small Cap Equity Fund

	Shares		Value
Water Utilities–1.07%
California Water Service Group		44,810	$     2,310,404
Total Common Stocks & Other Equity Interests (Cost $180,299,972)			212,616,429
Money Market Funds–1.92%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)		1,445,484	1,445,484
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)		1,043,304	1,043,617
Invesco Treasury Portfolio, Institutional Class, 1.49%(d)		1,651,983	1,651,983
Total Money Market Funds (Cost $4,140,976)			4,141,084
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.24% (Cost $184,440,948)			216,757,513

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.49%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)(e)		795,743	$	795,743
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)(e)		265,168		265,247
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,061,014)				1,060,990
TOTAL INVESTMENTS IN SECURITIES-100.73% (Cost $185,501,962)				217,818,503
OTHER ASSETS LESS LIABILITIES–(0.73)%				(1,567,977	)
NET ASSETS–100.00%			$	216,250,526

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at December 31, 2019.

^(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 11.

Invesco V.I. Small Cap Equity Fund

Statement of Assets and Liabilities

December 31, 2019

Assets:
Investments in securities, at value (Cost $180,299,972)*	$212,616,429
Investments in affiliated money market funds, at value (Cost $5,201,990)	5,202,074
Foreign currencies, at value (Cost $11,735)	11,912
Receivable for:
Investments sold	160,945
Fund shares sold	58,884
Dividends	169,033
Investment for trustee deferred compensation and retirement plans	83,555
Total assets	218,302,832
Liabilities:
Payable for:
Investments purchased	496,355
Fund shares reacquired	121,486
Amount due custodian	80,987
Collateral upon return of securities loaned	1,061,014
Accrued fees to affiliates	153,971
Accrued trustees’ and officers’ fees and benefits	634
Accrued other operating expenses	46,084
Trustee deferred compensation and retirement plans	91,775
Total liabilities	2,052,306
Net assets applicable to shares outstanding	$216,250,526
Net assets consist of:
Shares of beneficial interest	$165,597,385
Distributable earnings	50,653,141
	$216,250,526
Net Assets:
Series I	$118,207,696
Series II	$  98,042,830
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I	6,665,467
Series II	5,907,926
Series I:
Net asset value per share	$           17.73
Series II:
Net asset value per share	$           16.60

* At December 31, 2019, securities with an aggregate value of $1,039,949 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $15,662)	$	3,021,188
Dividends from affiliated money market funds (includes securities lending income of $23,847)		205,088
Total investment income		3,226,276
Expenses:
Advisory fees		1,846,907
Administrative services fees		405,422
Custodian fees		8,464
Distribution fees - Series II		328,000
Transfer agent fees		31,180
Trustees’ and officers’ fees and benefits		22,762
Reports to shareholders		8,822
Professional services fees		48,624
Other		5,568
Total expenses		2,705,749
Less: Fees waived		(9,439	)
Net expenses		2,696,310
Net investment income		529,966
Realized and unrealized gain from:
Net realized gain from:
Investment securities		29,137,269
Foreign currencies		363
Forward foreign currency contracts		133
		29,137,765
Change in net unrealized appreciation of:
Investment securities		25,301,337
Foreign currencies		177
		25,301,514
Net realized and unrealized gain		54,439,279
Net increase in net assets resulting from operations	$	54,969,245

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, 2019 and 2018

	2019			2018
Operations:
Net investment income (loss)	$	529,966		$	(76,606	)
Net realized gain		29,137,765			31,854,197
Change in net unrealized appreciation (depreciation)		25,301,514			(70,466,254	)
Net increase (decrease) in net assets resulting from operations		54,969,245			(38,688,663	)
Distributions to shareholders from distributable earnings:
Series I		(13,821,130	)		(8,819,904	)
Series II		(18,517,603	)		(10,565,170	)
Total distributions from distributable earnings		(32,338,733	)		(19,385,074	)
Share transactions–net:
Series I		(1,229,864	)		(16,916,326	)
Series II		(30,878,941	)		(6,035,415	)
Net increase (decrease) in net assets resulting from share transactions		(32,108,805	)		(22,951,741	)
Net increase (decrease) in net assets		(9,478,293	)		(81,025,478	)
Net assets:
Beginning of year		225,728,819			306,754,297
End of year	$	216,250,526		$	225,728,819

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.

	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 12/31/19		$	15.93		$	0.06			$	4.03			$	4.09			$	(2.29	)		$	17.73		26.60	%		$	118,208		0.96	%(d)		0.96	%(d)		0.34	%(d)		44	%
Year ended 12/31/18			20.02			0.02				(2.74	)			(2.72	)			(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	)			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	)			18.38		12.06				161,727		1.01			1.01			0.04			37
Year ended 12/31/15			23.64			0.00				(1.27	)			(1.27	)			(4.73	)			17.64		(5.52	)			166,407		1.04			1.04			0.02			31
Series II
Year ended 12/31/19			15.07			0.02				3.80				3.82				(2.29	)			16.60		26.32				98,043		1.21	(d)		1.21	(d)		0.09	(d)		44
Year ended 12/31/18			19.05			(0.03	)			(2.58	)			(2.61	)			(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	)			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	)			17.58		11.84				148,883		1.26			1.26			(0.21	)		37
Year ended 12/31/15			22.97			(0.05	)			(1.23	)			(1.28	)			(4.73	)			16.96		(5.74	)			128,614		1.29			1.29			(0.23	)		31

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are based on average daily net assets (000’s omitted) of $116,766 and $131,141 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, 2019

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Small Cap Equity Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the

Invesco V.I. Small Cap Equity Fund

collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

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		0.745%
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, 2019, the effective advisory fee rate incurred by the Fund was 0.74%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2020, 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 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, 2020.

Invesco V.I. Small Cap Equity Fund

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, 2021, 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, 2019, the Adviser waived advisory fees of $9,439.

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, 2019, Invesco was paid $36,616 for accounting and fund administrative services and was reimbursed $368,806 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, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $3,770 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1  - Prices are determined using quoted prices in an active market for identical assets.

Level 2  - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3  - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2019, 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–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Invesco V.I. Small Cap Equity Fund

Effect of Derivative Investments for the year ended December 31, 2019

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain on
	Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts		$133

The table below summarizes the average notional value of derivatives held during the period.

	Forward
	Foreign Currency
	Contracts
Average notional value	$47,267

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2019, the Fund engaged in securities purchases of $6,530,544 and securities sales of $0, which did not result in any net realized gains (losses).

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

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, 2019 and 2018:

	2019		2018
Ordinary income	$	179,127	$	4,111,298
Long-term capital gain		32,159,606		15,273,776
Total distributions	$	32,338,733	$	19,385,074

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	2,399,023
Undistributed long-term capital gain		16,110,859
Net unrealized appreciation – investments		32,213,097
Net unrealized appreciation - foreign currencies		177
Temporary book/tax differences		(70,015	)
Shares of beneficial interest		165,597,385
Total net assets	$	216,250,526

Invesco V.I. Small Cap Equity Fund

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.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

During the year ended December 31, 2019, 3,350,087 Series II shares of the Fund valued at $51,926,351 were redeemed by significant shareholders and settled through a redemption-in-kind transaction, of which $2,436,366 consisted of cash, which resulted in a realized gain of $9,896,530 to the Fund for book purposes. From a federal income tax perspective, the realized gains are not recognized.

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, 2019 was $103,008,921 and $115,451,288, 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	$	43,836,938
Aggregate unrealized (depreciation) of investments		(11,623,841	)
Net unrealized appreciation of investments	$	32,213,097

Cost of investments for tax purposes is $185,605,406.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of redemption-in-kind, on December 31, 2019, undistributed net investment income was decreased by $89,268, undistributed net realized gain was decreased by $9,650,087 and shares of beneficial interest was increased by $9,739,355. 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, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		501,715		$	8,900,799			705,274		$	13,617,305
Series II		1,589,687			27,357,249			610,379			11,139,397
Issued as reinvestment of dividends:
Series I		828,605			13,821,130			433,837			8,819,904
Series II		1,185,506			18,517,603			549,125			10,565,170
Reacquired:
Series I		(1,321,243	)		(23,951,793	)		(1,946,379	)		(39,353,535	)
Series II		(4,807,788	)		(76,753,793	)		(1,480,032	)		(27,739,982	)
Net increase (decrease) in share activity		(2,023,518	)	$	(32,108,805	)		(1,127,796	)	$	(22,951,741	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Small Cap Equity Fund

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Small Cap 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, 2019 through December 31, 2019.

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 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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses       Paid During      Period2	Ending               Account Value     (12/31/19)	Expenses   Paid During     Period2
Series I	$1,000.00	$1,060.90	$4.99	$1,020.37	$4.89	0.96%
Series II	1,000.00	1,060.50	6.23	1,019.16	6.11	1.21

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Small Cap Equity Fund

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 advisors.

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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	32,159,606
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 V.I. Small Cap Equity 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 Person
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)	229	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.

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)

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)
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
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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, 2019
	Invesco V.I. Technology Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

    If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

    You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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.	I-VITEC-AR-1

Management’s Discussion of Fund Performance

Performance summary
For the year ended December 31, 2019, Series I shares of Invesco V.I. Technology Fund (the Fund) underperformed 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	35.88	%
Series II Shares	35.56
NASDAQ Composite Indexq (Broad Market/Style-Specific Index)	36.69
Lipper VUF Science & Technology Funds Classification Average∎ (Peer Group)	39.68
Source(s): qBloomberg LP; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

    Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

    Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the

Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

    Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting

the US equity market on track for its largest annual rise since 2013.

    Given this landscape, the Fund produced a strong, double-digit return but underperformed its style-specific benchmark during the year. Relative underperformance was primarily driven by stock selection in and overweight exposure to the diversified telecommunication services industry and an underweight allocation to the technology hardware, storage and peripherals industry, as well as stock selection in the software industry. Conversely, stock selection in the entertainment, biotechnology, interactive media & services and internet & direct marketing retail industries contributed to the Fund’s relative performance.

    Top individual detractors from the Fund’s performance for the year included Intelsat, Lyft and Uber. Intelsat operates satellite services and our thesis for owning the stock was based on our positive view of its spectrum assets, given growing bottlenecks in wireless capacity driven by trends in smartphone usage. Spectrum is the term for invisible radio frequencies that wireless signals travel over. In November, the Federal Communications Commission surprised investors by pursuing a public auction of the highly valuable C-Band spectrum, which is required for the rollout of 5G in the US, rather than allowing a consortium (of which Intelsat was a member) to clear the spectrum. While the impact on Intel-sat’s stock was disappointing, we added to our position in the company, as we believed the situation remains fluid and we continued to be bullish on the potential value of its spectrum.

    Ridesharing companies Lyft and Uber both issued initial public offerings (IPOs) during the year. The Fund did not participate in Uber’s IPO and instead purchased shares in the secondary trading market. Both companies faced pressure in the second half of the year due to regulatory

Portfolio Composition
By sector	% of total net assets
Information Technology	47.40	%
Communication Services	24.63
Consumer Discretionary	15.35
Health Care	12.14
Industrials	0.33
Money Market Funds Plus Other
Assets Less Liabilities	0.15

Top 10 Equity Holdings*
% of total net assets
1. Amazon.com, Inc.	7.38	%
2. Microsoft Corp.	6.41
3. Apple, Inc.	5.75
4. Alibaba Group Holding Ltd., ADR	5.48
5. Alphabet, Inc., Class A	5.18
6. Facebook, Inc., Class A	4.97
7. Broadcom, Inc.	3.84
8. Applied Materials, Inc.	3.65
9. Illumina, Inc.	3.18
10. Activision Blizzard, Inc.	2.94

Total Net Assets	$	137.5 million
Total Number of Holdings*		46

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, 2019.

Invesco V.I. Technology Fund

headwinds related to the advancement of California Assembly Bill 5 (AB5), which is designed to extend employee classification status to rideshare drivers, giving them greater benefits, such as a protected minimum wage, sick days and health insurance. Though AB5 is not yet in effect, and a settlement or appeal of the law could still materialize, the advancement of the law has increased uncertainty for the ridesharing business model in California. In the long term, we believed the ridesharing industry has a large, underpenetrated market and potential to benefit from autonomous driving. Thus, we continued to hold Lyft but exited our position in Uber before the close of the year.

    Top individual contributors to the Fund’s performance during the year included Apple, Microsoft and Facebook. Though Apple benefited the Fund’s absolute performance, an underweight position in the stock detracted from the Fund’s performance relative to the style-specific benchmark. At the beginning of the year, the Fund’s underweight exposure was based on our belief that Apple, while offering a number of positive characteristics, was not fully pricing in real risks associated with geopolitics, slowing global growth and foreign exchange rates. We later reduced our underweight exposure, as our analysis revealed that demand for the new iPhone was exceeding orders in the supply chain.

    During the year, Microsoft contributed to the Fund on an absolute basis. However, the Fund’s underweight exposure versus its style-specific benchmark detracted from the Fund’s performance. Investor confidence in Microsoft grew following strong growth in Azure, its cloud computing platform. Additionally, Microsoft was awarded the $10 billion Joint Enterprise Defense Infrastructure (JEDI) contract from the US Department of Defense, further strengthening its competitive position. We see opportunity for Microsoft to grow revenue and profits as customers continue their digital transformation into the cloud.

    Social media giant Facebook reported strong earnings results during the year, showcasing an increase in the number of users worldwide, as well as increased revenue. Going forward, we believed increasing monetization for areas of Facebook, such as “Stories,” “Watch” and “Messenger,” as well as improving margins from slowing regulatory and privacy costs would be more impactful to the company in the future.

    At year-end, based on our fundamental, bottom-up research approach, the Fund maintained overweight exposures to the communication services, information technology (IT), consumer discretionary and health care sectors relative to the style-specific benchmark. Within the communication services and consumer discretionary sectors, we are focused on technology-driven share shift capabilities, demographics and changing behaviors. Within IT, the Fund had overweight positions in the semiconductors, IT services and software industries. Within health care, given the potential for increased volatility during an election year, the Fund remained relatively underweight in the biopharmaceutical industry. The Fund also held underweight exposure to the industrials sector relative to the style-specific benchmark. Additionally, the Fund lacked exposure to the financials and consumer staples sectors, two sectors where the style-specific benchmark maintained slight exposure.

    Central bank actions in 2019 supported continued growth by keeping the cost of debt low. The labor market remains healthy with employment and wage gains, which is beneficial to consumers. However, these are clearly the late innings of the economic cycle and, therefore, we expect only modest growth from here, as well as continued volatility spurred by trade and election headlines. Prolonged cyclical growth is likely to be scarce and we believe the market will continue to favor companies that can produce growth and compound earnings despite the economic cycle. We believe change is the fuel for growth. Thus, we are seeking to identify “share-takers,” companies that can gain market share through technology-enabled advantages in their business models and from disruptive shifts in 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: Bureau of Economic Analysis

Portfolio managers:

Janet Luby

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. Technology Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/09

1 Source: Bloomberg LP

2 Source: Lipper Inc.

Past performance cannot guarantee future

results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (5/20/97)	6.97%
10 Years	13.19
5 Years	14.14
1 Year	35.88
Series II Shares
Inception (4/30/04)	9.14%
10 Years	12.91
5 Years	13.85
1 Year	35.56

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.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.03% and 1.28%, respectively. The expense ratios presented above may vary from the ex-

pense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Invesco V.I. Technology Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

    The most recent month-end performance at the Fund level, excluding variable product charges, is available at 800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

Invesco V.I. Technology Fund

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, 2019, 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.

∎ 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Technology Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–99.85%
Alternative Carriers–1.05%
Intelsat S.A.(b)		204,319	$	1,436,363
Application Software–5.24%
Adobe, Inc.(b)		4,935		1,627,612
salesforce.com, inc.(b)		21,023		3,419,181
Splunk, Inc.(b)		14,430		2,161,181
				7,207,974
Consumer Electronics–1.82%
Sony Corp. (Japan)		36,800		2,504,858
Data Processing & Outsourced Services–9.08%
Fidelity National Information Services, Inc.		7,416		1,031,491
Fiserv, Inc.(b)		26,835		3,102,931
Mastercard, Inc., Class A		7,909		2,361,548
PayPal Holdings, Inc.(b)		18,256		1,974,752
Visa, Inc., Class A		21,378		4,016,926
				12,487,648
Health Care Equipment–5.94%
Abbott Laboratories		19,443		1,688,819
Boston Scientific Corp.(b)		47,650		2,154,733
DexCom, Inc.(b)		2,178		476,416
Intuitive Surgical, Inc.(b)		2,345		1,386,247
Teleflex, Inc.		6,519		2,454,012
				8,160,227
Interactive Home Entertainment–10.22%
Activision Blizzard, Inc.		68,117		4,047,512
Electronic Arts, Inc.(b)		16,027		1,723,063
Nintendo Co. Ltd. (Japan)		9,700		3,915,368
Sea Ltd., ADR (Taiwan)(b)		58,676		2,359,949
Take-Two Interactive Software, Inc.(b)		11,553		1,414,434
Ubisoft Entertainment S.A. (France)(b)		8,589		594,158
				14,054,484
Interactive Media & Services–11.81%
Alphabet, Inc., Class A(b)		5,316		7,120,197
Alphabet, Inc., Class C(b)		1,114		1,489,440
Facebook, Inc., Class A(b)		33,269		6,828,462
Match Group, Inc.(b)(c)		9,695		796,057
				16,234,156
Internet & Direct Marketing Retail–13.53%
Alibaba Group Holding Ltd., ADR (China)(b)		35,555		7,541,215
Amazon.com, Inc.(b)		5,489		10,142,794
Booking Holdings, Inc.(b)		446		915,964
				18,599,973

	Shares		Value
Life Sciences Tools & Services–5.96%
10X Genomics, Inc., Class A(b)		13,746	$	1,048,132
Illumina, Inc.(b)		13,181		4,372,665
IQVIA Holdings, Inc.(b)		7,951		1,228,509
Thermo Fisher Scientific, Inc.		4,762		1,547,031
				8,196,337
Managed Health Care–0.25%
UnitedHealth Group, Inc.		1,161		341,311
Movies & Entertainment–1.55%
Netflix, Inc.(b)		6,591		2,132,650
Semiconductor Equipment–5.50%
Applied Materials, Inc.		82,340		5,026,034
ASML Holding N.V., New York Shares (Netherlands)		8,575		2,537,685
				7,563,719
Semiconductors–12.55%
Broadcom, Inc.		16,700		5,277,534
NVIDIA Corp.		9,264		2,179,819
QUALCOMM, Inc.		30,781		2,715,808
Semtech Corp.(b)		68,797		3,639,361
Silicon Motion Technology Corp., ADR (Taiwan)		67,967		3,446,607
				17,259,129
Systems Software–9.27%
Microsoft Corp.		55,915		8,817,796
Palo Alto Networks, Inc.(b)		7,496		1,733,450
ServiceNow, Inc.(b)		7,770		2,193,626
				12,744,872
Technology Hardware, Storage & Peripherals–5.75%
Apple, Inc.		26,921		7,905,352
Trucking–0.33%
Lyft, Inc., Class A(b)		10,458		449,903
Total Common Stocks & Other Equity Interests (Cost $67,796,639)				137,278,956
Money Market Funds–0.72%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)		344,022		344,022
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)		253,945		254,021
Invesco Treasury Portfolio, Institutional Class, 1.49%(d)		393,168		393,168
Total Money Market Funds (Cost $991,221)				991,211
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.57% (Cost $68,787,860)				138,270,167

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.53%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(d)(e)		550,517	$	550,517
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(d)(e)		183,450		183,505
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $734,022)				734,022
TOTAL INVESTMENTS IN SECURITIES-101.10% (Cost $69,521,882)				139,004,189
OTHER ASSETS LESS LIABILITIES-(1.10)%				(1,512,100	)
NET ASSETS-100.00%			$	137,492,089

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, 2019.

^(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Statement of Assets and Liabilities

December 31, 2019

Assets:
Investments in securities, at value (Cost $67,796,639)*	$	137,278,956
Investments in affiliated money market funds, at value (Cost $1,725,243)		1,725,233
Foreign currencies, at value (Cost $149)		150
Receivable for:
Fund shares sold		79,958
Dividends		1,933
Investment for trustee deferred compensation and retirement plans		70,594
Total assets		139,156,824
Liabilities:
Payable for:
Fund shares reacquired		730,695
Amount due custodian		18,072
Collateral upon return of securities loaned		734,022
Accrued fees to affiliates		60,492
Accrued other operating expenses		44,159
Trustee deferred compensation and retirement plans		77,295
Total liabilities		1,664,735
Net assets applicable to shares outstanding	$	137,492,089
Net assets consist of:
Shares of beneficial interest	$	54,325,192
Distributable earnings		83,166,897
	$	137,492,089
Net Assets:
Series I	$	127,308,321
Series II	$	10,183,768
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,675,574
Series II		397,340
Series I:
Net asset value per share	$	27.23
Series II:
Net asset value per share	$	25.63

* At December 31, 2019, securities with an aggregate value of $718,690 were on loan to brokers.

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $19,550)	$	763,880
Dividends from affiliated money market funds (includes securities lending income of $28,845)		58,473
Total investment income		822,353
Expenses:
Advisory fees		984,595
Administrative services fees		215,203
Custodian fees		11,650
Distribution fees - Series II		25,871
Transfer agent fees		27,146
Trustees’ and officers’ fees and benefits		20,270
Reports to shareholders		7,284
Professional services fees		36,711
Other		2,120
Total expenses		1,330,850
Less: Fees waived		(1,657	)
Net expenses		1,329,193
Net investment income (loss)		(506,840	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (includes net gains from securities sold to affiliates of $188,543)		15,220,855
Foreign currencies		2,964
		15,223,819
Change in net unrealized appreciation (depreciation) of:
Investment securities		25,304,086
Foreign currencies		(4	)
		25,304,082
Net realized and unrealized gain		40,527,901
Net increase in net assets resulting from operations	$	40,021,061

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, 2019 and 2018

	2019			2018
Operations:
Net investment income (loss)	$	(506,840	)	$	(667,086	)
Net realized gain		15,223,819			10,614,800
Change in net unrealized appreciation (depreciation)		25,304,082			(10,726,385	)
Net increase (decrease) in net assets resulting from operations		40,021,061			(778,671	)
Distributions to shareholders from distributable earnings:
Series I		(10,151,000	)		(5,582,826	)
Series II		(904,027	)		(539,546	)
Total distributions from distributable earnings		(11,055,027	)		(6,122,372	)
Share transactions–net:
Series I		(9,079,975	)		2,448,136
Series II		(1,576,636	)		844,764
Net increase (decrease) in net assets resulting from share transactions		(10,656,611	)		3,292,900
Net increase (decrease) in net assets		18,309,423			(3,608,143	)
Net assets:
Beginning of year		119,182,666			122,790,809
End of year	$	137,492,089		$	119,182,666

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 12/31/19		$21.92		$(0.09)		$ 7.71		$ 7.62		$(2.31)		$27.23		35.88%		$127,308		0.99%(d)		0.99%(d)		(0.36)%(d)		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
Year ended 12/31/15		19.75		(0.11)		1.29		1.18		(2.10)		18.83		6.82		107,257		1.15		1.15		(0.53)		61
Series II
Year ended 12/31/19		20.79		(0.15)		7.30		7.15		(2.31)		25.63		35.56		10,184		1.24(d)		1.24(d)		(0.61)(d)		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
Year ended 12/31/15		19.13		(0.15)		1.24		1.09		(2.10)		18.12		6.56		8,043		1.40		1.40		(0.78)		61

^(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 $120,927 and $10,352 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, 2019

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 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.

Invesco V.I. Technology Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security.Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the

Invesco V.I. Technology Fund

collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. 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

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million	0.750%
Next $250 million	0.740%
Next $500 million	0.730%
Next $1.5 billion	0.720%
Next $2.5 billion	0.710%
Next $2.5 billion	0.700%
Next $2.5 billion	0.690%
Over $10 billion	0.680%

For the year ended December 31, 2019, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2020, 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 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

Invesco V.I. Technology 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, 2020. 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, 2021, 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, 2019, the Adviser waived advisory fees of $1,657.

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, 2019, Invesco was paid $18,669 for accounting and fund administrative services and was reimbursed $196,534 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $882 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used.Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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	$	130,264,572	$	7,014,384		$–	$	137,278,956
Money Market Funds		1,725,233		–		–		1,725,233
Total Investments	$	131,989,805	$	7,014,384	$	–	$	139,004,189

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

Invesco V.I. Technology Fund

transaction is effected at the current market price. Pursuant to these procedures, for the year ended December 31, 2019, the Fund engaged in securities purchases of $0 and securities sales of $318,708, which resulted in net realized gains of $188,543.

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, 2019 and 2018:

	2019		2018
Ordinary income	$	–	$	1,229,123
Long-term capital gain		11,055,027		4,893,249
Total distributions	$	11,055,027	$	6,122,372

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	1,042,665
Undistributed long-term capital gain		13,547,179
Net unrealized appreciation – investments		68,635,759
Net unrealized appreciation (depreciation) - foreign currencies		(4	)
Temporary book/tax differences		(58,702	)
Shares of beneficial interest		54,325,192
Total net assets	$	137,492,089

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $59,438,476 and $80,706,888, respectively. Cost of

Invesco V.I. Technology Fund

investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$70,979,125
Aggregate unrealized (depreciation) of investments	(2,343,366)
Net unrealized appreciation of investments	$68,635,759
Cost of investments for tax purposes is $70,368,430.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on December 31, 2019, undistributed net investment income (loss) was increased by $508,705 and undistributed net realized gain was decreased by $508,705. 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, 2019(a)						Year ended December 31, 2018
	Shares			Amount			Shares			Amount
Sold:
Series I		672,084		$	16,955,731			1,041,909		$	26,582,108
Series II		39,526			966,364			86,082			2,113,927
Issued as reinvestment of dividends:
Series I		412,475			10,151,000			209,251			5,582,826
Series II		39,000			904,027			21,301			539,546
Reacquired:
Series I		(1,409,534	)		(36,186,706	)		(1,185,392	)		(29,716,798	)
Series II		(142,286	)		(3,447,027	)		(77,423	)		(1,808,709	)
Net increase (decrease) in share activity		(388,735	)	$	(10,656,611	)		95,728		$	3,292,900

^(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.

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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Technology Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2019 through December 31, 2019.

The actual and hypothetical expenses in the examples below do not represent the effect of any fees or other expenses assessed in connection with a variable product; if they did, the expenses shown would be higher while the ending account values shown would be lower.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the hypothetical information is useful in comparing ongoing costs, and will not help you determine the relative total costs of owning different funds.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning         Account Value         (07/01/19)	Ending          Account Value          (12/31/19)1	Expenses         Paid During         Period2	Ending         Account Value         (12/31/19)	Expenses         Paid During         Period2	Annualized         Expense Ratio
Series I	$1,000.00	$1,099.50	$5.24	$1,020.21	$5.04	0.99%
Series II	1,000.00	1,097.90	6.56	1,018.95	6.31	1.24

¹ The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Technology 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 advisors.

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, 2019:

Federal and State Income Tax
Long-term Capital Gain Distribution	$	11,055,027
Corporate Dividends Received Deduction*		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. Technology 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 Person
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)	229	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. 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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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

Invesco V.I. Technology Fund

	Annual Report to Shareholders	December 31, 2019
	Invesco V.I. Value Opportunities Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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-VIVOPP-AR-1                                 

Management’s Discussion of Fund Performance

Performance summary For the year ended December 31, 2019, Series I shares of Invesco V.I. Value Opportunities Fund (the Fund) underperformed 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, 12/31/18 to 12/31/19, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	30.61%
Series II Shares	30.12
S&P 500 Indexq (Broad Market Index)	31.49
S&P 1500 Value Indexq (Style-Specific Index)	31.31
Lipper VUF Multi-Cap Value Funds Index∎ (Peer Group Index)	26.30
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.

Market conditions and your Fund

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and

stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ All sectors

within the S&P 500 Index posted double-digit gains with information technology performing the best and energy performing the worst.

    During the year, we continued implementing 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 capital while growing it at above market rates over the long term. Second, the investments generally 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 and have little information value since we typically structure the portfolio significantly differently than these benchmarks.

    During the year, drivers of Fund performance were mainly stock-specific. Crown Holdings was the largest contributor to Fund performance. The company is one of the world’s largest producers of metal packaging. Shares of Crown Holdings rose as tighter capacity utilization in North America drove pricing improvements in the core packaging business. We sold some of our position in the company during the year, as the stock price appreciated. Engineering and construction company AECOM was also a large contributor to Fund performance. The company is one of the largest global providers of design, construction and management services for end markets, such as water, transportation and energy. Shares of AECOM rose after management reported strong financial results

Portfolio Composition
By sector	% of total net assets

Industrials	23.45	%
Financials	18.95
Consumer Discretionary	11.67
Health Care	11.39
Materials	11.17
Energy	10.81
Information Technology	6.59
Consumer Staples	3.77
Communication Services	0.20
Money Market Funds Plus Other Assets Less Liabilities	2.00

 Top 10 Equity Holdings*

% of total net assets

1. Owens Corning	4.65	%
2. AECOM	4.26
3. LKQ Corp.	4.09
4. Masco Corp.	4.01
5. MGIC Investment Corp.	3.81
6. Spectrum Brands Holdings, Inc.	3.77
7. Citigroup, Inc.	3.59
8. Flex Ltd.	3.53
9. Sealed Air Corp.	3.45
10. Oracle Corp.	3.06

Total Net Assets	$	91.4 million
Total Number of Holdings*		43

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, 2019.

Invesco V.I. Value Opportunities Fund

and announced the intent to spinoff the company’s government services segment, citing the market’s failure to appreciate the value of this business.

Specialty chemicals company Chemours was the largest detractor from the Fund’s performance during the year. The company was negatively affected by investor concern surrounding possible legal and environmental liabilities. We believe the stock’s decline was an overreaction and we added to the Fund’s position at lower prices during the year. Engineering and construction company Fluor was also a large detractor from Fund performance. Fluor is one of the largest global providers of engineering, procurement, construction, fabrication, operations and maintenance services for markets such as, oil and gas, chemicals, mining and metals. Shares of the company fell after management announced larger-than-expected project costs following the replacement of its chief executive officer in the second quarter and reported disappointing financial results for the third quarter.

For some time, we have found very limited investment opportunities in the yield-oriented sectors of utilities and real estate investment trusts, given their unattractive valuations. Our underweight exposure to these sectors helped the Fund’s performance relative to the S&P 1500 Value Index, as these defensive sectors underperformed during the year.

At the close of the year, given our focus on intrinsic value and a long-term investment horizon, the Fund was positioned toward more economically-sensitive stocks than its peers. 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 and for sharing our long-term investment perspective.

1 Source: US Federal Reserve

2 Source: Bureau of Economic Analysis

Portfolio managers:

Jonathan Edwards - Lead

Jonathan Mueller

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. Value Opportunities Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/09

1   Source: RIMES Technologies Corp.

2   Source: Lipper Inc.

Past performance cannot guarantee future results.

Average Annual Total Returns
As of 12/31/19
Series I Shares
Inception (9/10/01)	4.81	%
10 Years	8.67
5 Years	5.62
1 Year	30.61
Series II Shares
Inception (9/10/01)	4.54	%
10 Years	8.37
5 Years	5.32
1 Year	30.12
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.

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.

The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Series I and Series II shares was 1.01% and

1.26%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

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.

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. Value Opportunities Fund

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, 2019, 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 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.

Other information

∎ The returns shown in management’s discussion of Fund performance are based on net asset values calculated for shareholder transactions. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the Financial Highlights. Additionally, the returns and net asset values shown throughout this report are at the Fund level only and do not include variable product issuer charges. If such charges were included, the total returns would be lower.

∎ Industry 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.

Invesco V.I. Value Opportunities Fund

Schedule of Investments^(a)

December 31, 2019

	Shares		Value
Common Stocks & Other Equity Interests–98.00%
Advertising–0.20%
Interpublic Group of Cos., Inc. (The)		4,100	$	94,710
Omnicom Group, Inc.		1,115		90,337
				185,047
Agricultural & Farm Machinery–2.35%
AGCO Corp.		27,789		2,146,700
Auto Parts & Equipment–5.11%
Dana, Inc.		137,327		2,499,351
Delphi Technologies PLC		168,809		2,165,820
				4,665,171
Building Products–8.66%
Masco Corp.		76,308		3,662,021
Owens Corning		65,200		4,245,824
				7,907,845
Construction & Engineering–5.29%
AECOM(b)		90,245		3,892,267
Fluor Corp.		49,900		942,112
				4,834,379
Consumer Finance–1.11%
SLM Corp.		113,400		1,010,394
Distributors–4.09%
LKQ Corp.(b)		104,600		3,734,220
Diversified Banks–5.46%
Bank of America Corp.		48,374		1,703,732
Citigroup, Inc.		41,072		3,281,242
				4,984,974
Diversified Chemicals–4.20%
Chemours Co. (The)		66,137		1,196,418
Huntsman Corp.		109,500		2,645,520
				3,841,938
Electrical Components & Equipment–2.07%
nVent Electric PLC		74,100		1,895,478
Electronic Manufacturing Services–3.53%
Flex Ltd.(b)		255,765		3,227,754
Health Care Distributors–2.15%
McKesson Corp.		14,200		1,964,144
Health Care Facilities–1.99%
Brookdale Senior Living, Inc.(b)		249,851		1,816,417
Health Care Services–1.66%
Cigna Corp.		7,400		1,513,226

	Shares		Value
Hotels, Resorts & Cruise Lines–0.37%
Norwegian Cruise Line Holdings Ltd.(b)		5,800	$	338,778
Household Products–3.77%
Spectrum Brands Holdings, Inc.		53,509		3,440,094
Industrial Conglomerates–2.90%
Carlisle Cos., Inc.		16,400		2,654,176
Industrial Machinery–2.17%
Crane Co.		16,800		1,451,184
Timken Co. (The)		9,500		534,945
				1,986,129
Internet & Direct Marketing Retail–2.10%
Booking Holdings, Inc.(b)		935		1,920,238
Investment Banking & Brokerage–3.02%
Goldman Sachs Group, Inc. (The)		12,000		2,759,160
Life & Health Insurance–0.06%
MetLife, Inc.		1,017		51,837
Managed Health Care–2.35%
Anthem, Inc.		7,100		2,144,413
Metal & Glass Containers–1.27%
Crown Holdings, Inc.(b)		16,000		1,160,640
Oil & Gas Exploration & Production–8.45%
Diamondback Energy, Inc.		18,400		1,708,624
Noble Energy, Inc.		84,800		2,106,432
Parsley Energy, Inc., Class A(b)		100,600		1,902,346
Pioneer Natural Resources Co.		13,200		1,998,084
				7,715,486
Oil & Gas Refining & Marketing–2.36%
Marathon Petroleum Corp.		35,800		2,156,950
Other Diversified Financial Services–2.96%
AXA Equitable Holdings, Inc.		109,200		2,705,976
Paper Packaging–3.45%
Sealed Air Corp.		79,100		3,150,553
Pharmaceuticals–3.25%
Mylan N.V.(b)		104,600		2,102,460
Novartis AG (Switzerland)		9,152		867,082
				2,969,542
Steel–2.24%
Allegheny Technologies, Inc.(b)		99,105		2,047,509
Systems Software–3.06%
Oracle Corp.		52,795		2,797,079

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–6.35%
MGIC Investment Corp.		245,821	$	3,483,284
Radian Group, Inc.		91,976		2,314,116
				5,797,400
Total Common Stocks & Other Equity Interests (Cost $79,266,028)				89,523,647
Money Market Funds–1.77%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%(c)		563,912		563,912

	Shares		Value
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%(c)		412,234	$	412,357
Invesco Treasury Portfolio, Institutional Class, 1.49%(c)		644,471		644,471
Total Money Market Funds (Cost $1,620,651)				1,620,740
TOTAL INVESTMENTS IN SECURITIES–99.77% (Cost $80,886,679)				91,144,387
OTHER ASSETS LESS LIABILITIES–0.23%				209,691
NET ASSETS–100.00%			$	91,354,078

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)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

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, 2019

Assets:
Investments in securities, at value (Cost $79,266,028)	$	89,523,647
Investments in affiliated money market funds, at value (Cost $1,620,651)		1,620,740
Foreign currencies, at value (Cost $3,103)		3,374
Receivable for:
Investments sold		397,772
Fund shares sold		950
Dividends		37,345
Investment for trustee deferred compensation and retirement plans		118,198
Total assets		91,702,026
Liabilities:
Payable for:
Fund shares reacquired		108,147
Amount due custodian		9,293
Accrued fees to affiliates		54,741
Accrued other operating expenses		49,261
Trustee deferred compensation and retirement plans		126,506
Total liabilities		347,948
Net assets applicable to shares outstanding	$	91,354,078
Net assets consist of:
Shares of beneficial interest	$	78,090,386
Distributable earnings		13,263,692
	$	91,354,078
Net Assets:
Series I	$	67,691,431
Series II	$	23,662,647
Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		12,095,555
Series II		4,237,787
Series I:
Net asset value per share	$	5.60
Series II:
Net asset value per share	$	5.58

Statement of Operations

For the year ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $4,085)	$	1,102,064
Dividends from affiliated money market funds		66,468
Total investment income		1,168,532
Expenses:
Advisory fees		627,946
Administrative services fees		152,113
Custodian fees		3,899
Distribution fees - Series II		59,069
Transfer agent fees		22,756
Trustees’ and officers’ fees and benefits		20,047
Reports to shareholders		8,248
Professional services fees		41,930
Other		2,648
Total expenses		938,656
Less: Fees waived		(3,464	)
Net expenses		935,192
Net investment income		233,340
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (includes net gains from securities sold to affiliates of $198,261)		4,534,348
Foreign currencies		497
		4,534,845
Change in net unrealized appreciation (depreciation) of:
Investment securities		18,922,271
Foreign currencies		(45	)
		18,922,226
Net realized and unrealized gain		23,457,071
Net increase in net assets resulting from operations	$	23,690,411

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, 2019 and 2018

	2019			2018
Operations:
Net investment income	$	233,340		$	162,392
Net realized gain		4,534,845			18,204,360
Change in net unrealized appreciation (depreciation)		18,922,226			(37,763,094	)
Net increase (decrease) in net assets resulting from operations		23,690,411			(19,396,342	)
Distributions to shareholders from distributable earnings:
Series I		(13,915,883	)		(8,093,985	)
Series II		(4,877,021	)		(2,790,803	)
Total distributions from distributable earnings		(18,792,904	)		(10,884,788	)
Share transactions–net:
Series I		4,066,968			(4,794,903	)
Series II		1,082,646			(6,176,982	)
Net increase (decrease) in net assets resulting from share transactions		5,149,614			(10,971,885	)
Net increase (decrease) in net assets		10,047,121			(41,253,015	)
Net assets:
Beginning of year		81,306,957			122,559,972
End of year	$	91,354,078		$	81,306,957

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.

																																					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 12/31/19		$	5.50		$	0.02			$	1.51	(d)		$	1.53			$	(0.02	)		$	(1.41	)		$	(1.43	)		$	5.60		30.61	%(d)		$	67,691		0.97	%(e)		0.97	%(e)		0.32	%(e)		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
Year ended 12/31/15			9.84			0.05				(1.09	)			(1.04	)			(0.26	)			(0.72	)			(0.98	)			7.82		(10.40	)			83,889		1.04			1.04			0.51			82
Series II
Year ended 12/31/19			5.49			0.00				1.50	(d)			1.50				–				(1.41	)			(1.41	)			5.58		30.12	(d)			23,663		1.22	(e)		1.22	(e)		0.07	(e)		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
Year ended 12/31/15			9.79			0.02				(1.08	)			(1.06	)			(0.22	)			(0.72	)			(0.94	)			7.79		(10.65	)			54,887		1.29			1.29			0.26			82

^(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)  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.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $66,731 and $23,621 for Series I and Series II shares, respectively.

^(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, 2019

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 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.

Invesco V.I. Value Opportunities Fund

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

Invesco V.I. Value Opportunities Fund

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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	%
First $ 250 million		0.670	%
First $ 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, 2019, the effective advisory fee rate incurred by the Fund was 0.695%.

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, 2020, 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 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, 2020. 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, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $3,464.

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, 2019, Invesco was paid $12,953 for accounting and fund administrative services and was reimbursed $139,160 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

Invesco V.I. Value Opportunities Fund

course of providing such services. For the year ended December 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the year ended December 31, 2019, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the year ended December 31, 2019, the Fund incurred $558 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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		$88,656,565		$867,082		$–		$89,523,647
Money Market Funds		1,620,740		–		–		1,620,740
Total Investments		$90,277,305		$867,082		$–		$91,144,387

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, 2019, the Fund engaged in securities purchases of $0 and securities sales of $258,385, which resulted in net realized gains of $198,261.

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. Value Opportunities 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, 2019 and 2018:

	2019		2018
Ordinary income	$	2,447,612	$	1,027,667
Long-term capital gain		16,345,292		9,857,121
Total distributions	$	18,792,904	$	10,884,788

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	1,173,212
Undistributed long-term capital gain		2,374,680
Net unrealized appreciation – investments		9,812,315
Net unrealized appreciation – foreign currencies		138
Temporary book/tax differences		(96,653	)
Shares of beneficial interest		78,090,386
Total net assets	$	91,354,078

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 difference is attributable primarily to wash sales.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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, 2019 was $29,156,610 and $40,983,898, 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	$	17,436,075
Aggregate unrealized (depreciation) of investments		(7,623,760	)
Net unrealized appreciation of investments	$	9,812,315

Cost of investments for tax purposes is $81,332,072.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of fair fund adjustments and foreign currency transactions, on December 31, 2019, undistributed net investment income was increased by $1,644 and undistributed net realized gain was decreased by $1,644. 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, 2019(a)				December 31, 2018
	Shares		Amount		Shares		Amount
Sold:
Series I		585,705	$	3,555,762		246,902	$	1,647,873
Series II		183,035		1,127,174		230,991		1,598,135
Issued as reinvestment of dividends:
Series I		2,766,577		13,915,883		1,156,284		8,093,985
Series II		971,518		4,877,021		399,257		2,790,803

Invesco V.I. Value Opportunities Fund

	Summary of Share Activity
	Year ended						Year ended
	December 31, 2019(a)						December 31, 2018
	Shares			Amount			Shares			Amount
Reacquired:
Series I		(2,173,905	)	$	(13,404,677	)		(1,997,013	)	$	(14,536,761	)
Series II		(801,319	)		(4,921,549	)		(1,418,342	)		(10,565,920	)
Net increase (decrease) in share activity		1,531,611		$	5,149,614			(1,381,921	)	$	(10,971,885	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. 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, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2019 (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, 2019, 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, 2019 and the financial highlights for each of the five years in the period ended December 31, 2019 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, 2019 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 18, 2020

We have served as the auditor of one or more of the 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. Value Opportunities 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, 2019 through December 31, 2019.

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     (07/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending   Account Value     (12/31/19)1	Expenses   Paid During       Period2	Ending   Account Value     (12/31/19)	Expenses     Paid During     Period2
Series I	$1,000.00	$1,073.80	$5.17	$1,020.21	$5.04	0.99%
Series II	1,000.00	1,071.00	6.47	1,018.95	6.31	1.24

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2019 through December 31, 2019, 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 184/365 to reflect the most recent fiscal half year.

Invesco V.I. Value Opportunities 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	16,345,292
Corporate Dividends Received Deduction*		49.46	%
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. Value Opportunities 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 Person
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)	229	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
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. 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)
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. 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)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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. 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)
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. 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, Principal Executive Officer and Treasurer	1999	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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. 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	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)
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille - 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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	12/31/2019
	Invesco Oppenheimer V.I. Capital Appreciation Fund*
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company. 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 semi annual 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 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. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Capital Appreciation Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGER: Erik Voss, Ido Cohen¹

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception  Date		1-Year			5-Year			10-Year
Series I Shares2		4/3/85		36.20	%		10.52	%		11.79	%
Series II Shares2		9/18/01		35.84			10.24			11.51
S&P 500 Index				31.49			11.70			13.56
Russell 1000 Growth Index				36.39			14.63			15.22

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Amazon.com, Inc.	8.3	%
Alphabet, Inc., Cl. C	5.3
Facebook, Inc., Cl. A	5.0
Mastercard, Inc., Cl. A	4.3
Microsoft Corp.	4.2
Lowe’s Cos., Inc.	3.1
Alibaba Group Holding Ltd., Sponsored ADR	2.8
Apple, Inc.	2.7
salesforce.com, Inc.	2.4
Activision Blizzard, Inc.	2.2

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

SECTOR ALLOCATION

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019 and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

1. Erik Voss and Ido Chen were named Portfolio Managers of the Fund effective June 21, 2019.                

2. Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

Fund Performance Discussion

PERFORMANCE SUMMARY

For the year ended December 31, 2019, Series I shares of Invesco Oppenheimer V.I. Capital Appreciation Fund (the Fund) performed in-line with the Russell 1000 Growth Index, the Fund’s benchmark.

On June 21, 2019, Erik Voss and Ido Cohen became the Lead Portfolio Manager and Co-Portfolio Manager, respectively, of the Fund.

Your Fund’s long-term performance appears later in this report.

MARKET CONDITIONS AND YOUR FUND

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.² Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

Given this landscape, the Fund produced a strong, double digit return, performing in-line with its benchmark during the year. Relative detractors included an overweight exposure in energy and stock selection within industrials. Ancillary cash also hurt relative performance given strong equity market returns. Relative contributors included stock selection in consumer discretionary, consumer staples and health care. An underweight exposure in health care and consumer staples was also beneficial.

Top individual detractors from Fund performance included Lyft and Uber. Ridesharing companies Lyft and Uber faced pressure on regulatory headwinds related to the advancement of California’s AB5 regulation which seeks to treat ridesharing drivers as employees rather than contractors which would require greater benefits for drivers such as a protected minimum wage, sick days and health insurance. Though this law is not yet in effect and a settlement or appeal of the law could still materialize, the advancement of the law to this stage has increased uncertainty for the ridesharing business model in California. Longer term, we believed the industry has a large, underpenetrated market and potential to benefit from autonomous driving. Thus, we continued to hold both stocks.

Top individual contributors to Fund performance during the year included Microsoft and Facebook. Investor confidence in Microsoft has grown following strong growth in its cloud platform Azure. Additionally, during the year, Microsoft was awarded the $10 billion JEDI contract from the US Department of Defense, further strengthening its competitive position. We continued to see opportunity for Microsoft to grow revenue and profits as customers continue their digital transformation into the cloud.

4       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

Social media giant Facebook reported strong earnings results during the year that showed increases in its number of users across the world and increased revenue. Going forward, we believed Facebook would improve monetization for areas such as Stories, Watch and Messenger, as well as experience potentially better profits from slowing regulatory and privacy costs.

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 are focused on technology-driven share shift, demographics and changing behaviors. Our financials position remains a small portion overall and was focused primarily on alternative asset managers which we believed had potential for sales growth and profit expansion. Underweight exposures included IT 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. Our health care underweight is primarily located in biopharma, given potential for increased volatility during an election year. Our industrials positioning leans into defensive, US based, highly consolidated industries with pricing power.

Central bank actions in 2019 supported continued growth by keeping the cost of debt low. The labor market remains healthy with job and wage gains, which is beneficial to consumers.

However, these are clearly the late innings of the economic cycle and, therefore, we expect only modest growth from here, as well as continued volatility spurred by trade and election headlines. Prolonged cyclical growth is likely to be scarce and we believe the market will continue to favor companies that can produce growth and compound earnings in spite of the economic cycle. We believe change is the fuel for growth. Thus, we are seeking to identify “share-takers,” companies that can gain market share through technology-enabled advantages in their business models and from disruptive shifts in 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: Bureau of Economic Analysis

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the S&P 500 Index and the Russell 1000 Growth Index. The S&P 500 Index is a broad-based measure of domestic stock performance. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series I Shares of the Fund at 12/31/19

1-Year     36.20%     5-Year     10.52%     10-Year    11.79%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series II Shares of the Fund at 12/31/19

1-Year     35.84%     5-Year     10.24%     10-Year    11.51%

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns include changes in share price and reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

6       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00		$        1,114.10		$            4.27
Series II shares		1,000.00		1,112.70		5.61
Hypothetical (5% return before expenses)
Series I shares		1,000.00		1,021.17		4.08
Series II shares		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares		0.80%
Series II shares		1.05

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Shares		Value
Common Stocks—100.5%
Consumer Discretionary—39.3%
Diversified Consumer Services—0.3%
Service Corp. International		51,957	$	2,391,581
Entertainment—7.5%
Activision Blizzard, Inc.		269,552		16,016,780
Electronic Arts, Inc.1		85,345		9,175,441
IMAX Corp.1		98,964		2,021,834
Netflix, Inc.1		11,142		3,605,217
Nintendo Co. Ltd.		33,700		13,602,879
Take-Two Interactive Software, Inc.1		66,595		8,153,226
Vivendi SA		90,329		2,618,194
				55,193,571
Hotels, Restaurants & Leisure—3.0%
Cedar Fair LP		76,716		4,253,135
Norwegian Cruise Line Holdings Ltd.1		213,314		12,459,670
Restaurant Brands International, Inc.		21,875		1,394,969
Royal Caribbean Cruises Ltd.		30,847		4,118,383
				22,226,157
Household Durables—1.5%
Sony Corp.		165,800		11,285,474
Interactive Media & Services—10.3%
Alphabet, Inc., Cl. C1		28,989		38,758,873
Facebook, Inc., Cl. A1		180,188		36,983,587
				75,742,460
Internet & Catalog Retail—12.2%
Alibaba Group Holding Ltd., Sponsored ADR1		97,463		20,671,902
Amazon.com, Inc.1		32,962		60,908,502
Booking Holdings, Inc.1		4,101		8,422,347
				90,002,751
Media—1.2%
Altice USA, Inc., Cl. A1		181,210		4,954,281
Charter Communications, Inc., Cl. A1		6,194		3,004,586
DISH Network Corp., Cl. A1		35,517		1,259,788
				9,218,655
Specialty Retail—3.3%
CarMax, Inc.1		18,660		1,635,922
Lowe’s Cos., Inc.		188,209		22,539,910
				24,175,832
Consumer Staples—3.0%
Food Products—3.0%
Conagra Brands, Inc.		101,685		3,481,694
Lamb Weston Holdings, Inc.		33,068		2,844,840
Mondelez International, Inc., Cl. A		61,202		3,371,006
Nomad Foods Ltd.1		118,026		2,640,242
Tyson Foods, Inc., Cl. A		108,323		9,861,726
				22,199,508
Energy—0.9%
Oil, Gas & Consumable Fuels—0.9%
Marathon Petroleum Corp.		30,481		1,836,480
PBF Energy, Inc., Cl. A		89,194		2,798,016
Viper Energy Partners LP		87,455		2,156,640
				6,791,136
Financials—4.8%
Capital Markets—4.3%
Apollo Global Management, Inc., Cl. A		166,139		7,926,492
Ares Management Corp., Cl. A		219,953		7,850,122
Carlyle Group LP (The)		136,658		4,383,989
Goldman Sachs Group, Inc. (The)		9,898		2,275,847
Intercontinental Exchange, Inc.		26,126		2,417,961
KKR & Co., Inc., Cl. A		62,134		1,812,449
London Stock Exchange Group plc		18,672		1,928,671

	Shares		Value
Capital Markets (Continued)
LPL Financial Holdings, Inc.		31,516	$	2,907,351
				31,502,882
Commercial Banks—0.3%
SVB Financial Group1		8,345		2,094,929
Insurance—0.2%
Athene Holding Ltd., Cl. A1		40,676		1,912,992
Health Care—12.2%
Biotechnology—0.9%
Alnylam Pharmaceuticals, Inc.1		19,347		2,228,194
BeiGene Ltd., ADR1		11,148		1,847,892
Bluebird Bio, Inc.1		4,956		434,889
Moderna, Inc.1		95,330		1,864,655
				6,375,630
Health Care Equipment & Supplies—5.3%
Baxter International, Inc.		67,515		5,645,604
Boston Scientific Corp.1		215,322		9,736,861
DexCom, Inc.1		10,032		2,194,400
Intuitive Surgical, Inc.1		11,781		6,964,338
Teleflex, Inc.		24,757		9,319,525
Zimmer Biomet Holdings, Inc.		35,828		5,362,735
				39,223,463
Health Care Providers & Services—3.2%
Humana, Inc.		14,513		5,319,305
Laboratory Corp. of America Holdings1		21,919		3,708,037
LHC Group, Inc.1		41,246		5,682,049
UnitedHealth Group, Inc.		30,372		8,928,761
				23,638,152
Life Sciences Tools & Services—2.2%
Avantor, Inc.1		102,133		1,853,714
Illumina, Inc.1		39,154		12,988,948
Thermo Fisher Scientific, Inc.		5,028		1,633,446
				16,476,108
Pharmaceuticals—0.6%
Merck & Co., Inc.		8,517		774,621
Novo Nordisk AS, Cl. B		53,056		3,077,231
Zoetis, Inc., Cl. A		6,451		853,790
				4,705,642
Industrials—9.1%
Aerospace & Defense—3.4%
Airbus SE		65,445		9,601,940
Boeing Co. (The)		4,537		1,477,973
L3Harris Technologies, Inc.		10,604		2,098,213
Lockheed Martin Corp.		12,125		4,721,233
Teledyne Technologies, Inc.1		20,163		6,987,286
				24,886,645
Commercial Services & Supplies—2.7%
Cintas Corp.		29,931		8,053,833
Clean Harbors, Inc.1		58,749		5,037,727
Waste Connections, Inc.		22,197		2,015,266
Waste Management, Inc.		38,772		4,418,457
				19,525,283
Industrial Conglomerates—0.4%
Roper Technologies, Inc.		8,415		2,980,846
Machinery—0.9%
Deere & Co.		22,573		3,910,998
Stanley Black & Decker, Inc.		16,804		2,785,095
				6,696,093
Road & Rail—1.7%
Kansas City Southern		36,572		5,601,367
Lyft, Inc., Cl. A1		47,426		2,040,267
Uber Technologies, Inc.1		60,929		1,812,028
Union Pacific Corp.		18,726		3,385,474
				12,839,136

8       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

	Shares		Value
Information Technology—30.3%
Communications Equipment—1.5%
Motorola Solutions, Inc.		68,967	$	11,113,342
IT Services—8.1%
Fidelity National Information Services, Inc.		47,444		6,598,986
Mastercard, Inc., Cl. A		106,962		31,937,783
PayPal Holdings, Inc.1		58,194		6,294,845
Visa, Inc., Cl. A		78,892		14,823,807
				59,655,421
Semiconductors & Semiconductor Equipment—6.2%
Applied Materials, Inc.		134,051		8,182,473
ASML Holding NV		25,246		7,471,301
NVIDIA Corp.		21,519		5,063,421
QUALCOMM, Inc.		80,789		7,128,014
Semtech Corp.1		144,006		7,617,917
Silicon Motion Technology Corp., ADR		211,429		10,721,565
				46,184,691
Software—11.8%
Adobe, Inc.1		16,011		5,280,588

	Shares			Value
Software (Continued)
Microsoft Corp.		195,629		$	30,850,693
Palo Alto Networks, Inc.1		38,851			8,984,294
RealPage, Inc.1		90,967			4,889,476
salesforce.com, Inc.1		109,557			17,818,351
ServiceNow, Inc.1		22,070			6,230,803
Splunk, Inc.1		50,761			7,602,475
Trade Desk, Inc. (The), Cl. A1		21,203			5,508,115
					87,164,795
Technology Hardware, Storage & Peripherals—2.7%
Apple, Inc.		68,796			20,201,945
Materials—0.9%
Chemicals—0.9%
Linde plc		6,106			1,299,967
Sherwin-Williams Co. (The)		5,038			2,939,875
Westlake Chemical Corp.		33,296			2,335,714
					6,575,556
Total Investments, at Value (Cost $517,163,117)		100.5	%		742,980,676
Net Other Assets (Liabilities)		(0.5	)		(3,992,790	)
Net Assets		100.0	%	$	738,987,886

Footnotes to Schedule of Investments

1. Non-income producing security.

Glossary: Definitions
ADR	American Depositary Receipt

See accompanying Notes to Financial Statements.

9       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—unaffiliated companies (cost $517,163,117)—see accompanying schedule of investments	$        742,980,676
Receivables and other assets:
Investments sold	1,018,570
Dividends	409,285
Shares of beneficial interest sold	109,596
Other	115,704
Total assets	744,633,831
Liabilities
Amount due to custodian	448,291
Payables and other liabilities:
Shares of beneficial interest redeemed	4,642,696
Administration fee	257,820
Trustees’ compensation	109,017
Shareholder communications	68,256
Distribution and service plan fees	42,250
Transfer and shareholder servicing agent fees	17,540
Advisory fee	14,235
Other	45,840
Total liabilities	5,645,945
Net Assets	$        738,987,886
Composition of Net Assets
Shares of beneficial interest	$407,917,227
Total distributable earnings	331,070,659
Net Assets	$        738,987,886
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $538,247,140 and 9,005,233 shares of beneficial interest outstanding)	$59.77
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $200,740,746 and 3,421,444 shares of beneficial interest outstanding)	$58.67

See accompanying Notes to Financial Statements.

10       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $42,230)	$	6,171,392
Affiliated companies		175,006
Interest		72
Total investment income		6,346,470
Expenses
Advisory fees		4,941,455
Administration fees		675,119
Distribution and service plan fees:
Series II shares		472,196
Transfer and shareholder servicing agent fees:
Series I shares		274,035
Series II shares		97,800
Shareholder communications:
Series I shares		55,390
Series II shares		20,153
Trustees’ compensation		22,437
Custodian fees and expenses		11,192
Borrowing fees		8,475
Other		76,593
Total expenses		6,654,845
Less waivers, reimbursement of expenses and offset arrangement(s)		(543,358)
Net expenses		6,111,487
Net Investment Income		234,983
Realized and Unrealized Gain
Net realized gain on:
Investment transactions in unaffiliated companies (includes net gains from securities sold to affiliates of $215,597)		107,241,836
Foreign currency transactions		12,535
Net realized gain		107,254,371
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		103,527,211
Translation of assets and liabilities denominated in foreign currencies		4,068
Net change in unrealized appreciation/(depreciation)		103,531,279
Net Increase in Net Assets Resulting from Operations	$	211,020,633

See accompanying Notes to Financial Statements.

11       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	234,983			$             689,854
Net realized gain		107,254,371			77,503,315
Net change in unrealized appreciation/(depreciation)		103,531,279			(110,172,740)
Net increase (decrease) in net assets resulting from operations		211,020,633			(31,979,571)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(49,378,533	)		(43,131,733)
Series II shares		(18,651,335	)		(16,387,466)
Total distributions from distributable earnings		(68,029,868	)		(59,519,199)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		(29,869,839	)		(28,802,499)
Series II shares		23,369,205			(150,292,452)
Total beneficial interest transactions		(6,500,634	)		(179,094,951)
Net Assets
Total increase (decrease)		136,490,131			(270,593,721)
Beginning of period		602,497,755			873,091,476
End of period	$	738,987,886			$        602,497,755

See accompanying Notes to Financial Statements.

12       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$48.50		$55.70		$48.36		$55.49		$64.87
Income (loss) from investment operations:
Net investment income1		0.06		0.09		0.15		0.12		0.22
Net realized and unrealized gain (loss)		16.80		(2.71)		12.33		(1.57)		2.25
Total from investment operations		16.86		(2.62)		12.48		(1.45)		2.47
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.19)		(0.13)		(0.22)		(0.06)
Distributions from net realized gain		(5.55)		(4.39)		(5.01)		(5.46)		(11.79)
Total dividends and/or distributions to shareholders		(5.59)		(4.58)		(5.14)		(5.68)		(11.85)
Net asset value, end of period		$59.77		$48.50		$55.70		$48.36		$55.49
Total Return, at Net Asset Value2		36.20%		(5.73)%		26.83%		(2.20)%		3.54%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$538,247		$460,708		$556,227		$501,756		$564,514
Average net assets (in thousands)		$515,169		$542,971		$539,255		$514,525		$601,110
Ratios to average net assets:3
Net investment income		0.10%		0.16%		0.29%		0.25%		0.36%
Expenses excluding specific expenses listed below		0.88%		0.85%		0.82%		0.83%		0.81%
Interest and fees from borrowings		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		0.88%		0.85%		0.82%		0.83%		0.81%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%
Portfolio turnover rate6		73%		27%		26%		114%		60%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.88%
Year Ended December 31, 2018	0.85%
Year Ended December 31, 2017	0.82%
Year Ended December 31, 2016	0.83%
Year Ended December 31, 2015	0.81%

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

13       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

FINANCIAL HIGHLIGHTS Continued

Series II Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$47.78		$54.89		$47.73		$54.80		$64.30
Income (loss) from investment operations:
Net investment income (loss)1		(0.08)		(0.05)		0.02		0.002		0.07
Net realized and unrealized gain (loss)		16.52		(2.67)		12.16		(1.55)		2.22
Total from investment operations		16.44		(2.72)		12.18		(1.55)		2.29
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.01)		(0.06)		0.00
Distributions from net realized gain		(5.55)		(4.39)		(5.01)		(5.46)		(11.79)
Total dividends and/or distributions to shareholders		(5.55)		(4.39)		(5.02)		(5.52)		(11.79)
Net asset value, end of period		$58.67		$47.78		$54.89		$47.73		$54.80
Total Return, at Net Asset Value3		35.84%		(5.96)%		26.50%		(2.43)%		3.27%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$200,741		$141,790		$316,864		$295,226		$317,737
Average net assets (in thousands)		$188,894		$232,457		$314,506		$287,933		$332,468
Ratios to average net assets:4
Net investment income (loss)		(0.15)%		(0.09)%		0.04%		0.00%5		0.12%
Expenses excluding specific expenses listed below		1.13%		1.10%		1.07%		1.08%		1.06%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%5		0.00%5
Total expenses6		1.13%		1.10%		1.07%		1.08%		1.06%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.05%
Portfolio turnover rate7		73%		27%		26%		114%		60%

1. Calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.13%
Year Ended December 31, 2018	1.10%
Year Ended December 31, 2017	1.07%
Year Ended December 31, 2016	1.08%
Year Ended December 31, 2015	1.06%

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

14       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Capital Appreciation Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a

15       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared and paid quarterly. Capital gain distributions, if any, are declared and paid annually to separate accounts of participating insurance companies or at other times as determined necessary by the Adviser.

E. Master Limited Partnerships - The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital - Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

H. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

16       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

I. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

J. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

K. 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.

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:

Fee Schedule*
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Over $1 billion	0.58

* 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, 2019, the effective advisory fees incurred by the Fund was 0.70%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $1,938,757 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.80% and 1.05%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such

17       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $7,210 and reimbursed Fund expenses of $384,508 and $145,217 for Series I and Series II shares, respectively.

Prior to the Reorganization, OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service and Service shares to 0.80% and 1.05%, respectively, of the Acquired Fund’s average daily net assets.

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, 2019, Invesco was paid $60,528 for accounting and fund administrative services and was reimbursed $614,591 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JP Morgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management., Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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— Unadjusted         Quoted Prices		Level 2— Other Significant   Observable Inputs		Level 3— Significant      Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	262,729,934	$	27,506,547	$	—	$	290,236,481
Consumer Staples		22,199,508		—		—		22,199,508

18       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant   Observable Inputs		Level 3— Significant      Unobservable Inputs		Value
Common Stocks (Continued)
Energy	$	6,791,136	$	—	$	—	$                    6,791,136
Financials		33,582,132		1,928,671		—	35,510,803
Health Care		87,341,764		3,077,231		—	90,418,995
Industrials		57,326,063		9,601,940		—	66,928,003
Information Technology		224,320,194		—		—	224,320,194
Materials		6,575,556		—		—	6,575,556
Total Assets	$	700,866,287	$	42,114,389	$	—	$                742,980,676

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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 period January 1, 2019 to May 24, 2019, the Predecessor Fund engaged in transactions with affiliates as listed: Securities purchases of $3,806,485 and securities sales of $611,914, which resulted in net realized gains of $215,597. For the period May 25, 2019 to December 31, 2019, the Fund engaged in transactions with affiliates as listed: Securities purchases of $9,976,512 which resulted in net realized gains (losses) of $0.

Note 5 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,423.

Note 6 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 7 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	2,174,989	$	26,045,927
Long-term capital gain		65,854,879		33,473,272
Total distributions	$	68,029,868	$	59,519,199

19       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	2,813,981
Undistributed long-term gain		106,097,903
Net unrealized appreciation - investments		222,265,771
Temporary book/tax differences		(106,996)
Shares of beneficial interest		407,917,227
Total net assets	$	738,987,886

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 partnership transactions.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

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, 2019 was $504,576,604 and $563,591,117, 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	$	228,410,977
Aggregate unrealized (depreciation) of investments		(6,145,206)
Net unrealized appreciation of investments	$	222,265,771

Cost of investments for tax purposes is $521,421,994.

Note 10 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnership transactions, net operating loss and post financial statement adjustments, on December 31, 2019, undistributed net investment loss was increased by $3,388,685, undistributed net realized gain was increased by $4,561,572 shares of beneficial interest was decreased by $1,172,887. This reclassification had no effect on the net assets of the Fund.

Note 11 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		222,808		$	12,378,336			363,347		$	19,418,739
Dividends and/or distributions reinvested		930,266			49,378,533			779,254			43,131,733
Redeemed		(1,646,179	)		(91,626,708	)		(1,630,524	)		(91,352,971	)
Net increase (decrease)		(493,105	)	$	(29,869,839	)		(487,923	)	$	(28,802,499	)
Series II Shares
Sold		809,631		$	43,673,830			124,097		$	6,689,300
Dividends and/or distributions reinvested		357,511			18,651,335			300,192			16,387,466
Redeemed		(713,247	)		(38,955,960	)		(3,229,296	)		(173,369,218	)
Net increase (decrease)		453,895		$	23,369,205			(2,805,007	)	$	(150,292,452	)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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

20       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

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, distribution, third party record keeping and account servicing. 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 - Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

21       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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

22       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION 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, 2019:

Federal and State Income Tax

Long-Term Capital Gain Distributions	$	65,854,879
Corporate Dividends Received Deduction*		100.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

23       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

• Fund reports and prospectuses

• Quarterly statements

• Daily confirmations

• Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

24       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION 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 PERSON
Martin L. Flanagan 1 — 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)	229	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.

25       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
Bruce L. Crockett – 1944 Trustee and Chair	2003	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, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

26       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

27       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
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

28       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

29       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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
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 JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

30       INVESCO OPPENHEIMER V.I. CAPITAL APPRECIATION FUND

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Annual Report   12/31/2019  

Invesco Oppenheimer

V.I. Conservative Balanced Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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 semi annual 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 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.

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Conservative Balanced Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGER: Michael Hyman¹ and Magnus Krantz

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception Date	1-Year		5-Year		10-Year
Series I Shares2	2/9/87		17.51		5.23		7.27
Series II Shares2	5/1/02		17.22		4.95		7.00
Russell 3000 Index			31.02		11.24		13.42
Bloomberg Barclays U.S. Aggregate Bond Index			8.72		3.05		3.75
Custom Invesco Oppenheimer V.I. Conservative Balanced Index			16.33		6.11		7.37

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price and reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Microsoft Corp.	1.9	%
JPMorgan Chase & Co.	1.6
Facebook, Inc., Cl. A	1.1
Amazon.com, Inc.	1.0
Apple, Inc.	0.9
Mastercard, Inc., Cl. A	0.9
Verizon Communications, Inc.	0.9
Exxon Mobil Corp.	0.8
Walmart, Inc.	0.8
Johnson & Johnson	0.8

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

PORTFOLIO ALLOCATION
Common Stocks	37.3	%
Non-Convertible Corporate Bonds and Notes	30.5
Mortgage-Backed Obligations
Agency	11.9
CMOs	2.0
Non-Agency	5.3
Asset-Backed Securities	10.6
U.S. Government Obligations	2.4

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on the total market value of investments.

For more current Fund holdings, please visit invesco.com.

1. Michael Hyman was named Portfolio Manager of the Fund effective July 3, 2019.

2. Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

Fund Performance Discussion

For the twelve months ended December 31, 2019, the Fund’s Series I shares had a return of 17.51%, outperforming its benchmark, the Custom Invesco Oppenheimer V.I. Conservative Balanced Index (the “Custom Index”), which returned 16.33%. The Russell 3000 Index and the Bloomberg Barclays U.S. Aggregate Bond Index, both components of the Custom Index, returned 31.02% and 8.72%, respectively, over the period.

Equity markets rallied in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and indication that the US Federal Reserve (the Fed) would not raise interest rates in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.

Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. Risk assets surged higher as a result of a delay in the Brexit agreement until January 2020, optimism that phase one of a US-China trade deal would be completed and better-than-expected third-quarter corporate earnings results. The US economy rose higher than expected, at 2.1% during the third quarter of 2019. During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

EQUITY STRATEGY REVIEW

The equity portion of the portfolio outperformed the Russell 3000 Index during the reporting period as the broad equity market experienced healthy gains. The outperformance was driven by strong, broad-based stock selection with positive relative results in 8 of 11 GICS sectors. The biggest contributors included stock selection within the information technology, health care, and financials sectors. This was partially offset by weaker stock selection within the utilities and industrials sectors and slight underweight positioning to the information technology sector.

The particularly strong returns within the information technology sector were mainly driven by several holdings including First Data (no longer held at period–end), Snap, Applied Materials, and NVIDIA. The key detractors included EQT Corp., PG&E (no longer held at period–end), and Spirit Airlines. An underweight exposure to Apple also detracted from relative returns.

FIXED-INCOME STRATEGY REVIEW

In a period where credit outperformed US Treasuries, the Fund’s overweight position to credit and underweight to US Treasuries were the top contributors to relative returns. Additionally, the Fund had a small off-benchmark allocation to high yield during the reporting period which was beneficial, while an overweight to asset-backed securities and an underweight to agency mortgage-backed securities were both detractors.

1. Federal Reserve

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.

4      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the Russell 3000 Index, the Bloomberg Barclays U.S. Aggregate Bond Index and the Custom Invesco Oppenheimer V.I. Conservative Balanced Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The Bloomberg Barclays U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Custom Invesco Oppenheimer V.I. Conservative Balanced Index is a customized weighted index currently comprised of 65% of the Bloomberg Barclays U.S. Aggregate Bond Index and 35% of the Russell 3000 Index. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series I Shares of the Fund at 12/31/19

1-Year     17.51%     5-Year     5.23%     10-Year 7.27%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series II Shares of the Fund at 12/31/19

1-Year     17.22%     5-Year     4.95%     10-Year 7.00%

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns include changes in share price and reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

6      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares		$    1,000.00		$      1,049.50		$            3.47
Series II shares		1,000.00		1,048.20		4.76
Hypothetical
(5% return before expenses)
Series I shares		1,000.00		1,021.83		3.42
Series II shares		1,000.00		1,020.57		4.70

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares	0.67%
Series II shares	0.92

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Shares		Value
Common Stocks—36.3%
Consumer Discretionary—5.9%
Automobiles—0.2%
General Motors Co.		10,091	$	369,331
Entertainment—0.3%
Zynga, Inc., Cl. A1		106,890		654,167
Hotels, Restaurants & Leisure—0.7%
Cedar Fair LP		5,485		304,088
McDonald’s Corp.		5,300		1,047,333
				1,351,421
Household Durables—0.3%
DR Horton, Inc.		10,580		558,095
Interactive Media & Services—1.4%
Facebook, Inc., Cl. A1		10,090		2,070,972
Snap, Inc., Cl. A1		33,890		553,424
				2,624,396
Internet & Catalog Retail—1.0%
Amazon.com, Inc.1		1,090		2,014,146
Specialty Retail—1.5%
Burlington Stores, Inc.1		3,351		764,128
CarMax, Inc.1		9,070		795,167
Home Depot, Inc. (The)		5,770		1,260,053
				2,819,348
Textiles, Apparel & Luxury Goods—0.5%
NIKE, Inc., Cl. B		8,910		902,672
Consumer Staples—1.9%
Beverages—0.6%
Coca-Cola Co. (The)		21,420		1,185,597
Food & Staples Retailing—0.8%
Walmart, Inc.		12,693		1,508,436
Household Products—0.5%
Procter & Gamble Co. (The)		7,430		928,007
Energy—1.8%
Energy Equipment & Services—0.3%
Schlumberger Ltd.		15,410		619,482
Oil, Gas & Consumable Fuels—1.5%
Cabot Oil & Gas Corp.		18,270		318,081
EQT Corp.		37,169		405,142
Exxon Mobil Corp.		21,820		1,522,599
Shell Midstream Partners LP		29,695		600,136
				2,845,958
Financials—7.5%
Capital Markets—0.6%
Intercontinental Exchange, Inc.		12,900		1,193,895
Commercial Banks—3.8%
Citigroup, Inc.		11,360		907,550
East West Bancorp, Inc.		21,220		1,033,414
IBERIABANK Corp.		7,010		524,558
JPMorgan Chase & Co.		21,510		2,998,494
Signature Bank (New York)		2,860		390,705
SVB Financial Group1		5,240		1,315,450
				7,170,171
Insurance—1.4%
American International Group, Inc.		12,200		626,226
Arthur J. Gallagher & Co.		4,190		399,014
Fidelity National Financial, Inc.		17,030		772,310
Progressive Corp. (The)		12,480		903,427
				2,700,977
Real Estate Investment Trusts (REITs)—1.7%
AGNC Investment Corp.		31,530		557,451
EPR Properties		8,940		631,522
Prologis, Inc.		15,367		1,369,814

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
SL Green Realty Corp.		6,340	$	582,519
				3,141,306
Health Care—5.3%
Biotechnology—0.5%
uniQure NV1		5,100		365,466
Vertex Pharmaceuticals, Inc.1		2,790		610,871
				976,337
Health Care Equipment & Supplies—1.8%
Becton Dickinson & Co.		2,550		693,524
Boston Scientific Corp.1		15,750		712,215
CryoPort, Inc.1		16,840		277,186
Intuitive Surgical, Inc.1		1,380		815,787
Zimmer Biomet Holdings, Inc.		6,590		986,391
				3,485,103
Health Care Providers & Services—0.5%
Anthem, Inc.		3,110		939,313
Health Care Technology—0.3%
Teladoc Health, Inc.1		5,340		447,065
Pharmaceuticals—2.2%
AstraZeneca plc, Sponsored ADR		12,000		598,320
Bayer AG, Sponsored ADR		39,950		810,186
Johnson & Johnson		10,160		1,482,039
Merck & Co., Inc.		14,100		1,282,395
TherapeuticsMD, Inc.1		30,050		72,721
				4,245,661
Industrials—3.3%
Aerospace & Defense—0.5%
Lockheed Martin Corp.		2,250		876,105
Airlines—0.2%
Spirit Airlines, Inc.1		10,570		426,077
Commercial Services & Supplies—0.7%
ACCO Brands Corp.		48,950		458,172
IAA, Inc.1		7,380		347,303
Republic Services, Inc., Cl. A		5,920		530,609
				1,336,084
Industrial Conglomerates—0.6%
Honeywell International, Inc.		6,178		1,093,506
Machinery—0.3%
Stanley Black & Decker, Inc.		3,200		530,368
Professional Services—0.3%
Korn Ferry		12,820		543,568
Road & Rail—0.4%
Canadian Pacific Railway Ltd.		3,140		800,543
Trading Companies & Distributors—0.3%
Fastenal Co.		16,040		592,678
Information Technology—7.6%
Communications Equipment—0.5%
Motorola Solutions, Inc.		6,353		1,023,722
IT Services—1.9%
Accenture plc, Cl. A		3,830		806,483
Fiserv, Inc.1		6,281		726,272
Mastercard, Inc., Cl. A		5,440		1,624,329
Perspecta, Inc.		16,597		438,825
				3,595,909
Semiconductors & Semiconductor Equipment—2.2%
Applied Materials, Inc.		18,890		1,153,046
NVIDIA Corp.		6,001		1,412,035
QUALCOMM, Inc.		8,550		754,367
Texas Instruments, Inc.		5,860		751,779
				4,071,227

8      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

	Shares		Value
Software—2.1%
Microsoft Corp.		23,140	$	3,649,178
Q2 Holdings, Inc.1		4,970		402,968
				4,052,146
Technology Hardware, Storage & Peripherals—0.9%
Apple, Inc.		5,950		1,747,218
Materials—0.5%
Chemicals—0.2%
Valvoline, Inc.		15,300		327,573
Metals & Mining—0.3%
Compass Minerals International, Inc.		9,440		575,462
Telecommunication Services—1.2%
Diversified Telecommunication Services—0.9%
ORBCOMM, Inc.1		375		1,579
Verizon Communications, Inc.		26,070		1,600,698
				1,602,277
Wireless Telecommunication Services—0.3%
T-Mobile US, Inc.1		8,070		632,849
Utilities—1.3%
Electric Utilities—0.4%
Duke Energy Corp.		8,430		768,901
Gas Utilities—0.2%
Suburban Propane Partners LP		22,085		482,557
Multi-Utilities—0.7%
Avista Corp.		7,410		356,347
Dominion Energy, Inc.		11,260		932,553
				1,288,900
Total Common Stocks (Cost $52,929,500)				69,048,554
	Principal Amount
Asset-Backed Securities—10.3%
Auto Loans/Leases—7.5%
American Credit Acceptance Receivables Trust:
Series 2017-4,Cl. C, 2.94%, 1/10/242	$	90,282		90,394
Series 2017-4,Cl. D, 3.57%, 1/10/242		246,000		248,513
Series 2018-2,Cl. C, 3.70%, 7/10/242		275,000		276,671
Series 2018-3,Cl. B, 3.49%, 6/13/222		61,208		61,314
Series 2018-3,Cl. D, 4.14%, 10/15/242		25,000		25,487
Series 2018-4,Cl. C, 3.97%, 1/13/252		180,000		182,372
Series 2019-2,Cl. D, 3.41%, 6/12/252		140,000		141,772
Series 2019-3,Cl. C, 2.76%, 9/12/252		155,000		155,592
AmeriCredit Automobile Receivables Trust:
Series 2017-2,Cl. D, 3.42%, 4/18/23		320,000		325,616
Series 2017-4,Cl. D, 3.08%, 12/18/23		205,000		208,257
Series 2018-3,Cl. C, 3.74%, 10/18/24		260,000		270,030
Series 2019-2,Cl. C, 2.74%, 4/18/25		100,000		100,909
Series 2019-2,Cl. D, 2.99%, 6/18/25		270,000		273,058
Series 2019-3,Cl. D, 2.58%, 9/18/25		130,000		128,764
Capital Auto Receivables Asset Trust:
Series 2017-1,Cl. D, 3.15%, 2/20/252		40,000		40,454
Series 2018-2,Cl. B, 3.48%, 10/20/232		125,000		126,452
Series 2018-2,Cl. C, 3.69%, 12/20/232		120,000		121,761
CarMax Auto Owner Trust:
Series 2016-1,Cl. D, 3.11%, 8/15/22		220,000		220,258
Series 2017-1,Cl. D, 3.43%, 7/17/23		245,000		247,980
Series 2017-4,Cl. D, 3.30%, 5/15/24		110,000		111,417
Series 2018-1,Cl. D, 3.37%, 7/15/24		75,000		76,225
Series 2018-4,Cl. C, 3.85%, 7/15/24		90,000		93,501
CPS Auto Receivables Trust:
Series 2018-A,Cl. B, 2.77%, 4/18/222		97,633		97,760
Series 2018-B,Cl. B, 3.23%, 7/15/222		155,000		155,486
Credit Acceptance Auto Loan Trust:
Series 2017-3A,Cl. C, 3.48%, 10/15/262		220,000		223,179
Series 2018-1A,Cl. B, 3.60%, 4/15/272		170,000		172,890
Series 2018-1A,Cl. C, 3.77%, 6/15/272		250,000		254,908

	Principal Amount		Value
Auto Loans/Leases (Continued)
Credit Acceptance Auto Loan Trust: (Continued)
Series 2018-2A,Cl. C, 4.16%, 9/15/272	$	160,000	$	165,368
Series 2018-3A,Cl. C, 4.04%, 12/15/272		220,000		226,575
Series 2019-1A,Cl. B, 3.75%, 4/17/282		100,000		102,990
Series 2019-1A,Cl. C, 3.94%, 6/15/282		105,000		108,505
Drive Auto Receivables Trust:
Series 2017-1,Cl. D, 3.84%, 3/15/23		360,000		363,675
Series 2018-1,Cl. D, 3.81%, 5/15/24		160,000		162,665
Series 2018-2,Cl. D, 4.14%, 8/15/24		230,000		234,694
Series 2018-3,Cl. D, 4.30%, 9/16/24		215,000		220,567
Series 2018-5,Cl. C, 3.99%, 1/15/25		210,000		214,012
Series 2019-1,Cl. C, 3.78%, 4/15/25		340,000		345,926
Series 2019-3,Cl. D, 3.18%, 10/15/26		210,000		213,084
Series 2019-4,Cl. D, 2.70%, 2/16/27		85,000		84,420
DT Auto Owner Trust:
Series 2016-4A,Cl. E, 6.49%, 9/15/232		75,000		76,934
Series 2017-1A,Cl. D, 3.55%, 11/15/222		118,437		119,093
Series 2017-2A,Cl. D, 3.89%, 1/15/232		167,921		169,113
Series 2017-3A,Cl. D, 3.58%, 5/15/232		75,000		75,539
Series 2017-3A,Cl. E, 5.60%, 8/15/242		195,000		201,978
Series 2017-4A,Cl. D, 3.47%, 7/17/232		205,000		206,471
Series 2017-4A,Cl. E, 5.15%, 11/15/242		225,000		231,882
Series 2018-3A,Cl. B, 3.56%, 9/15/222		270,000		272,401
Series 2018-3A,Cl. C, 3.79%, 7/15/242		105,000		106,701
Series 2019-2A,Cl. D, 3.48%, 2/18/252		130,000		131,855
Series 2019-3A,Cl. D, 2.96%, 4/15/252		75,000		75,064
Series 2019-4A,Cl. D, 2.85%, 7/15/252		220,000		220,203
Exeter Automobile Receivables Trust:
Series 2018-1A,Cl. B, 2.75%, 4/15/222		38,698		38,714
Series 2018-4A,Cl. B, 3.64%, 11/15/222		220,000		221,081
Series 2019-1A,Cl. D, 4.13%, 12/16/242		255,000		263,311
Series 2019-2A,Cl. C, 3.30%, 3/15/242		322,000		326,820
Series 2019-4A,Cl. D, 2.58%, 9/15/252		230,000		228,017
Flagship Credit Auto Trust, Series 2016-1, Cl. C, 6.22%, 6/15/222		380,000		389,922
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/222		105,589		105,836
GM Financial Automobile Leasing Trust:
Series 2017-3,Cl. C, 2.73%, 9/20/21		120,000		120,131
Series 2018-2,Cl. C, 3.50%, 4/20/22		145,000		146,413
Prestige Auto Receivables Trust, Series 2019-1A, Cl. C, 2.70%, 10/15/242		115,000		115,686
Santander Drive Auto Receivables Trust:
Series 2017-1,Cl. E, 5.05%, 7/15/242		410,000		421,265
Series 2017-3,Cl. D, 3.20%, 11/15/23		295,000		298,658
Series 2018-1,Cl. D, 3.32%, 3/15/24		110,000		111,172
Series 2018-2,Cl. D, 3.88%, 2/15/24		170,000		174,121
Series 2018-5,Cl. C, 3.81%, 12/16/24		225,000		228,395
Series 2019-2,Cl. D, 3.22%, 7/15/25		195,000		198,947
Series 2019-3,Cl. D, 2.68%, 10/15/25		165,000		164,433
Santander Retail Auto Lease Trust:
Series 2019-A,Cl. C, 3.30%, 5/22/232		320,000		325,748
Series 2019-B,Cl. C, 2.77%, 8/21/232		115,000		115,545
Series 2019-C,Cl. C, 2.39%, 11/20/232		205,000		203,577
United Auto Credit Securitization Trust, Series 2019-1, Cl. C, 3.16%, 8/12/242		150,000		151,152
Westlake Automobile Receivables Trust:
Series 2017-2A,Cl. E, 4.63%, 7/15/242		320,000		326,305
Series 2018-1A,Cl. D, 3.41%, 5/15/232		315,000		318,610
Series 2018-3A,Cl. B, 3.32%, 10/16/232		252,000		253,986

9      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Auto Loans/Leases (Continued)
Westlake Automobile Receivables Trust: (Continued)
Series 2019-3A,Cl. C, 2.49%, 10/15/242	$	265,000	$	265,159
				14,273,739
Credit Cards—1.0%
World Financial Network Credit Card Master Trust:
Series 2018-A,Cl. A, 3.07%, 12/16/24		540,000		546,079
Series 2018-B,Cl. A, 3.46%, 7/15/25		245,000		250,631
Series 2018-C,Cl. A, 3.55%, 8/15/25		490,000		502,290
Series 2019-A,Cl. A, 3.14%, 12/15/25		75,000		76,681
Series 2019-B,Cl. A, 2.49%, 4/15/26		260,000		262,228
Series 2019-C,Cl. A, 2.21%, 7/15/26		225,000		225,364
				1,863,273
Home Equity Loans—0.0%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R5, Cl. M2, 2.482% [US0001M+69], 7/25/353		5,903		5,919
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		70,000		70,624
				76,543
Leases—0.9%
CCG Receivables Trust:
Series 2017-1,Cl. B, 2.75%, 11/14/232		250,000		250,287
Series 2018-1,Cl. B, 3.09%, 6/16/252		90,000		90,699
Series 2018-1,Cl. C, 3.42%, 6/16/252		25,000		25,299
Series 2018-2,Cl. C, 3.87%, 12/15/252		60,000		61,589
Series 2019-1,Cl. B, 3.22%, 9/14/262		170,000		173,376
Series 2019-1,Cl. C, 3.57%, 9/14/262		40,000		40,831
Series 2019-2,Cl. B, 2.55%, 3/15/272		105,000		104,935
Series 2019-2,Cl. C, 2.89%, 3/15/272		100,000		99,884
CNH Equipment Trust, Series 2019-A, Cl. A4, 3.22%, 1/15/26		120,000		124,257
Dell Equipment Finance Trust:
Series 2017-2,Cl. B, 2.47%, 10/24/222		75,000		75,104
Series 2018-1,Cl. B, 3.34%, 6/22/232		90,000		91,152
Series 2019-1,Cl. C, 3.14%, 3/22/242		330,000		334,905
Series 2019-2,Cl. D, 2.48%, 4/22/252		110,000		109,358
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/442		66,031		66,074
				1,647,750
Loans—0.9%
Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Cl. A2, 2.34% [US0001M+60], 9/15/243		550,000		552,432
GMF Floorplan Owner Revolving Trust:
Series 2018-3,Cl. B, 3.49%, 9/15/222		250,000		252,104
Series 2018-3,Cl. C, 3.68%, 9/15/222		210,000		211,917
Series 2018-4,Cl. B, 3.68%, 9/15/232		210,000		214,789
Series 2018-4,Cl. C, 3.88%, 9/15/232		265,000		271,316
Navistar Financial Dealer Note Master Owner Trust II:
Series 2018-1,Cl. A, 2.422% [US0001M+63], 9/25/232,3		115,000		115,209
Series 2018-1,Cl. B, 2.592% [US0001M+80], 9/25/232,3		135,000		135,164
Series 2019-1,Cl. C, 2.742% [US0001M+95], 5/25/242,3		25,000		25,055
Series 2019-1,Cl. D, 3.242% [US0001M+145], 5/25/242,3		25,000		25,029
				1,803,015
Total Asset-Backed Securities (Cost $19,417,179)				19,664,320

	Principal Amount		Value
Mortgage-Backed Obligations—18.7%
Agency—11.6%
U.S. Agency Securities—11.6%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34	$	1,672	$	1,827
5.50%, 9/1/39		181,321		202,759
6.50%, 7/1/28-4/1/34		13,242		14,721
7.00%, 10/1/31-10/1/37		46,462		52,247
9.00%, 8/1/22-5/1/25		578		624
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183,Cl. IO, 99.999%, 4/1/274		34,467		5,310
Series 192,Cl. IO, 99.999%, 2/1/284		9,179		1,370
Series 243,Cl. 6, 8.178%, 12/15/324		27,788		4,685
Series 304,Cl. C31, 7.929%, 12/15/274		128,632		8,542
Series 304,Cl. C45, 7.906%, 12/15/274		102,538		6,816
Series 304,Cl. C47, 5.708%, 12/15/274		60,011		4,059
Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		99,576		99,947
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
Interest-Only Stripped Mtg.-Backed Security:
Series K734,Cl. X1, 0.00%, 2/25/264,5		2,068,796		71,396
Series KC02,Cl. X1, 0.00%, 3/25/244,5		4,858,528		73,457
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.198%, 6/1/266		9,593		9,007
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2427,Cl. ZM, 6.50%, 3/15/32		57,207		64,097
Series 2461,Cl. PZ, 6.50%, 6/15/32		25,618		28,682
Series 2635,Cl. AG, 3.50%, 5/15/32		20,839		21,512
Series 3025,Cl. SJ, 18.371% [-3.667 x LIBOR01M+2,475], 8/15/353		9,487		13,078
Series 3030,Cl. FL, 2.14% [US0001M+40], 9/15/353		50,396		50,309
Series 3822,Cl. JA, 5.00%, 6/15/40		7,453		7,506
Series 3857,Cl. GL, 3.00%, 5/15/40		2,790		2,833
Series 4221,Cl. HJ, 1.50%, 7/15/23		235,708		234,153
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2130,Cl. SC, 88.434%, 3/15/294		26,105		4,008
Series 2796,Cl. SD, 63.175%, 7/15/264		44,949		5,604
Series 2920,Cl. S, 19.418%, 1/15/354		258,137		44,305
Series 3397,Cl. GS, 0.00%, 12/15/374,5		16,351		3,363
Series 3424,Cl. EI, 0.00%, 4/15/384,5		6,679		998
Series 3450,Cl. BI, 17.378%, 5/15/384		48,719		8,690
Series 3606,Cl. SN, 19.453%, 12/15/394		24,229		3,694
Series 4057,Cl. QI, 4.397%, 6/15/274		416,034		27,050
Series 4146,Cl. AI, 8.004%, 12/15/274		162,251		10,661
Series 4205,Cl. AI, 7.296%, 5/15/284		105,883		6,223
Series 4316,Cl. JS, 0.00%, 1/15/444,5		170,417		22,794
Series 4818,Cl. BI, 0.00%, 3/15/454,5		189,417		20,609
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21		30		31
5.50%, 9/1/20		128		128
6.00%, 3/1/37		77,819		89,059
7.00%, 10/1/35		2,922		2,926
7.50%, 1/1/33		37,347		43,444
8.50%, 7/1/32		1,136		1,147
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222,Cl. 2, 99.999%, 6/25/234		48,337		4,319
Series 233,Cl. 2, 59.512%, 8/25/234		29,076		2,436
Series 252,Cl. 2, 99.999%, 11/25/234		41,895		3,948
Series 319,Cl. 2, 32.502%, 2/25/324		16,372		3,132
Series 320,Cl. 2, 75.353%, 4/25/324		6,059		1,326
Series 321,Cl. 2, 40.011%, 4/25/324		60,126		11,528

10      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 331,Cl. 9, 15.627%, 2/25/334	$	67,659	$	13,174
Series 334,Cl. 17, 44.776%, 2/25/334		38,085		7,533
Series 339,Cl. 12, 0.00%, 6/25/334,5		48,870		9,830
Series 339,Cl. 7, 0.00%, 11/25/334,5		143,779		28,610
Series 343,Cl. 13, 0.00%, 9/25/334,5		55,024		10,674
Series 345,Cl. 9, 0.00%, 1/25/344,5		49,011		9,031
Series 351,Cl. 10, 0.00%, 4/25/344,5		6,320		1,198
Series 351,Cl. 8, 0.00%, 4/25/344,5		22,649		4,313
Series 356,Cl. 10, 0.00%, 6/25/354,5		15,866		2,744
Series 356,Cl. 12, 0.00%, 2/25/354,5		8,578		1,604
Series 362,Cl. 13, 0.00%, 8/25/354,5		60,242		12,052
Series 364,Cl. 16, 0.00%, 9/25/354,5		43,586		8,243
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1998-61,Cl. PL, 6.00%, 11/25/28		24,972		27,623
Series 2003-130,Cl. CS, 10.516% [-2 x LIBOR01M+1,410], 12/25/333		581		599
Series 2005-104,Cl. MC, 5.50%, 12/25/25		74,631		77,850
Series 2005-31,Cl. PB, 5.50%, 4/25/35		250,000		278,667
Series 2005-73,Cl. DF, 2.042% [US0001M+25], 8/25/353		35,047		34,867
Series 2006-11,Cl. PS, 17.996% [-3.667 x LIBOR01M+2,456.67], 3/25/363		40,415		60,161
Series 2006-46,Cl. SW, 17.629% [-3.667 x LIBOR01M+2,419.92], 6/25/363		25,787		37,757
Series 2006-50,Cl. KS, 17.629% [-3.667 x LIBOR01M+2,420], 6/25/363		4,776		6,904
Series 2009-113,Cl. DB, 3.00%, 12/25/20		541		541
Series 2009-36,Cl. FA, 2.732% [US0001M+94], 6/25/373		18,895		19,223
Series 2010-43,Cl. KG, 3.00%, 1/25/21		1,161		1,162
Series 2011-15,Cl. DA, 4.00%, 3/25/41		10,753		11,175
Series 2011-3,Cl. EL, 3.00%, 5/25/20		113		113
Series 2011-3,Cl. KA, 5.00%, 4/25/40		64,249		67,265
Series 2011-82,Cl. AD, 4.00%, 8/25/26		7,591		7,622
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-65,Cl. S, 27.134%, 11/25/314		62,904		10,726
Series 2001-81,Cl. S, 29.864%, 1/25/324		15,332		2,706
Series 2002-47,Cl. NS, 25.606%, 4/25/324		45,673		8,726
Series 2002-51,Cl. S, 25.772%, 8/25/324		41,938		8,017
Series 2002-77,Cl. SH, 37.44%, 12/18/324		21,771		3,572
Series 2002-84,Cl. SA, 17.206%, 12/25/324		57,875		10,222
Series 2002-9,Cl. MS, 31.496%, 3/25/324		17,149		3,344
Series 2003-33,Cl. SP, 19.357%, 5/25/334		65,075		13,984
Series 2003-4,Cl. S, 14.047%, 2/25/334		34,763		7,169
Series 2003-46,Cl. IH, 0.00%, 6/25/234,5		74,550		4,905
Series 2004-54,Cl. DS, 62.446%, 11/25/304		45,600		7,187
Series 2004-56,Cl. SE, 13.677%, 10/25/334		12,415		2,388

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2005-14,Cl. SE, 21.483%, 3/25/354	$	24,023	$	3,657
Series 2005-40,Cl. SA, 31.304%, 5/25/354		129,679		21,971
Series 2005-52,Cl. JH, 30.668%, 5/25/354		333,969		45,275
Series 2005-93,Cl. SI, 5.884%, 10/25/354		30,277		5,209
Series 2007-88,Cl. XI, 0.00%, 6/25/374,5		61,818		11,563
Series 2008-55,Cl. SA, 0.00%, 7/25/384,5		16,971		2,353
Series 2009-8,Cl. BS, 0.00%, 2/25/244,5		151		9
Series 2011-96,Cl. SA, 10.947%, 10/25/414		82,662		14,075
Series 2012-121,Cl. IB, 6.596%, 11/25/274		177,968		11,362
Series 2012-134,Cl. SA, 0.82%, 12/25/424		326,979		61,184
Series 2012-40,Cl. PI, 21.50%, 4/25/414		159,803		16,844
Series 2015-57,Cl. LI, 5.94%, 8/25/354		403,816		52,497
Series 2016-45,Cl. MI, 7.899%, 7/25/464		115,601		21,661
Series 2017-60,Cl. LI, 0.00%, 8/25/474,5		191,826		19,278
Series 2017-66,Cl. AS, 0.00%, 9/25/474,5		951,126		148,396
Series 2018-16,Cl. NI, 0.841%, 12/25/444		95,325		9,761
Series 2018-69,Cl. CI, 0.00%, 10/25/464,5		138,993		5,951
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 5.343%, 9/25/236		18,378		17,640
Federal National Mortgage Assn., TBA:
2.50%, 1/1/347		1,435,000		1,447,236
3.00%, 1/1/34-1/1/497		7,505,000		7,620,754
3.50%, 1/1/497		4,340,000		4,462,512
FREMF Mortgage Trust:
Series 2013-K25,Cl. C, 3.619%, 11/25/452,8		60,000		61,143
Series 2013-K26,Cl. C, 3.597%, 12/25/452,8		40,000		40,784
Series 2013-K28,Cl. C, 3.49%, 6/25/462,8		450,000		458,184
Series 2013-K713,Cl. C, 3.169%, 4/25/462,8		275,000		275,000
Series 2014-K715,Cl. C, 4.117%, 2/25/462,8		180,000		182,792
Government National Mortgage Assn. I Pool:
7.00%, 1/15/24		6,465		6,477
7.50%, 1/15/23-6/15/24		10,087		10,262
8.00%, 4/15/23		4,021		4,101
Government National Mortgage Assn. TBA, 3.50%, 1/1/497		4,465,000		4,601,247
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15,Cl. SM, 86.083%, 2/16/324		59,991		145
Series 2011-52,Cl. HS, 22.007%, 4/16/414		104,031		16,213
Series 2017-136,Cl. LI, 4.251%, 9/16/474		348,609		57,284

11      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2017-149,Cl. GS, 2.127%, 10/16/474	$	359,704	$	52,596
Structured Agency Credit Risk Debt Nts., Series 2018-HQA1, Cl. M2, 4.092% [US0001M+230], 9/25/303		110,000		111,338
				22,000,595
CMOs—1.9%
Collateralized Mortgage Obligations—1.9%
Banc of America Mortgage Trust, Series 2004-E, Cl. 2A6, 4.777%, 6/25/348		34,461		34,778
BANK, Interest-Only Stripped Mtg.- Backed Security, Series 2019-BN16, Cl. XA, 10.958%, 2/15/524		1,573,061		110,078
Bear Stearns ARM Trust, Series 2006- 1, Cl. A1, 3.84% [H15T1Y+225], 2/25/363		86,997		89,366
COMM Mortgage Trust, Series 2014- CR20, Cl. ASB, 3.305%, 11/10/47		67,821		69,518
Connecticut Avenue Securities:
Series 2014-C01,Cl. M2, 6.192% [US0001M+440], 1/25/243		270,868		294,572
Series 2014-C02,Cl. 1M2, 4.392% [US0001M+260], 5/25/243		105,839		110,292
Series 2014-C03,Cl. 1M2, 4.792% [US0001M+300], 7/25/243		272,701		287,063
Series 2014-C04,Cl. 2M2, 6.792% [US0001M+500], 11/25/243		291,875		315,590
Series 2016-C03,Cl. 1M1, 3.792% [US0001M+200], 10/25/283		8,079		8,090
Series 2016-C06,Cl. 1M2, 6.042% [US0001M+425], 4/25/293		280,000		300,998
Federal Home Loan Mortgage Corp., Multifamily Structured Pass Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K735, Cl. X1, 0.00%, 5/25/264,5		2,144,151		115,449
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K093, Cl. X1, 0.00%, 5/25/294,5		1,653,540		124,848
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 3010,Cl. WB, 4.50%, 7/15/20		309		310
Series 3848,Cl. WL, 4.00%, 4/15/40		39,416		40,106
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2922,Cl. SE, 25.041%, 2/15/354		15,297		2,400
Series 2981,Cl. AS, 4.40%, 5/15/354		123,025		16,676
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Series 2014-20, Cl. HL, 1.50%, 1/25/40		153,476		152,375
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2002-52,Cl. SD, 63.401%, 9/25/324		65,078		12,623
Series 2005-12,Cl. SC, 28.85%, 3/25/354		6,877		1,065
FREMF Mortgage Trust:
Series 2010-K6,Cl. B, 5.397%, 12/25/462,8		60,000		59,904
Series 2013-K27,Cl. C, 3.496%, 1/25/462,8		110,000		112,772

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2007-17, Cl. AI, 49.40%, 4/16/374	$	222,039	$	39,420
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10,Cl. AS, 3.372%, 12/15/47		325,000		333,215
Series 2014-C20,Cl. AS, 4.043%, 7/15/47		245,000		257,905
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 4.269%, 7/26/452,8		5,607		5,729
Structured Agency Credit Risk Debt Nts.:
Series 2014-DN1,Cl. M2, 3.992% [US0001M+220], 2/25/243		26,194		26,485
Series 2014-DN3,Cl. M3, 5.792% [US0001M+400], 8/25/243		159,030		169,568
Series 2014-HQ2,Cl. M3, 5.542% [US0001M+375], 9/25/243		335,000		362,154
Series 2015-HQA2,Cl. M2, 4.592% [US0001M+280], 5/25/283		1,575		1,584
WF-RBS Commercial Mortgage Trust, Series 2013-C14, Cl. AS, 3.488%, 6/15/46		155,000		159,641
				3,614,574
Non-Agency—5.2%
Adjustable-Rate Mortgages—5.2%
Alternative Loan Trust, Series 2005- 29CB, Cl. A4, 5.00%, 7/25/35		161,680		139,495
Banc of America Funding Trust:
Series 2007-1,Cl. 1A3, 6.00%, 1/25/37		34,838		34,148
Series 2007-C,Cl. 1A4, 4.366%, 5/20/368		11,709		11,729
Bear Stearns ARM Trust, Series 2005-9, Cl. A1, 4.27% [H15T1Y+230], 10/25/353		238,155		245,225
Benchmark Mortgage Trust, Interest- Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 10.80%, 1/15/514		2,186,728		73,814
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-CD6, Cl. XA, 0.00%, 11/13/504,5		873,012		45,760
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Cl. A15, 4.00%, 4/25/492,8		61,617		63,127
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 4.086%, 1/25/368		83,609		82,904
CHL Mortgage Pass-Through Trust:
Series 2005-26,Cl. 1A8, 5.50%, 11/25/35		46,767		43,347
Series 2006-6,Cl. A3, 6.00%, 4/25/36		30,444		24,430
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		93,097		95,604
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates:
Series 2013-GC17,Cl. XA, 0.00%, 11/10/464,5		415,466		14,204
Series 2017-C4,Cl. XA, 0.00%, 10/12/504,5		2,339,427		148,469
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 4.97% [H15T1Y+240], 10/25/353		208,397		208,777
COMM Mortgage Trust:
Series 2013-CR6,Cl. AM, 3.147%, 3/10/462		255,000		259,613

12      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
COMM Mortgage Trust: (Continued)
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47	$	865,000	$	918,782
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		140,000		148,827
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		495,000		520,810
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 23.628%, 12/10/454		310,873		11,974
Connecticut Avenue Securities:
Series 2014-C03,Cl. 2M2, 4.692% [US0001M+290], 7/25/243		28,603		29,830
Series 2016-C01,Cl. 1M2, 8.542% [US0001M+675], 8/25/283		141,042		157,085
Series 2016-C02,Cl. 1M2, 7.792% [US0001M+600], 9/25/283		253,413		279,078
Series 2017-C01,Cl. 1M2, 5.342% [US0001M+355], 7/25/293		180,000		190,642
Series 2017-C03,Cl. 1M1, 2.742% [US0001M+95], 10/25/293		50,530		50,613
Series 2018-C01,Cl. 1M1, 2.392% [US0001M+60], 7/25/303		256,978		256,967
Series 2018-C03,Cl. 1M1, 2.472% [US0001M+68], 10/25/303		116,221		116,269
Series 2018-C05,Cl. 1M1, 2.512% [US0001M+72], 1/25/313		47,176		47,196
Series 2018-C06,Cl. 2M1, 2.342% [US0001M+55], 3/25/313		11,285		11,284
Connecticut Avenue Securities Trust, Series 2019-R02, Cl. 1M1, 2.642% [US0001M+85], 8/25/312,3		20,724		20,726
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		106,239		87,426
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series KC03, Cl. X1, 0.00%, 11/25/244,5		2,714,969		60,160
Federal Home Loan Mortgage Corp., STACR Trust:
Series 2018-HQA2,Cl. M1, 2.542% [US0001M+75], 10/25/482,3		256,774		256,851
Series 2019-HRP1,Cl. M2, 3.192% [US0001M+140], 2/25/492,3		60,000		60,056
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Cl. 1A6, 2.442% [US0001M+65], 11/25/353		65,835		42,341
GS Mortgage Securities Trust:
Series 2012-GC6,Cl. A3, 3.482%, 1/10/45		54,793		55,779
Series 2013-GC12,Cl. AAB, 2.678%, 6/10/46		23,574		23,722
Series 2013-GC16,Cl. AS, 4.649%, 11/10/46		65,000		69,987
Series 2014-GC18,Cl. AAB, 3.648%, 1/10/47		74,255		76,228
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.657%, 7/25/358		12,356		12,640
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 2.102% [US0001M+31], 7/25/353		10,984		11,032
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C16,Cl. AS, 4.517%, 12/15/46		330,000		353,939
Series 2013-LC11,Cl. AS, 3.216%, 4/15/46		78,000		79,300

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
JP Morgan Chase Commercial Mortgage Securities Trust: (Continued)
Series 2016-JP3,Cl. A2, 2.435%, 8/15/49	$	153,751	$	153,743
JP Morgan Mortgage Trust:
Series 2007-A1,Cl. 5A1, 4.305%, 7/25/358		57,141		58,491
Series 2018-8,Cl. A17, 4.00%, 1/25/492,8		50,000		50,873
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24,Cl. B, 4.116%, 11/15/478		270,000		280,683
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		105,000		111,096
JPMBB Commercial Mortgage Securities Trust., Interest-Only Stripped Mtg.-Backed Security, Series 2015-C27, Cl. XA, 16.833%, 2/15/484		2,327,828		111,457
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 4.606%, 4/21/348		19,036		19,494
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		240,000		247,846
Series 2014-C19,Cl. AS, 3.832%, 12/15/47		720,000		758,583
Morgan Stanley Capital I Trust, Series 2011-C2, Cl. A4, 4.661%, 6/15/442		70,000		71,570
Morgan Stanley Capital I, Inc., Interest- Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 0.00%, 12/15/504,5		767,813		39,431
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 3.271%, 11/26/362,8		216,410		208,942
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		6,940		6,254
STACR Trust:
Series 2018-DNA2,Cl. M1, 2.592% [US0001M+80], 12/25/302,3		247,795		248,008
Series 2018-DNA3,Cl. M1, 2.542% [US0001M+75], 9/25/482,3		40,531		40,558
Series 2018-HRP2,Cl. M2, 3.042% [US0001M+125], 2/25/472,3		215,000		215,412
Structured Agency Credit Risk Debt Nts.:
Series 2016-DNA1,Cl. M2, 4.692% [US0001M+290], 7/25/283		36,864		37,022
Series 2016-DNA2,Cl. M3, 6.442% [US0001M+465], 10/25/283		233,268		251,422
Series 2016-DNA4,Cl. M2, 3.092% [US0001M+130], 3/25/293		115,360		115,616
Series 2017-HQA1,Cl. M1, 2.992% [US0001M+120], 8/25/293		87,490		87,561
Series 2018-DNA1,Cl. M1, 2.242% [US0001M+45], 7/25/303		243,966		243,786
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2017-C5, Cl. XA, 12.545%, 11/15/504		1,507,761		85,761
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 4.19%, 10/25/338		55,353		55,751
Series 2005-AR14,Cl. 1A4, 3.844%, 12/25/358		56,786		56,860
Series 2005-AR16,Cl. 1A1, 3.748%, 12/25/358		56,488		56,440
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Cl. ASB, 2.934%, 5/15/48		355,000		360,663

13      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 10.48%, 12/15/504	$	1,070,528	$	63,076
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Cl. A7, 4.00%, 11/25/482,8		65,906		65,982
WF-RBS Commercial Mortgage Trust:
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		150,000		159,060
Series 2014-LC14,Cl. AS, 4.351%, 3/15/478		165,000		175,924
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass- Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/442,4,5		1,953,579		25,711
				9,903,266
Total Mortgage-Backed Obligations (Cost $35,799,547)				35,518,435
U.S. Government Obligations—2.3%
United States Treasury Bond, 2.25%, 8/15/49		585,800		567,779
United States Treasury Nts.:
1.625%, 12/31/21-12/15/22		1,083,000		1,083,651
1.75%, 12/31/24-11/15/29		2,738,200		2,727,786
Total U.S. Government Obligations (Cost $4,380,584)				4,379,216
Non-Convertible Corporate Bonds and Notes—29.7%
Consumer Discretionary—3.7%
Automobiles—1.3%
Daimler Finance North America LLC, 2.55% Sr. Unsec. Nts., 8/15/222		315,000		317,327
Ford Motor Credit Co. LLC, 5.584% Sr. Unsec. Nts., 3/18/24		200,000		216,473
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		82,000		92,043
General Motors Financial Co., Inc.:
4.15% Sr. Unsec. Nts., 6/19/23		310,000		326,205
4.20% Sr. Unsec. Nts., 11/6/21		259,000		268,548
Harley-Davidson Financial Services, Inc., 2.55% Sr. Unsec. Nts., 6/9/222		317,000		318,181
Hyundai Capital America, 4.125% Sr. Unsec. Nts., 6/8/232		336,000		351,008
Nissan Motor Acceptance Corp., 3.65% Sr. Unsec. Nts., 9/21/212		326,000		332,791
Volkswagen Group of America Finance LLC, 4.00% Sr. Unsec. Nts., 11/12/212		311,000		321,669
				2,544,245
Hotels, Restaurants & Leisure—0.2%
Las Vegas Sands Corp., 3.50% Sr. Unsec. Nts., 8/18/26		247,000		254,205
McDonald’s Corp., 3.625% Sr. Unsec. Nts., 9/1/49		72,000		73,322
				327,527
Household Durables—0.5%
DR Horton, Inc., 4.75% Sr. Unsec. Nts., 2/15/23		290,000		309,439
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		343,000		369,440
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		298,000		313,024
4.875% Sr. Unsec. Nts., 3/15/27		45,000		48,728
				1,040,631

	Principal Amount		Value
Internet & Catalog Retail—0.3%
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25	$	505,000	$	522,414
Media—1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.125% Sr. Sec. Nts., 7/1/49		84,000		91,303
Comcast Corp.:
2.65% Sr. Unsec. Nts., 2/1/30		80,000		80,323
4.00% Sr. Unsec. Nts., 3/1/48		86,000		95,482
Discovery Communications LLC, 4.125% Sr. Unsec. Nts., 5/15/29		189,000		204,173
Interpublic Group of Cos., Inc. (The):
3.75% Sr. Unsec. Nts., 10/1/21		265,000		272,377
4.20% Sr. Unsec. Nts., 4/15/24		330,000		355,248
Time Warner Cable LLC, 4.50% Sr. Sec. Nts., 9/15/42		111,000		113,431
ViacomCBS, Inc.:
4.20% Sr. Unsec. Nts., 6/1/29		159,000		173,574
4.375% Sr. Unsec. Nts., 3/15/43		105,000		111,282
WPP Finance 2010, 3.75% Sr. Unsec. Nts., 9/19/24		322,000		339,724
				1,836,917
Specialty Retail—0.2%
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24		344,000		359,196
Textiles, Apparel & Luxury Goods—0.2%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/262		320,000		339,392
Consumer Staples—2.9%
Beverages—0.6%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Nts., 1/15/39		197,000		309,966
Bacardi Ltd., 4.70% Sr. Unsec. Nts., 5/15/282		171,000		186,331
Keurig Dr Pepper, Inc., 4.057% Sr. Unsec. Nts., 5/25/23		305,000		321,666
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/222		299,000		314,588
				1,132,551
Food & Staples Retailing—0.2%
Kroger Co. (The), 4.45% Sr. Unsec. Nts., 2/1/47		93,000		98,818
Walgreen Co., 3.10% Sr. Unsec. Nts., 9/15/22		295,000		301,028
				399,846
Food Products—1.4%
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		232,000		232,006
3.50% Sr. Unsec. Nts., 11/24/20		311,000		314,929
Conagra Brands, Inc.:
3.80% Sr. Unsec. Nts., 10/22/21		252,000		260,049
4.60% Sr. Unsec. Nts., 11/1/25		317,000		350,118
Lamb Weston Holdings, Inc., 4.875%
Sr. Unsec. Nts., 11/1/262		306,000		324,926
Mondelez International Holdings Netherlands BV, 2.00% Sr. Unsec. Nts., 10/28/212		339,000		339,032
Smithfield Foods, Inc.:
3.35% Sr. Unsec. Nts., 2/1/222		183,000		183,558
5.20% Sr. Unsec. Nts., 4/1/292		252,000		279,337
Tyson Foods, Inc.:
3.90% Sr. Unsec. Nts., 9/28/23		271,000		287,458
5.10% Sr. Unsec. Nts., 9/28/48		88,000		110,637
				2,682,050

14      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

	Principal Amount		Value
Tobacco—0.7%
Altria Group, Inc., 3.49% Sr. Unsec. Nts., 2/14/22	$	206,000	$	211,968
BAT Capital Corp., 3.557% Sr. Unsec. Nts., 8/15/27		177,000		180,661
BAT International Finance plc, 3.25% Sr. Unsec. Nts., 6/7/222		318,000		325,003
Imperial Brands Finance plc, 3.75% Sr. Unsec. Nts., 7/21/222		328,000		337,668
Imperial Tobacco Finance plc, 2.95% Sr. Unsec. Nts., 7/21/202		230,000		230,670
				1,285,970
Energy—2.8%
Energy Equipment & Services—0.1%
Schlumberger Holdings Corp., 4.00% Sr. Unsec. Nts., 12/21/252		196,000		211,034
Oil, Gas & Consumable Fuels—2.7%
Apache Corp., 4.375% Sr. Unsec. Nts., 10/15/28		251,000		262,261
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		162,000		175,293
Cenovus Energy, Inc., 4.25% Sr. Unsec. Nts., 4/15/27		184,000		194,891
Cimarex Energy Co., 4.375% Sr. Unsec. Nts., 3/15/29		158,000		167,232
Continental Resources, Inc., 4.375% Sr. Unsec. Nts., 1/15/28		174,000		185,116
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		63,000		70,206
Energy Transfer Operating LP:
4.25% Sr. Unsec. Nts., 3/15/23		260,000		271,606
5.30% Sr. Unsec. Nts., 4/15/47		100,000		106,639
Enterprise Products Operating LLC, 4.20% Sr. Unsec. Nts., 1/31/50		113,000		121,397
EQT Corp.:
2.50% Sr. Unsec. Nts., 10/1/20		155,000		154,984
3.00% Sr. Unsec. Nts., 10/1/22		174,000		170,974
Kinder Morgan Energy Partners LP, 5.80% Sr. Unsec. Nts., 3/1/21		132,000		137,421
Kinder Morgan, Inc., 5.20% Sr. Unsec. Nts., 3/1/48		125,000		144,946
Marathon Petroleum Corp., 4.50% Sr. Unsec. Nts., 4/1/48		69,000		73,317
MPLX LP:
2.985% [US0003M+110] Sr. Unsec. Nts., 9/9/223		144,000		144,590
4.25% Sr. Unsec. Nts., 12/1/272		192,000		202,254
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		283,000		311,161
Occidental Petroleum Corp.:
2.90% Sr. Unsec. Nts., 8/15/24		338,000		343,584
3.50% Sr. Unsec. Nts., 8/15/29		154,000		157,116
4.50% Sr. Unsec. Nts., 7/15/44		72,000		72,629
ONEOK, Inc., 4.35% Sr. Unsec. Nts., 3/15/29		156,000		168,891
Plains All American Pipeline LP/PAA Finance Corp., 3.55% Sr. Unsec. Nts., 12/15/29		149,000		146,959
Rockies Express Pipeline LLC, 4.95% Sr. Unsec. Nts., 7/15/292		162,000		161,493
Sabine Pass Liquefaction LLC:
4.20% Sr. Sec. Nts., 3/15/28		180,000		190,736
5.75% Sr. Sec. Nts., 5/15/24		280,000		312,329
Sunoco Logistics Partners Operations LP, 4.00% Sr. Unsec. Nts., 10/1/27		207,000		214,096
Valero Energy Corp., 4.00% Sr. Unsec. Nts., 4/1/29		154,000		166,189

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Williams Cos., Inc. (The), 3.70% Sr. Unsec. Nts., 1/15/23	$	334,000	$	345,945
				5,174,255
Financials—9.8%
Capital Markets—1.2%
Apollo Management Holdings LP, 4.95% [H15T5Y+326.6] Sub. Nts., 1/14/502,3		215,000		217,909
Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		250,000		268,847
Carlyle Finance Subsidiary LLC, 3.50% Sr. Unsec. Nts., 9/19/292		153,000		152,590
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		154,000		170,935
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		166,000		174,595
3.75% Sr. Unsec. Nts., 2/25/26		163,000		172,503
Morgan Stanley:
4.431% [US0003M+162.8] Sr. Unsec. Nts., 1/23/303		235,000		265,646
5.00% Sub. Nts., 11/24/25		257,000		289,466
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/323		115,000		118,140
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		153,000		161,697
UBS Group AG:
4.125% Sr. Unsec. Nts., 4/15/262		160,000		173,979
4.253% Sr. Unsec. Nts., 3/23/282		147,000		160,702
				2,327,009
Commercial Banks—5.1%
Bank of America Corp.:
3.366% [US0003M+81] Sr. Unsec. Nts., 1/23/263		286,000		299,209
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/283		191,000		205,571
4.271% [US0003M+131] Sr. Unsec. Nts., 7/23/293		154,000		171,083
7.75% Sub. Nts., 5/14/38		226,000		355,942
Bank of Ireland Group plc, 4.50% Sr. Unsec. Nts., 11/25/232		263,000		281,408
Bank of Montreal, Series E, 3.30% Sr. Unsec. Nts., 2/5/24		245,000		255,342
BBVA USA, 2.50% Sr. Unsec. Nts., 8/27/24		252,000		249,905
BNP Paribas SA, 4.375% [USSW5+148.3] Sub. Nts., 3/1/332,3		177,000		191,145
Citigroup, Inc.:
4.075% [US0003M+119.2] Sr. Unsec. Nts., 4/23/293		269,000		294,745
5.00% [SOFRRATE+381.3] Jr. Sub. Perpetual Bonds3,9		240,000		251,550
Citizens Bank NA (Providence RI), 2.65% Sr. Unsec. Nts., 5/26/22		68,000		68,837
Credit Agricole SA, 4.375% Sub. Nts., 3/17/252		304,000		326,876
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		197,000		209,528
Danske Bank AS, 3.244% [US0003M+159.1] Sr. Unsec. Nts., 12/20/252,3		200,000		202,366
Discover Bank, 4.65% Sr. Unsec. Nts., 9/13/28		122,000		137,468
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		160,000		170,424
HSBC Holdings plc:
3.95% [US0003M+98.72] Sr. Unsec. Nts., 5/18/243		109,000		114,671

15      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Commercial Banks (Continued)
HSBC Holdings plc: (Continued)
4.041% [US0003M+154.6] Sr. Unsec. Nts., 3/13/283	$	135,000	$	144,393
4.583% [US0003M+153.46] Sr. Unsec. Nts., 6/19/293		183,000		204,532
Huntington Bancshares, Inc., 4.00% Sr. Unsec. Nts., 5/15/25		334,000		360,849
JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/283		252,000		267,652
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/283		332,000		357,891
3.797% [US0003M+89] Sr. Unsec. Nts., 7/23/243		335,000		353,083
KeyCorp, 4.15% Sr. Unsec. Nts., 10/29/25		106,000		116,162
Lloyds Bank plc, 2.25% Sr. Unsec. Nts., 8/14/22		250,000		251,206
Lloyds Banking Group plc, 6.657% [US0003M+127] Jr. Sub. Perpetual Bonds2,3,9		300,000		357,109
Mitsubishi UFJ Financial Group, Inc., 3.741% Sr. Unsec. Nts., 3/7/29		194,000		209,252
National Australia Bank Ltd., 3.933% [H15T5Y+188] Sub. Nts., 8/2/342,3		154,000		160,031
Nordea Bank Abp, 4.625% [USSW5+169] Sub. Nts., 9/13/332,3		118,000		128,681
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		253,000		265,297
Royal Bank of Canada, 3.70% Sr. Unsec. Nts., 10/5/23		290,000		306,556
Santander Holdings USA, Inc., 3.50% Sr. Unsec. Nts., 6/7/24		248,000		255,103
Societe Generale SA, 3.875% Sr. Unsec. Nts., 3/28/242		250,000		262,890
Standard Chartered plc, 2.744% [US0003M+120] Sr. Unsec. Nts., 9/10/222,3		233,000		234,628
Synovus Financial Corp., 3.125% Sr. Unsec. Nts., 11/1/22		177,000		179,226
Truist Bank:
2.636% [H15T5Y+115] Sub. Nts., 9/17/293		376,000		375,852
3.30% Sub. Nts., 5/15/26		112,000		116,657
4.05% Sr. Unsec. Nts., 11/3/25		141,000		154,857
US Bancorp, 3.10% Sub. Nts., 4/27/26		199,000		207,122
Wells Fargo & Co.:
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/283		248,000		263,564
4.75% Sub. Nts., 12/7/46		157,000		188,250
Zions Bancorp NA, 3.25% Sub. Nts., 10/29/29		250,000		245,446
				9,752,359
Consumer Finance—0.6%
American Express Co.:
3.125% Sr. Unsec. Nts., 5/20/26		189,000		196,527
4.90% [US0003M+328.5] Jr. Sub. Perpetual Bonds3,9		246,000		247,296
Capital One Financial Corp.:
3.75% Sr. Unsec. Nts., 3/9/27		111,000		118,373
3.80% Sr. Unsec. Nts., 1/31/28		92,000		98,887
Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25		108,000		114,334
Synchrony Financial, 4.25% Sr. Unsec. Nts., 8/15/24		248,000		264,641
				1,040,058

	Principal Amount		Value
Diversified Financial Services—0.5%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust, 3.50% Sr. Unsec. Nts., 5/26/22	$	289,000	$	297,055
AXA Equitable Holdings, Inc., 4.35% Sr. Unsec. Nts., 4/20/28		163,000		176,956
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/272		117,000		120,223
BPCE SA, 4.50% Sub. Nts., 3/15/252		184,000		198,277
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/242		231,000		240,493
				1,033,004
Insurance—1.0%
Athene Global Funding, 2.95% Sec. Nts., 11/12/262		405,000		404,455
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/27		68,000		67,825
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27		231,000		240,667
Lincoln National Corp., 3.80% Sr. Unsec. Nts., 3/1/28		188,000		200,334
Manulife Financial Corp., 4.061% [USISDA05+164.7] Sub. Nts., 2/24/323		191,000		198,164
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47		113,000		129,973
Principal Financial Group, Inc., 3.70% Sr. Unsec. Nts., 5/15/29		192,000		209,273
Prudential Financial, Inc.:
3.70% Sr. Unsec. Nts., 3/13/51		144,000		151,483
5.20% [US0003M+304] Jr. Sub. Nts., 3/15/443		246,000		262,785
Willis North America, Inc., 3.875% Sr. Unsec. Nts., 9/15/49		72,000		71,911
				1,936,870
Real Estate Investment Trusts (REITs)—1.3%
American Tower Corp.:
3.00% Sr. Unsec. Nts., 6/15/23		274,000		280,611
4.00% Sr. Unsec. Nts., 6/1/25		169,000		180,937
Brixmor Operating Partnership LP, 4.125% Sr. Unsec. Nts., 5/15/29		159,000		170,738
Crown Castle International Corp., 3.65% Sr. Unsec. Nts., 9/1/27		176,000		186,200
Equinix, Inc., 3.20% Sr. Unsec. Nts., 11/18/29		145,000		145,808
Essex Portfolio LP, 3.00% Sr. Unsec. Nts., 1/15/30		149,000		150,766
Healthcare Trust of America Holdings LP, 3.50% Sr. Unsec. Nts., 8/1/26		211,000		220,212
Healthpeak Properties, Inc., 3.00% Sr. Unsec. Nts., 1/15/30		272,000		273,009
Host Hotels & Resorts LP, 3.375% Sr. Unsec. Nts., 12/15/29		48,000		48,487
Kite Realty Group LP, 4.00% Sr. Unsec. Nts., 10/1/26		197,000		196,891
Regency Centers LP, 2.95% Sr. Unsec. Nts., 9/15/29		221,000		220,822
Spirit Realty LP, 3.20% Sr. Unsec. Nts., 1/15/27		203,000		203,287
Welltower, Inc., 2.70% Sr. Unsec. Nts., 2/15/27		130,000		130,527
				2,408,295
Thrifts & Mortgage Finance—0.1%
Nationwide Building Society, 3.96% [US0003M+185.5] Sr. Unsec. Nts., 7/18/302,3		150,000		161,116

16      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

	Principal Amount		Value
Health Care—2.4%
Biotechnology—0.5%
AbbVie, Inc.:
2.95% Sr. Unsec. Nts., 11/21/262	$	104,000	$	105,715
3.20% Sr. Unsec. Nts., 11/21/292		350,000		356,277
4.05% Sr. Unsec. Nts., 11/21/392		118,000		125,127
4.875% Sr. Unsec. Nts., 11/14/48		133,000		152,550
Amgen, Inc., 4.563% Sr. Unsec. Nts., 6/15/48		87,000		101,010
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		128,000		153,707
				994,386
Health Care Equipment & Supplies—0.3%
Becton Dickinson & Co., 3.70% Sr. Unsec. Nts., 6/6/27		175,000		186,449
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/252		310,000		320,721
				507,170
Health Care Providers & Services—0.6%
Anthem, Inc., 3.125% Sr. Unsec. Nts., 5/15/22		300,000		307,499
Cigna Corp., 4.125% Sr. Unsec. Nts., 11/15/25		250,000		271,369
CVS Health Corp., 5.05% Sr. Unsec. Nts., 3/25/48		196,000		231,939
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/222		291,000		311,368
				1,122,175
Life Sciences Tools & Services—0.2%
IQVIA, Inc., 5.00% Sr. Unsec. Nts., 10/15/262		308,000		325,655
Pharmaceuticals—0.8%
Allergan Funding SCS, 3.85% Sr. Unsec. Nts., 6/15/24		297,000		311,916
Bayer US Finance II LLC, 3.875% Sr. Unsec. Nts., 12/15/232		335,000		351,629
Bristol-Myers Squibb Co., 3.40% Sr. Unsec. Nts., 7/26/292		226,000		241,717
Elanco Animal Health, Inc., 4.90% Sr. Unsec. Nts., 8/28/28		145,000		157,723
Mylan, Inc., 3.125% Sr. Unsec. Nts., 1/15/232		304,000		308,500
Takeda Pharmaceutical Co. Ltd., 5.00% Sr. Unsec. Nts., 11/26/28		160,000		186,317
				1,557,802
Industrials—2.4%
Aerospace & Defense—0.6%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/252		245,000		259,990
L3Harris Technologies, Inc., 3.85% Sr. Unsec. Nts., 6/15/232		335,000		352,924
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		190,000		229,402
United Technologies Corp., 3.95% Sr. Unsec. Nts., 8/16/25		205,000		223,615
				1,065,931
Air Freight & Couriers—0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.65% Sr. Unsec. Nts., 7/29/212		110,000		112,540
Airlines—0.3%
Delta Air Lines, Inc., 2.90% Sr. Unsec. Nts., 10/28/24		367,000		367,923
United Airlines 2019-2 Class AA Pass Through Trust, 2.70%, 5/1/32		145,000		145,728
				513,651

	Principal Amount		Value
Building Products—0.2%
Fortune Brands Home & Security, Inc.:
3.25% Sr. Unsec. Nts., 9/15/29	$	149,000	$	150,788
4.00% Sr. Unsec. Nts., 9/21/23		313,000		330,744
				481,532
Commercial Services & Supplies—0.2%
Experian Finance plc, 2.75% Sr. Unsec. Nts., 3/8/302		311,000		306,330
Industrial Conglomerates—0.2%
GE Capital International Funding Co. Unlimited Co., 3.373% Sr. Unsec. Nts., 11/15/25		160,000		166,667
General Electric Co., 2.70% Sr. Unsec. Nts., 10/9/22		315,000		319,291
				485,958
Machinery—0.2%
Ingersoll-Rand Luxembourg Finance SA, 3.80% Sr. Unsec. Nts., 3/21/29		154,000		165,303
nVent Finance Sarl, 4.55% Sr. Unsec. Nts., 4/15/28		176,000		182,635
				347,938
Professional Services—0.1%
IHS Markit Ltd., 4.125% Sr. Unsec. Nts., 8/1/23		211,000		224,466
Road & Rail—0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/262		269,000		274,586
Ryder System, Inc., 2.50% Sr. Unsec. Nts., 9/1/24		308,000		309,510
				584,096
Trading Companies & Distributors—0.2%
Air Lease Corp.:
3.25% Sr. Unsec. Nts., 3/1/25		108,000		111,169
3.625% Sr. Unsec. Nts., 4/1/27		102,000		105,760
GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		197,000		203,015
				419,944
Information Technology—2.3%
Communications Equipment—0.3%
British Telecommunications plc, 4.50% Sr. Unsec. Nts., 12/4/23		202,000		217,435
Deutsche Telekom International Finance BV, 4.375% Sr. Unsec. Nts., 6/21/282		146,000		162,978
Motorola Solutions, Inc., 4.60% Sr. Unsec. Nts., 2/23/28		256,000		277,639
				658,052
Electronic Equipment, Instruments, & Components—0.5%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		248,000		254,036
Corning, Inc., 5.45% Sr. Unsec. Nts., 11/15/79		80,000		87,753
FLIR Systems, Inc., 3.125% Sr. Unsec. Nts., 6/15/21		307,000		309,499
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		271,000		279,830
				931,118
IT Services—0.6%
DXC Technology Co., 4.75% Sr. Unsec. Nts., 4/15/27		246,000		264,886
Fidelity National Information Services, Inc., 4.25% Sr. Unsec. Nts., 5/15/28		159,000		178,003
Fiserv, Inc., 3.50% Sr. Unsec. Nts., 7/1/29		224,000		235,575

17      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
IT Services (Continued)
Global Payments, Inc., 3.20% Sr. Unsec. Nts., 8/15/29	$	149,000	$	152,270
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		189,000		199,745
5.25% Sr. Unsec. Nts., 4/1/25		105,000		115,961
				1,146,440
Semiconductors & Semiconductor Equipment—0.5%
Microchip Technology, Inc., 3.922% Sr. Sec. Nts., 6/1/21		335,000		342,639
NXP BV/NXP Funding LLC, 4.125% Sr. Unsec. Nts., 6/1/212		304,000		311,725
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.875% Sr. Unsec. Nts., 6/18/262		198,000		210,101
				864,465
Software—0.1%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		104,000		113,562
VMware, Inc., 3.90% Sr. Unsec. Nts., 8/21/27		170,000		177,905
				291,467
Technology Hardware, Storage & Peripherals—0.3%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		186,000		225,073
Dell International LLC/EMC Corp., 5.30% Sr. Sec. Nts., 10/1/292		312,000		351,626
				576,699
Materials—1.2%
Chemicals—0.4%
Dow Chemical Co. (The), 3.625% Sr. Unsec. Nts., 5/15/26		206,000		216,736
Eastman Chemical Co., 3.50% Sr. Unsec. Nts., 12/1/21		130,000		133,349
Nutrien Ltd.:
4.875% Sr. Unsec. Nts., 3/30/20		40,000		40,264
5.00% Sr. Unsec. Nts., 4/1/49		85,000		101,220
RPM International, Inc., 3.45% Sr. Unsec. Nts., 11/15/22		329,000		337,346
				828,915
Construction Materials—0.1%
Martin Marietta Materials, Inc., 3.50% Sr. Unsec. Nts., 12/15/27		171,000		177,500
Containers & Packaging—0.5%
International Paper Co., 4.35% Sr. Unsec. Nts., 8/15/48		83,000		88,253
Packaging Corp. of America, 3.65% Sr. Unsec. Nts., 9/15/24		274,000		288,007
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/25		290,000		297,370
WRKCo, Inc., 3.90% Sr. Unsec. Nts., 6/1/28		189,000		200,625
				874,255
Metals & Mining—0.2%
Anglo American Capital plc, 3.625% Sr. Unsec. Nts., 9/11/242		86,000		89,198
ArcelorMittal SA, 4.25% Sr. Unsec. Nts., 7/16/29		159,000		166,216
Newmont Goldcorp Corp., 2.80% Sr. Unsec. Nts., 10/1/29		148,000		146,722
				402,136
Telecommunication Services—0.8%
Diversified Telecommunication Services—0.5%
AT&T, Inc.:
4.30% Sr. Unsec. Nts., 2/15/30		331,000		368,045
4.35% Sr. Unsec. Nts., 6/15/45		48,000		51,758
4.50% Sr. Unsec. Nts., 3/9/48		142,000		156,923

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Telefonica Emisiones SA, 4.103% Sr. Unsec. Nts., 3/8/27	$	85,000	$	91,990
Verizon Communications, Inc., 4.522% Sr. Unsec. Nts., 9/15/48		173,000		207,241
				875,957
Wireless Telecommunication Services—0.3%
T-Mobile USA, Inc., 6.50% Sr. Unsec. Nts., 1/15/26		280,000		300,737
Vodafone Group plc, 3.75% Sr. Unsec. Nts., 1/16/24		332,000		351,135
				651,872
Utilities—1.4%
Electric Utilities—0.9%
AEP Texas, Inc., 3.95% Sr. Unsec. Nts., 6/1/282		172,000		186,958
Berkshire Hathaway Energy Co., 3.80% Sr. Unsec. Nts., 7/15/48		81,000		87,031
Duke Energy Corp., 3.75% Sr. Unsec. Nts., 9/1/46		69,000		71,272
Emera US Finance LP, 2.70% Sr. Unsec. Nts., 6/15/21		179,000		180,664
Enel Finance International NV, 2.875% Sr. Unsec. Nts., 5/25/222		313,000		316,998
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		87,000		97,667
FirstEnergy Corp., 3.90% Sr. Unsec. Nts., 7/15/27		184,000		196,760
Fortis, Inc., 3.055% Sr. Unsec. Nts., 10/4/26		123,000		125,603
Mid-Atlantic Interstate Transmission LLC, 4.10% Sr. Unsec. Nts., 5/15/282		171,000		187,074
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Nts., 5/1/212		317,000		326,352
				1,776,379
Independent Power and Renewable Electricity Producers—0.1%
NRG Energy, Inc., 4.45% Sr. Sec. Nts., 6/15/292		156,000		163,452
Multi-Utilities—0.4%
Ameren Corp., 2.50% Sr. Unsec. Nts., 9/15/24		203,000		204,802
CenterPoint Energy, Inc., 4.25% Sr. Unsec. Nts., 11/1/28		147,000		159,554
Dominion Energy, Inc., 2.715% Jr. Sub. Nts., 8/15/218		197,000		198,525
Sempra Energy, 3.40% Sr. Unsec. Nts., 2/1/28		173,000		179,281
				742,162
Total Non-Convertible Corporate Bonds and Notes (Cost $53,600,520)				56,525,182
Total Investments, at Value (Cost $166,127,330)		97.3%		185,135,707
Net Other Assets (Liabilities)		2.7		5,101,088
Net Assets		100.0%	$	190,236,795

18      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

Footnotes to Schedule of Investments

1. Non-income producing security.

2. 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, 2019 was $29,604,905, which represented 15.56% of the Fund’s Net Assets.

3. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $2,231,935 or 1.17% of the Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

6. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $26,647 or 0.01% of the Fund’s net assets at period end.

7. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes.

8. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

9. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

Futures Contracts as of December 31, 2019
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/     (Depreciation)
United States Treasury Long Bonds		Buy		3/20/20		5	USD		797	$	779,531	$	(17,198	)
United States Treasury Nts., 10 yr.		Sell		3/20/20		17	USD		2,203		2,183,172		19,620
United States Treasury Nts., 2 yr.		Buy		3/31/20		20	USD		4,314		4,310,000		(4,288	)
United States Treasury Nts., 5 yr.		Sell		3/31/20		71	USD		8,452		8,421,265		30,364
United States Ultra Bonds		Buy		3/20/20		64	USD		12,009		11,626,000		(382,642	)
												$	(354,144	)

Glossary:
Definitions
ADR	American Depositary Receipts
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
LIBOR01M	Intercontinental Exchange London Interbank Offered Rate USD 1 Month
SOFRRATE	United States Secured Overnight Financing Rate
US0001M	Intercontinental Exchange London Interbank Offered Rate USD 1 Month
US0003M	Intercontinental Exchange London Interbank Offered Rate USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year

See accompanying Notes to Financial Statements.

19      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value (cost $166,127,330) — see accompanying schedule of investments	$	185,135,707
Cash		22,556,193
Receivables and other assets:
Interest and dividends		721,441
Variation margin receivable - futures contracts		248,785
Shares of beneficial interest sold		15,613
Other		61,134
Total assets		208,738,873
Liabilities
Payables and other liabilities:
Investments purchased		18,146,705
Administration fees		65,984
Shares of beneficial interest redeemed		63,779
Trustees’ compensation		56,485
Shareholder communications		53,750
Distribution and service plan fees		9,734
Transfer and shareholder servicing agent fees		6,072
Advisory fees		3,868
Other		95,701
Total liabilities		18,502,078
Net Assets	$	190,236,795
Composition of Net Assets
Shares of beneficial interest	$	163,312,739
Total distributable earnings		26,924,056
Net Assets	$	190,236,795
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $144,383,537 and 8,853,833 shares of beneficial interest outstanding)		$16.31
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $45,853,258 and 2,849,968 shares of beneficial interest outstanding)		$16.09

See accompanying Notes to Financial Statements.

20      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Interest	$	3,916,102
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $4,640)		1,319,999
Affiliated companies		82,154
Total investment income		5,318,255
Expenses
Advisory fees		1,417,062
Administration fees		175,349
Distribution and service plan fees:
Series II shares		113,349
Transfer and shareholder servicing agent fees:
Series I shares		82,660
Series II shares		25,476
Shareholder communications:
Series I shares		54,090
Series II shares		16,885
Custodian fees and expenses		55,408
Trustees’ compensation		14,566
Borrowing fees		2,380
Other		62,954
Total expenses		2,020,179
Less waivers, reimbursement of expenses and offset arrangement(s)		(624,236	)
Net expenses		1,395,943
Net Investment Income		3,922,312
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (includes net gains (losses) from securities sold to affiliates of $(107,880))		3,277,965
Futures contracts		2,194,445
Foreign currency transactions		1,362
Swap contracts		(499,179	)
Net realized gain		4,974,593
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		22,390,493
Translation of assets and liabilities denominated in foreign currencies		657
Futures contracts		(700,415	)
Net change in unrealized appreciation/(depreciation)		21,690,735
Net Increase in Net Assets Resulting from Operations	$	30,587,640

See accompanying Notes to Financial Statements.

21      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	3,922,312		$	4,046,190
Net realized gain		4,974,593			3,099,921
Net change in unrealized appreciation/(depreciation)		21,690,735			(17,786,939	)
Net increase (decrease) in net assets resulting from operations		30,587,640			(10,640,828	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(5,596,424	)		(6,688,120	)
Series II shares		(1,648,251	)		(1,986,593	)
Total distributions from distributable earnings		(7,244,675	)		(8,674,713	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		(13,751,593	)		(10,990,551	)
Series II shares		(2,673,730	)		(4,022,754	)
Total beneficial interest transactions		(16,425,323	)		(15,013,305	)
Net Assets
Total increase (decrease)		6,917,642			(34,328,846	)
Beginning of period		183,319,153			217,647,999
End of period	$	190,236,795		$	183,319,153

See accompanying Notes to Financial Statements.

22      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$ 14.43		$ 15.92		$ 14.86		$ 14.46		$ 14.67
Income (loss) from investment operations:
Net investment income1		0.33		0.32		0.27		0.26		0.31
Net realized and unrealized gain (loss)		2.16		(1.13)		1.09		0.49		(0.18)
Total from investment operations		2.49		(0.81)		1.36		0.75		0.13
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.36)		(0.31)		(0.30)		(0.35)		(0.34)
Distributions from net realized gain		(0.25)		(0.37)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.61)		(0.68)		(0.30)		(0.35)		(0.34)
Net asset value, end of period		$16.31		$14.43		$15.92		$14.86		$14.46
Total Return, at Net Asset Value2		17.51%		(5.32)%		9.25%		5.26%		0.83%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$ 144,384		$ 140,290		$ 166,015		$ 172,573		$ 182,406
Average net assets (in thousands)		$ 145,820		$ 155,024		$ 170,438		$ 177,368		$ 194,208
Ratios to average net assets:3
Net investment income		2.11%		2.05%		1.74%		1.78%		2.09%
Expenses excluding specific expenses listed below		1.00%		0.98%		0.94%		0.94%		0.91%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		1.00%		0.98%		0.94%		0.94%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%		0.67%		0.67%		0.67%		0.67%
Portfolio turnover rate6,7		68%		60%		76%		68%		68%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.00%
Year Ended December 31, 2018	0.98%
Year Ended December 31, 2017	0.94%
Year Ended December 31, 2016	0.94%
Year Ended December 31, 2015	0.91%

6. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Year Ended December 31, 2019	$489,567,330	$509,769,207
Year Ended December 31, 2018	$685,887,902	$703,549,464
Year Ended December 31, 2017	$729,295,309	$711,803,922
Year Ended December 31, 2016	$737,550,642	$742,753,245
Year Ended December 31, 2015	$829,988,104	$849,696,153

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

23      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

FINANCIAL HIGHLIGHTS Continued

Series II Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$14.24		$15.71		$14.67		$14.28		$14.49
Income (loss) from investment operations:
Net investment income1		0.29		0.27		0.23		0.22		0.27
Net realized and unrealized gain (loss)		2.13		(1.10)		1.07		0.48		(0.18)
Total from investment operations		2.42		(0.83)		1.30		0.70		0.09
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.32)		(0.27)		(0.26)		(0.31)		(0.30)
Distributions from net realized gain		(0.25)		(0.37)		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.57)		(0.64)		(0.26)		(0.31)		(0.30)
Net asset value, end of period		$16.09		$14.24		$15.71		$14.67		$14.28
Total Return, at Net Asset Value2		17.22%		(5.53)%		8.95%		4.96%		0.57%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$45,853		$43,029		$51,633		$51,743		$52,226
Average net assets (in thousands)		$45,343		$48,109		$51,345		$53,914		$59,085
Ratios to average net assets:3
Net investment income		1.86%		1.80%		1.49%		1.53%		1.84%
Expenses excluding specific expenses listed below		1.25%		1.23%		1.19%		1.19%		1.16%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		1.25%		1.23%		1.19%		1.19%		1.16%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92%		0.92%		0.92%		0.92%		0.92%
Portfolio turnover rate6,7		68%		60%		76%		68%		68%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.25%
Year Ended December 31, 2018	1.23%
Year Ended December 31, 2017	1.19%
Year Ended December 31, 2016	1.19%
Year Ended December 31, 2015	1.16%

6. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Year Ended December 31, 2019	$489,567,330	$509,769,207
Year Ended December 31, 2018	$685,887,902	$703,549,464
Year Ended December 31, 2017	$729,295,309	$711,803,922
Year Ended December 31, 2016	$737,550,642	$742,753,245
Year Ended December 31, 2015	$829,988,104	$849,696,153

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

24      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Conservative Balanced/VA Fund (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek total return

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations,

25      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared and paid annually to separate accounts of participating insurance companies. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. 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.

26      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed

27      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

NOTES TO FINANCIAL STATEMENTS Continued

payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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. 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..

L. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

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.

N. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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:

Fee Schedule*
Up to $200 million	0.75%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Over $800 million	0.60

*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.

28      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

For the year ended December 31, 2019, the effective advisory fees incurred by the Fund was 0.74%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $564,060 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.67% and 0.92%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $3,324 and reimbursed Fund expenses of $472,685 and $147,186 for Series I and Series II shares, respectively.

Prior to the Reorganization, OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service and Service shares to 0.67% and 0.92%, respectively, of the Acquired Fund’s average daily net assets.

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, 2019, Invesco was paid $16,263 for accounting and fund administrative services and was reimbursed $159,086 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JP Morgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s

29      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

NOTES TO FINANCIAL STATEMENTS Continued

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, 2019. 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— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	11,293,576		$	—	$	—	$	11,293,576
Consumer Staples		3,622,040			—		—		3,622,040
Energy		3,465,440			—		—		3,465,440
Financials		14,206,349			—		—		14,206,349
Health Care		10,093,479			—		—		10,093,479
Industrials		6,198,929			—		—		6,198,929
Information Technology		14,490,222			—		—		14,490,222
Materials		903,035			—		—		903,035
Telecommunication Services		2,235,126			—		—		2,235,126
Utilities		2,540,358			—		—		2,540,358
Asset-Backed Securities		—			19,664,320		—		19,664,320
Mortgage-Backed Obligations		—			35,518,435		—		35,518,435
U.S. Government Obligations		—			4,379,216		—		4,379,216
Non-Convertible Corporate Bonds and Notes		—			56,525,182		—		56,525,182
Total Investments, at Value		69,048,554			116,087,153		—		185,135,707
Other Financial Instruments:
Futures contracts		49,984			—		—		49,984
Total Assets	$	69,098,538		$	116,087,153	$	—	$	185,185,691
Liabilities Table
Other Financial Instruments:
Futures contracts	$	(404,128	)	$	—	$	—	$	(404,128)
Total liabilities	$	(404,128	)	$	—	$	—	$	(404,128)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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 period January 1, 2019 to May 24, 2019, the Predecessor Fund engaged in transactions with affiliates as listed: Securities purchases of $135,576 and securities sales of $533,049, which resulted in net realized (losses) of ($107,880). For the period May 25, 2019 to December 31, 2019, the Fund engaged in transactions with affiliates as listed: Securities purchases of $502,904.

Note 5 - 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

30      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

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 Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of December 31, 2019:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Interest rate contracts Futures Contracts		$	49,984	*	Futures Contracts	$	404,128*

* Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

Effect of Derivative Investments for the Year Ended December 31, 2019

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts		Swap contracts			Total
Credit contracts	$	—	$	(499,179	)	$	(499,179)
Interest rate contracts		2,194,445		—			2,194,445
Total	$	2,194,445	$	(499,179	)	$	1,695,266

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts
Interest rate contracts	$	(700,415)
Total	$	(700,415)

The table below summarizes the year ended average notional value of futures contracts and swap agreements during the period.

	Futures contracts		Swap contracts
Average notional amount	$	28,059,112	$	5,236,910

Note 6 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,041.

Note 7 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

31      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 8 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 9 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	4,189,683	$	3,901,246
Long-term capital gain		3,054,992		4,773,467
Total distributions	$	7,244,675	$	8,674,713

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	6,159,167
Undistributed long-term capital gain		1,893,195
Net unrealized appreciation - investments		18,926,519
Temporary book/tax differences		(54,825)
Shares of beneficial interest		163,312,739
Total net assets	$	190,236,795

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, future contracts and partnerships.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

Note 10 – Investments 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, 2019 was $95,659,422 and $130,323,785, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $17,583,226 and $13,797,026, 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	$	22,277,455
Aggregate unrealized (depreciation) of investments		(3,350,936)
Net unrealized appreciation of investments	$	18,926,519

Cost of investments for tax purposes is $172,320,404.

Note 11 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns, on December 31, 2019 undistributed net investment income was increased by $75,251, undistributed net realized gain was decreased by $75,109, and shares of beneficial interest was decreased by $142. This reclassification had no effect on the net assets of the Fund.

32      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

Note 12 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		137,278		$	2,146,719			165,620		$	2,527,555
Dividends and/or distributions reinvested		362,933			5,596,424			439,719			6,688,120
Redeemed		(1,371,558	)		(21,494,736	)		(1,310,778	)		(20,206,226)
Net increase (decrease)		(871,347	)	$	(13,751,593	)		(705,439	)	$	(10,990,551)
Series II Shares
Sold		190,204		$	2,932,620			158,863		$	2,411,795
Dividends and/or distributions reinvested		108,224			1,648,251			132,175			1,986,593
Redeemed		(470,960	)		(7,254,601	)		(554,938	)		(8,421,142)
Net increase (decrease)		(172,532	)	$	(2,673,730	)		(263,900	)	$	(4,022,754)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 72% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. 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, distribution, third party record keeping and account servicing. 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 13 – Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

33      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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

34      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED 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, 2019:

Federal and State Income Tax

Long-Term Capital Gain Distributions	$	3,054,992
Qualified Dividend Income*		0.41	%
Corporate Dividends Received Deduction*		22.37	%
U.S. Treasury Obligations*		0.40	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

35      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

    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.

36      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED 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. Flanagan 1 — 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	229	None
		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)
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.

37      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
Bruce L. Crockett – 1944 Trustee and Chair	2003	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, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

38      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

39      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
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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	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. 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

40      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

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
OTHER 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)	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	N/A	N/A
		Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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	N/A	N/A
		Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds

41      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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.	N/A	N/A
		Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds	N/A	N/A
		Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds

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.

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 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP   2005 Market Street,   Suite 2600   Philadelphia, PA 19103-7018	Independent Trustees 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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

42      INVESCO OPPENHEIMER V.I. CONSERVATIVE BALANCED FUND

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Annual Report   12/31/2019  

Invesco Oppenheimer

V.I. Discovery Mid Cap Growth Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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 semi annual 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 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.

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Discovery Mid Cap Growth Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGERS: Ronald J. Zibelli, Jr., CFA and Justin Livengood, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception Date		1-Year			5-Year			10-Year
Series I Shares*		8/15/86		39.37	%		12.96	%		14.78	%
Series II Shares*		10/16/00		39.01			12.68			14.50
Russell Midcap Growth Index				35.47			11.60			14.24

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

O’Reilly Automotive, Inc.	2.3	%
KLA Corp.	2.1
DexCom, Inc.	2.1
Synopsys, Inc.	2.0
Lam Research Corp.	1.9
TransDigm Group, Inc.	1.9
RingCentral, Inc., Cl. A	1.9
Pool Corp.	1.9
CDW Corp.	1.8
CoStar Group, Inc.	1.8

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

SECTOR ALLOCATION

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on the total market value of common stocks.

For more current Fund holdings, please visit invesco.com.

*Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

Fund Performance Discussion

The Fund’s Series I (Non-Service) shares produced a return of 39.37% during the reporting period outperforming the Russell Midcap Growth Index’s (the Index) return of 35.47%. The Fund outperformed the benchmark within Information Technology, Industrials, and Financials sectors due to strong stock selection. This was slightly offset by poor stock selection in the Consumer Staples and Consumer Discretionary sectors.

MARKET OVERVIEW

Markets did surprisingly well considering that the year was plagued with concerns regarding resolution to US-China trade deal, direction of interest rates and monetary policy. In the end investors were rewarded and optimism lifted markets higher.

CONTRIBUTORS TO PERFORMANCE

The top performing stocks for the fund during this reporting period included Ring Central, CoStar, and Total System Services.

Ring Central operates as a provider of software-as-a-service solutions for business communications, offers a multi-year and enterprise-grade communications solution that enables customers and their employees to communicate via voice, text, HD Video and web conferencing. Throughout 2019, RingCentral has consistently reported strong earnings results, raised guidance and announced a transformative deal with Avaya during the latter part of 2019.

CoStar is the leading provider of real estate information services in the United States. The company continues to experience robust organic growth across its segments with margins benefiting from strong operating leverage. We saw this in the second quarter with a 19% rise in share price.

Total System Services provides electronic payment processing services to financial and non-financial institutions, enabling businesses to go paperless. TSS is currently the market leader in both credit issuer processing and merchant processing services. During the second quarter they benefitted from their announcement of a merger with Global Payments and saw a 35% increase in share price.

DETRACTORS TO PERFORMANCE

The stocks that detracted from performance most during this reporting period included Lamb Weston, Service Master, and Lyft.

Lamb Weston produces and supplies frozen potato products, specifically fries, puffs, chips, and prepared potato products. Lamb Weston detracted from portfolio performance as shares fell 21% in the second quarter due to concerns related to a competitor’s announcement of plans to invest in additional potato processing capacity. We have exited this position.

Service Master is a leading provider of essential residential and commercial services, which pre-announced a big third-quarter 2019 miss and cut guidance. The company blamed higher termite damage claims and stepped-up growth investments. Third-quarter revenue was a bit shy and margins fell sharply, which led to a big adjusted EPS miss. We have exited this position.

Lyft is an online ride-sharing service. The share price fell substantially over the second quarter due to fears of competitive pressure. Our position in LYFT was eliminated.

STRATEGY & OUTLOOK

Our long-term investment process remains the same. We seek dynamic companies with above-average and 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 performance.

Looking forward, we expect the US economy to generate about 2.5% growth in 2020. This would be close to the 2.4% for 2019 and would represent the 11th consecutive year of growth. Stable Fed monetary policy and the resolution of uncertainties regarding trade disputes, Brexit, the annual Federal budget and impeachment support the case for sustaining this long expansion. Meanwhile, interest rates and inflation remain low by historical standards and corporate earnings may regain some vigor after a tough stretch in recent quarters. Equity valuations remain high relative to most periods but appear reasonable when placed in context of the favorable macroeconomic environment. Our opportunity set of premier growth companies remains compelling and we believe stock selection can continue to drive our relative performance.

4       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the Russell Midcap Growth Index. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series I Shares of the Fund at 12/31/19

1-Year     39.37%     5-Year     12.96%     10-Year      14.78%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series II Shares of the Fund at 12/31/19

1-Year     39.01%     5-Year     12.68%     10-Year      14.50%

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

6       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00	$	1,071.90	$	4.19
Series II shares		1,000.00		1,070.60		5.49
Hypothetical
(5% return before expenses)
Series I shares		1,000.00		1,021.17		4.08
Series II shares		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares	0.80%
Series II shares	1.05

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Shares		Value
Common Stocks—99.2%
Consumer Discretionary—17.2%
Auto Components—0.7%
Aptiv plc		57,220	$	5,434,183
Distributors—1.9%
Pool Corp.		66,014		14,020,053
Diversified Consumer Services—1.2%
Bright Horizons Family Solutions, Inc.1		61,405		9,228,558
Entertainment—1.1%
Live Nation Entertainment, Inc.1		114,188		8,161,016
Hotels, Restaurants & Leisure—3.2%
Chipotle Mexican Grill, Inc., Cl. A1		13,320		11,150,305
Hilton Worldwide Holdings, Inc.		59,010		6,544,799
Planet Fitness, Inc., Cl. A1		77,280		5,771,271
				23,466,375
Household Durables—0.5%
Garmin Ltd.		39,870		3,889,717
Interactive Media & Services—1.1%
IAC/InterActiveCorp1		33,162		8,260,986
Media—1.0%
Cable One, Inc.		4,920		7,323,273
Specialty Retail—4.7%
Burlington Stores, Inc.1		26,125		5,957,284
CarMax, Inc.1		56,243		4,930,824
O’Reilly Automotive, Inc.1		38,500		16,873,010
Tractor Supply Co.		79,765		7,453,241
				35,214,359
Textiles, Apparel & Luxury Goods—1.8%
lululemon athletica, Inc.1		57,503		13,321,720
Consumer Staples—2.1%
Food Products—2.1%
McCormick & Co., Inc.		56,180		9,535,432
Simply Good Foods Co. (The)1		87,194		2,488,517
Tyson Foods, Inc., Cl. A		41,109		3,742,563
				15,766,512
Energy—0.5%
Oil, Gas & Consumable Fuels—0.5%
Cheniere Energy, Inc.1		56,530		3,452,287
Financials—10.8%
Capital Markets—5.0%
KKR & Co., Inc., Cl. A		188,735		5,505,400
LPL Financial Holdings, Inc.		85,319		7,870,678
MarketAxess Holdings, Inc.		17,240		6,535,856
MSCI, Inc., Cl. A		51,601		13,322,346
Tradeweb Markets, Inc., Cl. A		87,813		4,070,133
				37,304,413
Commercial Banks—1.1%
First Republic Bank		69,797		8,197,657
Insurance—1.2%
Arthur J. Gallagher & Co.		98,000		9,332,540
Real Estate Investment Trusts (REITs)—2.4%
Alexandria Real Estate Equities, Inc.		40,390		6,526,216
Americold Realty Trust		98,221		3,443,628
SBA Communications Corp., Cl. A		31,356		7,556,483
				17,526,327
Real Estate Management & Development—1.1%
CBRE Group, Inc., Cl. A1		138,290		8,475,794
Health Care—14.8%
Biotechnology—0.5%
Seattle Genetics, Inc.1		32,726		3,739,273
Health Care Equipment & Supplies—9.4%
Cooper Cos., Inc. (The)		12,012		3,859,336

	Shares		Value
Health Care Equipment & Supplies (Continued)
DexCom, Inc.1		70,400	$	15,399,296
Edwards Lifesciences Corp.1		40,052		9,343,731
IDEXX Laboratories, Inc.1		28,826		7,527,333
Masimo Corp.1		50,077		7,915,171
Novocure Ltd.1		40,663		3,426,671
STERIS plc		54,832		8,357,493
Teleflex, Inc.		18,541		6,979,574
West Pharmaceutical Services, Inc.		49,553		7,449,303
				70,257,908
Health Care Technology—0.8%
Veeva Systems, Inc., Cl. A1		39,443		5,548,052
Life Sciences Tools & Services—4.1%
Bio-Rad Laboratories, Inc., Cl. A1		19,100		7,067,573
Bio-Techne Corp.		27,196		5,969,794
ICON plc1		49,148		8,464,760
IQVIA Holdings, Inc.1		59,953		9,263,338
				30,765,465
Industrials—20.8%
Aerospace & Defense—3.1%
HEICO Corp.		78,890		9,005,293
TransDigm Group, Inc.		25,310		14,173,600
				23,178,893
Building Products—1.0%
Masco Corp.		147,120		7,060,289
Commercial Services & Supplies—4.8%
Cintas Corp.		42,850		11,530,078
Clean Harbors, Inc.1		44,621		3,826,251
Copart, Inc.1		106,126		9,651,098
Republic Services, Inc., Cl. A		118,640		10,633,703
				35,641,130
Electrical Equipment—1.2%
AMETEK, Inc.		89,461		8,922,840
Industrial Conglomerates—2.8%
Carlisle Cos., Inc.		45,560		7,373,431
Roper Technologies, Inc.		37,036		13,119,262
				20,492,693
Machinery—1.6%
IDEX Corp.		49,304		8,480,288
Nordson Corp.		22,647		3,687,837
				12,168,125
Professional Services—4.2%
CoStar Group, Inc.1		22,326		13,357,646
IHS Markit Ltd.1		101,247		7,628,962
TransUnion		124,312		10,642,350
				31,628,958
Road & Rail—2.1%
Kansas City Southern		56,535		8,658,901
Old Dominion Freight Line, Inc.		36,300		6,889,014
				15,547,915
Information Technology—29.8%
Communications Equipment—1.2%
Motorola Solutions, Inc.		58,066		9,356,755
Electronic Equipment, Instruments, & Components—3.6%
CDW Corp.		95,793		13,683,072
Keysight Technologies, Inc.1		126,500		12,982,695
				26,665,767
IT Services—6.2%
Booz Allen Hamilton Holding Corp., Cl. A		127,040		9,036,355
EPAM Systems, Inc.1		31,683		6,721,865
Euronet Worldwide, Inc.1		46,963		7,399,490
Global Payments, Inc.		54,235		9,901,142
Twilio, Inc., Cl. A1		56,910		5,593,115

8       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

	Shares		Value
IT Services (Continued)
WEX, Inc.1		35,192	$	7,371,317
				46,023,284
Semiconductors & Semiconductor Equipment—8.7%
Advanced Micro Devices, Inc.1		267,115		12,249,894
KLA Corp.		88,144		15,704,616
Lam Research Corp.		49,064		14,346,314
Marvell Technology Group Ltd.		265,067		7,040,179
Monolithic Power Systems, Inc.		54,610		9,721,672
NXP Semiconductors NV		44,645		5,681,523
				64,744,198
Software—10.1%
ANSYS, Inc.1		26,880		6,919,181
Aspen Technology, Inc.1		42,916		5,189,832
Atlassian Corp. plc, Cl. A1		70,377		8,469,168
Coupa Software, Inc.1		40,920		5,984,550
Paycom Software, Inc.1		23,480		6,216,565
RingCentral, Inc., Cl. A1		84,023		14,172,160
Splunk, Inc.1		49,954		7,481,611
Synopsys, Inc.1		106,077		14,765,918

	Shares			Value
Software (Continued)
Trade Desk, Inc. (The), Cl. A1		22,130		$	5,748,931
					74,947,916
Materials—3.2%
Chemicals—1.0%
FMC Corp.		45,802			4,571,955
Huntsman Corp.		113,669			2,746,243
					7,318,198
Construction Materials—0.9%
Martin Marietta Materials, Inc.		25,089			7,015,888
Containers & Packaging—1.3%
Avery Dennison Corp.		29,240			3,825,177
Ball Corp.		87,097			5,632,563
					9,457,740
Total Common Stocks (Cost $538,930,356)					738,857,057
Investment Company—0.7%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%2 (Cost $5,411,943)		5,411,943			5,411,943
Total Investments, at Value (Cost $544,342,299)		99.9	%		744,269,000
Net Other Assets (Liabilities)		0.1			467,413
Net Assets		100.0	%	$	744,736,413

Footnotes to Schedule of Investments

1. Non-income producing security.

2. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

9       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $538,930,356)	$	738,857,057
Affiliated companies (cost $5,411,943)		5,411,943
		744,269,000
Cash		96,589
Receivables and other assets:
Investments sold		2,831,483
Dividends		1,168,060
Shares of beneficial interest sold		45,642
Other		84,150
Total assets		748,494,924
Liabilities
Payables and other liabilities:
Investments purchased		2,301,529
Shares of beneficial interest redeemed		980,830
Administration fee		270,119
Trustees’ compensation		77,573
Shareholder communications		53,538
Advisory fee		14,271
Transfer and shareholder servicing agent fees		12,118
Distribution and service plan fees		10,769
Other		37,764
Total liabilities		3,758,511
Net Assets	$	744,736,413
Composition of Net Assets
Shares of beneficial interest	$	480,284,478
Total distributable earnings		264,451,935
Net Assets	$	744,736,413
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $693,424,333 and 8,272,608 shares of beneficial interest outstanding)		$83.82
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $51,312,080 and 660,361 shares of beneficial interest outstanding)		$77.70

See accompanying Notes to Financial Statements.

10       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $15,890)	$	5,855,282
Affiliated companies		237,827
Interest		131
Total investment income		6,093,240
Expenses
Advisory fees		5,016,938
Administration fees		709,390
Distribution and service plan fees — Series II shares		110,251
Transfer and shareholder servicing agent fees:
Series I shares		344,405
Series II shares		21,336
Shareholder communications:
Series I shares		48,649
Series II shares		3,213
Trustees’ compensation		22,633
Borrowing fees		8,486
Custodian fees and expenses		4,575
Other		58,038
Total expenses		6,347,914
Less waivers, reimbursement of expenses and offset arrangement(s)		(515,643)
Net expenses		5,832,271
Net Investment Income		260,969
Realized and Unrealized Gain
Net realized gain on investment transactions in unaffiliated companies (includes net gains (losses) from securities sold to affiliates of $(149,286))		67,792,034
Net change in unrealized appreciation/(depreciation) on investment transactions in unaffiliated companies		163,454,901
Net Increase in Net Assets Resulting from Operations	$	231,507,904

See accompanying Notes to Financial Statements.

11       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019		Year Ended December 31, 2018
Operations
Net investment income (loss)	$	260,969	$	(1,784,624)
Net realized gain		67,792,034		95,224,298
Net change in unrealized appreciation/(depreciation)		163,454,901		(128,898,713)
Net increase (decrease) in net assets resulting from operations		231,507,904		(35,459,039)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(84,658,513)		(95,656,703)
Series II shares		(5,797,957)		(5,963,052)
Total distributions from distributable earnings		(90,456,470)		(101,619,755)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		(25,925,623)		20,283,999
Series II shares		8,283,693		3,848,119
Total beneficial interest transactions		(17,641,930)		24,132,118
Net Assets
Total increase (decrease)		123,409,504		(112,946,676)
Beginning of period		621,326,909		734,273,585
End of period	$	744,736,413	$	621,326,909

See accompanying Notes to Financial Statements.

12       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS

	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,		December 31,
Series I Shares	2019		2018		2017		2016		2015
Per Share Operating Data
Net asset value, beginning of period		$68.65		$84.21		$72.65		$76.85		$78.82
Income (loss) from investment operations:
Net investment income (loss)1		0.042		(0.19)		(0.10)		0.03		(0.19)
Net realized and unrealized gain (loss)		26.04		(3.07)		20.08		1.69		5.67
Total from investment operations		26.08		(3.26)		19.98		1.72		5.48
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		(0.03)		0.00		0.00
Distributions from net realized gain		(10.91)		(12.30)		(8.39)		(5.92)		(7.45)
Total dividends and/or distributions to shareholders		(10.91)		(12.30)		(8.42)		(5.92)		(7.45)
Net asset value, end of period		$83.82		$68.65		$84.21		$72.65		$76.85
Total Return, at Net Asset Value3		39.37%		(6.08)%		28.79%		2.34%		6.61%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$693,424		$586,273		$694,675		$603,708		$660,450
Average net assets (in thousands)		$671,643		$690,497		$661,192		$621,110		$695,736
Ratios to average net assets:4
Net investment income (loss)		0.05%2		(0.23)%		(0.12)%		0.04%		(0.24)%
Expenses excluding specific expenses listed below		0.87%		0.86%		0.84%		0.84%		0.83%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%5		0.00%5
Total expenses6		0.87%		0.86%		0.84%		0.84%		0.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%		0.80%		0.80%
Portfolio turnover rate7		76%		104%		105%		141%		81%

1. Calculated based on the average shares outstanding during the period.

2. 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, 2019. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.13) and (0.16)%.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.87%
Year Ended December 31, 2018	0.86%
Year Ended December 31, 2017	0.84%
Year Ended December 31, 2016	0.84%
Year Ended December 31, 2015	0.83%

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

13       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,		December 31,
Series II Shares	2019		2018		2017		2016		2015
Per Share Operating Data
Net asset value, beginning of period		$64.41		$79.87		$69.43		$73.88		$76.21
Income (loss) from investment operations:
Net investment loss1		(0.14)2		(0.37)		(0.28)		(0.15)		(0.38)
Net realized and unrealized gain (loss)		24.34		(2.79)		19.11		1.62		5.50
Total from investment operations		24.20		(3.16)		18.83		1.47		5.12
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		0.00		0.00		0.00		0.00
Distributions from net realized gain		(10.91)		(12.30)		(8.39)		(5.92)		(7.45)
Total dividends and/or distributions to shareholders		(10.91)		(12.30)		(8.39)		(5.92)		(7.45)
Net asset value, end of period		$77.70		$64.41		$79.87		$69.43		$73.88
Total Return, at Net Asset Value3		39.01%		(6.31)%		28.46%		2.08%		6.35%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$51,312		$35,054		$39,599		$32,252		$37,029
Average net assets (in thousands)		$44,138		$40,815		$35,753		$33,797		$32,812
Ratios to average net assets:4
Net investment loss		(0.19)%2		(0.48)%		(0.37)%		(0.21)%		(0.49)%
Expenses excluding specific expenses listed below		1.12%		1.11%		1.09%		1.09%		1.08%
Interest and fees from borrowings		0.00%5		0.00%5		0.00%5		0.00%5		0.00%5
Total expenses6		1.12%		1.11%		1.09%		1.09%		1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%		1.05%		1.05%
Portfolio turnover rate7		76%		104%		105%		141%		81%

1. Calculated based on the average shares outstanding during the period.

2. 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, 2019. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.30) and (0.40)%.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.12%
Year Ended December 31, 2018	1.11%
Year Ended December 31, 2017	1.09%
Year Ended December 31, 2016	1.09%
Year Ended December 31, 2015	1.08%

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

14       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Discovery Mid Cap Growth Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.   Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a

15       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually to separate accounts of participating insurance companies or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. 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.

16       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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:

Fee Schedule*
Up to $200 million	0.75%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $700 million	0.60
Over $1.5 billion	0.58

* 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, 2019, the effective advisory fees incurred by the Fund was 0.70%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $1,948,311 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.80% and 1.05%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $10,917 and reimbursed Fund expenses of $469,954 and $32,106 for Series I and Series II shares, respectively.

Prior to the Reorganization, OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service and Service shares to 0.80% and 1.05%, respectively, of the Acquired Fund’s average daily net assets.

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, 2019, Invesco was paid $61,986 for accounting and fund administrative services and was reimbursed $647,404 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations

17       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Continued

as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2019, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Note 4 - Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures for the period January 1, 2019 to May 24, 2019, the Predecessor Fund engaged in transactions with affiliates as listed: Securities purchases of $1,560,045 and securities sales of $1,518,654, which resulted in net realized gains (losses) of $(149,286). For the period May 25, 2019 to December 31, 2019, the Fund engaged in transactions with affiliates as listed: Securities purchases of $1,770,648.

Note 5 – Expense Offset Arrangements

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,666.

Note 6 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the

18       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

Deferred Compensation Agreement(s).

Note 7 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	—	$	23,521,359
Long-term capital gain		90,456,470		78,098,396
Total distributions	$	90,456,470	$	101,619,755

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	271,534
Undistributed long-term gain		65,337,809
Net unrealized appreciation - investments		198,919,479
Temporary book/tax differences		(76,887)
Shares of beneficial interest		480,284,478
Total net assets	$	744,736,413

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.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has no capital loss carryforward as of December 31, 2019.

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 ended December 31, 2019 was $537,987,901 and $614,579,018, 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	$	199,952,678
Aggregate unrealized (depreciation) of investments		(1,033,199)
Net unrealized appreciation of investments	$	198,919,479

Cost of investments for tax purposes is $545,349,521.

Note 10 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of post financial statement adjustments, on December 31, 2019, undistributed net realized gain (loss) was decreased by $30,396 and shares of beneficial interest was increased by $30,396. This reclassification had no effect on the net assets of the Fund.

19       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 11 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 20191				Year Ended December 31, 2018
	Shares		Amount		Shares			Amount
Series I Shares
Sold		189,092	$	15,154,696		349,932		$	26,834,584
Dividends and/or distributions reinvested		1,097,324		84,658,513		1,182,843			95,656,703
Redeemed		(1,553,777)		(125,738,832)		(1,242,422	)		(102,207,288	)
Net increase (decrease)		(267,361)	$	(25,925,623)		290,353		$	20,283,999
Series II Shares
Sold		150,758	$	11,141,446		110,486		$	8,346,786
Dividends and/or distributions reinvested		80,955		5,797,957		78,492			5,963,052
Redeemed		(115,611)		(8,655,710)		(140,477)			(10,461,719)
Net increase (decrease)		116,102	$	8,283,693		48,501		$	3,848,119

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 47% 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, distribution, third party record keeping and account servicing. 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 – Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

Note 13 – Significant Event

The Board of Trustees unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which Invesco Oppenheimer VI Discovery Mid Cap Growth Fund (the “Fund”) would acquire all of the assets and liabilities of Invesco VI Mid Cap Growth 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 shareholders for their consideration at a meeting to be held in or around April 2020. Upon closing of the reorganization, shareholders of the Target Fund will receive a corresponding class of shares of the Fund in exchange for their shares of the Target Fund and the Target Fund will liquidate and cease operations.

20       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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 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 audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

21       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$90,456,470

22       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

• Fund reports and prospectuses

• Quarterly statements

• Daily confirmations

• Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

23       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH 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 PERSON
Martin L. Flanagan 1 – 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)	229	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.

24       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

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	2003	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, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

25       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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

26       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

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
OTHER OFFICERS
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

27       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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

28       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP      2005 Market Street,   Suite 2600   Philadelphia, PA 19103-7018	Independent Trustees 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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

29       INVESCO OPPENHEIMER V.I. DISCOVERY MID CAP GROWTH FUND

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	Annual report	12/31/2019
	Invesco Oppenheimer V.I. Global Fund*
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company. 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 semi annual 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 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. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Global Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGERS: John Delano, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception  Date	1-Year			5-Year			10-Year
Series I Shares*	11/12/90		31.79	%		10.22	%		10.57	%
Series II Shares*	7/13/00		31.45			9.94			10.30
MSCI All Country World Index			26.60			8.41			8.79

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher.

Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Alphabet, Inc., Cl. A	7.4%
LVMH Moet Hennessy Louis Vuitton SE	4.3
Airbus SE	4.1
S&P Global, Inc.	3.7
Adobe, Inc.	3.6
Facebook, Inc., Cl. A	3.5
Intuit, Inc.	3.3
SAP SE	2.9
Anthem, Inc.	2.8
Kering SA	2.7

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

REGIONAL ALLOCATION

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019 and are based on the total market value of investments.

For more current Fund holdings, please visit invesco.com.

*Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3       INVESCO OPPENHEIMER V.I. GLOBAL FUND

Fund Performance Discussion

For the twelve months ended December 31, 2019, the Fund’s Series I shares had a return of 31.79%, outperforming its benchmark, the MSCI all-Country World Index (ACWI), which returned 26.60%.

The market resumed a strong upward trajectory in the 4th quarter, after stumbling through much of the third quarter, capping a strong year of returns for equities. However, 2019 was a year of steady, if unspectacular, economic growth, low inflation, and very low interest rates. In fact, for much of the year, interest rates in several of the developed economies hovered near or below zero. Those conditions combined were supportive of equity valuations, countering a more modest economic growth backdrop. For the reporting period all 11 GICs sectors within the ACWI posted strongly positive returns, the lowest being Energy which returned 13.82% for the year.

MARKET OVERVIEW

Trade friction was a constant in the business news of 2019. As we have noted for the last several years, trade wars have no ultimate winners, and it was perhaps no surprise then, that the market began to lift in the latter part of 2019 after it became more clear that the framework for a resolution was emerging. Also, as that trade tension developed, it appears to have led some companies to build extra inventory as a hedge against potential supply chain disruption. That may have, in part, been the cause of some of the industrial production weakness of the last year, and the market downdraft of late 2018 may have been reacting to that with respect to pricing. As is often the case, the market tends to do well when the economy is weak and central banks are easing. We see that as the dominant story of 2019.

FUND REVIEW

The top contributors to performance this period included LVMH Moet Hennessy Louis Vuitton SE, Airbus SE, and Alphabet Inc.

LVMH Moet Hennessy Louis Vuitton SE (LVMH) had another strong year. Late in the year they announced that they would acquire Tiffany & Co, another of our holdings. The deal is a natural one. LVMH is the leading luxury company in the world, and Tiffany vaults them to the number one position in luxury jewelry. Also, Tiffany has been in turnaround mode the last several years, and the LVMH combination may accelerate that.

Airbus SE is the chief competitor of Boeing in the global market for civil aviation. Boeing has had a year of woe due to the safety concerns regarding its 737-Max aircraft. We believe that Airbus is operating well as business and has an enviable safety profile.

Alphabet Inc. has been our largest holding for some time. At present, the company remains a major beneficiary of the growth in digital advertising, at the expense of traditional media, such as radio, linear TV, and print media. We think that this is unlikely to change much. In addition, we see YouTube, Maps, Android, AI and other services as being monetized more deeply in the future. Waymo, the autonomous driving platform is a large option embedded in the business, that we think holds promise.

The top three negative contributors to performance last year were Baidu Inc., Farfetch Ltd. and Bayerische Motoren Werke Akitiengesellschaft.

Baidu Inc. is the leader in Chinese internet search platforms. However, for a variety of reasons Baidu has not achieved the dominance of Google, across much of the rest of the world. In addition, its management has lacked transparency and accountability. Following an inexplicably weak earnings announcement during the year we lost confidence the company could fulfill our expectations, and we eliminated it from the portfolio.

Farfetch Ltd. a United Kingdom based online luxury goods business, was disappointing. It has been challenged by heavy discounting in the brick and mortar retail business. We continue to hold it, with the view that the management team has a good handle on the issue.

Bayerische Motoren Werke Akitiengesellschaft, also known as the German car company BMW, like many other car makers in around the world, has been challenged by weakness in new car demand. We reduced our position in the company during the year, though it remains a minor holding.

POSITIONING AND OUTLOOK

Our thematic, long-term, investment style leads us towards seeking quality businesses with sustainability of both enterprise and advantaged position. We hope to buy these at prices that do not fully reflect their future value, usually because the current understanding of that value by the market seems misestimated to

4       INVESCO OPPENHEIMER V.I. GLOBAL FUND

us for a reason that is temporary. Unpopularity is a price we are willing to incur for a while. Also, it has been our experience that competitively advantaged companies in ascendant industries can create economic value that can go on for decades. This is why we think and behave with a long-term focus.

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the MSCI All Country World Index. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5       INVESCO OPPENHEIMER V.I. GLOBAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series I Shares of the Fund at 12/31/19

1-Year    31.79%     5-Year    10.22%    10-Year 10.57%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series II Shares of the Fund at 12/31/19

1-Year    31.45%    5-Year    9.94%     10-Year  10.30%

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns include changes in share price and reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

6       INVESCO OPPENHEIMER V.I. GLOBAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00		$      1,084.90		$        4.05
Series II shares		1,000.00		1,083.70		5.37
Hypothetical
(5% return before expenses)
Series I shares		1,000.00		1,021.32		3.93
Series II shares		1,000.00		1,020.06		5.21

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares		0.77%
Series II shares		1.02

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7       INVESCO OPPENHEIMER V.I. GLOBAL FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Shares	Value
Common Stocks—99.1%

Consumer Discretionary—28.2%
Automobiles—0.3%
Bayerische Motoren Werke AG	134,591	$	8,310,647
Entertainment—4.4%
Capcom Co. Ltd.	644,200		17,892,059
Electronic Arts, Inc.1	178,023		19,139,253
Nintendo Co. Ltd.	64,700		26,115,913
Walt Disney Co. (The)	326,412		47,208,967
			110,356,192
Hotels, Restaurants & Leisure—0.4%
International Game Technology plc	767,398		11,487,948
Interactive Media & Services—10.9%
Alphabet, Inc., Cl. A1	138,689		185,758,659
Facebook, Inc., Cl. A1	431,581		88,582,000
			274,340,659
Internet & Catalog Retail—3.1%
Amazon.com, Inc.1	12,017		22,205,494
Farfetch Ltd., Cl. A1	698,120		7,225,542
JD.com, Inc., ADR1	1,389,453		48,950,429
			78,381,465
Specialty Retail—1.8%
Industria de Diseno Textil SA	1,252,424		44,364,552
Textiles, Apparel & Luxury Goods—7.3%
Brunello Cucinelli SpA	174,343		6,175,119
Kering SA	103,416		68,127,507
LVMH Moet Hennessy Louis Vuitton SE	234,556		109,240,022
			183,542,648
Consumer Staples—3.1%
Household Products—1.5%
Colgate-Palmolive Co.	544,473		37,481,521
Personal Products—1.6%
Unilever plc	704,860		40,352,718
Financials—17.0%
Capital Markets—5.4%
Credit Suisse Group AG1	2,321,879		31,510,127
Goldman Sachs Group, Inc. (The)	31,184		7,170,137
S&P Global, Inc.	342,687		93,570,685
UBS Group AG1	371,232		4,685,265
			136,936,214
Commercial Banks—5.5%
Citigroup, Inc.	842,487		67,306,287
ICICI Bank Ltd., Sponsored ADR	3,316,634		50,048,007
Societe Generale SA	616,501		21,540,989
			138,895,283
Insurance—3.5%
Allianz SE	205,389		50,363,598
Prudential plc	1,927,166		37,081,443
			87,445,041
Real Estate Management & Development—2.6%
DLF Ltd.	20,439,758		66,159,445
Health Care—13.6%
Biotechnology—4.6%
ACADIA Pharmaceuticals, Inc.1	135,806		5,809,781
Blueprint Medicines Corp.1	182,373		14,609,901
GlycoMimetics, Inc.1	565,120		2,989,485
Incyte Corp.1	210,569		18,386,885
Ionis Pharmaceuticals, Inc.1	279,721		16,897,946
MacroGenics, Inc.1	530,500		5,771,840
Sage Therapeutics, Inc.1	157,123		11,342,709
Sarepta Therapeutics, Inc.1	118,048		15,232,914

	Shares		Value
Biotechnology (Continued)
uniQure NV1		232,700	$	16,675,282
Veracyte, Inc.1		292,070		8,154,594
				115,871,337
Health Care Equipment & Supplies—1.1%
Zimmer Biomet Holdings, Inc.		192,330		28,787,954
Health Care Providers & Services—3.8%
Anthem, Inc.		234,529		70,834,794
Centene Corp.1		382,486		24,046,895
				94,881,689
Life Sciences Tools & Services—2.0%
Agilent Technologies, Inc.		418,693		35,718,700
Avantor, Inc.1		847,098		15,374,828
				51,093,528
Pharmaceuticals—2.1%
Bayer AG		256,398		20,957,970
Phathom Pharmaceuticals, Inc.1		248,900		7,750,746
Takeda Pharmaceutical Co. Ltd.		591,294		23,425,800
				52,134,516
Industrials—13.2%
Aerospace & Defense—4.1%
Airbus SE		705,629		103,528,266
Air Freight & Couriers—1.3%
United Parcel Service, Inc., Cl. B		284,856		33,345,243
Building Products—1.3%
Assa Abloy AB, Cl. B		1,443,599		33,733,803
Electrical Equipment—2.3%
Nidec Corp.		430,600		58,821,735
Industrial Conglomerates—0.3%
3M Co.		41,445		7,311,727
Machinery—2.6%
Atlas Copco AB, Cl. A		702,160		27,989,909
FANUC Corp.		134,900		24,914,437
Minebea Mitsumi, Inc.		539,800		11,139,610
				64,043,956
Professional Services—1.3%
Equifax, Inc.		236,302		33,110,636
Information Technology—24.0%
Electronic Equipment, Instruments, & Components—8.0%
Keyence Corp.		147,944		52,365,252
Murata Manufacturing Co. Ltd.		976,500		60,372,087
Omron Corp.		506,600		29,512,848
TDK Corp.		526,900		59,220,320
				201,470,507
IT Services—3.1%
Fidelity National Information Services, Inc.		105,449		14,666,902
PayPal Holdings, Inc.1		451,935		48,885,809
StoneCo Ltd., Cl. A1		365,072		14,562,722
				78,115,433
Semiconductors & Semiconductor Equipment—2.3%
Maxim Integrated Products, Inc.		951,743		58,541,712
Software—10.6%
Adobe, Inc.1		276,384		91,154,207
Intuit, Inc.		312,309		81,803,096
Microsoft Corp.		128,978		20,339,831
SAP SE		542,315		73,087,690
				266,384,824
Total Common Stocks (Cost $1,095,471,256)				2,499,231,199

8       INVESCO OPPENHEIMER V.I. GLOBAL FUND

	Shares	Value
Preferred Stock—0.0%
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $—)	4,053,320	$	308,919

	Shares	Value
Investment Company—0.8%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%2 (Cost $20,491,964)	20,491,964	$	20,491,964
Total Investments, at Value (Cost $1,115,963,220)	99.9%		2,520,032,082
Net Other Assets (Liabilities)	0.1		1,646,941
Net Assets	100.0%	$	2,521,679,023

Footnotes to Schedule of Investments

1. Non-income producing security.

2. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value	Percent
United States	$        1,271,272,050		50.4	%
Japan	363,780,062		14.4
France	302,436,784		12.0
Germany	152,719,904		6.1
India	116,516,371		4.6
United Kingdom	84,659,703		3.4
Sweden	61,723,712		2.5
China	48,950,429		1.9
Spain	44,364,552		1.8
Switzerland	36,195,392		1.4
Netherlands	16,675,282		0.7
Brazil	14,562,722		0.6
Italy	6,175,119		0.2
Total	$        2,520,032,082		100.0	%
Glossary:
Definitions
ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

9       INVESCO OPPENHEIMER V.I. GLOBAL FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $1,095,471,256)	$                2,499,540,118
Affiliated companies (cost $20,491,964)	20,491,964
	2,520,032,082
Cash	679,168
Receivables and other assets:
Dividends	6,309,373
Investments sold	4,209,311
Shares of beneficial interest sold	201,875
Other	191,906
Total assets	2,531,623,715
Liabilities
Due to custodian-foreign currencies (cost $95)	95
Payables and other liabilities:
Shares of beneficial interest redeemed	7,652,342
Administration fees	911,986
Foreign capital gains tax	556,236
Distribution and service plan fees	251,638
Shareholder communications	178,692
Trustees’ compensation	176,422
Advisory fees	43,217
Transfer and shareholder servicing agent fees	33,985
Other	140,079
Total liabilities	9,944,692
Net Assets	$                2,521,679,023
Composition of Net Assets
Shares of beneficial interest	$ 1,036,867,479
Total distributable earnings	1,484,811,544
Net Assets	$                2,521,679,023
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,334,572,515 and 31,366,480 shares of beneficial interest outstanding)	$42.55
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $1,187,106,508 and 28,299,670 shares of beneficial interest outstanding)	$41.95

See accompanying Notes to Financial Statements.

10       INVESCO OPPENHEIMER V.I. GLOBAL FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $3,122,762)	$	34,648,293
Affiliated companies		625,779
Total investment income		35,274,072
Expenses
Advisory fees		14,985,357
Administration fees		2,368,569
Distribution and service plan fees — Series II shares		2,775,421
Transfer and shareholder servicing agent fees:
Series I shares		651,569
Series II shares		548,877
Shareholder communications:
Series I shares		97,709
Series II shares		83,964
Custodian fees and expenses		124,443
Trustees’ compensation		47,444
Borrowing fees		29,367
Other		103,432
Total expenses		21,816,152
Less waivers, reimbursement of expenses and offset arrangement(s)		(582,227)
Net expenses		21,233,925
Net Investment Income		14,040,147
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies		90,242,449
Foreign currency transactions		(95,458)
Net realized gain		90,146,991
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $496,057)		529,053,128
Translation of assets and liabilities denominated in foreign currencies		(9,080)
Net change in unrealized appreciation/(depreciation)		529,044,048
Net Increase in Net Assets Resulting from Operations	$	633,231,186

See accompanying Notes to Financial Statements.

11       INVESCO OPPENHEIMER V.I. GLOBAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	14,040,147			$             18,245,651
Net realized gain		90,146,991			389,171,717
Net change in unrealized appreciation/(depreciation)		529,044,048			(723,755,997)
Net increase (decrease) in net assets resulting from operations		633,231,186			(316,338,629)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(194,974,813	)		(111,686,198)
Series II shares		(166,963,633	)		(97,522,940)
Total distributions from distributable earnings		(361,938,446	)		(209,209,138)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		21,278,948			(34,187,598)
Series II shares		156,942,783			(156,723,848)
Total beneficial interest transactions		178,221,731			(190,911,446)
Net Assets
Total increase (decrease)		449,514,471			(716,459,213)
Beginning of period		2,072,164,552			2,788,623,765
End of period	$	2,521,679,023			$      2,072,164,552

See accompanying Notes to Financial Statements.

12       INVESCO OPPENHEIMER V.I. GLOBAL FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$38.00		$47.42		$35.02		$38.00	$39.50
Income (loss) from investment operations:
Net investment income1		0.29		0.37		0.29		0.26	0.372
Net realized and unrealized gain (loss)		11.03		(5.99)		12.50		(0.42)	1.382
Total from investment operations		11.32		(5.62)		12.79		(0.16)	1.75
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.40)		(0.47)		(0.39)		(0.38)	(0.54)
Distributions from net realized gain		(6.37)		(3.33)		0.00		(2.44)	(2.71)
Total dividends and/or distributions to shareholders		(6.77)		(3.80)		(0.39)		(2.82)	(3.25)
Net asset value, end of period		$42.55		$38.00		$47.42		$35.02	$38.00
Total Return, at Net Asset Value3		31.79%		(13.18)%		36.66%		0.08%	3.94%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,334,573		$1,160,317		$1,479,034		$1,245,070	$1,406,001
Average net assets (in thousands)		$1,284,201		$1,401,836		$1,379,895		$1,270,049	$1,502,338
Ratios to average net assets:4
Net investment income		0.70%		0.81%		0.69%		0.75%	0.92%2
Expenses excluding specific expenses listed below		0.80%		0.78%		0.76%		0.77%	0.76%
Interest and fees from borrowings5		0.00%		0.00%		0.00%		0.00%	0.00%
Total expenses6		0.80%		0.78%		0.76%		0.77%	0.76%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.78%7		0.76%7		0.77%7	0.76%7
Portfolio turnover rate8		23%		16%		9%		14%	14%

1. Calculated based on the average shares outstanding during the period.

2. Net investment income per share, net realized and unrealized gain (loss) per share and the net investment income ratio include an adjustment for a prior period reclassification for the year ended December 31, 2015.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.80%
Year Ended December 31, 2018	0.78%
Year Ended December 31, 2017	0.76%
Year Ended December 31, 2016	0.77%
Year Ended December 31, 2015	0.76%

7. Waiver was less than 0.005%.

8. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

13       INVESCO OPPENHEIMER V.I. GLOBAL FUND

FINANCIAL HIGHLIGHTS Continued

Series II Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$37.53		$46.88		$34.64		$37.59	$39.10
Income (loss) from investment operations:
Net investment income1		0.18		0.26		0.18		0.17	0.282
Net realized and unrealized gain (loss)		10.89		(5.92)		12.36		(0.41)	1.362
Total from investment operations		11.07		(5.66)		12.54		(0.24)	1.64
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.28)		(0.36)		(0.30)		(0.27)	(0.44)
Distributions from net realized gain		(6.37)		(3.33)		0.00		(2.44)	(2.71)
Total dividends and/or distributions to shareholders		(6.65)		(3.69)		(0.30)		(2.71)	(3.15)
Net asset value, end of period		$41.95		$37.53		$46.88		$34.64	$37.59
Total Return, at Net Asset Value3		31.45%		(13.39)%		36.32%		(0.16)%	3.67%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,187,107		$911,848		$1,309,590		$1,065,147	$1,081,711
Average net assets (in thousands)		$1,110,567		$1,215,299		$1,207,002		$1,016,772	$1,219,501
Ratios to average net assets:4
Net investment income		0.45%		0.56%		0.43%		0.49%	0.70%2
Expenses excluding specific expenses listed below		1.04%		1.03%		1.01%		1.02%	1.01%
Interest and fees from borrowings5		0.00%		0.00%		0.00%		0.00%	0.00%
Total expenses6		1.04%		1.03%		1.01%		1.02%	1.01%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.02%		1.03%7		1.01%7		1.02%7	1.01%7
Portfolio turnover rate8		23%		16%		9%		14%	14%

1. Calculated based on the average shares outstanding during the period.

2. Net investment income per share, net realized and unrealized gain (loss) per share and the net investment income ratio include an adjustment for a prior period reclassification for the year ended December 31, 2015.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.04%
Year Ended December 31, 2018	1.03%
Year Ended December 31, 2017	1.01%
Year Ended December 31, 2016	1.02%
Year Ended December 31, 2015	1.01%

7. Waiver was less than 0.005%.

8. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

14       INVESCO OPPENHEIMER V.I. GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Global Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.  Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a

15       INVESCO OPPENHEIMER V.I. GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.  Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C.  Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually to separate accounts of participating insurance companies or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to each share class based on relative net assets. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G.  Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.  Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.  Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency

16       INVESCO OPPENHEIMER V.I. GLOBAL FUND

dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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:

Fee Schedule*
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $4.2 billion	0.60
Over $5 billion	0.58

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative service agreement with the advisor.

For the year ended December 31, 2019, the effective advisory fees incurred by the Fund was 0.63%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $5,929,412 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.77% and 1.02%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May

17       INVESCO OPPENHEIMER V.I. GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $29,429 and reimbursed Fund expenses of $274,984 and $261,763 for Series I and Series II shares, respectively.

Prior to the Reorganization, the OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service and Service shares to 0.77% and 1.02%, respectively, of the Acquired Fund’s average daily net assets.

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, 2019, Invesco was paid $204,847 for accounting and fund administrative services and was reimbursed $2,163,722 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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.

18       INVESCO OPPENHEIMER V.I. GLOBAL FUND

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant   Observable Inputs		Level 3— Significant      Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	430,558,292	$	280,225,819	$	—	$                710,784,111
Consumer Staples		37,481,521		40,352,718		—	77,834,239
Financials		218,095,116		211,340,867		—	429,435,983
Health Care		298,385,254		44,383,770		—	342,769,024
Industrials		73,767,606		260,127,760		—	333,895,366
Information Technology		329,954,279		274,558,197		—	604,512,476
Preferred Stock		308,919		—		—	308,919
Investment Company		20,491,964		—		—	20,491,964
Total Assets	$	1,409,042,951	$	1,110,989,131	$	—	$                2,520,032,082

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 period January 1, 2019 to May 24, 2019, the Predecessor Fund did not engaged in transactions with affiliates. For the period May 25, 2019 to December 31, 2019, the Fund engaged in transactions with affiliates as listed: Securities purchases of $53,061.

Note 5 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $16,051.

Note 6 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 7 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	18,844,750	$	23,283,339
Long-term capital gain		343,093,696		185,925,799
Total distributions	$	361,938,446	$	209,209,138

19       INVESCO OPPENHEIMER V.I. GLOBAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	13,780,667
Undistributed long-term gain		83,318,520
Net unrealized appreciation (depreciation) - investments		1,387,885,573
Temporary book/tax differences		(173,216)
Shares of beneficial interest		1,036,867,479
Total net assets	$	2,521,679,023

    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.

    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 wash sales.

    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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund has no capital loss carryforward as of December 31, 2019.

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, 2019 was $535,524,674 and $674,247,775, 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	$	1,434,845,065
Aggregate unrealized (depreciation) of investments		(46,959,492)
Net unrealized appreciation of investments	$	1,387,885,573

Cost of investments for tax purposes is $1,131,371,388.

Note 10 – 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, 2019, undistributed net investment income was increased by $423,388, undistributed net realized gain was decreased by $435,985 and shares of beneficial interest was increased by $12,597. This reclassification had no effect on the net assets of the Fund.

Note 11 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 20191				Year Ended December 31, 2018
	Shares		Amount		Shares		Amount
Series I Shares
Sold		1,087,675	$	44,342,732		1,572,044	$	70,351,613
Dividends and/or distributions reinvested		5,090,726		194,974,813		2,449,259		111,686,198
Redeemed		(5,343,326)		(218,038,597)		(4,681,582)		(216,225,409)
Net increase (decrease)		835,075	$	21,278,948		(660,279)	$	(34,187,598)
Series II Shares
Sold		5,583,631	$	232,838,451		2,224,972	$	100,346,158
Dividends and/or distributions reinvested		4,415,859		166,963,633		2,162,851		97,522,940
Redeemed		(5,995,084)		(242,859,301)		(8,029,064)		(354,592,946)
Net increase (decrease)		4,004,406	$	156,942,783		(3,641,241)	$	(156,723,848)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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

20       INVESCO OPPENHEIMER V.I. GLOBAL FUND

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, distribution, third party record keeping and account servicing. 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 – Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

21       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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

22       INVESCO OPPENHEIMER V.I. GLOBAL 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, 2019:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	343,093,696
Corporate Dividends Received Deduction*		61.91	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

23       INVESCO OPPENHEIMER V.I. GLOBAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

• Fund reports and prospectuses

• Quarterly statements

• Daily confirmations

• Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

24       INVESCO OPPENHEIMER V.I. GLOBAL 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 PERSON
Martin L. Flanagan 1 — 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)	229	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.

25       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
Bruce L. Crockett – 1944 Trustee and Chair	2003	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, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

26       INVESCO OPPENHEIMER V.I. GLOBAL FUND

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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

27       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
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

28       INVESCO OPPENHEIMER V.I. GLOBAL FUND

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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

29       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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
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 JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

30       INVESCO OPPENHEIMER V.I. GLOBAL FUND

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	Annual Report	12/31/2019
	Invesco Oppenheimer V.I. Global Strategic Income Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company. 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 semi annual 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 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. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Global Strategic Income Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGERS: Hemant Baijal, Chris Kelly, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception             Date	1-Year			5-Year			10-Year
Series I Shares*	5/3/93		10.80	%		3.23	%		4.71	%
Series II Shares*	3/19/01		10.61			3.01			4.47
Bloomberg Barclays U.S. Aggregate Bond Index			8.72			3.05			3.75

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S. Government and corporate bonds. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

*Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

TOP HOLDINGS AND ALLOCATIONS

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes	32.5	%
Foreign Government Obligations	25.9
Mortgage-Backed Obligations
Agency	8.8
CMOs	1.1
Non-Agency	8.4
Investment Companies
Carlyle Tactical Private Credit Fund	0.1
Invesco Government & Agency Portfolio, Institutional Class	9.5
Invesco Oppenheimer Limited-Term Bond Fund	—*
Invesco Oppenheimer Master Event-Linked Bond Fund	2.1
Invesco Oppenheimer Ultra-Short Duration Fund	2.2
Nuveen Floating Rate Income Fund	0.3
Asset-Backed Securities	5.8
Over-the-Counter Options Purchased	1.0
Structured Securities	0.6
Over-the-Counter Interest Rate Swaptions Purchased	0.6
Short-Term Notes	0.5
Corporate Loans	0.5
Common Stocks	0.1
Rights, Warrants and Certificates	—*
Preferred Stocks	—*
Exchange-Traded Options Purchased	—*
Over-the-Counter Credit Default Swaptions Purchased	—*

* Represents a value of less than 0.05%.

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on total market value of investments.

For more current Fund holdings, please visit invesco.com.

REGIONAL ALLOCATION

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on the total market value of investments.

4        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Fund Performance Discussion

For the year ended December 31, 2019, Series I shares of Invesco V.I. Global Strategic Income Fund (the Fund) outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the Index), the Fund’s broad-based securities market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.

MARKET OVERVIEW

2019 was an eventful and volatile year that saw the Federal Reserve cutting interest rates for the first time in more than a decade, and U.S.-China trade relations dominating market sentiment. At the start of the year, rising global growth concerns came to the forefront. In January 2019, we saw the strongest indications yet that the broad economic trends might be evolving. The second quarter started with some hopes for stabilization, with China’s stimulus kicking in and U.S. data recovering from weakness in Q1, but these positive signs proved premature. Due to renewed tensions in the U.S.-China trade dispute and increasing risks regarding global trade, industrial production and global trade weakened noticeably. For most of the world, growth projections were revised down. Trade policy uncertainty was beginning to take its toll on global growth. Besides trade issues and a slowdown in US and Europe, emerging markets also faced a slowing China. As China rebalances away from investment-led growth to consumption-led growth, we do not expect it to provide the same lift to emerging market trade exports going forward as it did in the past.

The third quarter continued to see weaker global growth led primarily by the rest of the world, as economic data in the U.S. surprised to the upside. Global growth outside the U.S. slowed, and policy makers responded by moving towards easier monetary conditions in almost every major global economy. The Federal Reserve delivered the first rate cut of 2019. Most emerging market central banks also continued to reduce rates.

In the fourth quarter, global growth began to stabilize. While an acceleration is yet to show in activity data, forward looking surveys globally are pointing a gradual pick-up in activity. We believe that global growth will remain at around the same levels as 2019, and more likely, slightly higher levels in 2020.

In Asia, the first quarter of 2019 was mired in data weaknesses for Asian emerging markets, despite some stabilization in China. We see this as a manifestation of global trade weakness as global exports and industrial production fell sharply. In addition, Asia felt the headwinds from a slowing technology cycle. In China, front-loading of exports before tariffs took effect and the domestic policy easing were behind the stabilizing growth numbers in the first quarter. Despite fears of downside risks to China’s and Asian emerging markets’ growth in the second half of 2019, Asian economies showed green shoots of recovery towards the end of the year. In the fourth quarter, Purchasing Managers Index turned into expansionary territory, and export growth began to stabilize. The Phase I trade deal between the US and China is expected to be signed mid-January, which helps with investor confidence, as do easier financial conditions on the back of recent monetary easing in the region and a Fed that signaled a pause.

Several countries in the region, such as China, India, Korea and Indonesia have also announced more growth supportive fiscal policies. Nonetheless, continuing structural slowdown in China, and its rebalancing from an investment-led to a consumption-led growth model will not provide the same stimulus to Emerging Markets and commodity prices going forward as in the past. In addition, we do not see a Phase I deal as the end of the geopolitical tensions between China and US. Against this background, we expect a mild and gradual recovery in Asia emerging economies for 2020.

Meanwhile, in Latin America, emerging market economies underperformed growth expectations earlier in the year. The disappointing slowdown broadened from the region’s larger economies to the smaller economies. This trend reversed in the second half of the year as global growth stabilized. In an environment of more supportive global growth, despite a weaker China, we expect emerging markets in Latin America to largely avoid a slowdown in 2020 given the strong rebound in some economies. We see a meaningful recovery in Latin America as the economies in Argentina, Brazil and Mexico recover.

Brazil stands out with strong momentum for a domestic demand-led growth and its structural reform agenda, in an environment of low inflation and low interest rates, while Mexico comes from no growth to show some signs supported by the construction and oil sectors. Argentina should claim the headlines given its debt restructuring process and economic regime change, at the very best showing no contraction this year after 3 declines out of the last 5 years. We do not expect contagion to the region, given the mostly constructive macro background of low inflation and interest rates, moderate fiscal and external balances.

Social unrest across Latin America is being monitored. During the year, it manifested from different reasons in the region, and has been improving. The largest economies of Brazil and Mexico are unlikely to experience it given the high popularity of their presidents, while we expect Chile to bear the largest cost in terms of growth from prolonged uncertainty surrounding its new constitution. In the absence of generalized structural reforms, especially given the politically charged situations in the region, upside to growth or sentiment in developed economies or in China is likely to create more favorable conditions to the region. Central

5        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

banks for the most part, with Mexico being an exception, have done their part bringing policy rates to accommodative territory and are comfortable with the benign inflation outlook even in the context of weaker exchange rates.

In developed markets, domestically oriented sectors have been resilient despite the weakness in manufacturing. In the U.S., strong labor markets, income growth and high levels of consumer confidence supported consumption. We expect the economy to slow down to its potential rate of just below 2% in the coming year, owing to waning fiscal stimulus that supported the economy over the past two years and an increasingly tight labor market that may slowdown the pace of job and aggregate income growth. A recovery in housing and monetary policy, and consumption growth should support the expansion. In the Eurozone, we expect stabilization in growth, due to receding headwinds from global trade as well as modest fiscal and monetary stimulus.

FUND REVIEW

International fixed income, buoyed by performance in emerging markets, outperformed U.S. fixed income over the reporting period. The Fund’s outperformance relative to the Index this reporting period was largely the result of its allocation to developed markets fixed income and high yield bonds as well as emerging market credit.

The Fund’s credit exposure to Greece and overweight positions in Brazilian and Mexican bonds relative to the Index contributed to positive relative performance during the reporting period. Out of benchmark exposure to Argentinian bonds and the Argentine peso detracted from relative performance as Argentina sold off after an unfavorable market outcome to a primary election.

MARKET OUTLOOK & PORTFOLIO POSITIONING

Looking forward, we see the potential for global growth to improve slightly in 2020, balanced by easing global financial conditions and most importantly in the U.S. With stabilizing growth, the U.S. and global financial conditions will matter more for interest rates while shifting growth dynamics and interest rates would drive currency markets. While we are at the very early stages of considering the use of fiscal policy, there are some signs that policy makers, at very low interest rates, would be willing to use the fiscal policy lever in the future. This too would bring further stability to growth expectations in our view.

With this economic backdrop, in our view the urgency for further rate cuts has diminished, especially given the lags that monetary policy works with. Given that the jury is still out on the US interest rate path, we believe the Fed may cut rates one more time in the first half of 2020, depending on the economic data releases over the next few months. In emerging market countries, there are several central banks with room to cut interest rates. It seems very unlikely that inflation will rise in any major country beyond its base trend. As such, we expect that central banks in India, Indonesia, Mexico and Russia can continue to deliver a few more rate cuts.

From an FX perspective, we continue to believe that the U.S. dollar will continue to slowly decline as the easing financial conditions reduce the cost of being long other developed market currencies such as the Euro and Yen. As financial conditions affect market performance, we expect emerging market currencies will benefit from carry while developed market currencies could benefit from valuations. In this strategy, we are favoring currencies such as the Euro, Brazilian real, Indian rupee, Mexican peso and Russian ruble.

With these valuations, we continue to favor emerging market interest rates over developed market interest rates. Real yields in emerging markets remain close to highs when compared to a combination of developed market yields. We increased portfolio duration opportunistically throughout the quarter as interest rates globally approached more normalized levels.

Given the excellent performance in credit in 2019, we reduced our overall exposure. We also rotated out of financials into structured credit, where we see more value. We will continue to monitor the global financial markets as we seek opportunities to generate income.

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

6        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S. Government and corporate bonds. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

7        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns include changes in share price and reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

8        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00	$	1,020.50	$	3.78
Series II shares		1,000.00		1,021.90		5.11
Hypothetical
(5% return before expenses)
Series I shares		1,000.00		1,021.48		3.78
Series II shares		1,000.00		1,020.16		5.10

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares		0.74	%
Series II shares		1.00

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2019

	Principal Amount		Value
Asset-Backed Securities—6.0%
Alhambra Sme Funding 2019-1, Cl. A, Desginated Activity Company, 2.00%, 11/30/281	EUR	5,000,000	$	5,567,471
Alhambra Sme Funding 2019-1, Cl. B, Desginated Activity Company, 2.50%, 11/30/281	EUR	625,000		689,266
Alhambra Sme Funding 2019-1, Cl. D, Desginated Activity Company, 8.826%, 11/30/281	EUR	150,000		168,160
American Credit Acceptance Receivables Trust:
Series 2017-4, Cl. C, 2.94%, 1/10/242		236,122		236,415
Series 2017-4, Cl. D, 3.57%, 1/10/242		673,000		679,876
Series 2018-3, Cl. D, 4.14%, 10/15/242		300,000		305,844
Series 2019-2, Cl. D, 3.41%, 6/12/252		1,720,000		1,741,764
Series 2019-3, Cl. C, 2.76%, 9/12/252		1,835,000		1,842,003
AmeriCredit Automobile Receivables Trust:
Series 2017-2, Cl. D, 3.42%, 4/18/23		830,000		844,567
Series 2017-4, Cl. D, 3.08%, 12/18/23		375,000		380,958
Series 2019-2, Cl. C, 2.74%, 4/18/25		1,185,000		1,195,776
Series 2019-2, Cl. D, 2.99%, 6/18/25		3,290,000		3,327,266
Series 2019-3, Cl. D, 2.58%, 9/18/25		1,550,000		1,535,259
Capital Auto Receivables Asset Trust, Series 2017-1, Cl. D, 3.15%, 2/20/252		110,000		111,250
CarMax Auto Owner Trust:
Series 2016-1, Cl. D, 3.11%, 8/15/22		465,000		465,545
Series 2017-1, Cl. D, 3.43%, 7/17/23		630,000		637,662
Series 2017-4, Cl. D, 3.30%, 5/15/24		280,000		283,608
Series 2018-1, Cl. D, 3.37%, 7/15/24		195,000		198,185
Series 2019-3, Cl. D, 2.85%, 1/15/26		990,000		992,057
CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/232		635,000		635,730
Series 2018-1, Cl. B, 3.09%, 6/16/252		240,000		241,864
Series 2018-1, Cl. C, 3.42%, 6/16/252		70,000		70,837
Series 2019-1, Cl. B, 3.22%, 9/14/262		140,000		142,780
Series 2019-1, Cl. C, 3.57%, 9/14/262		35,000		35,727
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		185,000		186,649
CPS Auto Receivables Trust, Series 2018-A, Cl. B, 2.77%, 4/18/222		249,133		249,457
Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/262		565,000		573,165
Series 2018-1A, Cl. C, 3.77%, 6/15/272		1,040,000		1,060,417
Series 2019-1A, Cl. B, 3.75%, 4/17/282		85,000		87,542
Series 2019-1A, Cl. C, 3.94%, 6/15/282		515,000		532,189
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 1.97% [US0001M+23], 12/15/353		15,510		15,309
Series 2006-H, Cl. 2A1A, 1.89% [US0001M+15], 11/15/363		14,856		11,909
Dell Equipment Finance Trust:
Series 2019-1, Cl. C, 3.14%, 3/22/242		270,000		274,014
Series 2019-2, Cl. D, 2.48%, 4/22/252		1,290,000		1,282,466
Drive Auto Receivables Trust:
Series 2018-3, Cl. D, 4.30%, 9/16/24		175,000		179,531
Series 2019-3, Cl. C, 2.90%, 8/15/25		2,255,000		2,279,666
Series 2019-3, Cl. D, 3.18%, 10/15/26		2,540,000		2,577,296
DT Auto Owner Trust:
Series 2017-1A, Cl. D, 3.55%, 11/15/222		347,414		349,340
Series 2017-1A, Cl. E, 5.79%, 2/15/242		415,000		428,097
Series 2017-2A, Cl. D, 3.89%, 1/15/232		461,783		465,061
Series 2017-4A, Cl. D, 3.47%, 7/17/232		560,000		564,019
Series 2019-2A, Cl. D, 3.48%, 2/18/252		285,000		289,067
Series 2019-3A, Cl. D, 2.96%, 4/15/252		875,000		875,745
Series 2019-4A, Cl. D, 2.85%, 7/15/252		2,050,000		2,051,889
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/442		66,031		66,074
Exeter Automobile Receivables Trust:
Series 2018-1A, Cl. B, 2.75%, 4/15/222		101,115		101,155

	Principal Amount		Value
Asset-Backed Securities (Continued)
Exeter Automobile Receivables Trust: (Continued)
Series 2019-1A, Cl. D, 4.13%, 12/16/242	$	2,170,000	$	2,240,726
Series 2019-4A, Cl. D, 2.58%, 9/15/252		2,730,000		2,706,465
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/222		278,705		279,358
Madison Park Funding XI Ltd.,
Series 2013-11A, Cl. DR, 5.184% [US0003M+325], 7/23/292,3		250,000		248,750
Navistar Financial Dealer Note Master Owner Trust II:
Series 2019-1, Cl. C, 2.742% [US0001M+95], 5/25/242,3		270,000		270,599
Series 2019-1, Cl. D, 3.242% [US0001M+145], 5/25/242,3		255,000		255,294
Prestige Auto Receivables Trust, Series 2019-1A, Cl. C, 2.70%, 10/15/242		1,410,000		1,418,410
Prosil Acquisition SA SER 1 CL A V/R, 1.595%, 10/31/39	EUR	2,509,220		2,819,754
Santander Drive Auto Receivables Trust:
Series 2017-1, Cl. E, 5.05%, 7/15/242		1,110,000		1,140,497
Series 2017-2, Cl. D, 3.49%, 7/17/23		190,000		192,149
Series 2017-3, Cl. D, 3.20%, 11/15/23		760,000		769,423
Series 2018-1, Cl. D, 3.32%, 3/15/24		290,000		293,090
Series 2018-2, Cl. D, 3.88%, 2/15/24		145,000		148,515
Series 2019-2, Cl. D, 3.22%, 7/15/25		170,000		173,441
Series 2019-3, Cl. D, 2.68%, 10/15/25		1,910,000		1,903,433
Santander Retail Auto Lease Trust:
Series 2019-A, Cl. C, 3.30%, 5/22/232		2,680,000		2,728,143
Series 2019-B, Cl. C, 2.77%, 8/21/232		1,410,000		1,416,682
Series 2019-C, Cl. C, 2.39%, 11/20/232		2,365,000		2,348,580
SLM Student Loan Trust, Series 2004- 5X, Cl. A6, 0.00% [EUR003M+40], 10/25/392,3	EUR	8,452,322		9,102,307
United Auto Credit Securitization Trust, Series 2019-1, Cl. C, 3.16%, 8/12/242		130,000		130,998
Westlake Automobile Receivables Trust, Series 2017-2A, Cl. E, 4.63%, 7/15/242		685,000		698,498
Total Asset-Backed Securities (Cost $67,783,089)				68,115,039
Mortgage-Backed Obligations—19.0%
Agency—9.1%
U.S. Agency Securities—9.1%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 9/1/33		168,807		186,285
5.50%, 9/1/39		192,366		215,110
6.00%, 11/1/21		13,585		14,960
6.50%, 11/1/22-8/1/32		144,585		160,605
7.00%, 10/1/31-10/1/37		31,413		35,094
7.50%, 1/1/32		166,879		190,749
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 192,Cl. IO, 99.999%, 2/1/284		3,285		490
Series 205,Cl. IO, 75.286%, 9/1/294		19,932		3,766
Series 243,Cl. 6, 3.501%, 12/15/324		45,716		7,708
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.- Backed Security, Series K734, Cl. X1, 0.00%, 2/25/264,5		1,679,023		57,945
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360,Cl. PZ, 7.50%, 9/15/22		104,201		109,348
Series 151,Cl. F, 9.00%, 5/15/21		66		66
Series 1674,Cl. Z, 6.75%, 2/15/24		58,252		61,748
Series 1897,Cl. K, 7.00%, 9/15/26		212,011		232,475
Series 2043,Cl. ZP, 6.50%, 4/15/28		106,178		118,744
Series 2106,Cl. FG, 2.19% [US0001M+45], 12/15/283		183,691		183,746
Series 2122,Cl. F, 2.19% [US0001M+45], 2/15/293		5,287		5,199

10        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2148,Cl. ZA, 6.00%, 4/15/29	$	99,208	$	109,323
Series 2195,Cl. LH, 6.50%, 10/15/29		74,242		82,731
Series 2326,Cl. ZP, 6.50%, 6/15/31		9,068		10,067
Series 2344,Cl. FP, 2.69% [US0001M+95], 8/15/313		51,442		52,419
Series 2368,Cl. PR, 6.50%, 10/15/31		37,732		42,861
Series 2412,Cl. GF, 2.69% [US0001M+95], 2/15/323		60,956		62,140
Series 2449,Cl. FL, 2.29% [US0001M+55], 1/15/323		59,107		59,337
Series 2451,Cl. FD, 2.74% [US0001M+100], 3/15/323		27,575		28,160
Series 2461,Cl. PZ, 6.50%, 6/15/32		130,337		145,926
Series 2464,Cl. FI, 2.74% [US0001M+100], 2/15/323		25,219		25,749
Series 2470,Cl. AF, 2.74% [US0001M+100], 3/15/323		47,311		48,316
Series 2470,Cl. LF, 2.74% [US0001M+100], 2/15/323		25,808		26,351
Series 2477,Cl. FZ, 2.29% [US0001M+55], 6/15/313		101,222		101,556
Series 2517,Cl. GF, 2.74% [US0001M+100], 2/15/323		22,439		22,910
Series 2635,Cl. AG, 3.50%, 5/15/32		31,978		33,010
Series 2676,Cl. KY, 5.00%, 9/15/23		234,647		243,626
Series 3025,Cl. SJ, 18.371% [-3.6667 x US0001M+2,475], 8/15/353		63,413		87,413
Series 3857,Cl. GL, 3.00%, 5/15/40		3,587		3,642
Series 3917,Cl. BA, 4.00%, 6/15/38		50,139		52,704
Series 4221,Cl. HJ, 1.50%, 7/15/23		91,802		91,197
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074,Cl. S, 99.999%, 7/17/284		3,974		351
Series 2079,Cl. S, 99.999%, 7/17/284		7,764		833
Series 2136,Cl. SG, 47.057%, 3/15/294		253,253		40,495
Series 2399,Cl. SG, 99.999%, 12/15/264		133,304		17,447
Series 2437,Cl. SB, 61.288%, 4/15/324		455,311		74,864
Series 2526,Cl. SE, 76.34%, 6/15/294		9,328		1,656
Series 2682,Cl. TQ, 99.999%, 10/15/334		107,374		17,813
Series 2795,Cl. SH, 75.099%, 3/15/244		138,176		9,615
Series 2920,Cl. S, 58.259%, 1/15/354		106,801		18,331
Series 2981,Cl. BS, 99.999%, 5/15/354		215,867		38,262
Series 3397,Cl. GS, 10.265%, 12/15/374		70,759		14,554
Series 3424,Cl. EI, 0.00%, 4/15/384,5		23,205		3,468
Series 3450,Cl. BI, 20.817%, 5/15/384		126,552		22,573
Series 3606,Cl. SN, 19.051%, 12/15/394		35,766		5,453
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21-7/1/33		187,532		206,013
5.50%, 4/1/21-5/1/36		100,814		112,311
6.50%, 12/1/29-1/1/34		301,766		335,442
7.00%, 1/1/30-4/1/34		389,581		444,055
7.50%, 2/1/27-3/1/33		530,146		611,467
8.50%, 7/1/32		392		396
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 214,Cl. 2, 0.00%, 3/25/234,5		37,720		3,296
Series 221,Cl. 2, 99.999%, 5/25/234		4,364		388
Series 254,Cl. 2, 99.999%, 1/25/244		84,947		8,772
Series 301,Cl. 2, 27.659%, 4/25/294		20,280		3,605
Series 313,Cl. 2, 99.999%, 6/25/314		212,991		40,183
Series 319,Cl. 2, 4.963%, 2/25/324		107,125		20,492
Series 321,Cl. 2, 42.925%, 4/25/324		32,590		6,249
Series 324,Cl. 2, 0.00%, 7/25/324,5		31,121		5,836
Series 328,Cl. 2, 0.00%, 12/25/324,5		61,916		12,310
Series 331,Cl. 5, 2.351%, 2/25/334		120,696		24,614
Series 332,Cl. 2, 0.00%, 3/25/334,5		521,864		102,724
Series 334,Cl. 12, 0.00%, 3/25/334,5		98,003		18,933

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 339,Cl. 15, 11.222%, 10/25/334	$	287,208	$	57,668
Series 345,Cl. 9, 0.00%, 1/25/344,5		91,169		16,799
Series 351,Cl. 10, 0.00%, 4/25/344,5		54,097		10,257
Series 351,Cl. 8, 0.00%, 4/25/344,5		98,614		18,780
Series 356,Cl. 10, 0.00%, 6/25/354,5		71,003		12,282
Series 356,Cl. 12, 0.00%, 2/25/354,5		35,171		6,577
Series 362,Cl. 13, 0.00%, 8/25/354,5		45,985		9,199
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1999-54,Cl. LH, 6.50%, 11/25/29		62,798		69,560
Series 2001-80,Cl. ZB, 6.00%, 1/25/32		53,836		59,951
Series 2002-29,Cl. F, 2.792% [US0001M+100], 4/25/323		27,343		27,923
Series 2002-64,Cl. FJ, 2.792% [US0001M+100], 4/25/323		8,420		8,598
Series 2002-68,Cl. FH, 2.245% [US0001M+50], 10/18/323		18,825		18,853
Series 2002-84,Cl. FB, 2.792% [US0001M+100], 12/25/323		115,060		117,515
Series 2002-90,Cl. FH, 2.292% [US0001M+50], 9/25/323		64,376		64,528
Series 2003-11,Cl. FA, 2.792% [US0001M+100], 9/25/323		115,063		117,518
Series 2003-116,Cl. FA, 2.192% [US0001M+40], 11/25/333		12,103		12,084
Series 2005-109,Cl. AH, 5.50%, 12/25/25		350,011		362,428
Series 2005-71,Cl. DB, 4.50%, 8/25/25		45,943		46,957
Series 2006-11,Cl. PS, 17.996% [-3.6667 x US0001M+2,456.67], 3/25/363		62,569		93,141
Series 2006-46,Cl. SW, 17.629% [-3.6665 x US0001M+2,419.92], 6/25/363		90,932		133,144
Series 2009-113,Cl. DB, 3.00%, 12/25/20		596		595
Series 2009-36,Cl. FA, 2.732% [US0001M+94], 6/25/373		13,668		13,905
Series 2010-43,Cl. KG, 3.00%, 1/25/21		1,295		1,296
Series 2011-122,Cl. EC, 1.50%, 1/25/20		23		23
Series 2011-15,Cl. DA, 4.00%, 3/25/41		35,695		37,094
Series 2011-3,Cl. EL, 3.00%, 5/25/20		125		125
Series 2011-3,Cl. KA, 5.00%, 4/25/40		88,960		93,136
Series 2011-6,Cl. BA, 2.75%, 6/25/20		126		126
Series 2011-82,Cl. AD, 4.00%, 8/25/26		7,865		7,897
Series 2012-20,Cl. FD, 2.192% [US0001M+40], 3/25/423		147,695		146,901
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass- Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61,Cl. SH, 62.63%, 11/18/314		30,693		5,787
Series 2001-63,Cl. SD, 66.734%, 12/18/314		7,457		1,209
Series 2001-68,Cl. SC, 67.816%, 11/25/314		5,705		1,050
Series 2001-81,Cl. S, 69.467%, 1/25/324		6,327		1,117
Series 2002-28,Cl. SA, 56.182%, 4/25/324		4,955		918
Series 2002-38,Cl. SO, 99.999%, 4/25/324		33,350		5,805
Series 2002-48,Cl. S, 59.236%, 7/25/324		7,061		1,377
Series 2002-52,Cl. SL, 52.438%, 9/25/324		4,979		951
Series 2002-56,Cl. SN, 60.609%, 7/25/324		9,703		1,893
Series 2002-77,Cl. IS, 79.329%, 12/18/324		56,819		11,116

11        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2002-77,Cl. SH, 56.232%, 12/18/324	$	8,951	$	1,469
Series 2002-9,Cl. MS, 52.293%, 3/25/324		8,953		1,746
Series 2003-13,Cl. IO, 61.76%, 3/25/334		99,059		21,232
Series 2003-26,Cl. DI, 61.089%, 4/25/334		72,226		17,306
Series 2003-33,Cl. SP, 45.465%, 5/25/334		53,541		11,505
Series 2003-4,Cl. S, 34.716%, 2/25/334		14,879		3,068
Series 2004-56,Cl. SE, 10.914%, 10/25/334		253,006		48,666
Series 2005-14,Cl. SE, 56.681%, 3/25/354		310,169		47,220
Series 2005-40,Cl. SA, 58.434%, 5/25/354		269,393		45,642
Series 2005-40,Cl. SB, 99.999%, 5/25/354		437,005		57,323
Series 2005-52,Cl. JH, 34.939%, 5/25/354		161,115		21,842
Series 2005-63,Cl. SA, 43.952%, 10/25/314		14,656		2,238
Series 2006-90,Cl. SX, 99.999%, 9/25/364		297,379		43,063
Series 2007-88,Cl. XI, 0.359%, 6/25/374		281,077		52,577
Series 2008-55,Cl. SA, 0.00%, 7/25/384,5		13,780		1,910
Series 2009-8,Cl. BS, 0.00%, 2/25/244,5		483		27
Series 2010-95,Cl. DI, 0.00%, 11/25/204,5		842		8
Series 2011-96,Cl. SA, 10.55%, 10/25/414		122,715		20,894
Series 2012-134,Cl. SA, 0.993%, 12/25/424		419,770		78,547
Series 2012-40,Cl. PI, 24.042%, 4/25/414		639,212		67,377
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 6.00%, 5/1/29		2		—
Federal National Mortgage Assn., TBA:
2.50%, 1/1/346		5,285,000		5,330,065
3.00%, 1/1/34-1/1/496		33,495,000		34,001,259
3.50%, 1/1/496		27,235,000		28,003,807
FREMF Mortgage Trust:
Series 2013-K25,Cl. C, 3.619%, 11/25/452,7		135,000		137,572
Series 2013-K26,Cl. C, 3.597%, 12/25/452,7		95,000		96,863
Series 2013-K28,Cl. C, 3.49%, 6/25/462,7		2,330,000		2,372,375
Series 2013-K29,Cl. C, 3.481%, 5/25/462,7		2,300,000		2,351,914
Series 2015-K44,Cl. B, 3.681%, 1/25/482,7		2,310,000		2,375,038
Series 2015-K45,Cl. B, 3.59%, 4/25/482,7		4,646,000		4,771,423
Series 2016-K54,Cl. C, 4.051%, 4/25/482,7		1,810,000		1,871,284
Series 2017-K62,Cl. B, 3.874%, 1/25/502,7		280,000		291,040
Series 2017-K724,Cl. B, 3.485%, 11/25/232,7		1,535,000		1,567,417
Government National Mortgage Assn. I Pool:
7.00%, 4/15/28-7/15/28		39,787		43,564
8.00%, 5/15/26		7,051		7,070
Government National Mortgage Assn. II Pool, 4.125% [H15T1Y+150], 11/20/253		1,459		1,495

	Principal Amount		Value
U.S. Agency Securities (Continued)
Government National Mortgage Assn. TBA, 3.50%, 1/1/496	$	11,310,000	$	11,655,119
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2011-52, Cl. HS, 20.284%, 4/16/414		269,754		42,041
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.892% [US0001M+10], 8/25/363		821,621		382,739
				102,578,105
CMOs—1.2%
Collateralized Mortgage Obligations—1.2%
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 3.84% [H15T1Y+225], 2/25/363		24,586		25,256
COMM Mortgage Trust, Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		174,396		178,762
Connecticut Avenue Securities:
Series 2014-C03,Cl. 1M2, 4.792% [US0001M+300], 7/25/243		715,840		753,540
Series 2016-C05,Cl. 2M2, 6.242% [US0001M+445], 1/25/293		1,850,017		1,956,051
Federal Home Loan Mortgage Corp., Multifamily Structured Pass Through Certificates, Interest-Only Stripped Mtg.- Backed Security, Series K735, Cl. X1, 0.00%, 5/25/264,5		3,103,770		167,118
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.- Backed Security, Series K093, Cl. X1, 0.00%, 5/25/294,5		20,102,252		1,517,788
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, 4.00%, 4/15/40		69,707		70,928
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2922,Cl. SE, 27.229%, 2/15/354		18,062		2,834
Series 2981,Cl. AS, 4.40%, 5/15/354		152,119		20,620
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2005-12, Cl. SC, 35.965%, 3/25/354		8,139		1,261
FREMF Mortgage Trust:
Series 2013-K27,Cl. C, 3.496%, 1/25/462,7		1,460,000		1,496,791
Series 2016-K723,Cl. C, 3.58%, 11/25/232,7		815,000		824,181
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2007-17, Cl. AI, 47.351%, 4/16/374		165,812		29,438
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Cl. AS, 4.043%, 7/15/47		630,000		663,184
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Cl. M10, 5.042% [US0001M+325], 10/15/492,3		133,000		138,976
Structured Agency Credit Risk Debt Nts.:
Series 2014-DN1,Cl. M3, 6.292% [US0001M+450], 2/25/243		815,000		893,554
Series 2014-DN2,Cl. M3, 5.392% [US0001M+360], 4/25/243		840,000		893,324
Series 2014-DN3,Cl. M3, 5.792% [US0001M+400], 8/25/243		1,931,085		2,059,045
Series 2014-HQ2,Cl. M3, 5.542% [US0001M+375], 9/25/243		915,000		989,166
Series 2015-HQA2,Cl. M2, 4.592% [US0001M+280], 5/25/283		94,516		95,027

12        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
WF-RBS Commercial Mortgage Trust, Series 2013-C14, Cl. AS, 3.488%, 6/15/46	$	640,000	$	659,161
				13,436,005
Non-Agency—8.7%
Adjustable-Rate Mortgages—8.7%
Alba plc, Series 2007-1, Cl. F, 4.044% [BP0003M+325], 3/17/392,3		443,948		570,918
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 10.80%, 1/15/514		5,719,899		193,077
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017- CD6, Cl. XA, 0.00%, 11/13/504,5		2,285,525		119,798
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 4.086%, 1/25/367		9,121		9,044
CHL Mortgage Pass-Through Trust:
Series 2005-17,Cl. 1A8, 5.50%, 9/25/35		363,997		364,778
Series 2005-J4,Cl. A7, 5.50%, 11/25/35		347,690		346,569
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		239,391		245,839
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C4, Cl. XA, 0.00%, 10/12/504,5		6,085,471		386,208
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2,Cl. 1A3, 4.759%, 5/25/357		404,778		413,417
Series 2006-AR1,Cl. 1A1, 4.97% [H15T1Y+240], 10/25/353		100,857		101,041
Series 2014-8,Cl. 1A2, 2.055% [US0001M+29], 7/20/362,3		3,023,477		3,023,307
COMM Mortgage Trust:
Series 2014-CR21,Cl. AM, 3.987%, 12/10/47		25,000		26,554
Series 2014-LC15,Cl. AM, 4.198%, 4/10/47		455,000		483,688
Series 2014-UBS6,Cl. AM, 4.048%, 12/10/47		1,600,000		1,683,427
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 22.774%, 12/10/454		2,473,165		95,258
Connecticut Avenue Securities:
Series 2017-C06,Cl. 1M1, 2.542% [US0001M+75], 2/25/303		22,221		22,222
Series 2017-C07,Cl. 1M2, 4.192% [US0001M+240], 5/25/303		580,000		591,278
Series 2018-C06,Cl. 2M2, 3.892% [US0001M+210], 3/25/313		1,280,000		1,288,326
Connecticut Avenue Securities Trust:
Series 2018-R07,Cl. 1M2, 4.192% [US0001M+240], 4/25/312,3		3,291,140		3,332,034
Series 2019-R02,Cl. 1M2, 4.092% [US0001M+230], 8/25/312,3		1,645,000		1,661,627
Series 2019-R03,Cl. 1M2, 3.942% [US0001M+215], 9/25/312,3		1,525,000		1,537,903
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Cl. A1, 5.178%, 6/25/367		40,136		38,975
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 1.985% [US0001M+22], 7/22/362,3		3,060,694		3,032,912
Eurosail 2006-2bl plc, Series 2006-2X, Cl. E1C, 4.048% [BP0003M+325], 12/15/442,3		1,830,000		2,226,031
Federal Home Loan Mortgage Corp., STACR Trust, Series 2019-HRP1, Cl. M2, 3.192% [US0001M+140], 2/25/492,3		745,000		745,698
Gemgarto 2018-1 plc SER 2018-1 CL E V/R, 3.048%, 9/16/65		2,224,480		2,877,762

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
GS Mortgage Securities Trust:
Series 2013-GC12,Cl. AAB, 2.678%, 6/10/46	$	63,987	$	64,387
Series 2013-GC16,Cl. AS, 4.649%, 11/10/46		160,000		172,275
Series 2014-GC18,Cl. AAB, 3.648%, 1/10/47		193,888		199,039
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.657%, 7/25/357		7,327		7,496
Hawksmoor Mortgage Funding 2019-1 plc SER 2019-1X CL B V/R, 0.00%, [SONIA3M + 175], 5/25/531,2		8,770,000		11,708,944
Hawksmoor Mortgage Funding 2019-1 plc SER 2019-1X CL C V/R, 0.00%, [SONIA3M + 210], 5/25/531,2		4,040,000		5,390,519
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 2.102% [US0001M+31], 7/25/353		7,989		8,023
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		235,000		238,917
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 4.305%, 7/25/357		33,009		33,789
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24,Cl. B, 4.116%, 11/15/477		680,000		706,904
Series 2014-C25,Cl. AS, 4.065%, 11/15/47		1,720,000		1,819,855
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9,Cl. AS, 3.456%, 5/15/46		570,000		588,635
Series 2014-C14,Cl. B, 4.745%, 2/15/477		240,000		257,858
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 0.00%, 12/15/504,5		2,006,221		103,029
Paragon Mortgages No 13 plc, Series 13X, Cl. A1, 1.007% [BP0003M+24], 1/15/392,3		10,040,234		12,661,114
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		10,984		9,898
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		1,487,684		1,403,072
Stratton Mortgage Funding 2019-1 plc, Series 2019-1, Cl. A, 1.911% [SONIA3M IR+120], 12/10/501,2,3		4,771,944		6,340,057
Structured Agency Credit Risk Debt Nts.:
Series 2016-DNA1,Cl. M2, 4.692% [US0001M+290], 7/25/283		90,484		90,872
Series 2016-DNA2,Cl. M3, 6.442% [US0001M+465], 10/25/283		989,055		1,066,029
Series 2016-DNA3,Cl. M3, 6.792% [US0001M+500], 12/25/283		3,845,000		4,195,799
Series 2016-DNA4,Cl. M3, 5.592% [US0001M+380], 3/25/293		5,570,000		5,929,921
Series 2016-HQA3,Cl. M3, 5.642% [US0001M+385], 3/25/293		3,400,000		3,631,215
Series 2016-HQA4,Cl. M3, 5.692% [US0001M+390], 4/25/293		4,580,000		4,893,481
Series 2017-DNA1,Cl. M2, 5.042% [US0001M+325], 7/25/293		1,980,000		2,082,903
Towd Point Mortgage Funding 2019-Granite4 plc:
2.545%, 10/20/51		3,700,000		4,914,204
Series 2019-GR4X,Cl. B, 2.195% [BP0003M+140], 10/20/512,3		2,520,000		3,343,440
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 12.545%, 11/15/504		3,784,183		215,243
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10,Cl. A7, 4.19%, 10/25/337		40,218		40,507

13        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
WaMu Mortgage Pass-Through Certificates Trust: (Continued)
Series 2005-AR16,Cl. 1A1, 3.748%, 12/25/357	$	6,021	$	6,016
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 10.48%, 12/15/504		2,785,355		164,114
WF-RBS Commercial Mortgage Trust:
Series 2014-C20,Cl. AS, 4.176%, 5/15/47		490,000		519,596
Series 2014-LC14,Cl. AS, 4.351%, 3/15/477		395,000		421,151
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 0.00%, 3/15/442,4,5		2,880,066		37,905
				98,683,898
Total Mortgage-Backed Obligations (Cost $209,765,839)				214,698,008
Foreign Government Obligations—26.8%
Angola—0.3%
Republic of Angola:
8.00% Sr. Unsec. Nts., 11/26/292		1,100,000		1,176,691
9.125% Sr. Unsec. Nts., 11/26/492		1,250,000		1,340,664
9.375% Sr. Unsec. Nts., 5/8/482		915,000		1,006,505
				3,523,860
Argentina—1.2%
Argentine Republic:
0.000%, 7/29/208	ARS	189,100,000		2,417,070
0.202%, 10/29/208	ARS	505,000,000		5,752,199
5.625% Sr. Unsec. Nts., 1/26/22		1,476,000		773,516
6.875% Sr. Unsec. Nts., 1/26/27		3,025,000		1,518,644
7.50% Sr. Unsec. Nts., 4/22/26		5,196,000		2,714,098
9.80% Unsec. Nts., 5/28/208	ARS	56,000,000		738,515
18.20% Unsec. Nts., 10/3/21	ARS	9,285,000		59,604
				13,973,646
Austria—0.3%
Republic of Austria, 1.50% Sr. Unsec. Nts., 11/2/862	EUR	2,400,000		3,372,401
Brazil—0.6%
Brazilian Government International Bond, 4.75% Sr. Unsec. Nts., 1/14/50		1,250,000		1,245,117
Federative Republic of Brazil:
6.00% Nts., 5/15/459	BRL	4,000,000		4,622,654
10.00% Nts., 1/1/29	BRL	4,500,000		1,352,385
				7,220,156
Colombia—0.3%
Republic of Colombia, Series B, 10.00% Bonds, 7/24/24	COP	10,146,000,000		3,661,401
Cyprus—0.2%
Republic of Cyprus, 2.75% Sr. Unsec. Nts., 5/3/492	EUR	1,375,000		1,982,444
Dominican Republic—0.6%
Dominican Republic:
6.40% Sr. Unsec. Nts., 6/5/492		1,187,000		1,305,326
6.875% Sr. Unsec. Nts., 1/29/262		2,500,000		2,860,269
7.50% Sr. Unsec. Nts., 5/6/212		2,400,000		2,496,024
				6,661,619
Ecuador—0.0%
Republic of Ecuador, 8.875% Sr. Unsec. Nts., 10/23/272		285,000		262,299
Egypt—2.1%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/262	EUR	1,900,000		2,248,448
5.577% Sr. Unsec. Nts., 2/21/232		3,050,000		3,196,708

	Principal Amount		Value
Egypt (Continued)
Arab Republic of Egypt: (Continued)
6.125% Sr. Unsec. Nts., 1/31/222	$	3,040,000	$	3,170,723
8.50% Sr. Unsec. Nts., 1/31/472		1,450,000		1,614,488
8.70% Sr. Unsec. Nts., 3/1/492		1,711,000		1,918,647
16.00% Unsec. Nts., 12/12/20	EGP	29,000,000		1,832,032
16.00% Bonds, 6/11/22	EGP	154,800,000		10,030,674
				24,011,720
El Salvador—0.1%
Republic of El Salvador, 7.125% Sr. Unsec. Nts., 1/20/502		1,365,500		1,458,101
Greece—2.6%
Hellenic Republic:
Bonds, 10/15/427	EUR	23,730,000		100,190
3.875% Sr. Unsec. Nts., 3/12/292	EUR	2,400,000		3,251,387
3.90% Bonds, 1/30/332	EUR	9,545,000		13,159,236
4.00% Bonds, 1/30/372	EUR	6,475,000		9,109,070
4.20% Bonds, 1/30/422	EUR	2,205,000		3,273,586
				28,893,469
India—2.1%
Export-Import Bank of India:
7.35% Sr. Unsec. Nts., 5/18/22	INR	70,000,000		992,176
8.00% Sr. Unsec. Nts., 5/27/21	INR	80,000,000		1,137,430
Republic of India:
7.17% Sr. Unsec. Nts., 1/8/28	INR	385,000,000		5,505,729
7.59% Sr. Unsec. Nts., 1/11/26	INR	600,000,000		8,756,882
7.72% Sr. Unsec. Nts., 5/25/25	INR	15,000,000		220,172
8.20% Sr. Unsec. Nts., 9/24/25	INR	215,600,000		3,239,984
8.24% Sr. Unsec. Nts., 2/15/27	INR	215,000,000		3,244,060
				23,096,433
Indonesia—2.4%
Perusahaan Penerbit SBSN Indonesia III:
4.35% Sr. Unsec. Nts., 9/10/242		525,000		567,092
4.55% Sr. Unsec. Nts., 3/29/262		790,000		865,625
Republic of Indonesia:
4.125% Sr. Unsec. Nts., 1/15/252		490,000		526,574
8.125% Sr. Unsec. Nts., 5/15/24	IDR	26,000,000,000		1,999,748
8.25% Sr. Unsec. Nts., 5/15/29	IDR	29,100,000,000		2,264,381
Series FR56, 8.375% Sr. Unsec. Nts., 9/15/26	IDR	104,095,000,000		8,078,917
Series FR59, 7.00% Sr. Unsec. Nts., 5/15/27	IDR	40,000,000,000		2,877,228
Series FR64, 6.125% Sr. Unsec. Nts., 5/15/28	IDR	20,000,000,000		1,360,710
Series FR74, 7.50% Sr. Unsec. Nts., 8/15/32	IDR	72,480,000,000		5,215,721
Series FR82, 7.00% Sr. Unsec. Nts., 9/15/30	IDR	30,000,000,000		2,142,652
Series FR83, 7.50% Sr. Unsec. Nts., 4/15/40	IDR	21,250,000,000		1,533,777
				27,432,425
Italy—3.1%
Republic of Italy:
2.70% Sr. Unsec. Nts., 3/1/472	EUR	3,300,000		3,994,189
2.80% Bonds, 3/1/672	EUR	13,210,000		15,477,220
2.95% Bonds, 9/1/382	EUR	12,401,000		15,772,708
				35,244,117
Ivory Coast—0.3%
Republic of Cote d’Ivoire:
5.25% Sr. Unsec. Nts., 3/22/302	EUR	2,110,000		2,419,384
6.875% Sr. Unsec. Nts., 10/17/402	EUR	830,000		975,062
				3,394,446
Kenya—0.1%
Republic of Kenya, 6.875% Sr. Unsec. Nts., 6/24/242		1,250,000		1,356,138

14        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Mexico—1.5%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN	24,445,000	$	1,226,161
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN	256,700,000		15,121,914
				16,348,075
New Zealand—0.2%
New Zealand, 1.50% Sr. Unsec. Nts., 5/15/31	NZD	3,615,000		2,356,467
Oman—0.4%
Sultanate of Oman:
3.875% Sr. Unsec. Nts., 3/8/222		2,355,000		2,390,824
6.75% Sr. Unsec. Nts., 1/17/482		2,000,000		2,015,666
				4,406,490
Panama—0.2%
Republic of Panama, 3.75% Sr. Unsec. Nts., 4/17/262		1,830,000		1,930,417
Paraguay—0.2%
Republic of Paraguay, 4.625% Sr. Unsec. Nts., 1/25/232		2,350,000		2,488,450
Portugal—1.7%
Portuguese Republic, 2.125% Sr. Unsec. Nts., 10/17/282	EUR	15,000,000		19,374,280
Russia—1.3%
Russian Federation:
Series 6221, 7.70% Bonds, 3/23/33	RUB	400,000,000		7,193,958
Series 6225, 7.25% Bonds, 5/10/34	RUB	437,500,000		7,602,260
				14,796,218
Senegal—0.5%
Republic of Senegal:
6.25% Sr. Unsec. Nts., 7/30/242		1,250,000		1,387,296
6.75% Sr. Unsec. Nts., 3/13/482		3,890,000		3,924,750
				5,312,046
South Africa—2.3%
Republic of South Africa:
5.875% Sr. Unsec. Nts., 5/30/22		1,105,000		1,184,143
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR	59,100,000		3,941,951
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR	57,000,000		3,609,607
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR	89,000,000		5,612,870
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR	133,675,000		10,683,913
Series R214, 6.50% Sr. Unsec. Nts., 2/28/41	ZAR	25,000,000		1,244,070
				26,276,554
Sri Lanka—0.7%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/222		1,350,000		1,353,610
6.20% Sr. Unsec. Nts., 5/11/272		200,000		187,979
6.25% Sr. Unsec. Nts., 10/4/202		3,255,000		3,307,064
6.25% Sr. Unsec. Nts., 7/27/212		1,560,000		1,588,080
6.35% Sr. Unsec. Nts., 6/28/242		1,210,000		1,209,927
6.75% Sr. Unsec. Nts., 4/18/282		200,000		191,988
				7,838,648
Supranational—0.1%
European Bank for Reconstruction & Development, 6.85% Sr. Unsec. Nts., 6/21/21	IDR	10,600,000,000		778,927
International Finance Corp., 16.721% Sr. Unsec. Nts., 2/15/292,8	TRY	3,700,000		245,737
				1,024,664

	Principal Amount		Value
Thailand—0.5%
Kingdom of Thailand, 2.125% Sr. Unsec. Nts., 12/17/26	THB	165,000,000	$	5,790,908
Turkey—0.6%
Republic of Turkey:
8.50% Bonds, 9/14/22	TRY	15,200,000		2,401,748
10.70% Bonds, 2/17/21	TRY	12,045,000		2,021,673
12.40% Bonds, 3/8/28	TRY	13,500,000		2,330,560
				6,753,981
Ukraine—0.3%
Ukraine, 7.75% Sr. Unsec. Nts., 9/1/262		3,150,000		3,451,962
Total Foreign Government Obligations (Cost $316,073,253)				303,693,835
Variable Rate Senior Loan Interests—0.6%
Albertson’s LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B7, 4.549% [LIBOR12+275], 11/17/2510,11		65,125		65,792
Altice Financing SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.49% [LIBOR4+275], 7/15/256,10,11		368,750		368,658
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.299% [LIBOR12+450], 4/6/2410,11		531,966		524,486
Bausch Health Americas, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.75% 11/27/256,10,11		496,400		499,659
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.549% [LIBOR4+275], 12/23/2410,11		726,294		728,640
CenturyLink, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.549% [LIBOR4+275], 1/31/256,10,11		515,684		518,585
Charter Communications Operating LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.55% 4/30/2510,11		511,695		515,852
Claire’s Stores, Inc., Sr. Sec. Credit Facilities Term Loan, 9.188% [LIBOR4+725], 10/12/3810,11,15		37,137		66,846
CSC Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.24% 4/15/2710,11		512,000		515,092
Dun & Bradstreet Corp. (The), Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 6.792% [LIBOR12+500], 2/6/2610,11		432,000		436,320
iHeartCommunications, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 5.691% [LIBOR12+400], 5/1/2610,11		169,667		171,328
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 9.354% [LIBOR4+725], 10/17/2210,11,12		540,737		118,362
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.74% [LIBOR12+400], 3/11/2210,11		466,126		462,071
Reynolds Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.549% [LIBOR12+300], 2/5/236,10,11		510,684		512,921
Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 4.549%-4.594% [LIBOR12+275], 8/14/2410,11		704,268		707,155
Windstream Services LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B6, 9.75% [PRIME4+500], 3/29/2110,11,12		169,086		162,457
Total Corporate Loans (Cost $6,658,088)				6,374,224

15        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Corporate Bonds and Notes—33.6%
Consumer Discretionary—5.9%
Auto Components—0.2%
Adient Global Holdings Ltd., 4.875% Sr. Unsec. Nts., 8/15/262	$	295,000	$	264,032
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/262		271,000		290,417
Dana, Inc., 5.375% Sr. Unsec. Nts., 11/15/27		220,000		227,150
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
6.25% Sr. Sec. Nts., 5/15/262		138,000		148,954
8.50% Sr. Unsec. Nts., 5/15/272		278,000		295,889
Tenneco, Inc., 5.375% Sr. Unsec. Nts., 12/15/24		628,000		595,291
				1,821,733
Automobiles—0.6%
Ford Motor Credit Co. LLC:
4.134% Sr. Unsec. Nts., 8/4/25		2,500,000		2,534,624
5.584% Sr. Unsec. Nts., 3/18/24		1,135,000		1,228,488
General Motors Financial Co., Inc.:
4.20% Sr. Unsec. Nts., 11/6/21		1,135,000		1,176,844
5.10% Sr. Unsec. Nts., 1/17/24		1,135,000		1,232,302
JB Poindexter & Co., Inc., 7.125% Sr. Unsec. Nts., 4/15/262		917,000		970,046
				7,142,304
Distributors—0.1%
Core & Main Holdings LP, 9.375% PIK Rate, 8.625% Cash Rate, 8.625% Sr. Unsec. Nts., 9/15/242,13		1,231,000		1,283,828
Diversified Consumer Services—0.1%
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125% Sr. Sec. Nts., 7/31/262		815,000		859,283
Entertainment—0.3%
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		227,000		210,448
5.875% Sr. Sub. Nts., 11/15/26		690,000		623,465
Netflix, Inc.:
5.375% Sr. Unsec. Nts., 11/15/292		302,000		322,183
5.75% Sr. Unsec. Nts., 3/1/24		494,000		547,928
5.875% Sr. Unsec. Nts., 11/15/28		1,707,000		1,895,470
				3,599,494
Hotels, Restaurants & Leisure—1.8%
1011778 B.C. ULC/New Red Finance, Inc.:
4.25% Sr. Sec. Nts., 5/15/242		287,000		294,773
5.00% Sec. Nts., 10/15/252		855,000		884,570
Aramark Services, Inc.:
4.75% Sr. Unsec. Nts., 6/1/26		183,000		190,745
5.00% Sr. Unsec. Nts., 2/1/282		225,000		237,510
Boyd Gaming Corp.:
6.00% Sr. Unsec. Nts., 8/15/26		570,000		613,661
6.375% Sr. Unsec. Nts., 4/1/26		94,000		101,312
CEC Entertainment, Inc., 8.00% Sr. Unsec. Nts., 2/15/22		238,000		235,099
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50% Sr. Sec. Nts., 2/15/232		133,000		140,038
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/222		2,225,000		2,351,336
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC:
4.75% Sr. Unsec. Nts., 6/1/272		144,000		151,894
5.25% Sr. Unsec. Nts., 6/1/262		350,000		370,134
Marriott Ownership Resorts, Inc., 4.75% Sr. Unsec. Nts., 1/15/282		1,074,000		1,102,566

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
Melco Resorts Finance Ltd.:
4.875% Sr. Unsec. Nts., 6/6/252	$	3,250,000	$	3,344,229
5.625% Sr. Unsec. Nts., 7/17/272		290,000		302,563
MGM China Holdings Ltd., 5.375% Sr. Unsec. Nts., 5/15/242		1,505,000		1,568,338
MGM Resorts International:
4.625% Sr. Unsec. Nts., 9/1/26		449,000		476,983
5.75% Sr. Unsec. Nts., 6/15/25		186,000		208,783
6.00% Sr. Unsec. Nts., 3/15/23		1,141,000		1,254,626
Party City Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/1/262		218,000		154,196
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/272		279,000		295,643
Sazka Group AS, 4.125% Sr. Unsec. Nts., 11/20/242	EUR	1,000,000		1,179,748
Scientific Games International, Inc., 7.00% Sr. Unsec. Nts., 5/15/282		280,000		300,118
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25% Sr. Unsec. Nts., 5/15/272		322,000		342,528
5.50% Sr. Unsec. Nts., 3/1/252		467,000		501,437
Wynn Macau Ltd., 4.875% Sr. Unsec. Nts., 10/1/242		3,025,000		3,099,370
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125% Sr. Unsec. Nts., 10/1/292		357,000		383,998
				20,086,198
Household Durables—0.7%
Beazer Homes USA, Inc., 6.75% Sr. Unsec. Nts., 3/15/25		526,000		553,833
Eagle Intermediate Global Holding BV/ Ruyi US Finance LLC, 7.50% Sr. Sec. Nts., 5/1/252		285,000		228,831
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		134,000		141,817
4.75% Sr. Unsec. Nts., 4/1/21		2,250,000		2,304,720
4.75% Sr. Unsec. Nts., 5/30/25		367,000		395,290
5.00% Sr. Unsec. Nts., 6/15/27		573,000		623,337
5.25% Sr. Unsec. Nts., 6/1/26		244,000		267,875
Mattamy Group Corp., 5.25% Sr. Unsec. Nts., 12/15/272		314,000		327,345
Meritage Homes Corp., 5.125% Sr. Unsec. Nts., 6/6/27		508,000		542,467
Spectrum Brands, Inc., 5.00% Sr. Unsec. Nts., 10/1/292		444,000		459,694
Taylor Morrison Communities, Inc., 5.75% Sr. Unsec. Nts., 1/15/282		410,000		448,067
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/232		1,126,000		1,216,547
William Lyon Homes, Inc., 5.875% Sr. Unsec. Nts., 1/31/25		298,000		307,436
				7,817,259
Leisure Equipment & Products—0.0%
Mattel, Inc., 6.75% Sr. Unsec. Nts., 12/31/252		423,000		455,522
Media—1.4%
Affinion Group, Inc., 14% PIK Rate, 12.5% Cash Rate, 12.50% Sr. Unsec. Nts., 11/10/222,13		1,158,507		695,104
Altice Financing SA, 7.50% Sr. Sec. Nts., 5/15/262		374,000		402,742
AMC Networks, Inc.:
4.75% Sr. Unsec. Nts., 8/1/25		221,000		222,290
5.00% Sr. Unsec. Nts., 4/1/24		872,000		891,620
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		311,000		360,207

16        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Media (Continued)
Cable Onda SA, 4.50% Sr. Unsec. Nts., 1/30/302		$	235,000	$	247,890
Cablevision Systems Corp., 5.875% Sr. Unsec. Nts., 9/15/22			151,000		162,971
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.00% Sr. Unsec. Nts., 3/1/232			138,000		140,241
5.00% Sr. Unsec. Nts., 2/1/282			251,000		263,844
5.125% Sr. Unsec. Nts., 5/1/232			204,000		208,634
5.125% Sr. Unsec. Nts., 5/1/272			381,000		402,660
5.375% Sr. Unsec. Nts., 5/1/252			90,000		93,113
5.75% Sr. Unsec. Nts., 2/15/262			583,000		616,155
5.875% Sr. Unsec. Nts., 4/1/242			132,000		136,730
5.875% Sr. Unsec. Nts., 5/1/272			90,000		95,384
Clear Channel Communications, Inc., 9.00% Sr. Nts., 12/15/2012,14,15			1,455,000		—
CSC Holdings LLC:
5.25% Sr. Unsec. Nts., 6/1/24			261,000		281,772
5.375% Sr. Unsec. Nts., 7/15/232			157,000		161,252
5.50% Sr. Unsec. Nts., 4/15/272			504,000		542,153
6.50% Sr. Unsec. Nts., 2/1/292			480,000		536,100
6.625% Sr. Unsec. Nts., 10/15/252			403,000		428,687
10.875% Sr. Unsec. Nts., 10/15/252			319,000		357,081
Cumulus Media New Holdings, Inc., 6.75% Sr. Sec. Nts., 7/1/262			455,000		488,271
Diamond Sports Group LLC/Diamond Sports Finance Co.:
5.375% Sr. Sec. Nts., 8/15/262			1,153,000		1,168,480
6.625% Sr. Unsec. Nts., 8/15/272			583,000		568,046
DISH DBS Corp., 5.875% Sr. Unsec. Nts., 11/15/24			426,000		436,207
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/242			215,000		223,511
5.875% Sr. Unsec. Nts., 7/15/262			205,000		218,448
iHeartCommunications, Inc., 8.375% Sr. Unsec. Nts., 5/1/27			493,000		545,677
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26			267,000		283,487
Meredith Corp., 6.875% Sr. Unsec. Nts., 2/1/26			578,000		602,592
Sinclair Television Group, Inc., 5.625% Sr. Unsec. Nts., 8/1/242			342,000		352,546
Sirius XM Radio, Inc., 5.50% Sr. Unsec. Nts., 7/1/292			541,000		585,952
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/242			209,000		216,576
Telenet Finance Luxembourg Notes Sarl, 5.50% Sr. Sec. Nts., 3/1/282			605,000		651,283
Virgin Media Secured Finance plc:
5.50% Sr. Sec. Nts., 8/15/262			619,000		651,388
5.50% Sr. Sec. Nts., 5/15/292			130,000		137,878
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/242			734,000		752,045
Ziggo BV, 5.50% Sr. Sec. Nts., 1/15/272			424,000		451,284
					15,580,301
Multiline Retail—0.0%
Michaels Stores, Inc., 8.00% Sr. Unsec. Nts., 7/15/272			618,000		591,333
Specialty Retail—0.4%
eG Global Finance plc:
6.25% Sr. Sec. Nts., 10/30/252	EUR		250,000		297,341
8.50% Sr. Sec. Nts., 10/30/252			296,000		314,747
L Brands, Inc.:
5.25% Sr. Unsec. Nts., 2/1/28			115,000		109,175
6.875% Sr. Unsec. Nts., 11/1/35			1,152,000		1,033,085
7.50% Sr. Unsec. Nts., 6/15/29			491,000		506,638
Lithia Motors, Inc.:
4.625% Sr. Unsec. Nts., 12/15/272			189,000		194,738

		Principal Amount		Value
Specialty Retail (Continued)
Lithia Motors, Inc.: (Continued)
5.25% Sr. Unsec. Nts., 8/1/252		$	680,000	$	713,432
Penske Automotive Group, Inc., 5.50% Sr. Sub. Nts., 5/15/26			762,000		799,605
PetSmart, Inc., 5.875% Sr. Sec. Nts., 6/1/252			251,000		256,334
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.875% Sr. Unsec. Nts., 3/1/27			366,000		381,682
					4,606,777
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc.:
4.625% Sr. Unsec. Nts., 5/15/242			1,424,000		1,504,691
4.875% Sr. Unsec. Nts., 5/15/262			835,000		885,601
William Carter Co. (The), 5.625% Sr. Unsec. Nts., 3/15/272			738,000		795,064
					3,185,356
Consumer Staples—0.9%
Beverages—0.2%
Coca-Cola Icecek AS, 4.215% Sr. Unsec. Nts., 9/19/242			2,315,000		2,359,680
Simmons Foods, Inc., 5.75% Sec. Nts., 11/1/242			322,000		324,281
					2,683,961
Food & Staples Retailing—0.2%
Albertsons Cos LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, 5.875% Sr. Unsec. Nts., 2/15/282			309,000		328,884
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC:
5.75% Sr. Unsec. Nts., 3/15/25			143,000		148,422
7.50% Sr. Unsec. Nts., 3/15/262			235,000		264,228
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23			218,000		222,630
Quatrim SASU, 5.875% Sr. Sec. Nts., 1/15/242	EUR		100,000		118,455
US Foods, Inc., 5.875% Sr. Unsec. Nts., 6/15/242			600,000		619,251
					1,701,870
Food Products—0.2%
Darling Ingredients, Inc., 5.25% Sr. Unsec. Nts., 4/15/272			119,000		126,863
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50% Sr. Unsec. Nts., 1/15/302			504,000		542,279
Lamb Weston Holdings, Inc., 4.625% Sr. Unsec. Nts., 11/1/242			235,000		249,884
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/252			238,000		246,500
5.875% Sr. Unsec. Nts., 9/30/272			586,000		634,696
Simmons Foods, Inc., 7.75% Sr. Sec. Nts., 1/15/242			114,000		123,167
TreeHouse Foods, Inc., 6.00% Sr. Unsec. Nts., 2/15/242			687,000		713,336
					2,636,725
Household Products—0.3%
Controladora Mabe SA de CV, 5.60% Sr. Unsec. Nts., 10/23/282			2,285,000		2,520,007
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24			231,000		239,181
					2,759,188
Personal Products—0.0%
First Quality Finance Co., Inc., 5.00% Sr. Unsec. Nts., 7/1/252			224,000		233,707

17        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Energy—4.1%
Energy Equipment & Services—0.2%
ADES International Holding plc, 8.625% Sr. Sec. Nts., 4/24/242	$	500,000	$	521,250
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 1/15/282		635,000		554,053
Basic Energy Services, Inc., 10.75% Sr. Sec. Nts., 10/15/232		208,000		149,760
Ensign Drilling, Inc., 9.25% Sr. Unsec. Nts., 4/15/242		138,000		130,581
McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.625% Sr. Unsec. Nts., 5/1/242		1,470,000		129,081
Precision Drilling Corp., 7.125% Sr. Unsec. Nts., 1/15/262		160,000		152,456
				1,637,181
Oil, Gas & Consumable Fuels—3.9%
Antero Resources Corp.:
5.125% Sr. Unsec. Nts., 12/1/22		97,000		86,745
5.375% Sr. Unsec. Nts., 11/1/21		235,000		224,192
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 10.00% Sr. Unsec. Nts., 4/1/222		583,000		581,323
Callon Petroleum Co., 6.375% Sr. Unsec. Nts., 7/1/26		629,000		639,978
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.625% Sr. Unsec. Nts., 1/15/22		606,000		607,704
Carrizo Oil & Gas, Inc.:
6.25% Sr. Unsec. Nts., 4/15/23		53,000		53,919
8.25% Sr. Unsec. Nts., 7/15/25		106,000		108,694
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/222		70,000		71,137
Comstock Resources, Inc., 9.75% Sr. Unsec. Nts., 8/15/26		214,000		194,713
Cosan Ltd., 5.50% Sr. Unsec. Nts., 9/20/292		1,760,000		1,836,120
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.:
5.625% Sr. Unsec. Nts., 5/1/272		463,000		470,535
5.75% Sr. Unsec. Nts., 4/1/25		61,000		62,524
6.25% Sr. Unsec. Nts., 4/1/23		70,000		71,546
DCP Midstream Operating LP:
4.75% Sr. Unsec. Nts., 9/30/212		235,000		241,991
5.125% Sr. Unsec. Nts., 5/15/29		662,000		688,050
Energy Transfer Operating LP:
6.25% [US0003M+402.8] Jr. Sub. Perpetual Bonds3,16		263,000		247,620
7.50% Sr. Unsec. Nts., 10/15/20		240,000		249,451
EnLink Midstream Partners LP:
4.40% Sr. Unsec. Nts., 4/1/24		53,000		51,547
4.85% Sr. Unsec. Nts., 7/15/26		620,000		582,690
5.60% Sr. Unsec. Nts., 4/1/44		589,000		479,113
Eterna Capital Pte Ltd., 7.5% PIK Rate, 7.50% Sr. Sec. Nts., 12/11/222,13		1,319,387		1,039,017
Eterna Capital Pte Ltd., 8% PIK Rate, 8.00% Sr. Sec. Nts., 12/11/2213		1,594,142		917,258
Genesis Energy LP/Genesis Energy Finance Corp.:
6.25% Sr. Unsec. Nts., 5/15/26		413,000		395,591
6.50% Sr. Unsec. Nts., 10/1/25		226,000		219,218
6.75% Sr. Unsec. Nts., 8/1/22		95,000		96,119
Golden Nugget, Inc., 8.75% Sr. Sub. Nts., 10/1/252		451,000		483,411
Gulfport Energy Corp.:
6.00% Sr. Unsec. Nts., 10/15/24		347,000		247,237
6.375% Sr. Unsec. Nts., 5/15/25		118,000		75,274
6.625% Sr. Unsec. Nts., 5/1/23		735,000		621,303

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Hess Midstream Operations LP, 5.625% Sr. Unsec. Nts., 2/15/262		$	700,000	$	730,245
HighPoint Operating Corp., 8.75% Sr. Unsec. Nts., 6/15/25			81,000		74,115
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25% Sr. Unsec. Nts., 11/1/282			280,000		266,797
Holly Energy Partners LP/Holly Energy Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/242			219,000		228,853
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/272			1,590,000		1,671,055
Kinder Morgan Energy Partners LP, 3.45% Sr. Unsec. Nts., 2/15/23			1,055,000		1,088,210
Murphy Oil USA, Inc., 5.625% Sr. Unsec. Nts., 5/1/27			577,000		620,476
Murray Energy Corp., 3% PIK Rate, 9% Cash Rate, 12.00% Sec. Nts., 4/15/242,12,13			2,352,945		2,965
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.625% Sr. Unsec. Nts., 11/8/262			600,000		614,998
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.125% Sr. Unsec. Nts., 3/1/25			369,000		348,858
7.50% Sr. Unsec. Nts., 11/1/23			124,000		124,771
NuStar Logistics LP:
4.80% Sr. Unsec. Nts., 9/1/20			235,000		238,616
6.00% Sr. Unsec. Nts., 6/1/26			818,000		866,568
Oasis Petroleum, Inc., 6.875% Sr. Unsec. Nts., 1/15/23			487,000		477,260
Occidental Petroleum Corp., 2.70% Sr. Unsec. Nts., 8/15/22			900,000		909,483
Oil India International Pte Ltd., 4.00% Sr. Unsec. Nts., 4/21/272			2,119,000		2,178,607
Parkland Fuel Corp., 6.00% Sr. Unsec. Nts., 4/1/262			853,000		902,602
PBF Holding Co. LLC/PBF Finance Corp.:
7.00% Sr. Unsec. Nts., 11/15/23			137,000		142,537
7.25% Sr. Unsec. Nts., 6/15/25			167,000		178,621
Pertamina Persero PT, 4.70% Sr. Unsec. Nts., 7/30/492			1,040,000		1,111,460
Petrobras Global Finance BV:
6.85% Sr. Unsec. Nts., 6/5/15			225,000		257,894
6.90% Sr. Unsec. Nts., 3/19/49			1,080,000		1,268,757
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/262	EUR		1,400,000		1,621,810
4.50% Sr. Unsec. Nts., 1/23/26			2,300,000		2,296,889
5.35% Sr. Unsec. Nts., 2/12/28			1,360,000		1,357,073
7.69% Sr. Unsec. Nts., 1/23/502			828,000		906,474
Puma International Financing SA:
5.00% Sr. Unsec. Nts., 1/24/262			825,000		776,311
5.125% Sr. Unsec. Nts., 10/6/242			750,000		733,255
QEP Resources, Inc.:
5.625% Sr. Unsec. Nts., 3/1/26			814,000		795,909
6.875% Sr. Unsec. Nts., 3/1/21			235,000		243,906
Reliance Industries Ltd., 7.00% Unsec. Nts., 8/31/22	INR		210,000,000		2,980,518
Southwestern Energy Co.:
6.20% Sr. Unsec. Nts., 1/23/25			67,000		61,619
7.50% Sr. Unsec. Nts., 4/1/26			462,000		428,517
Sunoco LP/Sunoco Finance Corp.:
4.875% Sr. Unsec. Nts., 1/15/23			135,000		138,434
5.50% Sr. Unsec. Nts., 2/15/26			66,000		68,663
5.875% Sr. Unsec. Nts., 3/15/28			733,000		780,390
6.00% Sr. Unsec. Nts., 4/15/27			105,000		112,331
Targa Resources Partners LP/Targa
Resources Partners Finance Corp.:
5.00% Sr. Unsec. Nts., 1/15/28			371,000		379,282
5.125% Sr. Unsec. Nts., 2/1/25			589,000		612,554

18        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: (Continued)
5.25% Sr. Unsec. Nts., 5/1/23		$	698,000	$	706,435
5.50% Sr. Unsec. Nts., 3/1/302			113,000		116,249
5.875% Sr. Unsec. Nts., 4/15/26			1,176,000		1,251,704
6.50% Sr. Unsec. Nts., 7/15/272			105,000		115,169
Transcanada Trust, 5.875% [US0003M+464] Jr. Sub. Nts., 8/15/763			1,130,000		1,217,937
Whiting Petroleum Corp.:
5.75% Sr. Unsec. Nts., 3/15/21			97,000		91,980
6.625% Sr. Unsec. Nts., 1/15/26			831,000		568,408
WPX Energy, Inc., 8.25% Sr. Unsec. Nts., 8/1/23			75,000		86,469
					44,396,054
Financials—10.2%
Capital Markets—1.2%
Credit Suisse Group AG, 7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds2,3,16			3,370,000		3,797,394
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25% Sr. Unsec. Nts., 5/15/26			142,000		151,496
MSCI, Inc., 5.75% Sr. Unsec. Nts., 8/15/252			594,000		624,437
Prime Security Services Borrower LLC/ Prime Finance, Inc., 9.25% Sec. Nts., 5/15/232			632,000		663,995
Standard Life Aberdeen plc, 4.25% Sub. Nts., 6/30/282			1,875,000		1,944,114
UBS Group AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds2,3,16			3,880,000		4,045,870
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds2,3,16			1,150,000		1,318,187
7.125% [USSW5+588.3] Jr. Sub. Perpetual Bonds2,3,16			1,214,000		1,289,116
					13,834,609
Commercial Banks—4.6%
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/282,3	EUR		1,250,000		1,108,465
Banco Bilbao Vizcaya Argentaria SA:
6.00% [EUSA5+603.9] Jr. Sub. Perpetual Bonds2,3,16	EUR		695,000		870,630
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds2,3,16	EUR		1,295,000		1,595,429
Banco BTG Pactual SA (Cayman), 4.50% Sr. Unsec. Nts., 1/10/252			823,000		835,345
Banco Comercial Portugues SA:
3.871% [EUSA5+423.1] Sub. Nts., 3/27/302,3	EUR		600,000		682,305
4.50% [EUSA5+426.7] Sub. Nts., 12/7/272,3	EUR		800,000		945,231
9.25% [EUSA5+941.4] Jr. Sub. Perpetual Bonds2,3,16	EUR		353,000		440,527
Banco do Brasil SA (Cayman), 4.75% Sr. Unsec. Nts., 3/20/242			1,053,000		1,107,503
Banco Santander SA:
5.25% [EUSA5+499.9] Jr. Sub. Perpetual Bonds2,3,16	EUR		600,000		718,972
6.75% [EUSA5+680.3] Jr. Sub. Perpetual Bonds2,3,16	EUR		3,390,000		4,201,863
Banco Votorantim SA, 4.50% Sr. Unsec. Nts., 9/24/242			1,200,000		1,236,012
Bancolombia SA, 4.625% [H15T5Y+294.4] Sub. Nts., 12/18/293			500,000		508,125

		Principal Amount		Value
Commercial Banks (Continued)
Bank of China Ltd., 5.00% Sub. Nts., 11/13/242		$	1,475,000	$	1,612,221
Bankia SA, 6.375% [EUSA5+622.4] Jr. Sub. Perpetual Bonds2,3,16	EUR		600,000		731,909
Bankinter SA, 8.625% [EUSA5+886.7] Jr. Sub. Perpetual Bonds2,3,16	EUR		1,145,000		1,427,089
Barclays plc, 7.875% [USSW5+677.2] Jr. Sub. Perpetual Bonds2,3,16			970,000		1,047,993
BNP Paribas SA:
6.75% [USSW5+491.6] Jr. Sub. Perpetual Bonds2,3,16			2,000,000		2,130,790
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds2,3,16			925,000		976,198
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds2,3,16			2,265,000		2,390,368
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds2,3,16	EUR		1,415,000		1,788,582
CIT Group, Inc.:
4.125% Sr. Unsec. Nts., 3/9/21			381,000		388,879
5.00% Sr. Unsec. Nts., 8/15/22			116,000		123,249
5.25% Sr. Unsec. Nts., 3/7/25			235,000		258,990
Cooperatieve Rabobank UA, 6.625% [EUSA5+669.7] Jr. Sub. Perpetual Bonds2,3,16	EUR		2,315,000		2,824,599
Credit Agricole SA:
6.875% [USSW5+431.9] Jr. Sub. Perpetual Bonds2,3,16			575,000		633,630
7.875% [USSW5+489.8] Jr. Sub. Perpetual Bonds2,3,16			1,155,000		1,319,472
Credit Suisse AG, 6.50% Sub. Nts., 8/8/232			2,355,000		2,631,534
Danske Bank AS, 6.125% [USSW7+389.6] Jr. Sub. Perpetual Bonds2,3,16			1,125,000		1,159,580
Global Bank Corp., 5.25%
[US0003M+330] Sr. Unsec. Nts., 4/16/292,3			2,100,000		2,260,125
HSBC Holdings plc, 6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds2,3,16	EUR		955,000		1,238,731
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.375% Sr. Unsec. Nts., 12/15/25			186,000		195,455
Lions Gate Capital Holdings LLC, 6.375% Sr. Unsec. Nts., 2/1/242			235,000		246,165
Lloyds Bank plc, 7.50% Sr. Unsec. Nts., 4/2/322,7			2,825,000		2,362,097
Novo Banco SA, 8.50% [EUSA5+823.3] Sub. Nts., 7/6/282,3	EUR		755,000		898,974
Skandinaviska Enskilda Banken AB, 5.75% [USSW5+385] Jr. Sub. Perpetual Bonds2,3,16			2,500,000		2,523,550
Societe Generale SA, 7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds2,3,16			3,745,000		3,976,347
Standard Chartered plc:
3.516% [H15T5Y+185] Sub. Nts., 2/12/301,2,3			625,000		634,163
7.75% [USSW5+572.3] Jr. Sub. Perpetual Bonds2,3,16			1,250,000		1,383,706
					51,414,803
Consumer Finance—0.5%
Ally Financial, Inc.:
5.125% Sr. Unsec. Nts., 9/30/24			825,000		911,522
5.75% Sub. Nts., 11/20/25			797,000		893,636
8.00% Sr. Unsec. Nts., 11/1/31			383,000		532,351
Navient Corp.:
5.875% Sr. Unsec. Nts., 10/25/24			316,000		338,907
6.125% Sr. Unsec. Nts., 3/25/24			434,000		471,971

19        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

		Principal Amount		Value
Consumer Finance (Continued)
Navient Corp.: (Continued)
6.50% Sr. Unsec. Nts., 6/15/22		$	221,000	$	240,061
6.625% Sr. Unsec. Nts., 7/26/21			237,000		251,161
6.75% Sr. Unsec. Nts., 6/25/25			306,000		338,589
6.75% Sr. Unsec. Nts., 6/15/26			165,000		181,657
Springleaf Finance Corp.:
6.875% Sr. Unsec. Nts., 3/15/25			653,000		744,413
7.125% Sr. Unsec. Nts., 3/15/26			817,000		946,147
					5,850,415
Diversified Financial Services—1.0%
Astana Finance JSC, 9.16% Sr. Unsec. Nts., 12/22/2415			315,159		—
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45%, 3/13/349,12,15	MXN		4,830,531		—
Docuformas SAPI de CV, 10.25% Sr. Unsec. Nts., 7/24/242			365,000		371,086
Greenko Mauritius Ltd., 6.25% Sr. Unsec. Nts., 2/21/232			1,500,000		1,543,943
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875% Sr. Unsec. Nts., 2/1/22			140,000		140,424
JP Morgan/Hipotecaria su Casita, 6.47%, 8/26/352	MXN		5,808,600		34,269
Lions Gate Capital Holdings LLC, 5.875% Sr. Unsec. Nts., 11/1/242			299,000		304,357
Morgan Stanley, Russian Federation Total Return Linked Bonds, Series 007, Cl. VR, 2.66%, 8/22/34	RUB		22,725,040		61,628
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		55,000,000		786,731
Power Finance Corp. Ltd.:
7.27% Sr. Unsec. Nts., 12/22/21	INR		140,000,000		1,960,235
7.42% Sr. Unsec. Nts., 6/26/20	INR		43,000,000		605,237
7.50% Sr. Unsec. Nts., 8/16/21	INR		140,000,000		1,966,870
Quicken Loans, Inc.:
5.25% Sr. Unsec. Nts., 1/15/282			147,000		152,486
5.75% Sr. Unsec. Nts., 5/1/252			140,000		145,017
Rural Electrification Corp. Ltd., 7.24% Sr. Unsec. Nts., 10/21/21	INR		140,000,000		1,962,187
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/322	BRL		5,250,000		1,523,697
					11,558,167
Insurance—0.8%
AmWINS Group, Inc., 7.75% Sr. Unsec. Nts., 7/1/262			189,000		209,408
ASR Nederland NV, 3.375% [EUSA5+400] Sub. Nts., 5/2/492,3	EUR		1,250,000		1,560,359
AXA SA, 3.875% [EUSA11+325] Jr. Sub. Perpetual Bonds2,3,16	EUR		810,000		1,040,338
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.375% [EUR003M+577] Jr. Sub. Perpetual Bonds2,3,16	EUR		2,000,000		2,675,367
La Mondiale SAM, 5.05% [EUSA5+505] Jr. Sub. Perpetual Bonds2,3,16	EUR		825,000		1,081,007
NN Group NV, 4.375% [EUR003M+390]
Jr. Sub. Perpetual Bonds2,3,16	EUR		1,160,000		1,466,541
VIVAT NV, 6.25% [USSW5+417.4] Jr. Sub. Perpetual Bonds2,3,16			1,160,000		1,178,850
					9,211,870
Real Estate Investment Trusts (REITs)—0.5%
Equinix, Inc., 5.875% Sr. Unsec. Nts., 1/15/26			781,000		830,289
GLP Capital LP/GLP Financing II, Inc., 5.375% Sr. Unsec. Nts., 11/1/23			563,000		613,991
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/262			822,000		861,330

		Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
Iron Mountain, Inc.:
4.875% Sr. Unsec. Nts., 9/15/272		$	164,000	$	169,711
4.875% Sr. Unsec. Nts., 9/15/292			370,000		376,705
iStar, Inc., 4.75% Sr. Unsec. Nts., 10/1/24			880,000		913,735
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.:
5.625% Sr. Unsec. Nts., 5/1/24			351,000		383,322
5.75% Sr. Unsec. Nts., 2/1/272			105,000		117,469
MPT Operating Partnership LP/MPT Finance Corp.:
4.625% Sr. Unsec. Nts., 8/1/29			962,000		992,664
5.00% Sr. Unsec. Nts., 10/15/27			78,000		82,877
6.375% Sr. Unsec. Nts., 3/1/24			79,000		82,256
SBA Communications Corp., 4.00% Sr. Unsec. Nts., 10/1/22			280,000		285,948
					5,710,297
Real Estate Management & Development—1.5%
China Aoyuan Group Ltd., 7.50% Sr. Sec. Nts., 5/10/212			1,001,000		1,028,527
China Resources Land Ltd., 3.75% [H15T5Y+513.9] Jr. Sub. Perpetual Bonds1,2,3,16			1,250,000		1,253,125
CIFI Holdings Group Co. Ltd.:
6.375% Sr. Unsec. Nts., 5/2/202			1,000,000		1,007,306
7.625% Sr. Unsec. Nts., 3/2/212			4,204,000		4,342,979
Country Garden Holdings Co. Ltd., 7.50% Sr. Sec. Nts., 3/9/202			1,555,000		1,565,779
Logan Property Holdings Co. Ltd.,
6.875% Sr. Unsec. Nts., 4/24/212			1,365,000		1,404,116
Times China Holdings Ltd.:
6.25% Sr. Sec. Nts., 1/23/202			490,000		489,454
7.85% Sr. Sec. Nts., 6/4/212			5,412,000		5,542,844
					16,634,130
Thrifts & Mortgage Finance—0.1%
LIC Housing Finance Ltd., 7.45% Sr. Sec. Nts., 10/17/22	INR		70,000,000		981,960
Health Care—1.6%
Biotechnology—0.4%
AbbVie, Inc., 2.60% Sr. Unsec. Nts., 11/21/242			5,000,000		5,034,272
Health Care Equipment & Supplies—0.0%
Teleflex, Inc., 4.875% Sr. Unsec. Nts., 6/1/26			592,000		620,325
Health Care Providers & Services—0.9%
Acadia Healthcare Co., Inc.:
5.625% Sr. Unsec. Nts., 2/15/23			84,000		85,540
6.50% Sr. Unsec. Nts., 3/1/24			118,000		122,621
Centene Corp.:
4.625% Sr. Unsec. Nts., 12/15/292			157,000		165,745
4.75% Sr. Unsec. Nts., 5/15/22			268,000		273,837
5.375% Sr. Unsec. Nts., 6/1/262			844,000		897,256
6.125% Sr. Unsec. Nts., 2/15/24			234,000		243,068
Hadrian Merger Sub, Inc., 8.50% Sr. Unsec. Nts., 5/1/262			670,000		687,820
HCA, Inc.:
4.125% Sr. Sec. Nts., 6/15/29			739,000		784,569
5.375% Sr. Unsec. Nts., 2/1/25			200,000		221,583
5.375% Sr. Unsec. Nts., 9/1/26			985,000		1,099,531
5.625% Sr. Unsec. Nts., 9/1/28			246,000		280,797
5.875% Sr. Unsec. Nts., 2/15/26			101,000		115,037
7.50% Sr. Unsec. Nts., 2/15/22			423,000		468,168
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/242			503,000		487,905
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22			1,765,000		1,883,896

20        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Health Care Providers & Services (Continued)
Tenet Healthcare Corp.:
5.125% Sr. Sec. Nts., 11/1/272	$	1,177,000	$	1,244,678
6.25% Sec. Nts., 2/1/272		258,000		277,995
WellCare Health Plans, Inc., 5.375% Sr. Unsec. Nts., 8/15/262		591,000		630,508
				9,970,554
Life Sciences Tools & Services—0.1%
Charles River Laboratories International, Inc., 4.25% Sr. Unsec. Nts., 5/1/282		815,000		831,789
Pharmaceuticals—0.2%
Bausch Health Americas, Inc., 8.50% Sr. Unsec. Nts., 1/31/272		290,000		330,788
Bausch Health Cos., Inc.:
5.75% Sr. Sec. Nts., 8/15/272		235,000		255,410
7.00% Sr. Sec. Nts., 3/15/242		525,000		547,095
HLF Financing Sarl LLC/Herbalife International, Inc., 7.25% Sr. Unsec. Nts., 8/15/262		495,000		525,319
Par Pharmaceutical, Inc., 7.50% Sr. Sec. Nts., 4/1/272		488,000		486,792
				2,145,404
Industrials—2.4%
Aerospace & Defense—0.3%
Bombardier, Inc.:
7.50% Sr. Unsec. Nts., 3/15/252		228,000		235,693
7.875% Sr. Unsec. Nts., 4/15/272		222,000		228,943
Moog, Inc., 4.25% Sr. Unsec. Nts., 12/15/272		264,000		269,306
TransDigm, Inc.:
6.25% Sr. Sec. Nts., 3/15/262		235,000		254,854
6.375% Sr. Sub. Nts., 6/15/26		706,000		750,097
6.50% Sr. Sub. Nts., 7/15/24		442,000		456,778
Triumph Group, Inc., 7.75% Sr. Unsec. Nts., 8/15/25		586,000		612,730
				2,808,401
Air Freight & Couriers—0.2%
Mexico City Airport Trust, 3.875% Sr. Sec. Nts., 4/30/282		600,000		614,464
Rumo Luxembourg Sarl, 5.875% Sr. Unsec. Nts., 1/18/252		1,225,000		1,316,367
XPO Logistics, Inc.:
6.125% Sr. Unsec. Nts., 9/1/232		471,000		487,195
6.75% Sr. Unsec. Nts., 8/15/242		222,000		241,633
				2,659,659
Airlines—0.1%
American Airlines Group, Inc.:
4.625% Sr. Unsec. Nts., 3/1/202		264,000		264,867
5.00% Sr. Unsec. Nts., 6/1/222		434,000		454,615
United Continental Holdings, Inc.:
4.25% Sr. Unsec. Nts., 10/1/22		334,000		349,448
4.875% Sr. Unsec. Nts., 1/15/25		270,000		286,987
				1,355,917
Building Products—0.2%
Advanced Drainage Systems, Inc., 5.00% Sr. Unsec. Nts., 9/30/272		130,000		134,433
Standard Industries, Inc.:
5.00% Sr. Unsec. Nts., 2/15/272		172,000		179,709
5.375% Sr. Unsec. Nts., 11/15/242		348,000		358,437
6.00% Sr. Unsec. Nts., 10/15/252		799,000		841,938
William Lyon Homes, Inc., 6.00% Sr. Unsec. Nts., 9/1/23		454,000		474,618
				1,989,135
Commercial Services & Supplies—0.4%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/242		438,000		457,344

	Principal Amount		Value
Commercial Services & Supplies (Continued)
ADT Security Corp. (The), 6.25% Sr. Sec. Nts., 10/15/21	$	658,000	$	695,388
Brink’s Co. (The), 4.625% Sr. Unsec. Nts., 10/15/272		890,000		918,767
GFL Environmental, Inc., 5.125% Sr. Sec. Nts., 12/15/262		113,000		119,088
GW B-CR Security Corp., 9.50% Sr. Unsec. Nts., 11/1/272		231,000		247,020
Intrado Corp., 5.375% Sr. Unsec. Nts., 7/15/222		624,000		614,640
Murphy Oil USA, Inc., 4.75% Sr. Unsec. Nts., 9/15/29		392,000		414,705
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.75% Sr. Sec. Nts., 4/15/262		437,000		475,785
Resideo Funding, Inc., 6.125% Sr. Unsec. Nts., 11/1/262		225,000		227,256
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		158,000		163,988
Waste Pro USA, Inc., 5.50% Sr. Unsec. Nts., 2/15/262		433,000		452,408
				4,786,389
Construction & Engineering—0.0%
AECOM, 5.125% Sr. Unsec. Nts., 3/15/27		442,000		476,409
Electrical Equipment—0.1%
EnerSys:
4.375% Sr. Unsec. Nts., 12/15/272		190,000		188,119
5.00% Sr. Unsec. Nts., 4/30/232		772,000		810,920
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/242		245,000		273,277
				1,272,316
Industrial Conglomerates—0.0%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.75% Sr. Unsec. Nts., 2/1/24		222,000		230,972
Machinery—0.4%
Amsted Industries, Inc., 5.625% Sr. Unsec. Nts., 7/1/272		248,000		263,586
Cleaver-Brooks, Inc., 7.875% Sr. Sec. Nts., 3/1/232		943,000		943,391
Colfax Corp.:
6.00% Sr. Unsec. Nts., 2/15/242		224,000		238,467
6.375% Sr. Unsec. Nts., 2/15/262		106,000		115,672
EnPro Industries, Inc., 5.75% Sr. Unsec. Nts., 10/15/26		913,000		974,945
IHS Netherlands Holdco BV, 8.00% Sr. Unsec. Nts., 9/18/272		690,000		735,506
Titan International, Inc., 6.50% Sr. Sec. Nts., 11/30/23		864,000		741,239
				4,012,806
Professional Services—0.1%
ASGN, Inc., 4.625% Sr. Unsec. Nts., 5/15/282		597,000		614,749
Road & Rail—0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75% Sr. Unsec. Nts., 7/15/272		514,000		535,858
Fideicomiso PA Pacifico Tres, 8.25% Sr. Sec. Nts., 1/15/352		510,000		589,687
Kenan Advantage Group, Inc. (The),
7.875% Sr. Unsec. Nts., 7/31/232		654,000		641,466
United Rentals North America, Inc., 5.25% Sr. Unsec. Nts., 1/15/30		504,000		543,388
				2,310,399

21        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Trading Companies & Distributors—0.3%
AerCap Global Aviation Trust, 6.50% [US0003M+430] Jr. Sub. Nts., 6/15/452,3	$	483,000	$	533,763
BMC East LLC, 5.50% Sr. Sec. Nts., 10/1/242		603,000		628,878
Herc Holdings, Inc., 5.50% Sr. Unsec. Nts., 7/15/272		423,000		446,276
United Rentals North America, Inc.:
4.875% Sr. Unsec. Nts., 1/15/28		280,000		292,062
5.875% Sr. Unsec. Nts., 9/15/26		1,120,000		1,204,308
6.50% Sr. Unsec. Nts., 12/15/26		471,000		518,530
				3,623,817
Transportation Infrastructure—0.1%
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/202		IDR 9,160,000,000		661,823
Information Technology—0.6%
Communications Equipment—0.0%
Hughes Satellite Systems Corp.:
5.25% Sr. Sec. Nts., 8/1/26		327,000		359,814
6.625% Sr. Unsec. Nts., 8/1/26		322,000		358,337
				718,151
Electronic Equipment, Instruments, & Components—0.1%
Itron, Inc., 5.00% Sr. Unsec. Nts., 1/15/262		516,000		536,174
MTS Systems Corp., 5.75% Sr. Unsec. Nts., 8/15/272		471,000		493,536
				1,029,710
IT Services—0.1%
Alliance Data Systems Corp., 4.75% Sr. Unsec. Nts., 12/15/242		435,000		435,000
Harland Clarke Holdings Corp.:
6.875% Sr. Sec. Nts., 3/1/202		230,000		230,086
8.375% Sr. Sec. Nts., 8/15/222		160,000		130,850
				795,936
Semiconductors & Semiconductor Equipment—0.1%
Micron Technology, Inc., 4.663% Sr. Unsec. Nts., 2/15/30		681,000		750,152
Software—0.0%
Camelot Finance SA, 4.50% Sr. Sec. Nts., 11/1/262		192,000		197,640
Technology Hardware, Storage & Peripherals—0.3%
Dell International LLC/EMC Corp.:
4.42% Sr. Sec. Nts., 6/15/212		2,266,000		2,332,004
7.125% Sr. Unsec. Nts., 6/15/242		616,000		650,650
EMC Corp., 2.65% Sr. Unsec. Nts., 6/1/20		347,000		347,496
Everi Payments, Inc., 7.50% Sr. Unsec. Nts., 12/15/252		339,000		364,566
				3,694,716
Materials—4.6%
Chemicals—1.1%
Ashland LLC:
4.75% Sr. Unsec. Nts., 8/15/22		235,000		246,162
6.875% Sr. Unsec. Nts., 5/15/43		134,000		153,890
Blue Cube Spinco LLC, 9.75% Sr. Unsec. Nts., 10/15/23		118,000		127,182
Braskem Idesa SAPI, 7.45% Sr. Sec. Nts., 11/15/292		500,000		533,630
Braskem Netherlands Finance BV:
4.50% Sr. Unsec. Nts., 1/31/302		355,000		353,758
5.875% Sr. Unsec. Nts., 1/31/502		1,200,000		1,193,700
Celanese US Holdings LLC, 5.875% Sr. Unsec. Nts., 6/15/21		1,019,000		1,069,795
CF Industries, Inc., 3.40% Sr. Sec. Nts., 12/1/212		992,000		1,017,498

		Principal Amount		Value
Chemicals (Continued)
Chemours Co. (The), 6.625% Sr. Unsec. Nts., 5/15/23		$	192,000	$	193,136
Element Solutions, Inc., 5.875% Sr. Unsec. Nts., 12/1/252			490,000		513,883
ENN Clean Energy International Investment Ltd., 7.50% Sr. Unsec. Nts., 2/27/212			1,250,000		1,292,247
Koppers, Inc., 6.00% Sr. Unsec. Nts., 2/15/252			570,000		598,494
OCP SA, 4.50% Sr. Unsec. Nts., 10/22/252			1,570,000		1,683,525
Olin Corp.:
5.00% Sr. Unsec. Nts., 2/1/30			117,000		118,971
5.125% Sr. Unsec. Nts., 9/15/27			110,000		114,930
5.625% Sr. Unsec. Nts., 8/1/29			943,000		997,741
Starfruit Finco BV/Starfruit US Holdco LLC, 6.50% Sr. Unsec. Nts., 10/1/262	EUR		1,455,000		1,754,479
Unigel Luxembourg SA, 8.75% Sr. Unsec. Nts., 10/1/262			780,000		796,476
					12,759,497
Construction Materials—0.2%
Cemex Finance LLC, 6.00% Sr. Sec. Nts., 4/1/242			985,000		1,015,043
Cemex SAB de CV, 5.45% Sr. Sec. Nts., 11/19/292			305,000		319,106
InterCement Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/242			650,000		539,776
					1,873,925
Containers & Packaging—0.6%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
4.125% Sr. Sec. Nts., 8/15/262			580,000		595,587
4.25% Sr. Sec. Nts., 9/15/222			125,000		126,824
6.00% Sr. Unsec. Nts., 2/15/252			456,000		479,370
Ball Corp., 4.375% Sr. Unsec. Nts., 12/15/20			1,762,000		1,802,949
Berry Global, Inc., 4.875% Sr. Sec. Nts., 7/15/262			427,000		451,157
Cascades, Inc./Cascades USA, Inc., 5.375% Sr. Unsec. Nts., 1/15/282			398,000		409,940
Flex Acquisition Co., Inc.:
6.875% Sr. Unsec. Nts., 1/15/252			283,000		285,827
7.875% Sr. Unsec. Nts., 7/15/262			234,000		236,298
Graphic Packaging International LLC:
4.75% Sr. Unsec. Nts., 4/15/21			1,110,000		1,139,582
4.875% Sr. Unsec. Nts., 11/15/22			298,000		312,993
OI European Group BV, 4.00% Sr. Unsec. Nts., 3/15/232			442,000		446,603
Owens-Brockway Glass Container, Inc., 5.00% Sr. Unsec. Nts., 1/15/222			225,000		233,948
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.125% Sr. Sec. Nts., 7/15/232			315,000		323,138
Trivium Packaging Finance BV, 5.50% Sr. Sec. Nts., 8/15/262			145,000		153,066
					6,997,282
Metals & Mining—1.9%
ArcelorMittal SA:
3.60% Sr. Unsec. Nts., 7/16/24			2,500,000		2,566,788
6.125% Sr. Unsec. Nts., 6/1/25			1,185,000		1,361,183
Celtic Resources Holdings DAC, 4.125% Sr. Unsec. Nts., 10/9/242			2,325,000		2,400,490
Corp. Nacional del Cobre de Chile, 3.00% Sr. Unsec. Nts., 9/30/292			954,000		941,068
CSN Resources SA, 7.625% Sr. Unsec. Nts., 2/13/232			1,210,000		1,292,395

22        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Metals & Mining (Continued)
Evraz plc, 5.375% Sr. Unsec. Nts., 3/20/232	$	2,285,000	$	2,458,397
First Quantum Minerals Ltd.:
7.00% Sr. Unsec. Nts., 2/15/212		63,000		63,276
7.25% Sr. Unsec. Nts., 4/1/232		1,324,000		1,373,471
FMG Resources August 2006 Pty Ltd.,
4.75% Sr. Unsec. Nts., 5/15/222		119,000		123,079
Freeport-McMoRan, Inc.:
3.55% Sr. Unsec. Nts., 3/1/22		147,000		149,099
4.55% Sr. Unsec. Nts., 11/14/24		99,000		104,857
5.40% Sr. Unsec. Nts., 11/14/34		2,506,000		2,630,855
5.45% Sr. Unsec. Nts., 3/15/43		96,000		99,610
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/252		535,000		565,808
Industrias Penoles SAB de CV, 5.65% Sr. Unsec. Nts., 9/12/492		755,000		807,484
JSW Steel Ltd., 5.25% Sr. Unsec. Nts., 4/13/222		1,600,000		1,636,970
Metinvest BV, 7.75% Sr. Unsec. Nts., 10/17/292		920,000		943,925
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35		480,000		662,810
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/252		1,231,000		1,186,881
Taseko Mines Ltd., 8.75% Sr. Sec. Nts., 6/15/222		856,000		712,887
				22,081,333
Paper & Forest Products—0.8%
Boise Cascade Co., 5.625% Sr. Unsec. Nts., 9/1/242		692,000		721,697
Celulosa Arauco y Constitucion SA:
4.20% Sr. Unsec. Nts., 1/29/302		312,000		313,513
4.50% Sr. Unsec. Nts., 8/1/24		1,513,000		1,589,293
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24		816,000		845,919
Mercer International, Inc.:
5.50% Sr. Unsec. Nts., 1/15/26		368,000		375,369
6.50% Sr. Unsec. Nts., 2/1/24		605,000		629,451
Norbord, Inc., 5.75% Sr. Sec. Nts., 7/15/272		894,000		930,071
Suzano Austria GmbH, 5.00% Sr. Unsec. Nts., 1/15/30		3,050,000		3,211,559
				8,616,872
Telecommunication Services—1.5%
Diversified Telecommunication Services—1.3%
Altice France SA:
7.375% Sr. Sec. Nts., 5/1/262		487,000		523,764
8.125% Sr. Sec. Nts., 2/1/272		264,000		297,818
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/242		1,155,000		1,218,057
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25		330,000		351,329
7.50% Sr. Unsec. Nts., Series Y, 4/1/24		777,000		877,688
Cincinnati Bell, Inc., 8.00% Sr. Unsec. Nts., 10/15/252		445,000		472,997
CommScope, Inc., 6.00% Sr. Sec. Nts., 3/1/262		1,174,000		1,251,043
Frontier Communications Corp.:
10.50% Sr. Unsec. Nts., 9/15/22		732,000		358,908
11.00% Sr. Unsec. Nts., 9/15/25		105,000		51,187
GTH Finance BV, 7.25% Sr. Unsec. Nts., 4/26/232		2,250,000		2,535,874
HTA Group Ltd., 9.125% Sr. Unsec. Nts., 3/8/222		1,705,000		1,764,970
Inmarsat Finance plc, 4.875% Sr. Unsec. Nts., 5/15/222		319,000		323,586

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Level 3 Financing, Inc.:
5.25% Sr. Unsec. Nts., 3/15/26	$	971,000	$	941,839
5.375% Sr. Unsec. Nts., 5/1/25		692,000		717,663
Oi S.A., 10% Cash Rate or 8% Cash Rate and 4% PIK Rate, 10.00% Sr. Unsec. Nts., 7/27/2513		883,000		792,859
Qwest Corp., 6.875% Sr. Unsec. Nts., 9/15/33		287,000		288,722
Telecom Italia Capital SA, 7.20% Sr. Unsec. Nts., 7/18/36		1,039,000		1,233,709
Telecom Italia SpA, 5.303% Sr. Unsec. Nts., 5/30/242		435,000		468,708
Zayo Group LLC/Zayo Capital, Inc., 6.00% Sr. Unsec. Nts., 4/1/23		338,000		346,310
				14,817,031
Wireless Telecommunication Services—0.2%
Intelsat Jackson Holdings SA, 8.50% Sr. Unsec. Nts., 10/15/242		553,000		504,842
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		299,000		306,847
4.75% Sr. Unsec. Nts., 2/1/28		427,000		448,205
5.125% Sr. Unsec. Nts., 4/15/25		139,000		144,137
6.00% Sr. Unsec. Nts., 4/15/24		232,000		240,118
				1,644,149
Utilities—1.8%
Electric Utilities—0.7%
Adani Transmission Ltd., 4.25% Sr. Sec. Nts., 5/21/362		800,000		810,702
DPL, Inc., 4.35% Sr. Unsec. Nts., 4/15/292		453,000		437,038
Empresa de Transmision Electrica SA, 5.125% Sr. Unsec. Nts., 5/2/492		750,000		855,709
Eskom Holdings SOC Ltd., 6.75% Sr. Unsec. Nts., 8/6/232		1,875,000		1,916,962
Perusahaan Listrik Negara PT, 4.125% Sr. Unsec. Nts., 5/15/272		2,045,000		2,160,742
Terraform Global Operating LLC, 6.125% Sr. Unsec. Nts., 3/1/262		342,000		356,654
TerraForm Power Operating LLC, 5.00% Sr. Unsec. Nts., 1/31/282		43,000		45,544
Vistra Operations Co. LLC:
5.00% Sr. Unsec. Nts., 7/31/272		491,000		513,993
5.50% Sr. Unsec. Nts., 9/1/262		131,000		139,164
5.625% Sr. Unsec. Nts., 2/15/272		224,000		236,454
				7,472,962
Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.:
5.50% Sr. Unsec. Nts., 5/20/25		230,000		248,973
5.875% Sr. Unsec. Nts., 8/20/26		653,000		721,140
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50% Sr. Unsec. Nts., 4/15/262		147,000		142,571
Superior Plus LP/Superior General Partner, Inc., 7.00% Sr. Unsec. Nts., 7/15/262		493,000		530,763
				1,643,447
Independent Power and Renewable Electricity Producers—1.0%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/262		490,000		521,413
AES Corp.:
4.00% Sr. Unsec. Nts., 3/15/21		227,000		230,632
6.00% Sr. Unsec. Nts., 5/15/26		152,000		162,161
AES Gener SA, 6.35% [H15T5Y+491.7] Jr. Sub. Nts., 10/7/792,3		750,000		769,875

23        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Independent Power and Renewable Electricity Producers (Continued)
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/222	$	1,515,000	$	1,548,369
Azure Power Solar Energy Pvt Ltd., 5.65% Sr. Sec. Nts., 12/24/242		600,000		614,358
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/262		367,000		382,991
5.75% Sr. Unsec. Nts., 1/15/25		86,000		88,472
Enviva Partners LP/Enviva Partners Finance Corp., 6.50% Sr. Unsec. Nts., 1/15/262		375,000		402,424
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/272		1,865,000		1,947,731
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/262		2,285,000		2,323,308
NRG Energy, Inc.:
5.25% Sr. Unsec. Nts., 6/15/292		826,000		894,641
6.625% Sr. Unsec. Nts., 1/15/27		816,000		886,870
SMC Global Power Holdings Corp., 5.95% [H15T5Y+679.6] Jr. Sub. Perpetual Bonds1,2,3,16		900,000		925,393
				11,698,638
Multi-Utilities—0.0%
TerraForm Power Operating LLC, 4.25% Sr. Unsec. Nts., 1/31/232		157,000		162,018
Total Corporate Bonds and Notes (Cost $379,824,834)				380,632,920
	Shares
Preferred Stock—0.0%
Claire’s Holdings LLC, 0.00%, Series A17 (Cost $36,875)		71		11,360
Common Stocks—0.1%
Claire’s Holdings LLC17		235		152,750
Clear Channel Outdoor Holdings, Inc., Cl. A17		46,536		133,093
Hexion Holdings Corp., Cl. B17		25,804		310,938
JSC Astana Finance (Cost $0, Acquisition Date 6/5/15), GDR2,15,17		446,838		—
Quicksilver Resources, Inc.15,17		4,151,000		—
Sabine Oil & Gas Holdings, Inc.		837		58,800
Total Common Stocks (Cost $5,329,461)				655,581

	Units		Value
Rights, Warrants and Certificates—0.0%
Agro Holdings, Inc. Wts., Exp. 4/10/2415,17		775	$	—
Sabine Oil Tranche 1 Wts., Strike Price $4.49,
Exp. 8/11/2617		2,612		34,165
Sabine Oil Tranche 2 Wts., Strike Price $2.72, Exp. 8/11/2617		549		6,382
Total Rights, Warrants and Certificates (Cost $351,214)				40,547
	Principal Amount
Structured Securities—0.6%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/252,8		746,096		715,552
3.054% Sr. Sec. Nts., 4/30/252,8		950,642		911,724
3.098% Sr. Sec. Nts., 4/30/252,8		820,727		787,128
3.131% Sr. Sec. Nts., 4/30/252,8		733,626		703,593
3.179% Sr. Sec. Nts., 4/30/252,8		913,424		876,030
3.231% Sr. Sec. Nts., 4/30/252,8		1,042,535		999,856
3.265% Sr. Sec. Nts., 4/30/252,8		832,863		798,768
3.346% Sr. Sec. Nts., 4/30/252,8		782,856		750,808
Total Structured Securities (Cost $5,913,362)				6,543,459
Short-Term Notes—0.5%
Arab Republic of Egypt Treasury Bills, 17.01%, 5/5/208		EGP 53,600,000		3,202,261
Argentine Republic Treasury Bills, 4.971%, 5/29/208		ARS 166,600,000		2,340,781
Total Short-Term Notes (Cost $7,520,694)				5,543,042
	Shares
Investment Companies—14.7%
Carlyle Tactical Private Credit Fund18		71,869		664,049
Invesco Government & Agency Portfolio, Institutional Class, 1.50%19		111,331,442		111,331,442
Invesco Oppenheimer Limited-Term Bond Fund18		2,166		9,920
Invesco Oppenheimer Master Event-Linked Bond Fund18		1,564,541		25,095,080
Invesco Oppenheimer Ultra-Short Duration Fund18		5,234,532		26,120,338
Nuveen Floating Rate Income Fund		329,965		3,378,842
Total Investment Companies (Cost $170,845,254)				166,599,671

Exercise Price

Expiration Date

Contracts

Notional Amount (000’s)

Value

Exchange-Traded Options Purchased—0.0%

S&P 500 Index Put

USD

2,675.000

3/20/20

USD

166

USD 44,405

107,900

S&P 500 Index Put

USD

2,625.000

2/21/20

USD

88

USD 23,100

20,240

S&P 500 Index Put

USD

2,955.000

2/21/20

USD

275

USD 81,263

313,500

Total Exchange-Traded Options Purchased (Cost $3,050,749)

441,640

Counterparty

Exercise Price

Expiration Date

Contracts

Notional Amount (000’s)

Over-the-Counter Options Purchased—1.0%

BRL Currency Put

MSCO

BRL

4.000

5/27/20

USD

25,000,000

USD 25,000

520,525

BRL Currency Put

GSCO-OT

BRL

3.432

3/27/20

USD

1,460,000

USD 1,460

2,372

BRL Currency Put

GSCO-OT

BRL

3.430

3/30/20

USD

1,457,000

USD 1,457

2,619

BRL Currency Put

GSCO-OT

BRL

3.430

3/30/20

USD

1,457,000

USD 1,457

2,619

BRL Currency Put

MSCO

BRL

4.080

5/11/20

USD

18,750,000

USD 18,750

571,870

BRL Currency Put

JPM

BRL

3.970

1/24/20

USD

12,500,000

USD 12,500

64,808

CAD Currency Call

SCB

CAD

1.338

2/5/20

USD

25,000,000

USD 25,000

6,122

CAD Currency Put

SCB

CAD

1.295

2/5/20

USD

25,000,000

USD 25,000

109,800

CLP Currency Put

JPM

CLP

699.000

1/17/20

USD

25,000,000

USD 25,000

436

CLP Currency Put

GSCOI

CLP

738.000

2/5/20

USD

25,000,000

USD 25,000

166,431

EUR Currency Put

BOA

USD

1.094

2/17/20

EUR

11,250,000

EUR 11,250

6,660

EUR Currency Call

BOA

USD

1.132

2/17/20

EUR

11,250,000

EUR 11,250

64,103

EUR Currency Put

BOA

INR

82.250

11/3/20

EUR

25,000,000

EUR 25,000

418,536

EUR Currency Put

SCB

IDR

16,100.000

12/17/20

EUR

25,000,000

EUR 25,000

566,271

EUR Currency Put

JPM

NOK

8.900

8/26/21

EUR

3,750,000

EUR 3,750

574,916

24        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Counterparty

Exercise Price

Expiration Date

Contracts

Notional Amount (000’s)

Value

Over-the-Counter Options Purchased (Continued)

EUR Currency Put

MSCO

NOK

9.757

8/20/20

EUR

45,000,000

EUR 45,000

$

527,901

EUR Currency Put

BOA

SEK

9.250

4/29/20

EUR

2,800,000

EUR 2,800

24

EUR Currency Put

GSCO-OT

INR

74.875

8/5/20

EUR

1,500,000

EUR 1,500

201,492

EUR Currency Put

GSCO-OT

NOK

8.648

1/6/21

EUR

3,650,000

EUR 3,650

93,829

EUR Currency Put

GSCO-OT

NOK

8.360

1/6/21

EUR

3,650,000

EUR 3,650

20,560

EUR Currency Put

GSCOI

RUB

70.480

11/4/20

EUR

27,400,000

EUR 27,400

487,537

IDR Currency Put

JPM

IDR

14,420.000

10/26/20

USD

12,500,000

USD 12,500

374,116

IDR Currency Put

SCB

IDR

14,400.000

10/22/20

USD

25,000,000

USD 25,000

723,784

IDR Currency Put

GSCOI

IDR

14,435.000

10/22/20

USD

18,750,000

USD 18,750

572,702

INR Currency Put

JPM

INR

66.092

4/29/20

USD

1,500,000

USD 1,500

5,312

INR Currency Put

GSCO-OT

INR

65.600

5/6/20

USD

2,280,000

USD 2,280

5,659

INR Currency Put

BOA

INR

72.500

10/27/20

USD

25,000,000

USD 25,000

317,935

MXN Currency Put

JPM

MXN

19.375

6/2/20

USD

295,550,000

USD 295,550

317,710

MXN Currency Put

CITNA-B

MXN

19.350

6/2/20

USD

295,200,000

USD 295,200

306,282

MXN Currency Put

BOA

MXN

19.135

3/12/20

USD

25,000,000

USD 25,000

323,486

PHP Currency Put

SCB

PHP

50.450

3/5/20

USD

18,750,000

USD 18,750

90,453

PHP Currency Put

GSCO-OT

PHP

50.200

2/4/20

USD

6,250,000

USD 6,250

11,871

PHP Currency Put

GSCO-OT

PHP

50.100

2/11/20

USD

15,625,000

USD 15,625

28,539

RUB Currency Put

JPM

RUB

59.000

8/5/20

USD

1,650,000

USD 1,650

555,897

RUB Currency Put

GSCO-OT

RUB

57.300

3/30/20

USD

2,914,000

USD 2,914

85,003

RUB Currency Put

JPM

RUB

70.000

2/25/21

USD

1,535,200,000

USD 1,535,200

2,134,465

RUB Currency Put

GSCO-OT

RUB

58.500

8/4/20

USD

1,650,000

USD 1,650

445,658

ZAR Currency Put

GSCO-OT

ZAR

14.500

7/23/20

USD

229,950,000

USD 229,950

729,059

Total Over-the-Counter Options Purchased (Cost $14,020,810)

11,437,362

Counterparty

Buy /Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Credit Default Swaptions Purchased—0.0%

Credit Default Swap maturing 12/20/24 Call

JPM

Buy

iTraxx Europe Crossover Series 32 Version 1

5.000%

2/19/20

EUR

37,500

41,340

Credit Default Swap maturing 12/20/24 Call

JPM

Buy

Markit CDX North America High Yield Index, Series 31, Version 1

5.000

2/19/20

USD

50,000

183,406

Credit Default Swap maturing 12/20/24 Call

JPM

Buy

Markit CDX North America High Yield Index, Series 31, Version 1

5.000

2/19/20

USD

17,000

57,248

Total Over-the-Counter Credit Default Swaptions Purchased (Cost $768,950)

281,994

Counterparty

Pay / Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.7%

Interest Rate Swap maturing 11/25/21 Put

MSCO

Receive

Six-Month EUR EURIBOR

0.532

11/25/21

EUR

9,375

218,603

Interest Rate Swap maturing 11/27/20 Put

JPM

Receive

Three-Month USD BBA LIBOR

1.700

11/27/20

USD

63,000

2,170,443

Interest Rate Swap maturing 12/2/20 Put

GSCOI

Receive

Three-Month USD BBA LIBOR

2.266

12/2/20

USD

45,000

452,074

Interest Rate Swap maturing 12/3/21 Put

MSCO

Receive

Three-Month USD BBA LIBOR

3.000

12/3/21

USD

25,000

318,195

Interest Rate Swap Maturing 3/29/21 Put

JPM

Receive

Six-Month EUR EURIBOR

1.122

3/29/21

EUR

146,200

67,196

Interest Rate Swap Maturing 3/30/20 Put

BOA

Receive

Three-Month CAD BA CDOR

2.588

3/30/20

CAD

195,000

64,282

Interest Rate Swap Maturing 4/12021 Put

JPM

Receive

Six-Month EUR EURIBOR

0.615

4/12/21

EUR

146,250

13,990

Interest Rate Swap Maturing 4/6/21 Put

JPM

Receive

Six-Month EUR EURIBOR

0.608

4/6/21

EUR

146,000

13,532

Interest Rate Swap maturing 6/15/20 Put

NOM

Receive

Three-Month USD BBA LIBOR

1.850

6/15/20

USD

75,000

1,391,627

Interest Rate Swap maturing 8/16/24 Put

JPM

Receive

CDX.NA.HY.33

2.098

8/16/24

EUR

30,000

637,555

Interest Rate Swap maturing 8/17/20 Put

MSCO

Receive

Three-Month USD BBA LIBOR

1.695

8/17/20

USD

52,500

1,602,796

Interest Rate Swap maturing 8/26/20 Put

MSCO

Receive

Three-Month USD BBA LIBOR

2.500

8/26/20

USD

75,000

253,989

25        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

	Counterparty		Pay / Receive Floating Rate		Floating Rate		Fixed Rate			Expiration Date		Notional Amount (000’s)				Value
Over-the-Counter Interest Rate Swaptions Purchased (Continued)
Interest Rate Swap maturing
8/28/20 Put		GSCOI		Receive		Three-Month KRW CD		2.000	%		8/28/20		KRW	36,000,000		$	67,472
Interest Rate Swap maturing						Three-Month USD
1/9/20 Call		GSCOI		Pay		BBA LIBOR		1.600			1/9/20		USD	231,600			16,594
Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $6,803,510)																	7,288,348
Total Investments, at Value (Cost $1,194,745,982)														103.6	%		1,172,357,030
Net Other Assets (Liabilities)														(3.6	)		(40,694,443	)
Net Assets														100.0	%	$	1,131,662,587

Consolidated Footnotes to Schedule of Investments

1. All or a portion of this security is owned by the subsidiary.

2. 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, 2019 was $508,785,208, which represented 44.96% of the Fund’s Net Assets.

3. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

4. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $4,385,203 or 0.39% of the Fund’s net assets at period end.

5. Interest rate is less than 0.0005%.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Consolidated Notes to Financial Statements.

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. Zero coupon bond reflects effective yield on the original acquisition date.

9. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

10. 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 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.

11. Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (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 a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

12. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the original contractual interest rate.

13. Interest or dividend is paid-in-kind, when applicable.

14. Security received as the result of issuer reorganization.

15. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes to Financial Statements.

16. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

17. Non-income producing security.

18. Is or was an affiliate, as defined in the Investment Company Act of 1940, as amended, at or during the reporting period, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares December 31, 2018		Gross Additions			Gross Reductions			Shares December 31, 2019
Investment Company
Carlyle Tactical Private Credit Fund		—		140,799			68,930			71,869
Invesco Oppenheimer Limited-Term Bond Fund		1,654,825		122,663			1,775,322			2,166
Invesco Oppenheimer Master Event-Linked Bond Fund		1,954,233		—			389,692			1,564,541
Invesco Oppenheimer Master Loan Fund		8,607,367		—			8,607,367			—
Invesco Oppenheimer Ultra-Short Duration Fund		10,238,165		242,379			5,246,012			5,234,532
	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Carlyle Tactical Private Credit Fund	$	664,049	$	93,029		$	(29,640	)	$	(38,352)
Invesco Oppenheimer Limited-Term Bond Fund		9,920		195,233			219,616			(16,503)
Invesco Oppenheimer Master Event-Linked Bond Fund		25,095,080		2,175,405	a,b		(1,289,008	)a		659,058a
Invesco Oppenheimer Master Loan Fund		—		1,789,921	c,d		(6,354,754	)c		9,620,511c
Invesco Oppenheimer Ultra-Short Duration Fund		26,120,338		1,211,754			(72,901	)		102,764
Total	$	51,889,387	$	5,465,342		$	(7,526,687	)	$	10,327,478

a. Represents the amount allocated to the Fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

b. Net of expenses allocated to the Fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

c. Represents the amount allocated to the Fund from Invesco Oppenheimer Master Loan Fund.

d. Net of expenses allocated to the Fund from Invesco Oppenheimer Master Loan Fund.

19. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

26        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	572,530,037	48.8%
United Kingdom		62,769,221	5.4
India		43,622,053	3.7
Italy		38,054,999	3.2
Indonesia		37,882,906	3.2
Mexico		30,910,945	2.6
South Africa		28,922,575	2.5
Greece		28,893,469	2.5
Egypt		27,213,980	2.3
Brazil		25,947,185	2.2
Russia		23,560,676	2.0
Portugal		22,341,318	1.9
China		19,767,428	1.7
France		17,163,555	1.5
Argentina		16,314,428	1.4
Ireland		14,703,900	1.3
Switzerland		13,082,101	1.1
Spain		11,334,473	1.0
Netherlands		9,389,177	0.8
Turkey		9,113,660	0.8
Canada		8,136,755	0.7
Luxembourg		8,023,966	0.7
Sri Lanka		7,838,648	0.7
Dominican Republic		7,183,032	0.6
Thailand		5,790,908	0.5
Senegal		5,312,046	0.5
Panama		5,294,140	0.5
Ukraine		5,010,885	0.4
Colombia		4,759,214	0.4
Macau		4,667,708	0.4
Chile		4,532,662	0.4
Oman		4,406,490	0.4
Hong Kong		3,646,793	0.3
Angola		3,523,860	0.3
Ivory Coast		3,394,446	0.3
Austria		3,372,401	0.3
Peru		2,610,541	0.2
Sweden		2,523,574	0.2
Paraguay		2,488,450	0.2
New Zealand		2,356,467	0.2
Cyprus		1,982,443	0.2
Mauritius		1,764,970	0.1
Morocco		1,683,525	0.1
Kazakhstan		1,671,055	0.1
Singapore		1,509,566	0.1
El Salvador		1,458,101	0.1
Zambia		1,436,747	0.1
United Arab Emirates		1,380,533	0.1
Kenya		1,356,138	0.1
Norway		1,217,207	0.1
Czech Republic		1,179,748	0.1
Denmark		1,159,580	0.1
Philippines		1,056,256	0.1
Supranational		1,024,664	0.1
Germany		1,004,820	0.1
Eurozone		992,216	0.1
Nigeria		735,506	0.1
Belgium		651,283	0.1
Ecuador		262,299	0.0
Cayman Islands		248,750	0.0
Australia		123,079	0.0
South Korea		67,472	0.0
Total	$	1,172,357,030	100.0%

27        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

Forward Currency Exchange Contracts as of December 31, 2019
									Unrealized		Unrealized
Counterparty	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Appreciation		Depreciation
BAC		05/2020		CLP	596,900	USD		871	$	—	$	(76,229	)
BOA		01/2020		EUR	3,730	USD		4,117		73,759		—
BOA		01/2020 - 03/2020		IDR	194,607,000	USD		13,546		466,363		—
BOA		01/2020		JPY	285,000	USD		2,669		—		(41,866	)
BOA		01/2020		NOK	38,280	USD		4,205		155,780		—
BOA		01/2020		NZD	3,900	USD		2,472		154,254		—
BOA		03/2020		RUB	474,873	USD		7,358		223,921		—
BOA		01/2020		SEK	168,440	USD		17,195		811,920		—
BOA		01/2020		USD	29,203	EUR		26,475		—		(543,912	)
BOA		01/2020		USD	15,363	GBP		12,355		—		(1,015,524	)
BOA		03/2020		USD	3	KRW		3,360		—		(47	)
BOA		03/2020		USD	5,375	MXN		103,912		—		(60,456	)
BOA		01/2020		USD	17,576	SEK		168,440		—		(430,910	)
BOA		03/2020		USD	2,256	TRY		13,530		24,056		—
BOA		03/2020		USD	16,348	ZAR		248,000		—		(1,192,993	)
BOA		03/2020		ZAR	238,000	USD		15,975		858,837		—
CITNA-B		02/2020 - 05/2020		CLP	4,504,435	USD		6,173		72,932		(249,136	)
CITNA-B		01/2020		EUR	2,635	USD		2,917		43,264		—
CITNA-B		03/2020		IDR	131,902,000	USD		9,312		164,574		—
CITNA-B		03/2020		MXN	18,698	USD		926		51,991		—
CITNA-B		01/2020		NOK	182,250	USD		19,993		768,501		—
CITNA-B		02/2020 - 03/2020		USD	10,012	CLP		7,681,312		—		(210,840	)
CITNA-B		01/2020		USD	96,913	EUR		87,495		—		(1,394,056	)
CITNA-B		01/2020		USD	30,889	GBP		24,760		—		(1,933,661	)
CITNA-B		03/2020		USD	34,476	IDR		488,351,000		—		(609,316	)
CITNA-B		03/2020		USD	18,995	MXN		381,563		—		(960,732	)
CITNA-B		03/2020		USD	15,572	RUB		1,001,900		—		(424,251	)
GSCO-OT		03/2021		BRL	40,000	USD		9,643		35,115		—
GSCO-OT		02/2020		CLP	2,554,435	USD		3,250		148,603		—
GSCO-OT		11/2020		EUR	2,700	RUB		198,748		83,568		(85,515	)
GSCO-OT		01/2020 - 01/2021		EUR	82,059	USD		94,337		422,594		(1,757,158	)
GSCO-OT		06/2020		IDR	37,614,063	USD		2,598		76,607		—
GSCO-OT		05/2020		INR	1,571,866	USD		21,660		90,716		—
GSCO-OT		03/2020		MXN	227,288	USD		11,875		12,204		—
GSCO-OT		03/2020		MYR	760	USD		182		3,613		—
GSCO-OT		02/2021		RUB	690,200	USD		10,140		479,684		—
GSCO-OT		02/2020 - 03/2020		TRY	36,400	USD		6,112		—		(90,804	)
GSCO-OT		03/2020 - 03/2021		USD	32,531	BRL		133,434		35,136		(319,275	)
GSCO-OT		05/2020		USD	6,547	CLP		4,500,000		552,801		—
GSCO-OT		01/2020 - 05/2020		USD	10,144	EUR		8,844		177,976		(25,258	)
GSCO-OT		10/2020		USD	9,100	IDR		133,542,500		—		(259,906	)
GSCO-OT		05/2020 - 08/2020		USD	36,307	INR		2,655,716		—		(281,965	)
GSCO-OT		03/2020		USD	11,186	MXN		218,600		—		(246,785	)
GSCO-OT		01/2021		USD	28,912	NOK		243,000		1,237,554		—
GSCO-OT		01/2020		USD	19,557	NZD		30,500		—		(983,392	)
GSCO-OT		03/2020		USD	3,465	PLN		13,300		—		(41,772	)
GSCO-OT		02/2020		USD	3,425	TRY		21,200		33,703		(122,819	)
GSCO-OT		01/2020 - 03/2020		USD	22,460	ZAR		344,100		—		(1,927,566	)
GSCO-OT		01/2020 - 03/2020		ZAR	236,700	USD		15,399		1,396,646		—
JPM		04/2020		BRL	62,647	USD		15,354		159,031		—
JPM		03/2020 - 05/2020		CLP	6,512,888	USD		8,798		—		(128,442	)
JPM		03/2020		COP	38,203,315	USD		11,260		319,886		—
JPM		01/2020 - 08/2021		EUR	100,716	USD		112,760		1,022,152		—
JPM		01/2020		GBP	2,590	USD		3,292		141,169		—
JPM		03/2020 - 08/2020		INR	1,700,746	USD		23,246		218,261		(32,374	)
JPM		01/2020		JPY	388,019	USD		3,626		—		(49,919	)
JPM		03/2020		MXN	220,352	USD		11,193		331,128		—
JPM		01/2020		NOK	16,000	USD		1,752		70,451		—
JPM		01/2020		NZD	23,170	USD		14,676		927,890		—
JPM		03/2020		PLN	370	USD		94		3,332		—
JPM		03/2020		THB	47,000	USD		1,547		25,332		—
JPM		03/2020		TRY	57,500	USD		9,319		165,246		—
JPM		02/2020 - 03/2020		USD	9,650	CLP		7,446,990		—		(260,864	)
JPM		03/2020		USD	5,972	COP		20,261,000		—		(169,650	)
JPM		01/2020 - 08/2020		USD	150,470	EUR		135,303		141,572		(1,904,960	)
JPM		01/2020		USD	17,496	GBP		14,090		—		(1,182,252	)
JPM		03/2020		USD	29	HUF		8,700		—		(568	)

28        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Forward Currency Exchange Contracts (Continued)
									Unrealized		Unrealized
Counterparty	Settlement Month(s)		Currency Purchased (000’s)				Currency Sold (000’s)		Appreciation		Depreciation
JPM		01/2020		USD	6,294	IDR		90,000,000	$	—	$	(203,416	)
JPM		03/2020		USD	35,052	INR		2,506,600		131,850		—
JPM		01/2020		USD	13,959	JPY		1,512,610		19,328		(2,524	)
JPM		03/2020		USD	7,235	MXN		141,500		—		(165,795	)
JPM		08/2021		USD	18,063	NOK		162,250		—		(391,447	)
JPM		03/2020		USD	144	PEN		490		—		(3,627	)
JPM		03/2020 - 02/2021		USD	17,482	RUB		1,167,500		—		(757,484	)
JPM		01/2020		USD	3,794	SEK		36,400		—		(97,736	)
JPM		03/2020		USD	7,234	THB		220,700		—		(146,923	)
JPM		03/2020		USD	16,094	TRY		95,740		301,975		—
JPM		03/2020		USD	32,176	ZAR		494,560		—		(2,785,441	)
JPM		03/2020		ZAR	338,034	USD		22,496		1,400,264		—
MSCO		05/2020		CLP	978,100	USD		1,423		—		(120,341	)
MSCO		03/2020		USD	21,125	CLP		15,918,029		8,148		(70,461	)
RBC		01/2020		EUR	11,380	USD		12,650		135,984		—
RBC		01/2020		GBP	2,700	USD		3,422		156,780		—
RBC		01/2020		JPY	841,000	USD		7,916		—		(164,793	)
RBC		01/2020		USD	46,477	EUR		42,020		—		(735,389	)
Total Unrealized Appreciation and Depreciation									$	14,336,451	$	(24,660,550	)

Futures Contracts as of December 31, 2019
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
Canadian Bonds, 10 yr.		Sell		3/20/20		355	CAD		38,357	$	37,584,537	$	772,935
Euro BUXL		Sell		3/06/20		49	EUR		11,312		10,903,619		408,041
Euro-BTP		Sell		3/06/20		690	EUR		110,594		110,260,193		333,817
United States Treasury Long Bonds		Sell		3/20/20		152	USD		24,209		23,697,750		511,483
United States Treasury 10 Year Notes		Buy		3/20/20		329	USD		42,691		42,250,797		(439,979	)
United States Treasury 2 Year Notes		Sell		3/31/20		345	USD		74,358		74,347,500		10,102
United States Treasury 5 Year Notes		Buy		3/31/20		125	USD		14,878		14,826,172		(52,010	)
United States Ultra Bonds		Buy		3/20/20		436	USD		81,900		79,202,125		(2,698,165	)
												$	(1,153,776	)

Exchange-Traded Options Written at December 31, 2019
Description		Exercise Price		Expiration Date			Number of Contracts		Notional Amount (000’s)		Premiums Received		Value
S&P 500 Index Put	USD		2,400.000		3/20/20	USD		166		USD  39,840	$	681,092	$	(36,105	)
S&P 500 Index Put	USD		2,350.000		2/21/20	USD		88		USD  20,680		208,288		(6,160	)
Total Exchange-Traded Options Written											$	889,380	$	(42,265	)

Over-the-Counter Options Written at December 31, 2019
Description	Counterparty			Exercise Price		Expiration Date		Number of Contracts		Notional Amount (000’s)		Premiums Received		Value
BRL Currency Call1		GSCO-OT	BRL		4.500		3/27/20  USD		1,460,000		USD  1,460	$	254,624	$	(48,482	)
BRL Currency Call1		GSCO-OT	BRL		4.500		3/30/20  USD		1,457,000		USD  1,457		254,684		(50,476	)
BRL Currency Call1		GSCO-OT	BRL		4.500		3/30/20  USD		1,457,000		USD 1,457		254,684		(50,476	)
BRL Currency Call		JPM	BRL		4.230		1/24/20  USD		12,500,000		USD 12,500		131,625		(11,101	)
BRL Currency Call		MSCO	BRL		4.465		5/11/20  USD		18,750,000		USD 18,750		278,100		(78,729	)
BRL Currency Put		JPM	BRL		3.790		1/24/20  USD		12,500,000		USD 12,500		57,875		(2,512	)
BRL Currency Put		MSCO	BRL		3.827		5/11/20  USD		18,750,000		USD 18,750		120,937		(111,047	)
CLP Currency Call		GSCOI	CLP		778.000		2/5/20  USD		18,750,000		USD 18,750		147,381		(91,668	)
CLP Currency Call		JPM	CLP		733.000		1/17/20  USD		25,000,000		USD 25,000		192,500		(663,399	)
CLP Currency Put		GSCOI	CLP		712.000		2/5/20  USD		25,000,000		USD 25,000		119,389		(19,837	)
COP Currency Call		MSCO	COP		3,580.000		2/14/20  USD		12,500,000		USD 12,500		98,312		(12,481	)
COP Currency Put		MSCO	COP		3,295.000		2/14/20  USD		12,500,000		USD 12,500		98,312		(197,723	)
EUR Currency Call		BOA	RUB		78.000		11/4/20  EUR		15,100,000		EUR 15,100		517,279		(294,785	)
EUR Currency Put		BOA	INR		77.700		11/3/20  EUR		25,000,000		EUR 25,000		160,562		(89,451	)
EUR Currency Call		BOA	INR		88.850		11/3/20  EUR		25,000,000		EUR 25,000		356,726		(304,022	)
EUR Currency Call		BOA	ZAR		20.000		8/5/20  EUR		1,500,000		EUR  1,500		327,329		(38,111	)
EUR Currency Call		GSCOI	RUB		78.000		11/4/20  EUR		27,400,000		EUR  27,400		932,731		(534,909	)
EUR Currency Put		GSCOI	RUB		67.750		11/4/20  EUR		41,100,000		EUR  41,100		255,756		(301,632	)
EUR Currency Call2		GSCO-OT	NOK		11.000		1/6/21  EUR		2,925,000		EUR  2,925		586,026		(329,541	)
EUR Currency Call		GSCO-OT	ZAR		20.000		8/4/20  EUR		1,500,000		EUR  1,500		235,640		(37,613	)
EUR Currency Call		GSCO-OT	INR		90.000		8/5/20  EUR		1,500,000		EUR  1,500		293,187		(173,491	)

29        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

Over-the-Counter Options Written (Continued)
Description	Counterparty			Exercise Price		Expiration Date			Number of Contracts		Notional Amount (000’s)		Premiums Received		Value
EUR Currency Call		JPM	ZAR		19.050		12/8/20	EUR		15,100,000		EUR 15,100	$	449,550	$	(328,495	)
EUR Currency Call		JPM	NOK		11.000		8/26/21	EUR		1,875,000		EUR 1,875		558,037		(373,851	)
EUR Currency Call		MSCO	NOK		10.758		8/20/20	EUR		45,000,000		EUR 45,000		532,937		(179,027	)
EUR Currency Call		MSCO	BRL		5.250		8/24/21	EUR		11,300,000		EUR 11,300		635,063		(421,631	)
EUR Currency Put		SCB	IDR		15,350.000		12/17/20	EUR		25,000,000		EUR 25,000		162,562		(188,046	)
EUR Currency Call		SCB	IDR		17,600.000		12/17/20	EUR		25,000,000		EUR 25,000		386,106		(335,349	)
IDR Currency Call		GSCOI	IDR		15,640.000		10/22/20	USD		18,750,000		USD 18,750		241,875		(96,415	)
IDR Currency Call		JPM	IDR		15,625.000		10/26/20	USD		12,500,000		USD 12,500		163,563		(66,973	)
IDR Currency Call		SCB	IDR		15,600.000		10/22/20	USD		25,000,000		USD 25,000		320,525		(133,280	)
IDR Currency Put		GSCOI	IDR		13,685.000		10/22/20	USD		18,750,000		USD 18,750		106,875		(131,378	)
IDR Currency Put		JPM	IDR		13,660.000		10/26/20	USD		12,500,000		USD 12,500		70,750		(83,863	)
IDR Currency Put		SCB	IDR		13,700.000		10/22/20	USD		25,000,000		USD 25,000		148,125		(181,367	)
INR Currency Call		BOA	INR		77.550		10/27/20	USD		25,000,000		USD 25,000		272,750		(185,311	)
INR Currency Put		BOA	INR		69.300		10/27/20	USD		25,000,000		USD 25,000		114,250		(65,021	)
MXN Currency Call		BOA	MXN		19.940		3/12/20	USD		25,000,000		USD 25,000		159,625		(71,860	)
MXN Currency Call		CITNA-B	MXN		20.215		6/2/20	USD		12,500,000		USD 12,500		97,314		(112,588	)
MXN Currency Call		GSCOI	MXN		22.036		10/30/20	USD		25,000,000		USD 25,000		483,225		(180,846	)
MXN Currency Call		JPM	MXN		22.170		12/3/20	USD		12,500,000		USD 12,500		248,750		(103,758	)
MXN Currency Call		JPM	MXN		22.250		12/3/20	USD		12,500,000		USD 12,500		231,475		(99,731	)
MXN Currency Call		JPM	MXN		20.480		6/2/20	USD		12,500,000		USD 12,500		116,712		(72,016	)
MXN Currency Call		SCB	MXN		21.590		12/15/20	USD		18,750,000		USD 18,750		250,781		(224,365	)
MXN Currency Put		BOA	MXN		18.578		3/12/20	USD		25,000,000		USD 25,000		74,375		(64,481	)
MXN Currency Put		GSCOI	MXN		18.205		10/30/20	USD		25,000,000		USD 25,000		195,800		(112,011	)
MXN Currency Put		JPM	MXN		18.850		6/2/20	USD		12,500,000		USD 12,500		100,187		(105,875	)
MXN Currency Put		JPM	MXN		18.830		12/3/20	USD		12,500,000		USD 12,500		176,250		(138,090	)
MXN Currency Put		JPM	MXN		18.900		12/3/20	USD		12,500,000		USD 12,500		173,825		(150,319	)
MXN Currency Put		SCB	MXN		18.830		12/15/20	USD		18,750,000		USD 18,750		250,781		(212,060	)
RUB Currency Call		JPM	RUB		60.000		2/25/21	USD		1,315,900,000		USD  1,315,900		238,946		(259,930	)
RUB Currency Put		JPM	RUB		80.000		2/25/21	USD		1,754,500,000		USD 1,754,500		977,717		(147,589	)
TRY Currency Call		GSCOI	TRY		7.000		12/9/20	USD		9,375,000		USD 9,375		299,016		(369,390	)
TRY Currency Call		GSCOI	TRY		7.750		10/12/20	USD		11,250,000		USD 11,250		413,516		(180,001	)
TRY Currency Put		GSCOI	TRY		5.500		10/12/20	USD		11,250,000		USD 11,250		131,715		(51,769	)
TRY Currency Put		GSCOI	TRY		5.750		12/9/20	USD		9,375,000		USD 9,375		119,644		(111,513	)
ZAR Currency Put		GSCO-OT	ZAR		16.000		7/23/20	USD		338,300,000		USD 338,300		615,579		(286,256	)
ZAR Currency Call		GSCOI	ZAR		16.300		12/8/20	USD		4,800,000		USD 4,800		186,850		(119,290	)
ZAR Currency Put		GSCOI	ZAR		14.300		12/8/20	USD		4,800,000		USD 4,800		114,518		(206,253	)
Total Over-the-Counter Options Written													$	15,493,228	$	(9,591,484	)

1. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 3.7 BRL per 1 USD

2. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 9.40 NOK per 1 EUR

Centrally Cleared Credit Default Swaps at December 31, 2019
Reference Asset			Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
Brazilian Government International				Sell		1.000%			6/20/22	USD		2,500	$	154,768		$	29,638		$	184,406
CDX.EM.31				Buy		1.000			6/20/24	USD		9,850		(449,268	)		257,534			(191,734	)
CDX.NA.HY.33				Buy		5.000			12/20/24	USD		46,976		3,163,530			(4,604,961	)		(1,441,431	)
Indonesia Government International				Buy		1.000			12/20/24	USD		3,000		13,940			(53,858	)		(39,918	)
Republic Of South Africa Government				Buy		1.000			12/20/24	USD		1,250		(52,196	)		35,822			(16,374	)
Turkey Government International Bond				Buy		1.000			12/20/24	USD		2,500		(296,675	)		199,915			(96,760	)
Total Cleared Credit Default Swaps													$	2,534,099		$	(4,135,910	)	$	(1,601,811	)
Over-the-Counter Credit Default Swaps at December 31, 2019
Reference Asset	Counterparty		Buy/Sell Protection		Fixed Rate			Maturity Date			Notional Amount (000’s)		Premiums Received/(Paid)			Value			Unrealized Appreciation/ (Depreciation)
Intesa Sanpaolo S.p.A.		JPM		Sell		5.000	%		12/20/22	EUR		15,000	$	(2,450,426	)	$	2,342,734		$	(107,692	)
iTraxx Europe Crossover Series 24 Version 1		JPM		Sell		5.000			12/20/20	EUR		2,900		(272,147	)		129,174			(142,973	)
Lloyds Banking Group plc		JPM		Buy		1.000			6/20/24	EUR		750		(32,906	)		(6,768	)		(39,674	)
Oriental Republic of Uruguay		BOA		Sell		1.000			12/20/21	USD		2,697		48,743			20,162			68,905
Royal Bank Of Scotland Group plc		JPM		Buy		1.000			6/20/24	EUR		750		(37,778	)		(1,613	)		(39,391	)
Total Over-the-Counter Credit Default Swaps													$	(2,744,514	)	$	2,483,689		$	(260,825	)

30        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Centrally Cleared Interest Rate Swaps at December 31, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
BAC		Receive		Six-Month EUR EURIBOR		1.123%		3/8/28	EUR		2,475	$	—		$	(272,764	)	$	(272,764	)
BOA		Receive		BBSW6M		1.655		7/16/29	AUD		11,675		—			(134,313	)		(134,313	)
CITNA-B		Pay		CDOR03		1.880		10/17/21	CAD		168,500		—			(122,427	)		(122,427	)
CITNA-B		Pay		COOVIBR		5.220		8/12/29	COP		5,950,000		—			(31,999	)		(31,999	)
CITNA-B		Pay		CDOR03		1.803		10/1/21	CAD		50,550		(702	)		(145,277	)		(145,979	)
CITNA-B		Receive		CDOR03		1.740		10/1/29	CAD		10,650		203			311,719			311,922
CITNA-B		Pay		COOVIBR		5.560		8/26/26	COP		12,803,000		—			116,403			116,403
CITNA-B		Pay		CDOR03		1.848		10/11/21	CAD		48,000		—			(46,484	)		(46,484	)
CITNA-B		Pay		CDOR03		1.840		10/11/21	CAD		65,000		—			(66,600	)		(66,600	)
CITNA-B		Pay		COOVIBR		5.200		8/1/29	COP		12,445,000		—			(70,129	)		(70,129	)
CITNA-B		Pay		CDOR03		1.917		10/24/29	CAD		35,500		—			(601,384	)		(601,384	)
CITNA-B		Pay		CDOR03		1.953		10/25/29	CAD		18,125		—			(261,752	)		(261,752	)
CITNA-B		Pay		MXN TIIE BANXICO		6.375		11/4/22	MXN		420,000		—			(151,183	)		(151,183	)
CITNA-B		Receive		Three-Month USD BBA LIBOR		2.015		8/19/50	USD		9,750		—			172,460			172,460
CITNA-B		Pay		Six-Month HUF BUBOR		2.205		3/8/28	HUF		825,000		—			239,527			239,527
CITNA-B		Pay		CDOR03		2.035		11/7/29	CAD		35,250		—			(276,920	)		(276,920	)
CITNA-B		Receive		Three-Month USD BBA LIBOR		1.693		1/17/30	USD		19,000		—			343,601			343,601
DEU		Pay		Three-Month ZAR JIBAR SAFEX		7.675		2/21/22	ZAR		26,465		—			42,425			42,425
DEU		Pay		MXN TIIE BANXICO		7.340		7/24/29	MXN		39,500		—			83,016			83,016
DEU		Pay		JIBA3M		8.420		8/29/28	ZAR		62,800		—			268,718			268,718
DEU		Pay		MXN TIIE BANXICO		8.120		5/5/21	MXN		493,980		—			440,000			440,000
DEU		Pay		MXN TIIE BANXICO		8.525		1/15/24	MXN		70,450		—			262,735			262,735
GSCOI		Pay		MXN TIIE BANXICO		7.845		12/7/23	MXN		146,300		—			346,441			346,441
GSCOI		Pay		MXN TIIE BANXICO		7.200		7/27/22	MXN		182,500		—			133,840			133,840
GSCOI		Receive		CPURNSA		1.883		7/19/24	USD		49,000		—			(231,566	)		(231,566	)
GSCOI		Receive		Three-Month USD BBA LIBOR		1.666		8/7/29	USD		1,610		—			24,469			24,469
GSCOI		Receive		WIBR6M		2.095		5/30/24	PLN		14,500		—			(92,744	)		(92,744	)
GSCOI		Pay		MXN TIIE BANXICO		8.620		12/26/28	MXN		37,300		—			254,501			254,501
HSBC		Pay		MXN TIIE BANXICO		7.210		7/17/24	MXN		135,555		—			175,508			175,508
JPM		Receive		MXN TIIE BANXICO		7.070		12/12/29	MXN		107,250		—			530			530
JPM		Pay		BZDIOVRA		6.610		1/2/23	BRL		358,875		—			(82,080	)		(82,080	)
JPM		Pay		Three-Month ZAR JIBAR SAFEX		7.930		11/27/22	ZAR		15,000		—			36,956			36,956
JPM		Pay		CDOR03		1.868		11/7/21	CAD		405,000		—			(334,464	)		(334,464	)
JPM		Pay		COOVIBR		4.890		10/17/20	COP		46,900,000		—			99,005			99,005
JPM		Pay		MXN TIIE BANXICO		6.395		10/21/24	MXN		275,000		—			(130,822	)		(130,822	)
JPM		Pay		MXN TIIE BANXICO		6.465		12/12/24	MXN		106,250		—			(36,967	)		(36,967	)
JPM		Receive		MXN TIIE BANXICO		6.975		10/22/20	MXN		246,875		—			15,435			15,435
JPM		Pay		BZDI		2.280		1/4/27	BRL		46,000		—			1,116,115			1,116,115
JPM		Pay		MXN TIIE BANXICO		7.810		12/7/23	MXN		176,800		—			406,932			406,932
JPM		Pay		MXN TIIE BANXICO		6.520		9/29/22	MXN		108,000		—			(12,578	)		(12,578	)
JPM		Pay		MXN TIIE BANXICO		6.710		9/23/21	MXN		153,750		—			(4,564	)		(4,564	)
JPM		Pay		MXN TIIE BANXICO		6.910		12/16/26	MXN		247,125		—			(31,026	)		(31,026	)
JPM		Pay		BZDIOVRA		7.060		7/1/22	BRL		438,700		—			218,289			218,289
JPM		Pay		MXN TIIE BANXICO		6.765		10/11/29	MXN		32,500		—			(5,410	)		(5,410	)
MSCO		Receive		CPURNSA		1.856		7/30/24	USD		51,824		—			(102,668	)		(102,668	)
SIB		Pay		BZDI		8.415		1/2/25	BRL		42,000		—			872,823			872,823
SIB		Pay		MXN TIIE BANXICO		7.880		6/9/22	MXN		167,700		—			255,616			255,616
Total Centrally Cleared Interest Rate Swaps												$	(499	)	$	2,990,943		$	2,990,444
Over-the-Counter Interest Rate Swaps at December 31, 2019
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/ (Depreciation)
BOA		Pay		Six-Month INR FBIL MIBOR OIS Compound		6.330%		1/31/22	INR		210,000	$	—		$	72,621		$	72,621
BOA		Receive		Six-Month INR FBIL MIBOR OIS Compound		5.740		5/16/21	INR		1,157,000		—			(115,045	)		(115,045	)
BOA		Receive		INR FBIL MIBOR OIS Compound		5.670		5/27/21	INR		1,180,000		—			(101,015	)		(101,015	)
GSCOI		Pay		MOSKP3		8.270		5/23/24	RUB		100,000		—			175,462			175,462

31        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

Over-the-Counter Interest Rate Swaps (Continued)
Counterparty	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date			Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
GSCOI		Pay		MOSKP3		8.360%		6/24/29	RUB		130,925	$	—	$	289,929		$	289,929
GSCOI		Pay		MOSKP3		6.580		10/25/21	RUB		2,170,000		—		31,465			31,465
SCB		Receive		Six-Month INR FBIL MIBOR OIS Compound		6.438		1/10/24	INR		250,000		—		(153,239	)		(153,239	)
Total Over-the-Counter Interest Rate Swaps												$	—	$	200,178		$	200,178

Over-the-Counter Credit Default Swaptions Written at December 31, 2019
Description	Counterparty		Buy/Sell Protection		Reference Asset		Fixed Rate		Expiration Date			Notional Amount (000’s)		Premiums Received		Value
Credit Default Swap maturing
12/20/24 Put		JPM		Sell		CDX.NA.HY.33.V2		5.000%		2/19/20	USD		25,000	$	88,750	$	(25,187	)
Credit Default Swap maturing
12/20/24 Put		JPM		Sell		CDX.NA.HY.33.V2		5.000		1/15/20	USD		50,000		180,000		(10,394	)
Credit Default Swap maturing						iTraxx Europe Crossover Series
12/20/24 Call		JPM		Sell		32 Version 1		5.000		2/19/20	EUR		37,500		79,034		(212,187	)
Credit Default Swap maturing						iTraxx Europe Crossover Series
12/20/24 Put		JPM		Sell		32 Version 1		5.000		2/19/20	EUR		56,250		81,114		(26,573	)
Credit Default Swap maturing
12/20/24 Put		JPM		Sell		CDX.NA.HY.33.V1		5.000		2/19/20	USD		50,000		280,000		(98,917	)
Credit Default Swap maturing
12/20/24 Call		JPM		Sell		CDX.NA.HY.33.V1		5.000		2/19/20	USD		50,000		105,000		(305,604	)
Credit Default Swap maturing
12/20/24 Put		JPM		Sell		CDX.NA.HY.33.V2		5.000		2/19/20	USD		17,000		33,660		(21,722	)
Total Over-the-Counter Credit Default Swaptions Written														$	847,558	$	(700,584	)

Over-the-Counter Interest Rate Swaptions Written at December 31, 2019

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Call

BOA

Pay

LIBOR

1.325%

4/24/20

USD

37,500

$

202,575

$

(55,701

)

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Put

BOA

Receive

LIBOR

1.725

4/24/20

USD

37,500

202,575

(254,109

)

Three- Month RUB

Interest Rate Swap maturing

MOSPRIME

6/15/20 Put

GSCOI

Receive

NFEA

8.080

6/15/20

RUB

255,500

79,463

(7,640

)

Three-Month

Interest Rate Swap maturing

USD BBA

1/9/20 Call

GSCOI

Pay

LIBOR

1.600

1/9/20

USD

100,800

539,280

(20,209

)

Three-Month

Interest Rate Swap maturing

USD BBA

6/15/20 Put

GSCOI

Receive

LIBOR

1.805

6/15/20

USD

150,000

690,000

(953,691

)

Three-Month

Interest Rate Swap maturing

USD BBA

6/15/20 Call

GSCOI

Pay

LIBOR

1.405

6/15/20

USD

150,000

705,000

(451,997

)

Three-Month

Interest Rate Swap maturing

USD BBA

3/2/20 Put

GSCOI

Receive

LIBOR

1.986

3/2/20

USD

45,000

191,250

(279,839

)

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Call

JPM

Pay

LIBOR

1.340

4/24/20

USD

150,000

840,000

(236,342

)

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Put

JPM

Receive

LIBOR

1.661

4/24/20

USD

112,500

279,000

(237,527

)

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Put

JPM

Receive

LIBOR

1.740

4/24/20

USD

150,000

765,000

(960,745

)

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Call

JPM

Pay

LIBOR

1.361

4/24/20

USD

112,500

277,875

(71,187

)

Three-Month

Interest Rate Swap maturing

USD BBA

11/27/20 Put

JPM

Receive

LIBOR

1.618

11/27/20

USD

300,000

1,140,000

(1,353,288

)

32        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaptions Written (Continued)

Description

Counterparty

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Three-Month

Interest Rate Swap maturing

USD BBA

11/27/20 Put

JPM

Receive

LIBOR

2.200%

11/27/20

USD

63,000

$

511,800

$

(740,280

)

Interest Rate Swap maturing

Six-Month EUR

11/25/21 Call

MSCO

Pay

EURIBOR

0.032

11/25/21

EUR

9,375

158,298

(118,604

)

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Put

MSCO

Receive

LIBOR

1.800

4/24/20

USD

75,000

75,000

(68,856

)

Three-Month

Interest Rate Swap maturing

USD BBA

8/17/20 Put

MSCO

Receive

LIBOR

1.530

8/17/20

USD

224,000

821,936

(1,055,714

)

Three-Month

Interest Rate Swap maturing

USD BBA

12/3/21 Call

MSCO

Pay

LIBOR

1.000

12/3/21

USD

25,000

567,500

(258,154

)

Three-Month

Interest Rate Swap maturing

USD BBA

4/24/20 Call

MSCO

Pay

LIBOR

1.400

4/24/20

USD

75,000

63,000

(56,318

)

Three-Month

Interest Rate Swap maturing

USD BBA

6/15/20 Put

NOM

Receive

LIBOR

2.150

6/15/20

USD

75,000

427,500

(538,337

)

Total Over-the-Counter Interest Rate Swaptions Written

$

8,537,052

$

(7,718,538

)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SIB	Banco Santander SA
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BA CDOR	Canada Bankers Acceptances Deposit Offering Rate
BANXICO	Banco de Mexico
BBA	British Bankers’ Association

33        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Continued

Definitions (Continued)
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BBSW6M	ASX Australian Bank Bill Short Term Rate 6 Month Mid
BP0003M	ICE LIBOR GBP 3 Month
BTP	Italian Treasury Bonds
BUBOR	Budapest Interbank Offered Rate
BUXL	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CD	Certificate of Deposit
CDOR	Canada Bankers Acceptances Rate
CDOR03	Canada Bankers Acceptance 3 Months
CDX.EM.31	Markit CDX Emerging Markets Index
CDX.NA.HY.33	Markit CDX North American High Yield
COOVIBR	Colombia IBR Overnight Nominal interbank Reference Rate
CPURNSA	US CPI Urban Consumer NSA
EUR003M	EURIBOR 3 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA11	EUR Swap Annual 11 Year
FBIL	Financial Benchmarks India Private Ltd.
GDR	Global Depositary Receipt
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
iTraxx Europe Crossover Series 24 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Crossover Series 32 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
JIBAR SAFEX	South Africa Johannesburg Interbank Agreed Rate/Futures Exchange
KRW CD	South Korea Three Month Interbank Rate
LIBOR	London Interbank Offered Rate
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR12	London Interbank Offered Rate-Monthly
MIBOR	Mumbai Interbank Offered Rate
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate
MOSPRIME NFEA	National Finance Association Moscow Prime Offered Rate
Nts.	Notes
OIS	Overnight Index Swap
PRIME4	United States Prime Rate-Quarterly
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SONIA3M	Sterling Overnight Index Average
Sr.	Senior
TIIE	Interbank Equilibrium Interest Rate
Unsec.	Unsecured
US0001M	Intercontinental Exchange London Interbank Offered Rate USD 1 Month
US0003M	Intercontinental Exchange London Interbank Offered Rate USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
USSW7	USD Swap Semi 30/360 7 Year
WIBR6M	GBP Benchmark WIBOR PLN 6 month
Wts.	Warrants

See accompanying Notes to Consolidated Financial Statements.

34        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying consolidated schedule of investments:
Unaffiliated companies (cost $1,027,284,916)	$	1,009,136,201
Affiliated companies (cost $167,461,066)		163,220,829
		1,172,357,030
Cash		12,709,347
Cash—foreign currencies (cost $9,499,351)		9,286,471
Cash used for collateral on OTC derivatives		8,535,482
Cash used for collateral on centrally cleared swaps		17,132,489
Unrealized appreciation on forward currency exchange contracts		14,336,451
Swaps, at value (net premiums paid $2,673,830)		3,061,547
Receivables and other assets:
Interest, dividends and principal paydowns		12,247,892
Shares of beneficial interest sold		6,491,774
Variation margin receivable – futures contracts		6,469,591
Investments sold		397,751
Other		218,092
Total assets		1,263,243,917
Liabilities
Unrealized depreciation on forward currency exchange contracts		24,660,550
Options written, at value (premiums received $16,382,608)		9,633,749
Swaps, at value (premiums paid $70,684)		377,680
Variation margin payable - centrally cleared swaps		8,059
Swaptions written, at value (premiums received $9,384,610)		8,419,122
Payables and other liabilities:
Investments purchased		86,512,801
Administration fees		448,046
Shareholder communications		219,094
Foreign capital gains tax		211,397
Shares of beneficial interest redeemed		167,551
Distribution and service plan fees		155,247
Trustees’ compensation		154,825
Advisory fees		20,956
Transfer and shareholder servicing agent fees		16,578
Other		575,675
Total liabilities		131,581,330
Net Assets	$	1,131,662,587
Composition of Net Assets
Shares of beneficial interest	$	1,258,384,046
Total accumulated gain (loss)		(126,721,459	)
Net Assets	$	1,131,662,587
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $395,324,060 and 79,502,570 shares of beneficial interest outstanding)		$4.97
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $736,338,527 and 143,648,854 shares of beneficial interest outstanding)		$5.13

See accompanying Notes to Consolidated Financial Statements.

35      INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF OPERATIONSFor the Year Ended December 31, 2019

Investment Income
Interest:
Unaffiliated companies (net of foreign withholding taxes of $933,897)	$	70,859,227
Affiliated companies		3,906,636
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $31,849)		319,097
Affiliated companies		3,968,082
Total investment income		79,053,042
Expenses
Advisory fees		8,755,844
Administration fees		1,339,831
Distribution and service plan fees:
Series II shares		2,540,423
Transfer and shareholder servicing agent fees:
Series I shares		187,377
Series II shares		552,393
Shareholder communications:
Series I shares		76,431
Series II shares		192,558
Custodian fees and expenses		251,940
Trustees’ compensation		46,851
Borrowing fees		18,328
Other		228,827
Total expenses		14,190,803
Less waivers, reimbursement of expenses and offset arrangement(s)		(794,794	)
Net expenses		13,396,009
Net Investment Income		65,657,033
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $164,111) (includes net gain (loss) from securities sold to affiliates of $(1,058,693))		5,324,583
Affiliated companies		(7,526,687	)
Option contracts written		21,706,688
Futures contracts		(9,571,924	)
Foreign currency transactions		979,792
Forward currency exchange contracts		(4,410,872	)
Swap contracts		(1,221,658	)
Swaption contracts written		(9,988,084	)
Net realized loss		(4,708,162	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $211,397)		62,684,989
Affiliated companies		10,327,478
Translation of assets and liabilities denominated in foreign currencies		(96,115	)
Forward currency exchange contracts		(5,224,482	)
Futures contracts		33,875
Option contracts written		4,005,204
Swap contracts		(194,218	)
Swaption contracts written		8,302,645
Net change in unrealized appreciation/(depreciation)		79,839,376
Net Increase in Net Assets Resulting from Operations	$	140,788,247

See accompanying Notes to Consolidated Financial Statements.

36      INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	65,657,033		$	77,241,242
Net realized loss		(4,708,162	)		(30,542,149	)
Net change in unrealized appreciation/(depreciation)		79,839,376			(120,343,292	)
Net increase (decrease) in net assets resulting from operations		140,788,247			(73,644,199	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(15,389,942	)		(18,866,160	)
Series II shares		(36,879,378	)		(54,450,673	)
Total distributions from distributable earnings		(52,269,320	)		(73,316,833	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		25,392,026			(10,549,208	)
Series II shares		(410,787,898	)		(84,976,296	)
Total beneficial interest transactions		(385,395,872	)		(95,525,504	)
Net Assets
Total decrease		(296,876,945	)		(242,486,536	)
Beginning of period		1,428,539,532			1,671,026,068
End of period	$	1,131,662,587		$	1,428,539,532

See accompanying Notes to Consolidated Financial Statements.

37      INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$4.66		$5.13		$4.94		$4.88		$5.30
Income (loss) from investment operations:
Net investment income1		0.24		0.25		0.22		0.20		0.23
Net realized and unrealized gain (loss)		0.26		(0.47)		0.09		0.11		(0.34)
Total from investment operations		0.50		(0.22)		0.31		0.31		(0.11)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.19)		(0.25)		(0.12)		(0.25)		(0.31)
Net asset value, end of period		$4.97		$4.66		$5.13		$4.94		$4.88
Total Return, at Net Asset Value2		10.80%		(4.40)%		6.27%		6.53%		(2.26)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$395,324		$346,707		$393,337		$401,308		$429,710
Average net assets (in thousands)		$390,297		$385,157		$400,945		$416,054		$510,765
Ratios to average net assets:3
Net investment income4		4.86%		5.07%		4.40%		4.00%		4.51%
Expenses excluding specific expenses listed below		0.82%		0.88%5		0.82%5		0.79%5		0.76%5
Interest and fees from borrowings6		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses7		0.82%		0.88%5		0.82%5		0.79%5		0.76%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77%		0.81%5		0.76%5		0.74%5		0.73%5
Portfolio turnover rate8,9		134%		68%		74%		80%		79%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. 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.

5. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Less than 0.005%.

7. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.86	%
Year Ended December 31, 2018	0.90	%
Year Ended December 31, 2017	0.83	%
Year Ended December 31, 2016	0.80	%
Year Ended December 31, 2015	0.77	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2019		$2,177,497,748		$2,279,114,634
Year Ended December 31, 2018		$2,370,164,194		$2,399,236,376
Year Ended December 31, 2017		$2,271,944,419		$2,153,905,799
Year Ended December 31, 2016		$1,798,210,272		$1,766,445,159
Year Ended December 31, 2015		$1,225,140,927		$1,266,426,777

9. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Consolidated Financial Statements.

38      INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Series II Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$4.80		$5.27		$5.07		$5.00		$5.42
Income (loss) from investment operations:
Net investment income1		0.23		0.24		0.22		0.19		0.23
Net realized and unrealized gain (loss)		0.27		(0.48)		0.08		0.12		(0.35)
Total from investment operations		0.50		(0.24)		0.30		0.31		(0.12)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.23)		(0.10)		(0.24)		(0.30)
Net asset value, end of period		$5.13		$4.80		$5.27		$5.07		$5.00
Total Return, at Net Asset Value2		10.61%		(4.54)%		6.04%		6.27%		(2.49)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$736,339		$1,081,833		$1,277,689		$1,284,022		$1,375,143
Average net assets (in thousands)		$1,015,322		$1,196,988		$1,295,999		$1,332,343		$1,496,350
Ratios to average net assets:3
Net investment income4		4.60%		4.82%		4.15%		3.75%		4.26%
Expenses excluding specific expenses listed below		1.08%		1.13%5		1.07%5		1.04%5		1.01%5
Interest and fees from borrowings6		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses7		1.08%		1.13%5		1.07%5		1.04%5		1.01%5
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.02%		1.06%5		1.01%5		0.99%5		0.98%5
Portfolio turnover rate8,9		134%		68%		74%		80%		79%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. 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.

5. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Less than 0.005%.

7. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.12	%
Year Ended December 31, 2018	1.15	%
Year Ended December 31, 2017	1.08	%
Year Ended December 31, 2016	1.05	%
Year Ended December 31, 2015	1.02	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2019		$2,177,497,748		$2,279,114,634
Year Ended December 31, 2018		$2,370,164,194		$2,399,236,376
Year Ended December 31, 2017		$2,271,944,419		$2,153,905,799
Year Ended December 31, 2016		$1,798,210,272		$1,766,445,159
Year Ended December 31, 2015		$1,225,140,927		$1,266,426,777

9. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Consolidated Financial Statements.

39        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Global Strategic Income Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

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 Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and

40        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on 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. 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 transactions reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid annually to separate accounts of participating insurance companies. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

relative net assets. All other expenses are allocated among the classes based on relative net assets.

G.  Accounting Estimates - The consolidated financial statements are prepared on a basis in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated 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 consolidated financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H.  Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

J. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

K.  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 Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

L. 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.”

M.  Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or

42        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

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.

N. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread

43        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

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 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. 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, 2019 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

P. Call Options Purchased and Written - The Fund may write 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. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) 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. The risk

44        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q.  Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

R.  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. 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.

S.  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 Regulation S securities primarily through an investment in the Subsidiary. Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

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.

The Fund may invest in sovereign debt instruments that are subject to the risk that a governmental entity may delay or refuse, or otherwise be unable, to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of such sovereign debt may be collected. A restructuring or default of sovereign debt may also cause additional impacts to the financial markets, such as downgrades to credit ratings, a flight to quality debt instruments, disruptions in common trading markets or unions, reduced liquidity, increased volatility, and heightened financial sector, foreign securities and currency risk, among others.

Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

T. 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.

U. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Note 2 — Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

45        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

Fee Schedule*
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.50
Over $5 billion	0.48

* 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, 2019, the effective advisory fees incurred by the Fund was 0.62%.

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.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $3,631,700 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.84% and 1.09%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $503,584 and reimbursed Fund expenses of $63,828 and $138,454 for Series I and Series II shares, respectively.

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, 2019, Invesco was paid $115,969 for accounting and fund administrative services and was reimbursed $1,223,862 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Consolidated

46        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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 3—
	Level 1—			Level 2—			Significant
	Unadjusted			Other Significant			Unobservable
	Quoted Prices			Observable Inputs			Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	68,115,039		$	—	$	68,115,039
Mortgage-Backed Obligations		—			214,698,008			—		214,698,008
Foreign Government Obligations		—			303,693,835			—		303,693,835
Variable Rate Senior Loan Interests		—			6,307,378			66,846		6,374,224
Corporate Bonds and Notes		—			380,632,920			—		380,632,920
Preferred Stock		—			11,360			—		11,360
Common Stocks		502,831			152,750			—		655,581
Rights, Warrants and Certificates		—			40,547			—		40,547
Structured Securities		—			6,543,459			—		6,543,459
Short-Term Notes		—			5,543,042			—		5,543,042
Exchange-Traded Options Purchased		441,640			—			—		441,640
Over-the-Counter Options Purchased		—			11,437,362			—		11,437,362
Over-the-Counter Credit Default Swaptions Purchased		—			281,994			—		281,994
Over-the-Counter Interest Rate Swaptions Purchased		—			7,288,348			—		7,288,348
Investment Companies		165,935,622			664,049			—		166,599,671
Total Investments, at Value		166,880,093			1,005,410,091			66,846		1,172,357,030
Other Financial Instruments:
Swaps, at value		—			3,061,547			—		3,061,547
Centrally cleared swaps, at value		—			6,759,973			—		6,759,973
Futures contracts		2,036,378			—			—		2,036,378
Forward currency exchange contracts		—			14,336,451			—		14,336,451
Total Assets	$	168,916,471		$	1,029,568,062		$	66,846	$	1,198,551,379
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(377,680	)	$	—	$	(377,680)
Centrally cleared swaps, at value		—			(7,904,940	)		—		(7,904,940)
Futures contracts		(3,190,154	)		—			—		(3,190,154)
Options written, at value		—			(9,633,749	)		—		(9,633,749)
Forward currency exchange contracts		—			(24,660,550	)		—		(24,660,550)
Swaptions written, at value		—			(8,419,122	)		—		(8,419,122)
Total Liabilities	$	(3,190,154	)	$	(50,996,041	)	$	—	$	(54,186,195)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

47        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

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 period January 1, 2019 to May 24, 2019, the Predecessor Fund did not engage in transactions with affiliates. For the period May 25, 2019 to December 31, 2019, the Fund engaged in transactions with affiliates as listed: Securities sales of $2,201,825, which resulted in net realized gains (losses) of $(1,058,693).

Note 5 - 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 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 asset transactions as of December 31, 2019:
			Gross Amounts Not Offset in the Consolidated
			Statement of Assets & Liabilities
	Gross Amounts
	Not Offset in the
	Consolidated		Financial			Financial
	Statement		Instruments			Instruments
	of Assets &		Available for			Collateral		Cash Collateral
Counterparty	Liabilities*		Offset			Received**		Received**			Net Amount
Bank of America NA	$	4,056,699	$	(4,056,699	)	$	–	$	–		$	–
Citibank NA		1,407,544		(1,407,544	)		–		–			–
Goldman Sachs Bank USA		6,415,800		(6,415,800	)		–		–			–
Goldman Sachs International		2,259,666		(2,259,666	)		–		–			–
JPMorgan Chase Bank NA		15,063,145		(15,063,145	)		–		–			–
Morgan Stanley Capital Services, Inc.		4,022,027		(2,749,086	)		–		(440,000	)		832,941
Nomura Global Financial Products, Inc.		1,391,627		(538,337	)		–		(840,000	)		13,290
RBC Dominion Securities		292,764		(292,764	)		–		–			–
Standard Chartered Bank		1,496,430		(1,427,706	)		–		–			68,724
	$	36,405,702	$	(34,210,747	)	$	–	$	(1,280,000	)	$	914,955
*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts. **Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts. The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of December 31, 2019:

48        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

				Gross Amounts Not Offset in the Consolidated
				Statement of Assets & Liabilities
	Gross Amounts
	Not Offset in the
	Consolidated			Financial		Financial
	Statement			Instruments		Instruments
	of Assets &			Available for		Collateral		Cash Collateral
Counterparty	Liabilities*			Offset		Pledged**		Pledged**		Net Amount
Bank of America NA	$	(4,924,620	)	$	4,056,699	$	–	$	654,000	$	(213,921	)
Barclays Bank plc		(76,229	)		–		–		76,229		–
Citibank NA		(5,894,580	)		1,407,544		–		3,900,000		(587,036	)
Goldman Sachs Bank USA		(7,118,550	)		6,415,800		–		501,482		(201,268	)
Goldman Sachs International		(4,220,288	)		2,259,666		–		1,910,000		(50,622	)
JPMorgan Chase Bank NA		(15,199,258	)		15,063,145		–		136,113		–
Morgan Stanley Capital Services, Inc.		(2,749,086	)		2,749,086		–		–		–
Nomura Global Financial Products, Inc.		(538,337	)		538,337		–		–		–
RBC Dominion Securities		(900,182	)		292,764		–		600,000		(7,418	)
Standard Chartered Bank		(1,427,706	)		1,427,706		–		–		–
	$	(43,048,836	)	$	34,210,747	$	–	$	7,777,824	$	(1,060,265	)
*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts. **Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of December 31, 2019:

	Asset Derivatives			Liability Derivatives
Derivatives
Not Accounted	Consolidated			Consolidated
for as Hedging	Statement of Assets			Statement of Assets
Instruments	and Liabilities Location	Value		and Liabilities Location	Value
Credit contracts	Swaps, at value	$	2,492,070	Swaps, at value	$	8,381
Interest rate contracts	Swaps, at value		569,477	Swaps, at value		369,299
Credit contracts	Centrally cleared swaps, at value		522,9091	Centrally cleared swaps, at value		4,658,8191
Interest rate contracts	Centrally cleared swaps, at value		6,237,0641	Centrally cleared swaps, at value		3,246,1211
Interest rate contracts	Futures contracts		2,036,3782	Futures contracts		3,190,1542
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		14,336,451	Unrealized depreciation on forward currency exchange contracts		24,660,550
Equity contracts				Options written, at value		42,265
Currency contracts				Options written, at value		9,591,484
Credit contracts				Swaptions written, at value		700,584
Interest rate contracts				Swaptions written, at value		7,718,538
Credit contracts	Investments, at value		281,9943
Equity contracts	Investments, at value		441,6403
Currency contracts	Investments, at value		11,437,3623
Interest rate contracts	Investments, at value		7,288,3483
Total		$	45,643,693		$	54,186,195

1. The daily variation margin receivable (payable) at period end is recorded in the Consolidated Statement of Assets and Liabilities.

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

3. Amounts relate to purchased option contracts and purchased swaption contracts, if any.

49        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

Effect of Derivative Investments for the Year Ended December 31, 2019

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written			Futures contracts			Forward currency exchange contracts			Swap contracts			Total
Credit contracts	$	(1,758,876	)	$	3,864,164		$	—		$	—		$	—		$	1,641,051		$	3,746,339
Currency contracts		(9,571,255	)		—			23,108,156			—			—			—			13,536,901
Equity contracts		(1,534,384	)		—			893,009			—			—			—			(641,375	)
Forward currency exchange contracts		—			—			—			—			(4,410,872	)		—			(4,410,872	)
Interest rate contracts		6,531,818			(13,852,248	)		(2,294,477	)		(9,571,924	)		—			(2,862,709	)		(22,049,540	)
Total	$	(6,332,697	)	$	(9,988,084	)	$	21,706,688		$	(9,571,924	)	$	(4,410,872	)	$	(1,221,658	)	$	(9,818,547	)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written			Futures contracts			Forward currency exchange contracts			Swap contracts			Total
Credit contracts	$	(486,956	)	$	67,018		$	—		$	—		$	—		$	(594,737	)	$	(1,014,675	)
Currency contracts		(596,329	)		—			3,158,089			—			—			—			2,561,760
Equity contracts		(2,609,109	)		—			847,115			—			—			—			(1,761,994	)
Forward currency exchange contracts		—			—			—			—			(5,224,482	)		—			(5,224,482	)
Interest rate contracts		(1,224,844	)		8,235,627			—			33,875			—			400,519			7,445,177
Total	$	(4,917,238	)	$	8,302,645		$	4,005,204		$	33,875		$	(5,224,482	)	$	(194,218	)	$	2,005,786

*Includes purchased option contracts and purchased swaption contracts, if any.

The table below summarizes the year ended average notional value of forward foreign currency contracts, futures contracts, swap agreements, currency options purchased, written currency options, purchased swaptions and written swaptions during the period.

	Forward Foreign Currency contracts		Futures contracts		Equity Options purchased*		Index Options purchased*		Currency Options purchased
Average notional amount	$	1,375,765,528	$	308,647,909	$	1,307,682,506	$	104,000,843	$	144,228,760,307
Average contracts						10,000,000		22,835		144,223,982,414
	Purchased Fixed Income Options*		Purchased Option on a Future*		Written Index Options*		Written Currency Options		Written Fixed Income Options*
Average notional amount	$	53,499,237	$	62,024,348	$	86,422,601	$	791,792,938,100	$	52,677,150
Average contracts		47,576,133		333		22,810		791,782,204,332		46,785,867
					Purchased Swaptions		Written Swaptions		Swaps
Average notional amount					$	1,076,607,920	$	1,774,849,692	$	1,278,232,904

*Summarizes the eleven month average notional value and average contracts of index options purchased and written index options, the five month average notional value and average contracts of purchased fixed income options and written fixed income options, the four month average notional value and average contracts of purchased options on a future and the three month average notional value and average contracts on purchase equity options.

Note 6 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $88,928.

50        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

Note 7 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 8 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank., 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.

Note 9 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	`52,269,320	$	73,316,833

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	56,176,040
Net unrealized appreciation (depreciation) - investments		(14,925,855	)
Temporary book/tax differences		(151,888	)
Capital loss carryforward		(167,819,756	)
Shares of beneficial interest		1,258,384,046
Total net assets	$	1,131,662,587

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, straddle losses deferred and derivative investments.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2019, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	65,305,749	$	102,514,007	$	167,819,756

* Capital loss carryforward as of the date listed above 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 10 – 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, 2019 was $1,387,970,789 and $1,806,486,578, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $246,700,886 and $263,408,987, respectively. Cost of investments, including any derivatives, on a

51        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Continued

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	$	73,518,981
Aggregate unrealized (depreciation) of investments		(99,579,958	)
Net unrealized depreciation of investments	$	(26,060,977	)

Cost of investments for tax purposes is $1,060,440,401.

Note 11 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of master fund transactions, foreign currency transactions and income from swap agreements, on December 31, 2019, undistributed net investment income was decreased by $16,589,121, undistributed net realized loss was increased by $20,905,495 and shares of beneficial interest was decreased by $4,316,374. This reclassification had no effect on the net assets of the Fund.

Note 12 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		18,615,624		$	91,652,597			8,490,294		$	42,380,338
Dividends and/or distributions reinvested		3,199,572			15,389,942			3,988,617			18,866,160
Redeemed		(16,669,750	)		(81,650,513	)		(14,761,302	)		(71,795,706	)
Net increase (decrease)		5,145,446		$	25,392,026			(2,282,391	)	$	(10,549,208	)
Series II Shares
Sold		5,575,798		$	28,193,986			9,208,135		$	46,798,575
Dividends and/or distributions reinvested		7,435,359			36,879,378			11,180,836			54,450,673
Redeemed		(94,815,980	)		(475,861,262	)		(37,228,166	)		(186,225,544	)
Net increase (decrease)		(81,804,823	)	$	(410,787,898	)		(16,839,195	)	$	(84,976,296	)

1. 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. IDI has an agreement with these entities to sell Fund shares. 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, distribution, third party record keeping and account servicing. 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 13 - Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Consolidated Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

52        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, 2019, the related consolidated statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the consolidated financial highlights for each of the periods ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for each of the periods ended December 31, 2019 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 (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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 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 audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

53        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME 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, 2019:

Federal and State Income Tax
Corporate Dividends Received Deduction*	3.48	%
U.S. Treasury Obligations*	3.35	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

54        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

• Fund reports and prospectuses

• Quarterly statements

• Daily confirmations

• Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

55        INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME 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 PERSON
Martin L. Flanagan 1 – 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)	229	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.

56       INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

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	2003	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, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

57       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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

58       INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

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
OTHER OFFICERS
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

59       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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

60       INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP      2005 Market Street,   Suite 2600   Philadelphia, PA 19103-7018	Independent Trustees 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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

61       INVESCO OPPENHEIMER V.I. GLOBAL STRATEGIC INCOME FUND

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Annual Report   12/31/2019  

Invesco Oppenheimer

V.I. Government Money Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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 also appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. The Fund’s Form N-MFP filings are available on the SEC website, sec.gov. The Fund’s most recent portfolio holdings, as filed on Form N-MFP, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/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.

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Government Money Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

Current Yield – Series I*		Current Yield – Series II**
For the 7-Day Period Ended 12/31/19		For the 7-Day Period Ended 12/31/19
With Compounding	1.11%	With Compounding	0.82%
Without Compounding	1.11%	Without Compounding	0.82%
For the 12-Month Period Ended 12/31/19
With Compounding	1.69%
Without Compounding	1.69%

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

PORTFOLIO ALLOCATION
Repurchase Agreements	47.8	%
U.S. Government Obligations	29.4
U.S. Government Agencies	22.8

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on the total market value of investments.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

*Effective after the close of business on May 24, 2019, the Non-Service share class of the predecessor fund was reorganized into Series I Shares of the Fund. Returns shown for Series I shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

**Series II Shares’ performance shown prior to the inception date is that of the predecessor fund’s Service Class shares at net asset value (NAV). Service Class shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

For more current Fund holdings, please visit invesco.com.

3       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

FUND PERFORMANCE DISCUSSION

Throughout the reporting period, the Fund continued to offer very strong liquidity and a stable $1.00 net asset value (NAV), while providing competitive income. At its December 2019 meeting, the Federal Open Market Committee (FOMC) voted for the Federal Funds Rate to remain in place at a range of 1.50% to 1.75%, ending a trend of rate cuts from the past 3 meetings. The Fund was well positioned ahead of the rate cuts with the employment of a barbell strategy that included extending the weighted average maturity while keeping a substantial position in repo positions due to the inversion of the curve.

MARKET OVERVIEW

The current broader market view is that the FOMC monetary policy directive is on hold for the year 2020, negative net issuance of treasury supply and the continuation by the Fed stabilization of the funding markets by liquidity injections in the form of temporary open market operations and treasury bill purchases. In October 2019, The Federal Reserve (“Fed”) directed the Desk to purchase $60 billion per month in short term treasury bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This has resulted in the flattening of the treasury curve and the stabilization of the repo markets. Repo has been trending toward the lower end of the Federal Funds Rate of 1.50% in part to due to the Fed conducting overnight and term repo operations to keep adequate reserve supply and to lessen the risk of money market pressures on certain funding dates.

FUND REVIEW

The Fund’s weighted average maturity is 15 days with a range of 7-25 days. Supply continues to be available, notably in Federal Home Loan Bank paper. We are heavily weighted in government repo and will occasionally ladder in long-dated fixed and floating paper to the portfolio.

STRATEGY & OUTLOOK

Our strategy continues to incorporate selective and incremental investing as we seek to provide shareholders stable and steady value. We intend to remain active in the auction market, with most of that weight going to fixed-rate instruments with durations of six months or less. When pricing allows, we will continue to layer in one- and three-month floating rate securities. We believe the Fund is well-positioned to meet any large outflow while taking advantage of timely market trades.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio managers and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2019, and are subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

4       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table 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 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00	$	1,007.30	$	2.53
Series II shares		1,000.00		1,006.30		3.70
Hypothetical (5% return before expenses)
Series I shares		1,000.00		1,022.68		2.55
Series II shares		1,000.00		1,021.53		3.73

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). This annualized expense ratio, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 is as follows:

Class	Expense Ratios
Series I shares		0.50%
Series II shares		0.73

The expense ratio reflects voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” table in the Fund’s financial statements, included in this report, also shows the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

5       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Maturity Date*		Final Legal Maturity Date**		Principal Amount			Value
U.S. Government Agencies—23.1%
Federal Home Loan Bank:
1.554%1		4/1/20		4/1/20	$	5,500,000		$                5,478,481
1.575% [SOFRRATE+3.5]2		1/2/20		2/21/20		2,500,000		2,500,000
1.59% [SOFRRATE+5]2		1/2/20		1/17/20		1,000,000		1,000,000
1.606%1		3/6/20		3/6/20		1,900,000		1,894,580
1.625% [SOFRRATE+8.5]2		1/2/20		9/10/21		25,000,000		25,000,000
1.627%1		2/21/20		2/21/20		1,100,000		1,097,538
1.63%1		2/6/20		2/6/20		5,000,000		4,992,100
1.637%1		2/5/20		2/5/20		2,400,000		2,396,313
1.642%1		2/7/20		2/7/20		4,000,000		3,993,525
1.65% [US0001M-6]2		1/9/20		6/9/20		3,000,000		3,000,000
1.67% [US0001M-7]2		1/16/20		7/16/20		3,000,000		3,000,000
1.695% [US0001M-4.5]2		1/15/20		10/15/20		5,000,000		5,000,000
Federal Home Loan Mortgage Corp., 1.58% [SOFRRATE+4]2		1/2/20		9/10/20		26,000,000		26,000,000
Total U.S. Government Agencies (Cost $85,352,537)								85,352,537
U.S. Government Obligations—29.7%
United States Treasury Bills:
1.323%1		1/21/20		1/21/20		4,000,000		3,996,645
1.362%1		1/28/20		1/28/20		40,000,000		39,953,350
1.38%1		1/14/20		1/14/20		9,000,000		8,995,029
1.446%1		2/4/20		2/4/20		4,000,000		3,994,258
1.462%1		2/11/20		2/11/20		10,000,000		9,982,495
1.48%1		2/18/20		2/18/20		8,000,000		7,983,413
1.513%1		3/19/20		3/19/20		5,000,000		4,983,317
1.532%1		3/5/20		3/5/20		3,000,000		2,991,680
1.619%1		1/23/20		1/23/20		10,000,000		9,990,039
1.623%1		4/30/20		4/30/20		3,000,000		2,983,900
1.811%1		4/2/20		4/2/20		10,000,000		9,954,128
United States Treasury Floating Rate Note, 1.826% [USBMMY3M+30]2		1/2/20		11/1/21		4,000,000		4,002,869
Total U.S. Government Obligations (Cost $109,811,123)								109,811,123
Repurchase Agreements—48.4%
Repurchase Agreements3 (Cost $179,000,000)						179,000,000		179,000,000
Total Investments, at Value (Cost $374,163,660)						101.2%		374,163,660
Net Other Assets (Liabilities)						(1.2	)	(4,394,298)
Net Assets						100.0%		$          369,769,362

Footnotes to Schedule of Investments

Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown.

*. The Maturity Date represents the date used to calculate the Fund’s weighted average maturity as determined under Rule 2a-7.

**. If different from the Maturity Date, the Final Legal Maturity Date includes any maturity date extensions which may be affected at the option of the issuer or unconditional payments of principal by the issuer which may be affected at the option of the Fund, and represents the date used to calculate the Fund’s weighted average life as determined under Rule 2a-7.

1. Zero coupon bond reflects effective yield on the original acquisition date.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. Repurchase agreements:

Repurchase

Repurchase

Agreement

Lending

Settlement

Maturity

Principal

Agreements,

Proceeds to be

Counterparty

Rate

Date

Date

Amount

Collateralized By

at Value

Receiveda

Credit Agricole Corporate & Investment Bank

1.59%

12/31/19

1/2/20

$10,000,000

Agreement dated 12/31/2019, maturing value of $10,000,833 (collateralized by a U.S. Treasury obligation valued at $10,200,990; 3.63%; 02/15/2044)

$10,000,000

$10,000,833

6       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

Footnotes to Schedule of Investments (Continued)

Repurchase

Repurchase

Agreement

Lending

Settlement

Maturity

Principal

Agreements,

Proceeds to be

Counterparty

Rate

Date

Date

Amount

Collateralized By

at Value

Receiveda

RBC Dominion Securities Inc.

1.57%

12/31/19

1/2/20

$65,000,000

Agreement dated 12/31/2019, maturing value of $65,005,669 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $66,305,850; 1.38% - 4.50%; 05/15/2023 - 01/01/2050)

$65,000,000

$65,005,669

RBC Dominion Securities Inc.

2.00

12/27/19

1/3/20

29,000,000

Term agreement dated 12/27/2019, maturing value of $29,011,278 (collateralized by domestic agency mortgage-backed securities valued at $29,589,861; 2.50% - 4.50%; 12/20/2040 - 01/01/2050)

29,000,000

29,011,278

TD Securities (USA) LLC

1.57

12/31/19

1/2/20

75,000,000

Agreement dated 12/31/2019, maturing value of $75,006,542 (collateralized by a domestic agency mortgage-backed security valued at $76,506,673; 2.50%; 01/01/2050)

75,000,000

75,006,542

$179,000,000

$179,024,322

a. Includes accrued interest.

Glossary:

Definitions
ICE LIBOR	International Exchange London Interbank Offered Rate
SOFRRATE	United States Secured Overnight Financial Rate
US0001M	ICE LIBOR USD 1 Month
USBMMY3M	U. S. Treasury Bill Rate 3 Month Money Market Yield

See accompanying Notes to Financial Statements.

7       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $195,163,660)	$	195,163,660
Repurchase agreements (cost $179,000,000)		179,000,000
		374,163,660
Cash		1,258,869
Receivables and other assets:
Interest		93,130
Shares of beneficial interest sold		26,654
Other		94,151
Total assets		375,636,464
Liabilities
Payables and other liabilities:
Investments purchased		5,478,481
Shares of beneficial interest redeemed		181,709
Trustees’ compensation		91,623
Shareholder communications		46,314
Administration fees		11,838
Transfer and shareholder servicing agent fees		6,430
Advisory fees		4,501
Dividends		3,482
Distribution and service plan fees		2
Other		42,722
Total liabilities		5,867,102
Net Assets	$	369,769,362
Composition of Net Assets
Shares of beneficial interest	$	369,762,749
Total distributable earnings		6,613
Net Assets	$	369,769,362
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $369,759,362 and 369,723,093 shares of beneficial interest outstanding)		$1.00
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $10,000 and 10,000 shares of beneficial interest outstanding)		$1.00

See accompanying Notes to Financial Statements.

8       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

STATEMENT OF OPERATIONS For the Year EndedDecember 31, 2019

Investment Income
Interest from unaffiliated companies	$	26,685,603
Dividends from affiliated companies		224,841
Total investment income		26,910,444
Expenses
Advisory fees		4,856,081
Administration fees		210,528
Distribution and service plan fees — Series II shares		15
Transfer and shareholder servicing agent fees — Series I shares		868,233
Shareholder communications:
Series I shares		62,384
Series II shares		1
Trustees’ compensation		53,870
Custodian fees and expenses		12,883
Other		131,959
Total expenses		6,195,954
Less waivers, reimbursement of expenses and offset arrangement(s)		(367,069	)
Net expenses		5,828,885
Net Investment Income		21,081,559
Realized Gain on Investment Transactions in Unaffiliated Companies		10,320
Net Increase in Net Assets Resulting from Operations	$	21,091,879

See accompanying Notes to Financial Statements.

9       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended       December 31, 2018
Operations
Net investment income	$	21,081,559		$            14,653,999
Net realized gain		10,320		155
Net increase in net assets resulting from operations		21,091,879		14,654,154
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(21,080,865	)	(14,654,285)
Series II shares		(78	)	—
Total distributions from distributable earnings		(21,080,943	)	(14,654,285)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		(2,685,977,149	)	2,630,121,422
Series II shares		10,000		—
Total beneficial interest transactions		(2,685,967,149	)	2,630,121,422
Net Assets
Total increase (decrease)		(2,685,956,213	)	2,630,121,291
Beginning of period		3,055,725,575		425,604,284
End of period	$	369,769,362		$        3,055,725,575

See accompanying Notes to Financial Statements.

10       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$1.00		$1.00		$1.00		$1.00		$1.00
Income (loss) from investment operations:
Net investment income1		0.02		0.01		0.002		0.002		0.002
Net realized and unrealized gain (loss)		0.002		0.002		(0.00)2		(0.00)2		0.002
Total from investment operations		0.02		0.01		0.002		0.002		0.002
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.01)		(0.00)2		(0.00)2		(0.00)2
Net asset value, end of period		$1.00		$1.00		$1.00		$1.00		$1.00
Total Return, at Net Asset Value3		1.71%		1.35%		0.39%		0.01%		0.01%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$369,759		$3,055,726		$425,604		$541,970		$2,648,636
Average net assets (in thousands)		$1,155,434		$952,018		$488,532		$1,470,447		$1,144,581
Ratios to average net assets:4
Net investment income		1.82%		1.54%		0.39%		0.01%		0.01%
Total expenses5		0.54%		0.56%		0.59%		0.55%		0.53%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.50%		0.50%		0.50%		0.35%		0.19%

1. Calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share

3. 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.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.54%
Year Ended December 31, 2018	0.56%
Year Ended December 31, 2017	0.59%
Year Ended December 31, 2016	0.55%
Year Ended December 31, 2015	0.53%

See accompanying Notes to Financial Statements.

11       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

FINANCIAL HIGHLIGHTS Continued

Series II Shares	Period Ended December 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$1.00
Income (loss) from investment operations:
Net investment income2		0.01
Net realized and unrealized gain		0.003
Total from investment operations		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)
Net asset value, end of period		$1.00
Total Return, at Net Asset Value4		0.78%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:5
Net investment income		1.61%
Total expenses6		0.72%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.72%

1. For the period from May 24, 2019 (commencement of operations) to December 31, 2019.

2. Calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Period Ended December 31, 2019 0.72%

See accompanying Notes to Financial Statements.

12       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Government Money/VA Fund (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service shares received Series I shares of the Fund. Information for the Acquired Fund’s Non-Service shares prior to the Reorganization is included with Series I throughout this report. Series II shares commenced operations on the Reorganization Date.

The Fund’s investment objective is to seek income consistent with stability of principal.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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 transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has

13       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 the class. All other expenses are allocated among the classes of the Fund based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Repurchase Agreements - In a repurchase transaction, a Fund buys a security and simultaneously sells it back to an approved institution for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved institutions include U.S. commercial banks, U.S. branches of foreign banks or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the investment adviser from time to time. Repurchase agreements must be fully collateralized. However, if the seller fails to pay the repurchase price on the delivery date, a Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. If the default on the part of the seller is due to its bankruptcy, a Fund’s ability to liquidate the collateral may be delayed or limited.

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received) as of period end:

	Repurchase Agreement
Counterparty	Proceeds to be Received 1		Collateral Received1		Net Exposure2
Repurchase Agreements
Credit Agricole Corporate & Investment Bank		$10,000,833		$(10,200,990)		$(200,157)
RBC Dominion Securities Inc.		94,016,947		(95,895,711)		(1,878,764)
TD Securities (USA) LLC		75,006,542		(76,506,673)		(1,500,131)
		$179,024,322		$(182,603,374)

1. Includes accrued interest.

2. Net exposure represents the net receivable/payable that would be due from/to the counterparty in the event of default.

J. Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

Note 2 – Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Fee Schedule*
Up to $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, 2019, the effective advisory fees incurred by the Fund was 0.42%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $2,933,619 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited

14       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

(collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.50% and 0.75%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $9,580 and reimbursed Fund expenses of $354,904 of Series I shares.

Prior to the Reorganization, OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service shares to 0.50% of the Acquired Fund’s average daily net assets.

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, 2019, Invesco was paid $63,107 for accounting and fund administrative services and was reimbursed $147,421 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JP Morgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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 service. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs

15       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

NOTES TO FINANCIAL STATEMENTS Continued

reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2019, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Note 4 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,585.

Note 5 – Trustee and Officer Fees and Benefits

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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, 2019 and 2018:

	2019		2018
Ordinary income	$	21,080,943	$	14,654,285

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	95,073
Temporary book/tax differences		(88,460)
Shares of beneficial interest		369,762,749
Total net assets	$	369,769,362

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has no capital loss carryforward as of December 31, 2019.

Note 8 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of tax exempt income, on December 31, 2019 undistributed net investment income (loss) was

16       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

increased by $36,587 and shares of beneficial interest was decreased by $36,587. This reclassification had no effect on the net assets of the Fund.

Note 9 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		2,074,144,735		$	2,074,144,735			3,403,573,875		$	3,403,573,875
Dividends and/or distributions reinvested		23,445,418			23,445,418			12,421,877			12,421,877
Redeemed		(4,783,567,302	)		(4,783,567,302	)		(785,874,330	)		(785,874,330	)
Net increase (decrease)		(2,685,977,149	)	$	(2,685,977,149	)		2,630,121,422		$	2,630,121,422
Series II Shares2
Sold		10,000		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase		10,000		$	10,000			—		$	—

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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, distribution, third party record keeping and account servicing. 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.

2. Commencement date after the close of business on May 24, 2019.

17       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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for each of the periods ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for each of the periods ended December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

18       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY 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, 2019:

Federal and State Income Tax
U.S. Treasury Obligations*	15.41%

* The above percentage is based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

19       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO STATEMENT OF INVESTMENTS

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

20       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY 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 PERSON
Martin L. Flanagan 1 – 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)	229	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.

21       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
Bruce L. Crockett – 1944 Trustee and Chair	2003	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, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

22       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

23       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
OTHER OFFICERS
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

24       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

25       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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP      2005 Market Street,   Suite 2600   Philadelphia, PA 19103-7018	Independent Trustees 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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

26       INVESCO OPPENHEIMER V.I. GOVERNMENT MONEY FUND

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Annual Report   12/31/2019  

Invesco Oppenheimer

V.I. International Growth Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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 semi annual 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 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.

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer International Growth Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGERS: George R. Evans, CFA, and Robert B. Dunphy, CFA

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception Date		1-Year		5-Year		10-Year
Series I Shares*		5/13/92		28.60%		5.79%		7.26%
Series II Shares*		3/19/01		27.95		5.48		6.98
MSCI AC World ex-U.S. Index				21.51		5.51		4.97

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

SAP SE	2.9%
Hitachi Ltd.	2.9
ASML Holding NV	2.8
Hermes International	2.7
STMicroelectronics NV	2.5
Grifols SA	2.5
Hoya Corp.	2.5
Keyence Corp.	2.2
Novo Nordisk AS, Cl. B	2.2
Roche Holding AG	2.0

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

REGIONAL ALLOCATION

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on the total market value of investments.

For more current Fund holdings, please visit invesco.com.

*Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

Fund Performance Discussion

For the year ended December 31, 2019, Series I shares of Invesco Oppenheimer V.I. International Growth Fund (the Fund) returned 28.60% (without sales charge) outperforming the MSCI AC World ex-U.S. Index, the Fund’s benchmark, which returned 21.51% during the period.

During this fiscal year, the Fund benefited from the consistency of our philosophy and process, which we have maintained since the portfolio’s inception in 1996. This is particularly gratifying after some of the challenges our portfolio faced in the latter half of 2018. Our semiconductor value chain companies have recovered strongly from the derating they experienced in 2018. The car continues to evolve into a computer on wheels, and our auto component companies have provided us with significant returns since we began investing in them during 2014. However, the fundamentals of the end manufacturers have deteriorated and we reduced our exposure, to positive effect. Our software companies, both those we have owned for ten years and those bought more recently, are benefitting from the “software as a service” business model, and we believe this is likely to continue.

MARKET OVERVIEW

For international equity markets, 2019 was a year of “thirds”. Markets performed very well during the first four months, rebounding sharply from the sell-off in the back half of 2018. For the next four months, markets were range bound until August, when global equities rallied, led by technology. This final “third” of the year was marked by a renewed optimism in the potential for continued growth. This was especially the case in December. National elections in the UK ended three and a half years of uncertainty over whether and when Brexit will happen and the US and China produced a “Phase One” trade agreement. These developments engendered so much positive sentiment that equity markets barely reacted to the subsequent news that the Federal Reserve in the US would not cut rates, and that a US president would be impeached.

TOP INDIVIDUAL CONTRIBUTORS

Top performing stocks for the Portfolio this year included ASML Holding NV, STMicroelectronics NV, and Hitachi, Ltd.

ASML Holding NV, 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 is reacting favorably to a growing appreciation of the company’s growth potential.

ST Microelectronics NV is a global semiconductor chip designer and manufacturer focused on the fast growing automotive, sensor and security segments. The company has consistently displayed admirable margin and capital discipline through various market conditions. It is one of only four companies at the forefront of developing silicon carbide chips, which are necessary in the high temperature and pressure conditions in many of the next generation of chip applications. In our opinion, ST Micro is well-positioned to benefit from the secular growth trends in its areas of expertise. The shares have recovered strongly from the sell-off experienced last year.

Hitachi Ltd. 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. As part of the sea change we are seeing in the behavior of many Japanese company managements, Hitachi is selling its “bad” businesses, restructuring itself into an attractive company.

TOP INDIVIDUAL DETRACTORS

Top detractors from Portfolio performance included Nokia Oyj, Hero Motorcorp Limited and Ubisoft Entertainment SA.

Nokia Oyj, the Finnish telecommunications equipment company, is a familiar name from its days as a dominant player in the handset market. That business is done now with the exception of royalties the company receives from third-party manufacturers. Nokia is now a one-stop shop for both mobile and terrestrial telephony equipment and software. The company has restructured and appears well-poised for the 5G investment cycle. The stock has pulled back on earnings below analyst expectations. We agree with Nokia that lumpy contract and lower margin contracts should be expected at the beginning of 5G deployment, as they have in past new generation telephone rollouts. Our outlook for Nokia remains positive.

Hero Motorcorp Limited is one the two leading motorcycle companies in India, where long term demand is strong. We have benefitted from owning the company for several years. This year, the Regulator in India initiated new emission and safety equipment requirements. In our opinion, it will take Hero some time to pass on the cost of implementing these new standards. We have exited our position.

4      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

Ubisoft Entertainment SA is a French producer of gaming content that we find very attractive. Gaming continues to grow in popularity. Much of this is driven by the proliferation of devices upon which people can play games. We believe we are still near the beginning of dramatic growth in the amount, variety, content richness, and monetization of gaming people do.

STRATEGY & OUTLOOK

Through the pessimism of the latter half of last year, the early rebound, the volatile range trading, and finally the optimism at the end of this year, our philosophy and our process have remained consistent.

Our software and our semiconductor value chain companies are part of our “Data Deluge” investment theme, a key component of our portfolio since 2010. Some of our holdings within the theme have changed over the years, but the basis of it – that the amount of data created in the world is growing at 30-40% annually and will continue to do for the foreseeable future – remains unchanged. We expect that we will continue to find investment opportunities that are driven by this strong structural growth trend.

Our health care leisure companies are well placed within the rising spending streams from populations that are aging and, in the emerging markets, more affluent. Rising emerging market affluence also drives the growth of our luxury and consumer staples companies.

Since the portfolio’s inception, we have followed the same philosophy and process, and we will continue to do so. We seek to invest in high quality companies that have strong potential to benefit from the deep structural growth forces of Mass Affluence, New Technology, Restructuring and Aging that are always at work in the global economy.

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the MSCI AC World ex-U.S. Index. The MSCI AC World ex-U.S. Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns include changes in share price and reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

6      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00	$	1,093.80	$	5.29
Series II shares		1,000.00		1,089.40		6.60
Hypothetical (5% return before expenses)
Series I shares		1,000.00		1,020.16		5.10
Series II shares		1,000.00		1,018.90		6.38

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares		1.00	%
Series II shares		1.25

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Shares		Value
Common Stocks—98.5%
Consumer Discretionary—15.9%
Auto Components—1.7%
Continental AG		13,685	$	1,777,113
Koito Manufacturing Co. Ltd.		81,100		3,753,575
Valeo SA		64,295		2,276,513
				7,807,201
Entertainment—1.1%
Ubisoft Entertainment SA1		78,156		5,406,571
Hotels, Restaurants & Leisure—1.1%
Carnival Corp.		43,473		2,209,732
Flutter Entertainment plc		23,062		2,821,263
				5,030,995
Household Durables—1.6%
SEB SA		10,850		1,613,737
SEB SA, Private Shares1		850		126,422
SEB SA, Prime1		39,200		5,830,276
				7,570,435
Internet & Catalog Retail—1.5%
Alibaba Group Holding Ltd., Sponsored ADR1		34,498		7,317,026
Multiline Retail—2.0%
Dollarama, Inc.		145,439		4,998,608
Next plc		45,811		4,265,488
				9,264,096
Specialty Retail—1.5%
Nitori Holdings Co. Ltd.		46,100		7,284,354
Textiles, Apparel & Luxury Goods—5.4%
Cie Financiere Richemont SA		57,458		4,510,309
Hermes International		17,418		13,034,650
LVMH Moet Hennessy Louis Vuitton SE		17,495		8,147,965
				25,692,924
Consumer Staples—10.4%
Beverages—3.2%
Britvic plc		278,974		3,348,095
Heineken NV		45,503		4,853,873
Pernod Ricard SA		39,466		7,064,631
				15,266,599
Food & Staples Retailing—2.7%
Alimentation Couche-Tard, Inc., Cl. B		292,485		9,282,128
CP ALL PCL		1,495,400		3,596,710
				12,878,838
Food Products—3.4%
Barry Callebaut AG		3,579		7,912,097
Saputo, Inc.		139,598		4,321,620
WH Group Ltd.		4,002,500		4,147,172
				16,380,889
Tobacco—1.1%
Swedish Match AB		98,297		5,067,584
Energy—0.9%
Energy Equipment & Services—0.9%
TechnipFMC plc		201,173		4,273,790
Financials—4.6%
Commercial Banks—2.0%
ICICI Bank Ltd., Sponsored ADR		620,424		9,362,198
Insurance—2.6%
Legal & General Group plc		1,552,535		6,254,806
Prudential plc		315,162		6,064,170
				12,318,976
Health Care—18.7%
Biotechnology—5.5%
Ascendis Pharma AS, ADR1		12,994		1,807,725
CSL Ltd.		49,215		9,551,210

	Shares		Value
Biotechnology (Continued)
Galapagos NV1		14,205	$	2,956,664
Grifols SA		335,355		11,840,780
				26,156,379
Health Care Equipment & Supplies—6.5%
Hoya Corp.		123,393		11,781,581
LivaNova plc1		35,110		2,648,347
Medtronic plc		43,585		4,944,718
ResMed, Inc.		35,362		5,480,049
Siemens Healthineers AG2		122,573		5,885,850
				30,740,545
Health Care Providers & Services—1.2%
Fresenius Medical Care AG & Co. KGaA		77,714		5,763,887
Life Sciences Tools & Services—1.3%
Lonza Group AG1		17,395		6,344,216
Pharmaceuticals—4.2%
Novo Nordisk AS, Cl. B		177,883		10,317,157
Roche Holding AG		29,588		9,594,147
				19,911,304
Industrials—18.2%
Aerospace & Defense—1.7%
Airbus SE		53,162		7,799,806
Building Products—0.5%
Daikin Industries Ltd.		17,800		2,503,225
Commercial Services & Supplies—2.3%
Edenred		133,798		6,923,373
Prosegur Cash SA2		1,481,508		2,258,847
Prosegur Cia de Seguridad SA		466,572		1,927,613
				11,109,833
Construction & Engineering—0.3%
Boskalis Westminster		53,145		1,364,119
Electrical Equipment—3.7%
Legrand SA		56,438		4,604,963
Melrose Industries plc		2,054,481		6,566,870
Nidec Corp.		46,200		6,311,110
				17,482,943
Machinery—7.3%
Aalberts NV		130,610		5,875,866
Atlas Copco AB, Cl. A		207,449		8,269,452
Epiroc AB, Cl. A		442,838		5,411,962
Kubota Corp.		138,500		2,169,718
VAT Group AG1,2		51,287		8,676,680
Weir Group plc (The)		199,262		3,987,231
				34,390,909
Professional Services—1.1%
Intertek Group plc		69,601		5,401,923
Trading Companies & Distributors—1.3%
Bunzl plc		52,644		1,440,367
Ferguson plc		52,007		4,725,179
				6,165,546
Information Technology—26.0%
Communications Equipment—0.8%
Nokia OYJ		974,051		3,613,579
Electronic Equipment, Instruments, & Components—5.1%
Hitachi Ltd.		325,200		13,698,087
Keyence Corp.		30,224		10,697,881
				24,395,968
IT Services—3.9%
Amadeus IT Group SA		71,383		5,848,897
EPAM Systems, Inc.1		39,553		8,391,564
Worldline SA1,2		60,741		4,310,949
				18,551,410

8      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

	Shares		Value
Semiconductors & Semiconductor Equipment—8.9%
ASML Holding NV		44,522	$	13,259,105
Infineon Technologies AG		356,739		8,180,696
STMicroelectronics NV		443,185		11,961,273
Taiwan Semiconductor Manufacturing Co. Ltd.		776,000		8,593,790
				41,994,864
Software—7.3%
Atlassian Corp. plc, Cl. A1		13,512		1,626,034
Blue Prism Group plc1		61,141		916,184
Dassault Systemes SE		33,052		5,451,774
SAP SE		101,922		13,736,009
Temenos AG1		41,191		6,512,372
Xero Ltd.1		115,350		6,494,166
				34,736,539
Materials—3.8%
Chemicals—1.7%
Sika AG		42,727		8,046,307

	Shares		Value
Construction Materials—0.8%
James Hardie Industries plc		189,395	$	3,713,149
Containers & Packaging—1.3%
CCL Industries, Inc., Cl. B		151,259		6,443,840
Total Common Stocks (Cost $269,557,987)				467,552,767
Preferred Stock—0.0%
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv. (Cost $—)		599,541		45,693
Investment Company—1.3%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%3 (Cost $6,357,038)		6,357,038		6,357,038
Total Investments, at Value (Cost $275,915,025)		99.8%		473,955,498
Net Other Assets (Liabilities)		0.2		741,753
Net Assets		100.0%	$	474,697,251

Footnotes to Schedule of Investments

1. Non-income producing security.

2. 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, 2019 was $21,132,326, which represented 4.45% of the Fund’s Net Assets.

3. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:
Geographic Holdings	Value		Percent
France	$	72,591,630		15.3	%
Switzerland		63,557,403		13.4
Japan		58,199,530		12.3
United Kingdom		42,518,922		9.0
United States		40,095,812		8.5
Germany		35,343,554		7.4
Netherlands		25,352,963		5.3
Canada		25,046,195		5.3
Spain		21,876,137		4.6
Sweden		18,748,998		3.9
Denmark		12,124,882		2.6
Australia		9,551,210		2.0
India		9,407,891		2.0
Taiwan		8,593,790		1.8
China		7,317,026		1.5
New Zealand		6,494,166		1.4
Hong Kong		4,147,173		0.9
Finland		3,613,579		0.8
Thailand		3,596,710		0.8
Belgium		2,956,664		0.6
Ireland		2,821,263		0.6
Total	$	473,955,498		100.0	%

Glossary:

Definitions

ADR American Depositary Receipt

See accompanying Notes to Financial Statements.

9      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $269,557,987)	$	467,598,460
Affiliated companies (cost $6,357,038)		6,357,038
		473,955,498
Cash		169,170
Receivables and other assets:
Dividends		1,986,118
Shares of beneficial interest sold		275,883
Investments sold		10,740
Other		50,487
Total assets		476,447,896
Liabilities
Amount due to custodian-foreign (cost $86)		86
Payables and other liabilities:
Shares of beneficial interest redeemed		1,154,473
Foreign capital gains tax		212,752
Administration fees		172,292
Distribution and service plan fees		52,913
Trustees’ compensation		44,861
Shareholder communications		27,649
Advisory fees		12,272
Transfer and shareholder servicing agent fees		4,479
Other		68,868
Total liabilities		1,750,645
Net Assets	$	474,697,251
Composition of Net Assets
Shares of beneficial interest	$	271,602,242
Total distributable earnings		203,095,009
Net Assets	$	474,697,251
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $221,944,412 and 90,729,973 shares of beneficial interest outstanding)		$2.45
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $252,752,839 and 98,828,783 shares of beneficial interest outstanding)		$2.56

See accompanying Notes to Financial Statements.

10      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $949,740)	$	8,600,380
Affiliated companies		315,580
Total investment income		8,915,960
Expenses
Advisory fees		4,404,407
Administration fees		446,199
Distribution and service plan fees:
Series II shares		571,727
Transfer and shareholder servicing agent fees:
Series I shares		142,124
Series II shares		119,042
Shareholder communications:
Series I shares		12,904
Series II shares		12,907
Custodian fees and expenses		45,767
Trustees’ compensation		19,141
Borrowing fees		6,284
Other		53,738
Total expenses		5,834,240
Less waivers, reimbursement of expenses and offset arrangement(s)		(605,221	)
Net expenses		5,229,019
Net Investment Income		3,686,941
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $193,635) (includes net gains from securities sold to affiliates of $99,172)		7,433,215
Foreign currency transactions		(33,758	)
Net realized gain		7,399,457
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $(32,030))		108,121,273
Translation of assets and liabilities denominated in foreign currencies		3,318
Net change in unrealized appreciation/(depreciation)		108,124,591
Net Increase in Net Assets Resulting from Operations	$	119,210,989

See accompanying Notes to Financial Statements.

11      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	3,686,941		$	4,028,652
Net realized gain		7,399,457			25,026,292
Net change in unrealized appreciation/(depreciation)		108,124,591			(139,763,917	)
Net increase (decrease) in net assets resulting from operations		119,210,989			(110,708,973	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(13,472,374	)		(9,134,490	)
Series II shares		(12,709,522	)		(5,690,284	)
Total distributions from distributable earnings		(26,181,896	)		(14,824,774	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		(95,274,031	)		(20,815,884	)
Series II shares		10,086,290			13,746,754
Total beneficial interest transactions		(85,187,741	)		(7,069,130	)
Net Assets
Total increase (decrease)		7,841,352			(132,602,877	)
Beginning of period		466,855,899			599,458,776
End of period	$	474,697,251		$	466,855,899

See accompanying Notes to Financial Statements.

12      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended     December 31, 2019		Year Ended     December 31, 2018		Year Ended     December 31, 2017		Year Ended     December 31, 2016		Year Ended     December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$2.03		$2.59		$2.08		$2.20		$2.31
Income (loss) from investment operations:
Net investment income1		0.02		0.02		0.02		0.03		0.03
Net realized and unrealized gain (loss)		0.54		(0.51)		0.52		(0.08)		0.06
Total from investment operations		0.56		(0.49)		0.54		(0.05)		0.09
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.02)		(0.03)		(0.02)		(0.03)
Distributions from net realized gain		(0.12)		(0.05)		0.00		(0.05)		(0.17)
Total dividends and/or distributions to shareholders		(0.14)		(0.07)		(0.03)		(0.07)		(0.20)
Net asset value, end of period		$2.45		$2.03		$2.59		$2.08		$2.20
Total Return, at Net Asset Value2		28.60%		(19.42)%		26.29%		(2.12)%		3.43%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$221,944		$267,220		$360,417		$301,559		$317,547
Average net assets (in thousands)		$236,960		$325,080		$339,999		$305,269		$343,347
Ratios to average net assets:3
Net investment income		0.91%		0.83%		0.87%		1.24%		1.08%
Expenses excluding specific expenses listed below		1.13%		1.10%		1.08%		1.09%		1.08%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		1.13%		1.10%		1.08%		1.09%		1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%
Portfolio turnover rate6		51%		25%		27%		15%		24%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.13	%
Year Ended December 31, 2018	1.10	%
Year Ended December 31, 2017	1.08	%
Year Ended December 31, 2016	1.09	%
Year Ended December 31, 2015	1.08	%

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

13      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

FINANCIAL HIGHLIGHTS Continued

Series II Shares	Year Ended     December 31, 2019		Year Ended     December 31, 2018		Year Ended     December 31, 2017		Year Ended     December 31, 2016		Year Ended     December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$2.12		$2.70		$2.16		$2.29		$2.40
Income (loss) from investment operations:
Net investment income1		0.02		0.01		0.01		0.02		0.02
Net realized and unrealized gain (loss)		0.56		(0.52)		0.56		(0.08)		0.06
Total from investment operations		0.58		(0.51)		0.57		(0.06)		0.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.02)		(0.03)		(0.02)		(0.02)
Distributions from net realized gain		(0.12)		(0.05)		0.00		(0.05)		(0.17)
Total dividends and/or distributions to shareholders		(0.14)		(0.07)		(0.03)		(0.07)		(0.19)
Net asset value, end of period		$2.56		$2.12		$2.70		$2.16		$2.29
Total Return, at Net Asset Value2		27.95%		(19.55)%		26.44%		(2.72)%		3.11%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$252,753		$199,636		$239,042		$175,633		$169,292
Average net assets (in thousands)		$228,869		$231,130		$213,440		$174,834		$165,226
Ratios to average net assets:3
Net investment income		0.67%		0.58%		0.60%		0.99%		0.79%
Expenses excluding specific expenses listed below		1.38%		1.35%		1.33%		1.34%		1.33%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		1.38%		1.35%		1.33%		1.34%		1.33%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.25%		1.25%		1.25%		1.25%		1.25%
Portfolio turnover rate6		51%		25%		27%		15%		24%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.38	%
Year Ended December 31, 2018	1.35	%
Year Ended December 31, 2017	1.33	%
Year Ended December 31, 2016	1.34	%
Year Ended December 31, 2015	1.33	%

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

14      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer International Growth Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a

15      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually to separate accounts of participating insurance companies or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to each share class based on relative net assets. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency

16      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Note 2 – Advisory Fees and Other Fees Paid 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:

Fee Schedule*
Up to $250 million	1.00	%
Next $250 million	0.90
Next $500 million	0.85
Over $1 billion	0.82

* 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 year ended December 31, 2019, the effective advisory fees incurred by the Fund was 0.95%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $1,842,903 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 1.00% and 1.25%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

17      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Continued

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $14,545 and reimbursed Fund expenses of $289,293 and $297,584 for Series I and Series II shares, respectively.

Prior to the Reorganization, OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service and Service shares to 1.00% and 1.25%, respectively, of the Acquired Fund’s average daily net assets.

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, 2019, Invesco was paid $38,221 for accounting and fund administrative services and was reimbursed $407,978 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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.

18      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

	Level 1— Unadjusted                     Quoted  Prices		Level 2— Other Significant                     Observable Inputs		Level 3— Significant                      Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	14,525,366	$	60,848,236	$	—	$	75,373,602
Consumer Staples		13,603,748		35,990,162		—		49,593,910
Energy		—		4,273,790		—		4,273,790
Financials		9,362,198		12,318,976		—		21,681,174
Health Care		14,880,839		74,035,492		—		88,916,331
Industrials		—		86,218,304		—		86,218,304
Information Technology		10,017,598		113,274,762		—		123,292,360
Materials		6,443,840		11,759,456		—		18,203,296
Preferred Stock		45,693		—		—		45,693
Investment Company		6,357,038		—		—		6,357,038
Total Assets	$	75,236,320	$	398,719,178	$	—	$	473,955,498

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 period January 1, 2019 to May 24, 2019, the Predecessor Fund did not engage in transactions with affiliates. For the period May 25, 2019 to December 31, 2019, the Fund engaged in transactions with affiliates as listed: Securities sales of $462,678, which resulted in net realized gains of $99,172.

Note 5 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,799.

Note 6 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 7 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	3,888,153	$	4,584,335
Long-term capital gain		22,293,743		10,240,439
Total distributions	$	26,181,896	$	14,824,774

19      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

NOTES TO FINANCIAL STATEMENTS Continued

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	3,426,302
Undistributed long-term gain		5,721,350
Net unrealized appreciation - investments		193,990,259
Temporary book/tax differences		(42,902)
Shares of beneficial interest		271,602,242
Total net assets	$	474,697,251

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.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has no capital loss carryforward as of December 31, 2019.

Note 9 – Investments 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, 2019 was $230,941,190 and $321,641,609, 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	$	207,090,901
Aggregate unrealized (depreciation) of investments		(12,781,042)
Net unrealized appreciation of investments	$	194,309,859

Cost of investments for tax purposes is $279,411,051.

Note 10 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of corporate actions, on December 31, 2019, undistributed net investment income (loss) was increased by $1,734,811 and undistributed net realized gain (loss) was decreased by $1,734,811. This reclassification had no effect on the net assets of the Fund.

Note 11- Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31,  20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		8,881,295		$	19,659,846			21,532,426		$	51,243,851
Dividends and/or distributions reinvested		6,179,988			13,472,374			3,639,212			9,134,490
Redeemed		(55,770,549	)		(128,406,251	)		(32,856,876	)		(81,194,225	)
Net increase (decrease)		(40,709,266	)	$	(95,274,031	)		(7,685,238	)	$	(20,815,884	)
Series II Shares
Sold		13,275,646		$	30,754,894			19,920,360		$	51,115,122
Dividends and/or distributions reinvested		5,574,352			12,709,522			2,171,864			5,690,284
Redeemed		(14,188,919	)		(33,378,126	)		(16,510,354	)		(43,058,652	)
Net increase (decrease)		4,661,079		$	10,086,290			5,581,870		$	13,746,754

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 34% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested

20      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

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, distribution, third party record keeping and account servicing. 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 - Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

21      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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

22      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH 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, 2019:

Federal and State Income Tax

Long-Term Capital Gain Distributions	$	22,293,743
Corporate Dividends Received Deduction*		0.01	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

23      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

24      INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH 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 PERSON
Martin L. Flanagan 1 – 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)	229	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.

25       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
Bruce L. Crockett – 1944 Trustee and Chair	2003	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, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

26       INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

27       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
OTHER OFFICERS
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

28       INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

29       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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP      2005 Market Street,   Suite 2600   Philadelphia, PA 19103-7018	Independent Trustees 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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

30       INVESCO OPPENHEIMER V.I. INTERNATIONAL GROWTH FUND

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	Annual Report	12/31/2019
	Invesco Oppenheimer
	V.I. Main Street Fund®*
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.
	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 semi annual 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 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.
	*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Main Street Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGERS: Manind Govil, CFA, Benjamin Ram and Paul Larson

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception
	Date	1-Year	5-Year	10-Year
Series I Shares*	7/5/95	32.08%	10.41%	12.50%
Series II Shares*	7/13/00	31.74	10.14	12.21
S&P 500 Index		31.49	11.70	13.56

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Microsoft Corp.	7.9	%
JPMorgan Chase & Co.	5.0
UnitedHealth Group, Inc.	4.2
Facebook, Inc., Cl. A	3.8
Amazon.com, Inc.	3.7
Procter & Gamble Co. (The)	3.6
Berkshire Hathaway, Inc., Cl. B	3.4
Merck & Co., Inc.	3.2
Lockheed Martin Corp.	3.0
Prologis, Inc.	2.9

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

SECTOR ALLOCATION

    

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on the total market value of common stocks.

For more current Fund holdings, please visit invesco.com.

*Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

Fund Performance Discussion

The Fund’s Series I shares returned 32.08% during the reporting period. In comparison, the S&P 500 Index return 31.49% during the same period. The Fund’s outperformance was mainly driven by stock selection within the Industrials, Real Estate, and Health Care sectors. This was partially offset by negative stock selection within the consumer staples, information technology, and utilities sectors.

MARKET OVERVIEW

The S&P 500 Index produced strong returns during the quarter to cap off a gangbuster 2019, as the U.S. economy and corporate earnings remain relatively healthy and interest rates remain low. Gains were broad-based with 10 of 11 sectors producing positive total returns led by the Health Care, Information Technology, and Financials sectors

Fund Review

The top individual contributors to relative performance included Applied Materials, Microsoft, and Prologis.

Applied Materials’, a semiconductor equipment company, shares rose as business activity stabilized and the market is expecting improving orders form logic/ foundry customers.

Prologis, and industrial REIT, benefited from solid demand for its warehouse properties. In addition, Prologis successfully completed two important acquisitions during the year that increased its density and competitive positioning in key U.S. distribution markets. A key demand driver is the growth of e-commerce, led by Amazon, whose push to ever-faster delivery times is forcing traditional retailers and their suppliers to reconfigure their warehouse “footprints” to be closer to their end customers.

Microsoft has continued to see strength across its business lines and displayed strong execution. This has led to both healthy top-line growth and margin expansion.

The key individual detractors from relative performance during the period included Elanco Animal Health, Kraft Heinz, and NetApp.

Elanco sold-off in late August after announcing the acquisition of Bayer’s Animal Health business due to concerns around the size of the deal.

Kraft Heinz shares were sharply lower after announcing that 2019 would be another year of substantial investments which would negatively impact their industry-leading margins. The company also announced a dividend cut to de-lever faster and an $15 billion impairment charge on some of their brands, bringing into question their whole acquisition/cost-cutting driven strategy. We have exited our position.

NetApp shares were under pressure after the company preannounced negatively during the third quarter, blaming sales execution issues in North America and a macroeconomic slowdown. We have exited our position.

STRATEGY & OUTLOOK

In the short-term, we expect the U.S. economy to continue to show economic growth, albeit at slower rates than experienced in 2018 and early 2019, driven by favorable consumer confidence, falling regulatory hurdles, and technological innovation. However, there are several warning signs on the horizon including less synchronized global growth, weakening transport volumes, poor ISM purchasing managers surveys, and a recent flattening/inversion of the yield curve. While a recession later this year would not surprise us, it is not our base case assumption at this time.

We continue to maintain our discipline around valuation and focus on companies with competitive advantages and skilled management teams that are out-executing peers. The evidence of this we look for in our companies include high returns on invested capital, consistently strong pricing power, and/or rising market shares. During times of economic volatility such companies frequently widen their lead over weaker competitors. We seek to invest in companies characterized by these qualities at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance, especially in down markets.

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

4      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series I Shares of the Fund at 12/31/19

1-Year     32.08%     5-Year     10.41%     10-Year     12.50%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series II Shares of the Fund at 12/31/19

1-Year     31.74%     5-Year     10.14%     10-Year     12.21%

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, call us at 1.800.988.8287. The Fund’s total returns should not be expected to be the same as the returns of other funds, whether or not both funds have the same portfolio managers and/or similar names. The Fund’s total returns include changes in share price and reinvested distributions but do not include the charges associated with the separate account products that offer this Fund. Such performance would have been lower if such charges were taken into account.

6      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00	$	1,089.20	$	4.22
Series II shares		1,000.00		1,087.60		5.54
Hypothetical
(5% return before expenses)
Series I shares		1,000.00		1,021.17		4.08
Series II shares		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares		0.80%
Series II shares		1.05

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Shares		Value
Common Stocks—98.7%
Consumer Discretionary—19.5%
Automobiles—0.6%
General Motors Co.		224,050	$	8,200,230
Hotels, Restaurants & Leisure—0.9%
Starbucks Corp.		132,969		11,690,634
Household Durables—0.8%
DR Horton, Inc.		201,705		10,639,939
Interactive Media & Services—5.9%
Alphabet, Inc., Cl. A1		19,931		26,695,382
Facebook, Inc., Cl. A1		242,230		49,717,708
				76,413,090
Internet & Catalog Retail—6.0%
Amazon.com, Inc.1		25,837		47,742,642
Booking Holdings, Inc.1		14,550		29,881,772
				77,624,414
Specialty Retail—5.3%
Best Buy Co., Inc.		205,035		18,002,073
Home Depot, Inc. (The)		122,172		26,679,921
O’Reilly Automotive, Inc.1		24,546		10,757,530
Ulta Beauty, Inc.1		53,328		13,499,450
				68,938,974
Consumer Staples—5.9%
Beverages—1.7%
Anheuser-Busch InBev SA		131,153		10,754,744
Constellation Brands, Inc., Cl. A		61,290		11,629,777
				22,384,521
Household Products—4.2%
Church & Dwight Co., Inc.		114,244		8,035,923
Procter & Gamble Co. (The)		377,260		47,119,774
				55,155,697
Energy—5.3%
Energy Equipment & Services—1.3%
Schlumberger Ltd.		417,077		16,766,496
Oil, Gas & Consumable Fuels—4.0%
Magellan Midstream Partners LP		294,045		18,486,609
Suncor Energy, Inc.		1,037,050		34,015,240
				52,501,849
Financials—21.5%
Capital Markets—3.3%
Intercontinental Exchange, Inc.		180,466		16,702,128
S&P Global, Inc.		85,963		23,472,197
Tradeweb Markets, Inc., Cl. A		55,473		2,571,174
				42,745,499
Commercial Banks—6.3%
Danske Bank AS		556,931		9,006,912
JPMorgan Chase & Co.		469,013		65,380,412
SVB Financial Group1		29,091		7,303,005
				81,690,329
Consumer Finance—2.7%
Capital One Financial Corp.		347,183		35,728,603
Diversified Financial Services—5.3%
AXA Equitable Holdings, Inc.		1,007,005		24,953,584
Berkshire Hathaway, Inc., Cl. B1		193,290		43,780,185
				68,733,769
Insurance—1.0%
Fidelity National Financial, Inc.		138,757		6,292,630
Progressive Corp. (The)		93,138		6,742,260
				13,034,890
Real Estate Investment Trusts (REITs)—2.9%
Prologis, Inc.		425,563		37,934,686

	Shares		Value
Health Care—16.5%
Biotechnology—0.8%
Gilead Sciences, Inc.		149,810	$	9,734,654
Health Care Equipment & Supplies—2.8%
Boston Scientific Corp.1		167,164		7,559,156
Zimmer Biomet Holdings, Inc.		195,481		29,259,596
				36,818,752
Health Care Providers & Services—4.6%
Laboratory Corp. of America Holdings1		33,530		5,672,270
UnitedHealth Group, Inc.		184,740		54,309,865
				59,982,135
Life Sciences Tools & Services—1.7%
Thermo Fisher Scientific, Inc.		66,490		21,600,606
Pharmaceuticals—6.6%
AstraZeneca plc, Sponsored ADR		450,730		22,473,398
Elanco Animal Health, Inc.1		735,560		21,662,242
Merck & Co., Inc.		463,261		42,133,588
				86,269,228
Industrials—8.6%
Aerospace & Defense—3.0%
Lockheed Martin Corp.		101,320		39,451,982
Air Freight & Couriers—0.3%
CH Robinson Worldwide, Inc.		48,769		3,813,736
Commercial Services & Supplies—0.7%
Republic Services, Inc., Cl. A		108,486		9,723,600
Industrial Conglomerates—1.8%
Honeywell International, Inc.		133,516		23,632,332
Machinery—0.2%
Stanley Black & Decker, Inc.		12,667		2,099,429
Road & Rail—1.5%
Union Pacific Corp.		104,507		18,893,820
Trading Companies & Distributors—1.1%
Fastenal Co.		381,969		14,113,754
Information Technology—17.1%
Communications Equipment—2.2%
Motorola Solutions, Inc.		174,904		28,184,030
IT Services—2.3%
Amdocs Ltd.		181,716		13,118,078
Mastercard, Inc., Cl. A		55,120		16,458,281
				29,576,359
Semiconductors & Semiconductor Equipment—4.7%
Applied Materials, Inc.		455,896		27,827,892
QUALCOMM, Inc.		271,560		23,959,739
Texas Instruments, Inc.		71,080		9,118,853
				60,906,484
Software—7.9%
Microsoft Corp.		657,393		103,670,876
Materials—0.6%
Chemicals—0.6%
Ecolab, Inc.		37,760		7,287,302
Telecommunication Services—2.0%
Diversified Telecommunication Services—2.0%
Verizon Communications, Inc.		428,195		26,291,173
Utilities—1.7%
Electric Utilities—1.2%
Duke Energy Corp.		173,904		15,861,784
Gas Utilities—0.5%
UGI Corp.		153,107		6,914,312
Total Common Stocks (Cost $961,727,558)				1,285,009,968

8      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

	Shares		Value
Investment Company—1.1%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%2 (Cost $14,860,862)		14,860,862	$	14,860,862
Total Investments, at Value (Cost $976,588,420)		99.8%		1,299,870,830
Net Other Assets (Liabilities)		0.2		2,412,420
Net Assets		100.0%	$	1,302,283,250

Footnotes to Schedule of Investments

1. Non-income producing security.

2. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

Glossary:
Definitions
ADR	American Depositary Receipt

See accompanying Notes to Financial Statements.

9      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $961,727,558)	$	1,285,009,968
Affiliated companies (cost $14,860,862)		14,860,862
		1,299,870,830
Cash		28,649
Cash—foreign currencies (cost $649)		658
Receivables and other assets:
Investments sold		10,466,797
Dividends		997,041
Shares of beneficial interest sold		180,807
Other		162,623
Total assets		1,311,707,405
Liabilities
Payables and other liabilities:
Investments purchased		7,881,304
Shares of beneficial interest redeemed		591,433
Administration fees		447,209
Trustees’ compensation		155,414
Distribution and service plan fees		153,990
Shareholder communications		109,407
Advisory fees		23,215
Transfer and shareholder servicing agent fees		20,676
Other		41,507
Total liabilities		9,424,155
Net Assets	$	1,302,283,250
Composition of Net Assets
Shares of beneficial interest	$	872,244,157
Total distributable earnings		430,039,093
Net Assets	$	1,302,283,250
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $570,820,662 and 19,389,120 shares of beneficial interest outstanding)		$29.44
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $731,462,588 and 25,178,072 shares of beneficial interest outstanding)		$29.05

See accompanying Notes to Financial Statements.

10      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $204,661)	$	23,574,006
Affiliated companies		448,162
Total investment income		24,022,168
Expenses
Advisory fees		8,224,842
Administration fees		1,175,066
Distribution and service plan fees:
Series II shares		1,779,228
Transfer and shareholder servicing agent fees:
Series I shares		275,587
Series II shares		362,137
Shareholder communications:
Series I shares		47,003
Series II shares		60,884
Trustees’ compensation		31,398
Borrowing fees		15,002
Custodian fees and expenses		8,413
Other		83,038
Total expenses		12,062,598
Less waivers, reimbursement of expenses and offset arrangement(s)		(239,242	)
Net expenses		11,823,356
Net Investment Income		12,198,812
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (includes net gains from securities sold to affiliates of $2,084,230)		98,455,955
Foreign currency transactions		(12,638	)
Net realized gain		98,443,317
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies		230,851,553
Translation of assets and liabilities denominated in foreign currencies		6,535
Net change in unrealized appreciation/(depreciation)		230,858,088
Net Increase in Net Assets Resulting from Operations	$	341,500,217

See accompanying Notes to Financial Statements.

11      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	12,198,812		$	11,343,487
Net realized gain		98,443,317			222,465,657
Net change in unrealized appreciation/(depreciation)		230,858,088			(328,736,245	)
Net increase (decrease) in net assets resulting from operations		341,500,217			(94,927,101	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(93,497,935	)		(53,341,045	)
Series II shares		(121,555,544	)		(71,631,264	)
Total distributions from distributable earnings		(215,053,479	)		(124,972,309	)
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial interest transactions:
Series I shares		30,061,913			17,298,831
Series II shares		29,147,063			(27,705,526	)
Total beneficial interest transactions		59,208,976			(10,406,695	)
Net Assets
Total increase (decrease)		185,655,714			(230,306,105	)
Beginning of period		1,116,627,536			1,346,933,641
End of period	$	1,302,283,250		$	1,116,627,536

See accompanying Notes to Financial Statements.

12      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$26.82		$32.25		$28.41		$29.24		$33.61
Income (loss) from investment operations:
Net investment income1		0.32		0.32		0.34		0.33		0.33
Net realized and unrealized gain (loss)		7.73		(2.55)		4.41		2.76		0.80
Total from investment operations		8.05		(2.23)		4.75		3.09		1.13
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.34)		(0.38)		(0.39)		(0.34)		(0.32)
Distributions from net realized gain		(5.09)		(2.82)		(0.52)		(3.58)		(5.18)
Total dividends and/or distributions to shareholders		(5.43)		(3.20)		(0.91)		(3.92)		(5.50)
Net asset value, end of period		$29.44		$26.82		$32.25		$28.41		$29.24
Total Return, at Net Asset Value2		32.03%		(7.89)%		16.91%		11.62%		3.33%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$570,821		$485,230		$561,555		$485,196		$518,456
Average net assets (in thousands)		$546,812		$543,152		$535,770		$502,522		$541,020
Ratios to average net assets:3
Net investment income		1.11%		1.03%		1.12%		1.16%		1.05%
Expenses excluding specific expenses listed below		0.82%		0.80%		0.78%		0.79%		0.78%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		0.82%		0.80%		0.78%		0.79%		0.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%6		0.78%6		0.79%6		0.78%6
Portfolio turnover rate7		43%		65%		35%		33%		44%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.82	%
Year Ended December 31, 2018	0.80	%
Year Ended December 31, 2017	0.78	%
Year Ended December 31, 2016	0.79	%
Year Ended December 31, 2015	0.78	%

6. Waiver was less than 0.005%.

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

13      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

FINANCIAL HIGHLIGHTS Continued

Series II Shares	Year Ended     December 31, 2019		Year Ended     December 31, 2018		Year Ended     December 31, 2017		Year Ended     December 31, 2016		Year Ended     December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$26.51		$31.91		$28.12		$28.98		$33.33
Income (loss) from investment operations:
Net investment income1		0.25		0.24		0.26		0.26		0.25
Net realized and unrealized gain (loss)		7.64		(2.53)		4.37		2.72		0.80
Total from investment operations		7.89		(2.29)		4.63		2.98		1.05
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.26)		(0.29)		(0.32)		(0.26)		(0.22)
Distributions from net realized gain		(5.09)		(2.82)		(0.52)		(3.58)		(5.18)
Total dividends and/or distributions to shareholders		(5.35)		(3.11)		(0.84)		(3.84)		(5.40)
Net asset value, end of period		$29.05		$26.51		$31.91		$28.12		$28.98
Total Return, at Net Asset Value2		31.74%		(8.10)%		16.63%		11.30%		3.11%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$731,463		$631,398		$785,379		$772,594		$715,328
Average net assets (in thousands)		$711,914		$740,691		$788,342		$725,836		$757,218
Ratios to average net assets:3
Net investment income		0.86%		0.78%		0.87%		0.94%		0.80%
Expenses excluding specific expenses listed below		1.07%		1.05%		1.03%		1.04%		1.03%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		1.07%		1.05%		1.03%		1.04%		1.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%6		1.03%6		1.04%6		1.03%6
Portfolio turnover rate7		43%		65%		35%		33%		44%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.07	%
Year Ended December 31, 2018	1.05	%
Year Ended December 31, 2017	1.03	%
Year Ended December 31, 2016	1.04	%
Year Ended December 31, 2015	1.03	%

6. Waiver was less than 0.005%.

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

14      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Main Street Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial

Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a

15      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually to separate accounts of participating insurance companies or at other times as determined necessary by the Adviser.

E. Master Limited Partnerships - The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. Return of Capital - Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

H. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

16      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

I. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

J. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

K. 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.

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:

Fee Schedule*
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.58
Over $5 billion	0.56

* 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, 2019, the effective advisory fees incurred by the Fund was 0.65%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $3,249,790 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.80% and 1.05%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal

17      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

NOTES TO FINANCIAL STATEMENTS Continued

to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $20,507 and reimbursed Fund expenses of $87,745 and $126,110 for Series I and Series II shares, respectively.

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, 2019, Invesco was paid $107,793 for accounting and fund administrative services and was reimbursed $1,067,273 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JP Morgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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— Unadjusted Quoted Prices		Level 2— Other Significant                 Observable Inputs		Level 3— Significant                 Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	253,507,281	$	—	$	—	$	253,507,281
Consumer Staples		66,785,474		10,754,744		—		77,540,218

18      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant                 Observable Inputs		Level 3— Significant                 Unobservable Inputs		Value
Common Stocks (Continued)
Energy	$	69,268,345	$	—	$	—	$	69,268,345
Financials		270,860,864		9,006,912		—		279,867,776
Health Care		214,405,375		—		—		214,405,375
Industrials		111,728,653		—		—		111,728,653
Information Technology		222,337,749		—		—		222,337,749
Materials		7,287,302		—		—		7,287,302
Telecommunication Services		26,291,173		—		—		26,291,173
Utilities		22,776,096		—		—		22,776,096
Investment Company		14,860,862		—		—		14,860,862
Total Assets	$	1,280,109,174	$	19,761,656	$	—	$	1,299,870,830

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 period January 1, 2019 to May 24, 2019, the Predecessor Fund engaged in transactions with affiliates as listed: Securities sales of $4,383,960, which resulted in net realized gains of $221,208. For the period May 25, 2019 to December 31, 2019, the Fund engaged in transactions with affiliates as listed: Securities purchased of $4,918,922 and securities sales of $12,411,089, which resulted in net realized gains of $1,863,022.

Note 5 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,880.

Note 6 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 7 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	15,468,146	$	27,663,938
Long-term capital gain		199,585,333		97,308,371
Total distributions	$	215,053,479	$	124,972,309

19      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

NOTES TO FINANCIAL STATEMENTS Continued

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	19,327,783
Undistributed long-term gain		92,530,791
Net unrealized appreciation - investments		318,333,446
Temporary book/tax differences		(152,927)
Shares of beneficial interest		872,244,157
Total net assets	$	1,302,283,250

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 partnership transactions.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has no capital loss carryforward as of December 31, 2019.

Note 9 – Investments 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, 2019 was $535,246,314 and $678,399,374, 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	$	324,771,375
Aggregate unrealized (depreciation) of investments		(6,437,929)
Net unrealized appreciation of investments	$	318,333,446

Cost of investments for tax purposes is $981,538,258.

Note 10 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnership transactions, on December 31, 2019, undistributed net investment income was decreased by $2,653,476, undistributed net realized gain was increased by $2,653,327 and shares of beneficial interest was increased by $149. This reclassification had no effect on the net assets of the Fund.

Note 11 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31,  20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		673,942		$	19,609,116			1,272,402		$	37,785,582
Dividends and/or distributions reinvested		3,495,250			93,497,935			1,802,062			53,341,045
Redeemed		(2,875,474	)		(83,045,138	)		(2,391,616	)		(73,827,796	)
Net increase (decrease)		1,293,718		$	30,061,913			682,848		$	17,298,831
Series II Shares
Sold		1,630,045		$	46,915,384			2,634,038		$	78,888,308
Dividends and/or distributions reinvested		4,599,150			121,555,544			2,444,753			71,631,264
Redeemed		(4,866,048	)		(139,323,865	)		(5,873,057	)		(178,225,098	)
Net increase (decrease)		1,363,147		$	29,147,063			(794,266	)	$	(27,705,526	)

20      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 50% 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, distribution, third party record keeping and account servicing. 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 – Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

21      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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 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 audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

22      INVESCO OPPENHEIMER V.I. MAIN STREET 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, 2019:

Federal and State Income Tax

Long-Term Capital Gain Distributions	$	199,585,333
Corporate Dividends Received Deduction*		99.97	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

23      INVESCO OPPENHEIMER V.I. MAIN STREET FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

24      INVESCO OPPENHEIMER V.I. MAIN STREET 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 PERSON
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)	229	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.

25       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
Bruce L. Crockett – 1944 Trustee and Chair	2003	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, of Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

26       INVESCO OPPENHEIMER V.I. MAIN STREET FUND

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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

27       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
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

28       INVESCO OPPENHEIMER V.I. MAIN STREET FUND

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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

29       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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

30       INVESCO OPPENHEIMER V.I. MAIN STREET FUND

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Annual Report   12/31/2019  

Invesco Oppenheimer

V.I. Main Street Small Cap Fund^®*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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 semi annual 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 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.

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Main Street Small Cap Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGERS: Matthew P. Ziehl, CFA, Raymond Anello, CFA, Raman Vardharaj, CFA, Joy Budzinski, Kristin Ketner, Magnus Krantz and Adam Weiner.

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception Date	1-Year		5-Year		10-Year
Series I Shares*	5/1/98		26.47%		7.54%		12.45%
Series II Shares*	7/16/01		26.13		7.27		12.17
Russell 2000 Index			25.52		8.23		11.83

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

TOP HOLDINGS AND ALLOCATIONS

TOP TEN COMMON STOCK HOLDINGS

Zynga, Inc., Cl. A	2.3%
ASGN, Inc.	2.3
MKS Instruments, Inc.	2.2
CACI International, Inc., Cl. A	2.1
Korn Ferry	2.1
WSFS Financial Corp.	2.0
j2 Global, Inc.	2.0
Matador Resources Co.	2.0
Four Corners Property Trust, Inc.	1.8
Avista Corp.	1.7

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

SECTOR ALLOCATION

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on the total market value of common stocks.

For more current Fund holdings, please visit invesco.com.

*Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

Fund Performance Discussion

The Fund’s Series I shares returned 26.47% during the reporting period. In comparison, the Russell 2000 Index returned 25.52% during the same period. The Fund’s outperformance was mainly driven by stock selection within the information technology, industrials, and communication services sectors. This was partially offset by negative stock selection within the consumer discretionary, health care, and consumer staples sectors.

MARKET OVERVIEW

The U.S. economy experienced slowing growth over the course of 2019, notably in the industrial economy where some manufacturing indicators dipped into negative territory as the impact of trade wars and tariffs weighed on export demand. Nevertheless, overall employment and consumption remained solid. U.S. stocks were range-bound until late in the year, before driving higher to new record levels in the fourth calendar quarter. A reversal of Federal Reserve policy from tightening to easing drove lower interest rates during the spring and summer months, which along with overall economic resiliency gave comfort to equity investors despite ongoing political turmoil at home and abroad.

Within the Russell 2000 Index, 10 of 11 sectors posted positive returns. Energy was the only sector with a negative result. Eights sectors produced >20% returns with information technology leading the way.

FUND REVIEW

The key individual contributors to relative returns included Generac, CACI International, and MKS Instruments.

Generator manufacturer Generac outperformed as investors grew increasingly optimistic on the company’s future growth prospects in California as PG&E’s new rolling blackout policies have created robust interest for Generac’s home standby generators. We agree directionally with this assessment but believe this growth will take several years to gain traction as Generac must expand its retailer and installer network in California, which will take some time. Therefore, we took advantage of strength in the shares to reduce our position in order to manage risk.

Defense technology services provider CACI showed improving organic growth against a backdrop of a strengthening defense spending outlook. A strong awards pace and expanding backlog sets CACI up well for 2020 revenue growth and margin expansion. In addition, the recently-acquired LGS Innovations and Mastodon Design organizations appear to be integrating well and delivering results ahead of expectations.

MKS Instruments provides tools for measuring and control of gases used in semiconductor manufacturing, as well as adjacent products such as flat panel displays. The industry is seeing bottoming in demand as Foundry/Logic customers, including TSM, Intel and Samsung, ramp up their capital spending plans. The Memory market remains soft but stabilizing commodity prices suggest that it’s only a matter of time before memory customers resume capital spending to boost supply growth. Given strong secular end demand drivers, we believe that the market is discounting improved performance well before the fundamentals are reflected in current numbers.

The key individual detractors to relative returns included Houghton Mifflin Harcourt, Nu Skin Enterprises, and Spirit Airlines.

Houghton Mifflin underperformed after one of its larger markets (Florida) pushed back the implementation of a key text book scheduled for introduction in 2019.

Nu Skin’s sales in China (30% of sales) slowed down materially in 2019. Chinese regulators imposed marketing constraints on all multi-level marketing companies in response to a consumer’s death due to improper treatment of an illness resulting from the improper marketing of product efficacy by one multi-level, unaffiliated marketing company. Given the lack of visibility into the easing of such regulatory constraints we exited the position as of the end of the year.

Spirit Airlines faced several headwinds during the year including a spike in costs driven by poor execution from stretching the network too thin, runway construction at its main hub in Fort Lauderdale, and hurricane Dorian.

STRATEGY & OUTLOOK

In the short-term, we expect the U.S. economy to continue to show economic growth, albeit at slower rates than experienced in 2018 and early 2019, driven by favorable consumer confidence, falling regulatory hurdles, and technological innovation. However, there are several warning signs on the horizon including less synchronized global growth, weakening transport volumes, poor ISM purchasing managers surveys, and a recent flattening/inversion of the yield curve. While a recession later this year would not surprise us, it is not our base case assumption at this time.

4      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

We continue to maintain our discipline around valuation and focus on companies with competitive advantages and skilled management teams that are out-executing peers. The evidence of this we look for in our companies include high returns on invested capital, consistently strong pricing power, and/or rising market shares. During times of economic volatility such companies frequently widen their lead over weaker competitors. We seek to invest in companies characterized by these qualities at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance, especially in down markets.

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series I Shares of the Fund at 12/31/19

1-Year     26.47%     5-Year     7.54%     10-Year  12.45%

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Average Annual Total Returns of Series II Shares of the Fund at 12/31/19

1-Year     26.13%     5-Year     7.27%     10-Year  12.17%

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

6      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00	$	1,091.70	$	4.23
Series II shares		1,000.00		1,090.50		5.55
Hypothetical (5% return before expenses)
Series I shares		1,000.00		1,021.17		4.08
Series II shares		1,000.00		1,019.91		5.36

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares		0.80	%
Series II shares		1.05

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Shares		Value
Common Stocks—99.8%
Consumer Discretionary—14.4%
Auto Components—2.7%
Dorman Products, Inc.1		102,368	$	7,751,305
Visteon Corp.1		132,159		11,443,648
				19,194,953
Diversified Consumer Services—0.9%
Houghton Mifflin Harcourt Co.1		1,055,534		6,597,087
Entertainment—2.3%
Zynga, Inc., Cl. A1		2,672,230		16,354,048
Hotels, Restaurants & Leisure—4.4%
Cedar Fair LP		64,684		3,586,081
Jack in the Box, Inc.		111,761		8,720,711
Texas Roadhouse, Inc., Cl. A		187,890		10,581,965
Wendy’s Co. (The)		393,460		8,738,746
				31,627,503
Household Durables—0.9%
TopBuild Corp.1		61,443		6,333,544
Internet & Catalog Retail—0.5%
Etsy, Inc.1		80,962		3,586,617
Specialty Retail—2.7%
AutoNation, Inc.1		169,930		8,263,696
Monro, Inc.		143,405		11,214,271
				19,477,967
Consumer Staples—3.3%
Food & Staples Retailing—1.2%
BJ’s Wholesale Club Holdings, Inc.1		392,625		8,928,292
Household Products—1.3%
Energizer Holdings, Inc.		191,198		9,601,964
Personal Products—0.8%
BellRing Brands, Inc., Cl. A1		259,047		5,515,111
Energy—4.9%
Oil, Gas & Consumable Fuels—4.9%
Matador Resources Co.1		777,065		13,963,858
Noble Midstream Partners LP		323,299		8,586,821
Range Resources Corp.		446,153		2,163,842
Renewable Energy Group, Inc.1		379,783		10,235,152
				34,949,673
Financials—21.7%
Capital Markets—2.9%
Federated Investors, Inc., Cl. B		166,381		5,422,357
Focus Financial Partners, Inc., Cl. A1		161,684		4,764,827
Stifel Financial Corp.		177,349		10,756,217
				20,943,401
Commercial Banks—7.7%
Bank of NT Butterfield & Son Ltd. (The)		241,307		8,933,185
BankUnited, Inc.		104,267		3,812,001
Berkshire Hills Bancorp, Inc.		183,300		6,026,904
Cathay General Bancorp		150,851		5,739,881
CrossFirst Bankshares, Inc.1		188,586		2,719,410
Heritage Financial Corp.		217,073		6,143,166
IBERIABANK Corp.		120,948		9,050,539
Pacific Premier Bancorp, Inc.		161,758		5,274,120
Sterling Bancorp		341,169		7,191,842
				54,891,048
Insurance—1.4%
ProAssurance Corp.		184,998		6,685,828
ProSight Global, Inc.1		204,792		3,303,295
				9,989,123
Real Estate Investment Trusts (REITs)—6.8%
Brandywine Realty Trust		635,789		10,013,677
DiamondRock Hospitality Co.		1,002,698		11,109,894
EPR Properties		90,832		6,416,372

	Shares		Value
Real Estate Investment Trusts (REITs) (Continued)
Four Corners Property Trust, Inc.		461,328	$	13,004,836
National Storage Affiliates Trust		239,942		8,066,850
				48,611,629
Thrifts & Mortgage Finance—2.9%
OceanFirst Financial Corp.		259,792		6,635,088
WSFS Financial Corp.		327,306		14,398,191
				21,033,279
Health Care—13.2%
Biotechnology—1.9%
Emergent BioSolutions, Inc.1		132,857		7,167,635
G1 Therapeutics, Inc.1		77,828		2,056,994
uniQure NV1		60,505		4,335,788
				13,560,417
Health Care Equipment & Supplies—3.3%
AtriCure, Inc.1		135,391		4,401,561
CryoPort, Inc.1		165,887		2,730,500
Quidel Corp.1		107,983		8,101,965
Tandem Diabetes Care, Inc.1		139,758		8,330,974
				23,565,000
Health Care Providers & Services—2.5%
Addus HomeCare Corp.1		84,007		8,167,161
LHC Group, Inc.1		71,052		9,788,123
				17,955,284
Health Care Technology—2.5%
Inspire Medical Systems, Inc.1		118,282		8,777,707
Teladoc Health, Inc.1		104,858		8,778,712
				17,556,419
Life Sciences Tools & Services—1.7%
Adaptive Biotechnologies Corp.1		49,268		1,474,099
Repligen Corp.1		112,302		10,387,935
				11,862,034
Pharmaceuticals—1.3%
Axsome Therapeutics, Inc.1		30,554		3,158,061
Intersect ENT, Inc.1		159,990		3,983,751
TherapeuticsMD, Inc.1		776,800		1,879,856
				9,021,668
Industrials—16.7%
Airlines—0.9%
Spirit Airlines, Inc.1		169,454		6,830,691
Building Products—1.2%
Masonite International Corp.1		119,749		8,647,075
Commercial Services & Supplies—1.5%
ACCO Brands Corp.		1,132,778		10,602,802
Construction & Engineering—0.5%
Comfort Systems USA, Inc.		65,411		3,260,738
Electrical Equipment—3.2%
Atkore International Group, Inc.1		188,815		7,639,455
EnerSys		41,221		3,084,567
Generac Holdings, Inc.1		121,895		12,261,418
				22,985,440
Machinery—5.0%
Chart Industries, Inc.1		58,785		3,967,400
EnPro Industries, Inc.		95,736		6,402,824
Evoqua Water Technologies Corp.1		296,273		5,614,373
Greenbrier Cos., Inc. (The)		118,754		3,851,192
Navistar International Corp.1		158,855		4,597,264
Rexnord Corp.1		348,068		11,353,978
				35,787,031
Professional Services—4.4%
ASGN, Inc.1		229,975		16,321,326
Korn Ferry		350,203		14,848,607
				31,169,933

8      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

	Shares		Value
Information Technology—15.4%
IT Services—4.7%
CACI International, Inc., Cl. A1		60,123	$	15,030,149
KBR, Inc.		360,774		11,003,607
Perspecta, Inc.		291,945		7,719,026
				33,752,782
Semiconductors & Semiconductor Equipment—5.0%
Brooks Automation, Inc.		241,294		10,124,696
MKS Instruments, Inc.		140,750		15,483,908
Semtech Corp.1		187,581		9,923,035
				35,531,639
Software—5.7%
Bottomline Technologies DE, Inc.1		168,491		9,031,118
Envestnet, Inc.1		61,345		4,271,452
j2 Global, Inc.		151,443		14,191,724
Paylocity Holding Corp.1		44,044		5,321,396
Q2 Holdings, Inc.1		95,964		7,780,761
				40,596,451
Materials—5.3%
Construction Materials—1.5%
Summit Materials, Inc., Cl. A1		463,796		11,084,724

	Shares		Value
Metals & Mining—3.8%
Allegheny Technologies, Inc.1		248,080	$	5,125,333
Compass Minerals International, Inc.		126,326		7,700,833
Kaiser Aluminum Corp.		108,855		12,070,931
Mayville Engineering Co., Inc.1		215,463		2,021,043
				26,918,140
Utilities—4.9%
Gas Utilities—3.2%
South Jersey Industries, Inc.		352,731		11,633,068
Suburban Propane Partners LP		526,115		11,495,613
				23,128,681
Multi-Utilities—1.7%
Avista Corp.		255,206		12,272,857
Total Common Stocks (Cost $561,572,593)				713,725,045
Investment Company—0.3%
Invesco Government & Agency Portfolio, Institutional Class, 1.50%2 (Cost $1,914,336)		1,914,336		1,914,336
Total Investments, at Value (Cost $563,486,929)		100.1%		715,639,381
Net Other Assets (Liabilities)		(0.1)		(616,945	)
Net Assets		100.0%	$	715,022,436

Footnotes to Schedule of Investments

1. Non-income producing security.

2. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

See accompanying Notes to Financial Statements.

9      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $561,572,593)	$	713,725,045
Affiliated companies (cost $1,914,336)		1,914,336
		715,639,381
Cash		621,907
Receivables and other assets:
Dividends		355,982
Shares of beneficial interest sold		92,851
Other		90,459
Total assets		716,800,580
Liabilities
Payables and other liabilities:
Investments purchased		709,375
Shares of beneficial interest redeemed		366,434
Administration fee		282,692
Shareholder communications		141,900
Distribution and service plan fees		127,349
Trustees’ compensation		83,512
Advisory fee		13,755
Transfer and shareholder servicing agent fees		12,244
Other		40,883
Total liabilities		1,778,144
Net Assets	$	715,022,436
Composition of Net Assets
Shares of beneficial interest	$	556,112,137
Total distributable earnings		158,910,299
Net Assets	$	715,022,436
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $109,695,280 and 4,703,587 shares of beneficial interest outstanding)		$23.32
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $605,327,156 and 26,439,702 shares of beneficial interest outstanding)		$22.89

See accompanying Notes to Financial Statements.

10      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Dividends:
Unaffiliated companies	$	11,264,066
Affiliated companies		290,096
Interest		34
Total investment income		11,554,196
Expenses
Advisory fees		6,104,920
Administration fees		838,910
Distribution and service plan fees:
Series II shares		1,932,910
Transfer and shareholder servicing agent fees:
Series I shares		69,832
Series II shares		425,028
Shareholder communications:
Series I shares		19,882
Series II shares		130,089
Trustees’ compensation		27,169
Borrowing fees		11,947
Custodian fees and expenses		4,471
Other		65,792
Total expenses		9,630,950
Less waivers, reimbursement of expenses and offset arrangement(s)		(572,497	)
Net expenses		9,058,453
Net Investment Income		2,495,743
Realized and Unrealized Gain
Net realized gain on investment transactions in unaffiliated companies		69,732,405
Net change in unrealized appreciation/(depreciation) on investment transactions in unaffiliated companies		122,277,503
Net Increase in Net Assets Resulting from Operations	$	194,505,651

See accompanying Notes to Financial Statements.

11      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	2,495,743		$	713,422
Net realized gain		69,732,405			96,680,460
Net change in unrealized appreciation/(depreciation)		122,277,503			(191,923,313	)
Net increase (decrease) in net assets resulting from operations		194,505,651			(94,529,431	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(10,160,591	)		(19,059,602	)
Series II shares		(77,152,079	)		(117,234,118	)
Total distributions from distributable earnings		(87,312,670	)		(136,293,720	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		(31,945,204	)		4,916,454
Series II shares		(220,156,704	)		(2,571,998	)
Total beneficial interest transactions		(252,101,908	)		2,344,456
Net Assets
Total decrease		(144,908,927	)		(228,478,695	)
Beginning of period		859,931,363			1,088,410,058
End of period	$	715,022,436		$	859,931,363

See accompanying Notes to Financial Statements.

12      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended     December 31, 2019		Year Ended     December 31, 2018		Year Ended     December 31, 2017		Year Ended     December 31, 2016		Year Ended     December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$20.36		$25.79		$24.08		$21.32		$26.56
Income (loss) from investment operations:
Net investment income1		0.11		0.07		0.07		0.16		0.12
Net realized and unrealized gain (loss)		5.06		(2.07)		3.22		3.55		(1.28)
Total from investment operations		5.17		(2.00)		3.29		3.71		(1.16)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.08)		(0.22)		(0.11)		(0.23)
Distributions from net realized gain		(2.16)		(3.35)		(1.36)		(0.84)		(3.85)
Total dividends and/or distributions to shareholders		(2.21)		(3.43)		(1.58)		(0.95)		(4.08)
Net asset value, end of period		$23.32		$20.36		$25.79		$24.08		$21.32
Total Return, at Net Asset Value2		26.47%		(10.32)%		14.15%		18.05%		(5.90)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$109,695		$123,962		$152,617		$145,428		$129,104
Average net assets (in thousands)		$118,599		$150,279		$150,376		$130,889		$134,932
Ratios to average net assets:3
Net investment income		0.49%		0.28%		0.28%		0.74%		0.49%
Expenses excluding specific expenses listed below		0.86%		0.83%		0.80%		0.81%		0.80%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		0.86%		0.83%		0.80%		0.81%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.80%		0.80%6		0.80%		0.80%6
Portfolio turnover rate7		36%		45%		42%		65%		43%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.86	%
Year Ended December 31, 2018	0.83	%
Year Ended December 31, 2017	0.80	%
Year Ended December 31, 2016	0.81	%
Year Ended December 31, 2015	0.80	%

6. Waiver was less than 0.005%.

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

13      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

FINANCIAL HIGHLIGHTS Continued

Series II Shares	Year Ended     December 31, 2019		Year Ended     December 31, 2018		Year Ended     December 31, 2017		Year Ended     December 31, 2016		Year Ended     December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$20.03		$25.42		$23.75		$21.05		$26.26
Income (loss) from investment operations:
Net investment income1		0.05		0.01		0.01		0.10		0.06
Net realized and unrealized gain (loss)		4.97		(2.03)		3.18		3.49		(1.25)
Total from investment operations		5.02		(2.02)		3.19		3.59		(1.19)
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.02)		(0.16)		(0.05)		(0.17)
Distributions from net realized gain		(2.16)		(3.35)		(1.36)		(0.84)		(3.85)
Total dividends and/or distributions to shareholders		(2.16)		(3.37)		(1.52)		(0.89)		(4.02)
Net asset value, end of period		$22.89		$20.03		$25.42		$23.75		$21.05
Total Return, at Net Asset Value2		26.13%		(10.54)%		13.91%		17.67%		(6.09)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$605,327		$735,969		$935,793		$922,037		$856,719
Average net assets (in thousands)		$772,788		$911,784		$919,475		$850,883		$927,514
Ratios to average net assets:3
Net investment income		0.25%		0.03%		0.03%		0.49%		0.24%
Expenses excluding specific expenses listed below		1.11%		1.08%		1.05%		1.06%		1.05%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		1.11%		1.08%		1.05%		1.06%		1.05%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%6		1.05%		1.05%6
Portfolio turnover rate7		36%		45%		42%		65%		43%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.11	%
Year Ended December 31, 2018	1.08	%
Year Ended December 31, 2017	1.05	%
Year Ended December 31, 2016	1.06	%
Year Ended December 31, 2015	1.05	%

6. Waiver was less than 0.005%.

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

14      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Main Street Small Cap Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a

15      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually to separate accounts of participating insurance companies or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to each share class based on relative net assets. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the

16      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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.

J. Return of Capital - Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

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:

Fee Schedule*
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.58
Over $5 billion	0.56

* 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, 2019, the effective advisory fees incurred by the Fund was 0.68%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $2,608,376 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.80% and 1.05%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $12,559 and reimbursed Fund expenses of $69,898 and $486,974 for Series I and Series II shares, respectively.

Prior to the Reorganization, the OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service and Service shares to 0.80% and 1.05%, respectively, of the Acquired Fund’s average daily net assets.

17      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

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, 2019, Invesco was paid $71,567 for accounting and fund administrative services and was reimbursed $767,343 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JP Morgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2019, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Note 4 – Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures for the period January 1, 2019 to May 24, 2019, the Predecessor Fund engaged in transactions with affiliates as listed: Securities purchases of $126,589 which resulted in no net realized gains (losses). For the period May 25, 2019 to December 31, 2019, the Fund did not engage in transactions with affiliates.

18      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

Note 5 – Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,066.

Note 6 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 7 – Cash Balance

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 8 – Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	7,555,176	$	29,120,771
Long-term capital gain		79,757,494		107,172,949
Total distributions	$	87,312,670	$	136,293,720

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	4,655,621
Undistributed long-term gain		8,881,408
Net unrealized appreciation - investments		145,454,154
Temporary book/tax differences		(80,884)
Shares of beneficial interest		556,112,137
Total net assets	$	715,022,436

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, partnerships and master limited partnerships.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2019.

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

19      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

NOTES TO FINANCIAL STATEMENTS Continued

and sold by the Fund during the year ended December 31, 2019 was $317,004,115 and $402,932,862, 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	$	181,182,420
Aggregate unrealized (depreciation) of investments		(35,728,266)
Net unrealized appreciation of investments	$	145,454,154

Cost of investments for tax purposes is $570,185,227.

Note 10 – Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of redemptions in-kind, on December 31, 2019, undistributed net investment income was decreased by $3,932,644, undistributed net realized gain was decreased by $59,600,099, and shares of beneficial interest was increased by $63,532,743. This reclassification had no effect on the net assets of the Fund.

Note 11 – Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31,  20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		483,827		$	10,802,190			877,784		$	21,586,667
Dividends and/or distributions reinvested		480,179			10,160,591			754,537			19,059,602
Redeemed		(2,347,530	)		(52,907,985	)		(1,462,725	)		(35,729,815	)
Net increase (decrease)		(1,383,524	)	$	(31,945,204	)		169,596		$	4,916,454
Series II Shares
Sold		2,432,799		$	52,170,452			2,340,038		$	56,752,666
Dividends and/or distributions reinvested		3,709,234			77,152,079			4,711,982			117,234,118
Redeemed2		(16,441,278	)		(349,479,235	)		(7,125,127	)		(176,558,782	)
Net increase (decrease)		(10,299,245	)	$	(220,156,704	)		(73,107	)	$	(2,571,998	)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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, distribution, third party record keeping and account servicing. 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.

2. On October 18, 2019, a total of 11,222,355 Series II shares of the Fund valued at $235,669,465 were redeemed by a significant shareholder and settled through a redemption-in-kind transaction, of which $1,490,346 consisted of cash, which resulted in a realized gain (loss) of $62,922,388 to the Fund for book purposes. From a federal income tax perspective, the realized gains (losses) are not recognized.

Note 12 – Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

20      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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 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 audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

21      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP 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, 2019:

Federal and State Income Tax

Long-Term Capital Gain Distributions	$	79,757,494
Corporate Dividends Received Deduction*		86.18	%

* The above percentage is based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

22      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

23      INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP 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 PERSON
Martin L. Flanagan 1 – 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)	229	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.

24       INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

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	2003	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, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

25       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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

26       INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

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
OTHER OFFICERS
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

27       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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

28       INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP      2005 Market Street,   Suite 2600   Philadelphia, PA 19103-7018	Independent Trustees 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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

29       INVESCO OPPENHEIMER V.I. MAIN STREET SMALL CAP FUND

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Annual Report   12/31/2019  

Invesco Oppenheimer

V.I. Total Return Bond Fund*

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the insurance company that offers your variable annuity or variable life insurance contract may no longer send you paper copies of the Fund’s shareholder reports by mail, unless you specifically request paper copies of the reports from the insurance company or your financial intermediary. Instead of delivering paper copies of the report, the insurance company may choose to make the reports available on a website, and will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If the insurance company offers electronic delivery, you may elect to receive shareholder reports and other communications about the Fund electronically by following the instructions provided by the insurance company or by contacting your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive all future reports in paper free of charge from the insurance company. You can inform the insurance company or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all portfolio companies available under your contract with the insurance company.

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 semi annual 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 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.

*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Total Return Bond Fund/VA. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

PORTFOLIO MANAGERS: Matthew Brill, Michael Hyman and Todd Schomberg¹

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED 12/31/19

	Inception   Date		1-Year		5-Year		10-Year
Series I Shares2		4/3/85		9.53%		3.40%		5.36%
Series II Shares2		5/1/02		9.25		3.15		5.11
Bloomberg Barclays Credit Index				13.80		4.39		5.32
Bloomberg Barclays U.S. Aggregate Bond Index				8.72		3.05		3.75
FTSE Broad Investment Grade Bond Index				8.86		3.08		3.73

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

TOP HOLDINGS AND ALLOCATIONS

PORTFOLIO ALLOCATION

Non-Convertible Corporate Bonds and Notes	40.4%
Mortgage-Backed Obligations
Agency	17.3
CMOs	2.7
Non-Agency	6.8
Investment Company
Invesco Government & Agency Portfolio, Institutional
Class	15.5
Asset-Backed Securities	13.9
U.S. Government Obligations	3.4

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019 and are based on the total market value of investments.

CORPORATE BONDS & NOTES - TOP TEN INDUSTRIES

Commercial Banks	7.9%
Oil, Gas & Consumable Fuels	4.2
Food Products	2.2
Automobiles	2.1
Real Estate Investment Trusts (REITs)	2.0
Capital Markets	2.0
Insurance	1.6
Media	1.5
Electric Utilities	1.4
Pharmaceuticals	1.3

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of December 31, 2019, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

1. Matthew Brill, Michael Hyman, and Todd Schomberg were named Portfolio Managers of the Fund effective January 14, 2020.

2. Effective after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses.

3      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

Fund Performance Discussion

MARKET OVERVIEW

Calendar year 2019 proved to be an increasingly volatile time for the US bond market. US Bond returns posted strong results for the year, as rates fell amid a decelerating global economy and persistent trade disputes between the US and China. Global risks remained a headwind to growth throughout most of the year. However, during the final months of 2019, rates increased amid diminishing risks of imminent rate cuts by the US Federal Reserve (the Fed), which were previously priced in. The global economy appeared to be stabilizing as trade disputes between the US and China, Brexit uncertainties and Chinese data all seemed less threatening to valuations. Credit investors were generally rewarded over the year, despite heightened volatility and escalating recession fears. US-based yield strategies remained competitive from a global perspective as negative yields increased across regions.

During the year, the Fed cut interest rates three times: in July, September and October 2019. However, at its December meeting, the Fed gave the clear indication that the target rate would likely remain at its current level through 2020 as factors that had driven risk aversion over the year had shown signs of improving.

US rate movements were a primary driver of valuations for the year. The two-year US Treasury yield declined from 2.48% to 1.58%, the 10-year US Treasury yield decreased from 2.69% to 1.92%, and the 30-year US Treasury yield decreased from 3.02% to 2.39%. The yield curve, as measured by the yield differential of the two-year US Treasury yield versus the 30-year US Treasury yield, steepened notably from 54 bps to 81 bps.

Corporate credit spreads were also a significant contributor to returns as spreads tightened about 0.60% during the year as solid corporate fundamentals and demand for high quality assets were robust in 2019. Corporate balance sheets remain relatively healthy as debt service levels remain strong and select BBB-rated companies look to further deleverage their balance sheets from recent acquisitions.

The US investment grade bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 8.72% for the year. This was largely attributed to the decline in Treasury yields and the tightening of credit spreads. In particular, the credit sector returned 13.80%, with long-dated corporate bonds and those rated BBB performing the best. US Treasuries also registered a solid year with a 6.86% return.

FUND REVIEW

Against this backdrop, the Fund’s Series I shares returned 9.53% during the reporting period. In comparison, the Bloomberg Barclays US Aggregate Bond Index returned 8.72%. During this period, credit outperformed as the Bloomberg Barclays US Credit Index returned 13.80%.

In a period where credit outperformed US Treasuries, the Fund’s overweight position to credit and underweight to US Treasuries were the top contributors to return, leading the Fund to outperform the Bloomberg Barclays US Aggregate Bond Index. Additionally, the Fund had a small off-benchmark allocation to high yield which was beneficial, while an overweight to ABS and an underweight to agency MBS were both detractors.

STRATEGY & OUTLOOK

We expect 2020 to be a year of growth stabilization, with annual growth returning to around 1.8%, near our estimate of US potential growth. A US-China “Phase 1” deal would likely further improve growth prospects, even in manufacturing. Consumption looks relativity solid and interest rate-sensitive areas of the economy, such as housing, have improved.

We expect inflation to look much like it has in the post-crisis period at around 2.2%-2.5% per year. We separate prices into core sticky and flexible prices. The latter have been most affected by tariffs, but their impact should wane by the end of 2020. The Fed has been clear that the current rate of the Personal Consumption Expenditures (PCE) inflation (1.6%-1.8%) is fine and should not lead to rate cuts or hikes.

We believe the US Federal Reserve (Fed) is done cutting interest rates for the next six months. It has communicated that it is relatively comfortable with the current pace of economic growth and sees limited inflation pressures. For the Fed to cut further, growth must slow significantly. On the other hand, the Fed is unlikely to raise rates in the near future as it has committed to not raising rates unless there is a substantial increase in inflation.

We expect the 10-year Treasury to rise toward a fair value of around 2.35% over the next year. It could breach fair value if the Fed begins to hike rates, inflation accelerates or supply-demand technicals deteriorate.

4      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

We anticipate US corporate credit fundamentals to improve across most sectors in 2020. Although 2019 operating results were pressured by the first-half 2019 government shutdown, extended trade policy uncertainty and a stronger US dollar, earnings growth is still positive. Operating margins remain around historical highs, which supports improved free cash flow metrics. In addition, we are seeing pressure from shareholders to decrease leverage through management incentives.

US housing data have strengthened in recent months with improving affordability driven by low mortgage rates and a strong labor market. The rate of home price appreciation has accelerated after stabilizing near the long-term average. In the primary market, elevated securitization activity has weighed modestly on credit spreads but this has created value, in our view, relative to comparable fixed income credit sectors.

2020 faces many global uncertainties including a U.S. election, Brexit, unrest in Hong Kong and continuing trade tensions. However, the backdrop provided by global central bank easing more than offsets these concerns in our view helping to provide a foundation for potentially better growth, but also a strong tailwind to the fixed income market.

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.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each share class of the Fund held until December 31, 2019. Performance is measured over a ten-fiscal-year period for both Classes. Performance information does not reflect charges that apply to separate accounts investing in the Fund. If these charges were taken into account, performance would be lower. The graphs assume that all dividends and capital gains distributions were reinvested in additional shares.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Credit Index, an index of non-convertible U.S. investment grade corporate bonds; the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S. corporate and government bonds and the FTSE Broad Investment-Grade Bond Index, an index of institutionally traded U.S. Treasury Bonds, government-sponsored bonds, mortgage-backed securities and corporate securities. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

5      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions. 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. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the Non-Service and Service share classes of the predecessor fund were reorganized into Series I and Series II Shares, respectively, of the Fund. Returns shown for Series I and Series II shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the Oppenheimer predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com

6      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.

The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the 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 for the class of shares you hold 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 only and do not reflect any charges associated with the separate accounts that offer this Fund. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these separate account charges were included your costs would have been higher.

Actual	Beginning Account Value July 1, 2019		Ending Account Value December 31, 2019		Expenses Paid During 6 Months Ended December 31, 2019
Series I shares	$	1,000.00	$	1,024.50	$	3.83
Series II shares		1,000.00		1,023.60		5.11
Hypothetical (5% return before expenses)
Series I shares		1,000.00		1,021.42		3.83
Series II shares		1,000.00		1,020.16		5.10

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2019 are as follows:

Class	Expense Ratios
Series I shares		0.75%
Series II shares		1.00

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

7      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS December 31, 2019

	Principal Amount		Value
Asset-Backed Securities—16.0%
Auto Loans/Leases—11.6%
American Credit Acceptance Receivables Trust:
Series 2017-4, Cl. C, 2.94%, 1/10/241	$	84,726	$	84,831
Series 2017-4, Cl. D, 3.57%, 1/10/241		227,000		229,319
Series 2018-2, Cl. C, 3.70%, 7/10/241		255,000		256,550
Series 2018-3, Cl. B, 3.49%, 6/13/221		61,208		61,314
Series 2018-3, Cl. D, 4.14%, 10/15/241		25,000		25,487
Series 2018-4, Cl. C, 3.97%, 1/13/251		180,000		182,372
Series 2019-2, Cl. D, 3.41%, 6/12/251		145,000		146,835
Series 2019-3, Cl. C, 2.76%, 9/12/251		160,000		160,611
AmeriCredit Automobile Receivables Trust:
Series 2017-2, Cl. D, 3.42%, 4/18/23		300,000		305,265
Series 2017-4, Cl. D, 3.08%, 12/18/23		190,000		193,019
Series 2018-3, Cl. C, 3.74%, 10/18/24		260,000		270,030
Series 2019-2, Cl. C, 2.74%, 4/18/25		100,000		100,909
Series 2019-2, Cl. D, 2.99%, 6/18/25		280,000		283,172
Series 2019-3, Cl. D, 2.58%, 9/18/25		135,000		133,716
Capital Auto Receivables Asset Trust:
Series 2017-1, Cl. D, 3.15%, 2/20/251		40,000		40,454
Series 2018-2, Cl. B, 3.48%, 10/20/231		120,000		121,393
Series 2018-2, Cl. C, 3.69%, 12/20/231		115,000		116,688
CarMax Auto Owner Trust:
Series 2016-1, Cl. D, 3.11%, 8/15/22		185,000		185,217
Series 2017-1, Cl. D, 3.43%, 7/17/23		230,000		232,797
Series 2017-4, Cl. D, 3.30%, 5/15/24		100,000		101,288
Series 2018-4, Cl. C, 3.85%, 7/15/24		85,000		88,307
Series 2019-3, Cl. D, 2.85%, 1/15/26		80,000		80,166
CPS Auto Receivables Trust:
Series 2018-A, Cl. B, 2.77%, 4/18/221		84,167		84,276
Series 2018-B, Cl. B, 3.23%, 7/15/221		150,000		150,471
Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/261		205,000		207,963
Series 2018-1A, Cl. B, 3.60%, 4/15/271		165,000		167,805
Series 2018-1A, Cl. C, 3.77%, 6/15/271		250,000		254,908
Series 2018-2A, Cl. C, 4.16%, 9/15/271		150,000		155,033
Series 2018-3A, Cl. C, 4.04%, 12/15/271		210,000		216,276
Series 2019-1A, Cl. B, 3.75%, 4/17/281		100,000		102,990
Series 2019-1A, Cl. C, 3.94%, 6/15/281		190,000		196,342
Drive Auto Receivables Trust:
Series 2016-CA, Cl. D, 4.18%, 3/15/241		151,503		153,351
Series 2017-1, Cl. D, 3.84%, 3/15/23		360,000		363,675
Series 2018-1, Cl. D, 3.81%, 5/15/24		180,000		182,998
Series 2018-2, Cl. D, 4.14%, 8/15/24		215,000		219,387
Series 2018-3, Cl. D, 4.30%, 9/16/24		200,000		205,178
Series 2018-5, Cl. C, 3.99%, 1/15/25		210,000		214,012
Series 2019-1, Cl. C, 3.78%, 4/15/25		345,000		351,013
Series 2019-3, Cl. D, 3.18%, 10/15/26		215,000		218,157
Series 2019-4, Cl. D, 2.70%, 2/16/27		80,000		79,454
DT Auto Owner Trust:
Series 2016-4A, Cl. E, 6.49%, 9/15/231		120,000		123,094
Series 2017-1A, Cl. D, 3.55%, 11/15/221		98,697		99,244
Series 2017-2A, Cl. D, 3.89%, 1/15/231		163,257		164,415
Series 2017-3A, Cl. D, 3.58%, 5/15/231		70,000		70,503
Series 2017-3A, Cl. E, 5.60%, 8/15/241		195,000		201,978
Series 2017-4A, Cl. D, 3.47%, 7/17/231		190,000		191,364
Series 2017-4A, Cl. E, 5.15%, 11/15/241		215,000		221,576
Series 2018-3A, Cl. B, 3.56%, 9/15/221		250,000		252,224
Series 2018-3A, Cl. C, 3.79%, 7/15/241		100,000		101,620
Series 2019-2A, Cl. D, 3.48%, 2/18/251		125,000		126,783
Series 2019-3A, Cl. D, 2.96%, 4/15/251		75,000		75,064
Series 2019-4A, Cl. D, 2.85%, 7/15/251		225,000		225,207
Exeter Automobile Receivables Trust:
Series 2018-1A, Cl. B, 2.75%, 4/15/221		34,953		34,967
Series 2018-4A, Cl. B, 3.64%, 11/15/221		210,000		211,032
Series 2019-1A, Cl. D, 4.13%, 12/16/241		260,000		268,474
Series 2019-2A, Cl. C, 3.30%, 3/15/241		317,000		321,745
Series 2019-4A, Cl. D, 2.58%, 9/15/251		240,000		237,931

	Principal Amount		Value
Auto Loans/Leases (Continued)
Flagship Credit Auto Trust, Series 2016-1, Cl. C, 6.22%, 6/15/221	$	345,000	$	354,008
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/221		98,222		98,452
GM Financial Automobile Leasing Trust:
Series 2017-3, Cl. C, 2.73%, 9/20/21		120,000		120,131
Series 2018-2, Cl. C, 3.50%, 4/20/22		135,000		136,316
Prestige Auto Receivables Trust, Series 2019-1A, Cl. C, 2.70%, 10/15/241		115,000		115,686
Santander Drive Auto Receivables Trust:
Series 2017-1, Cl. E, 5.05%, 7/15/241		355,000		364,753
Series 2017-2, Cl. D, 3.49%, 7/17/23		70,000		70,792
Series 2017-3, Cl. D, 3.20%, 11/15/23		280,000		283,472
Series 2018-1, Cl. D, 3.32%, 3/15/24		100,000		101,066
Series 2018-2, Cl. D, 3.88%, 2/15/24		165,000		169,000
Series 2018-5, Cl. C, 3.81%, 12/16/24		215,000		218,244
Series 2019-2, Cl. D, 3.22%, 7/15/25		195,000		198,947
Series 2019-3, Cl. D, 2.68%, 10/15/25		165,000		164,433
Santander Retail Auto Lease Trust:
Series 2019-A, Cl. C, 3.30%, 5/22/231		315,000		320,659
Series 2019-B, Cl. C, 2.77%, 8/21/231		115,000		115,545
Series 2019-C, Cl. C, 2.39%, 11/20/231		210,000		208,542
United Auto Credit Securitization Trust, Series 2019-1, Cl. C, 3.16%, 8/12/241		150,000		151,152
Westlake Automobile Receivables Trust:
Series 2017-2A, Cl. E, 4.63%, 7/15/241		305,000		311,010
Series 2018-1A, Cl. D, 3.41%, 5/15/231		160,000		161,834
Series 2018-3A, Cl. B, 3.32%, 10/16/231		245,000		246,931
Series 2019-3A, Cl. C, 2.49%, 10/15/241		260,000		260,156
				14,021,379
Credit Cards—1.5%
World Financial Network Credit Card Master Trust:
Series 2018-A, Cl. A, 3.07%, 12/16/24		495,000		500,572
Series 2018-B, Cl. A, 3.46%, 7/15/25		230,000		235,286
Series 2018-C, Cl. A, 3.55%, 8/15/25		470,000		481,789
Series 2019-A, Cl. A, 3.14%, 12/15/25		75,000		76,681
Series 2019-B, Cl. A, 2.49%, 4/15/26		270,000		272,314
Series 2019-C, Cl. A, 2.21%, 7/15/26		235,000		235,380
				1,802,022
Home Equity Loans—0.1%
Ameriquest Mortgage Securities, Inc. Asset- Backed Pass-Through Certificates, Series 2005-R5, Cl. M2, 2.482% [US0001M+69], 7/25/352		5,555		5,571
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		65,000		65,579
				71,150
Leases—1.3%
CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/231		230,000		230,265
Series 2018-1, Cl. B, 3.09%, 6/16/251		85,000		85,660
Series 2018-1, Cl. C, 3.42%, 6/16/251		20,000		20,239
Series 2018-2, Cl. C, 3.87%, 12/15/251		60,000		61,589
Series 2019-1, Cl. B, 3.22%, 9/14/261		170,000		173,376
Series 2019-1, Cl. C, 3.57%, 9/14/261		40,000		40,831
Series 2019-2, Cl. B, 2.55%, 3/15/271		105,000		104,935
Series 2019-2, Cl. C, 2.89%, 3/15/271		100,000		99,884
CNH Equipment Trust, Series 2019-A, Cl. A4, 3.22%, 1/15/26		125,000		129,434
Dell Equipment Finance Trust:
Series 2017-2, Cl. B, 2.47%, 10/24/221		70,000		70,097
Series 2018-1, Cl. B, 3.34%, 6/22/231		80,000		81,024
Series 2019-1, Cl. C, 3.14%, 3/22/241		325,000		329,831
Series 2019-2, Cl. D, 2.48%, 4/22/251		115,000		114,328
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		72,395		72,443
				1,613,936

8      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

	Principal Amount		Value
Loans—1.5%
Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Cl. A2, 2.34% [US0001M+60], 9/15/242	$	560,000	$	562,476
GMF Floorplan Owner Revolving Trust:
Series 2018-3, Cl. B, 3.49%, 9/15/221		240,000		242,019
Series 2018-3, Cl. C, 3.68%, 9/15/221		200,000		201,826
Series 2018-4, Cl. B, 3.68%, 9/15/231		200,000		204,561
Series 2018-4, Cl. C, 3.88%, 9/15/231		250,000		255,959
Navistar Financial Dealer Note Master Owner Trust II:
Series 2018-1, Cl. A, 2.422% [US0001M+63], 9/25/231,2		110,000		110,200
Series 2018-1, Cl. B, 2.592% [US0001M+80], 9/25/231,2		125,000		125,151
Series 2019-1, Cl. C, 2.742% [US0001M+95], 5/25/241,2		25,000		25,056
Series 2019-1, Cl. D, 3.242% [US0001M+145], 5/25/241,2		25,000		25,029
				1,752,277
Total Asset-Backed Securities (Cost $19,020,175)				19,260,764
Mortgage-Backed Obligations—30.9%
Agency—19.9%
U.S. Agency Securities—19.9%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		2,843		3,105
5.50%, 9/1/39		176,719		197,613
6.00%, 10/1/22-10/1/29		186,890		207,640
6.50%, 7/1/28-4/1/34		73,147		81,311
7.00%, 10/1/31-10/1/37		67,415		74,786
9.00%, 8/1/22-5/1/25		2,561		2,762
Federal Home Loan Mortgage Corp. Non Gold Pool, 10.50%, 10/1/20		44		45
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 205, Cl. IO, 93.91%, 9/1/293		3,226		609
Series 206, Cl. IO, 7.104%, 12/15/293		58,659		11,891
Series 243, Cl. 6, 2.633%, 12/15/323		37,649		6,348
Series 304, Cl. C31, 7.932%, 12/15/273		116,497		7,736
Series 304, Cl. C45, 7.889%, 12/15/273		94,736		6,297
Series 304, Cl. C47, 5.711%, 12/15/273		55,171		3,732
Federal Home Loan Mortgage Corp., Mtg.- Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		187,144		187,842
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series K734, Cl. X1, 0.00%, 2/25/263,4		2,048,808		70,706
Series KC02, Cl. X1, 0.00%, 3/25/243,4		4,565,100		69,020
Federal Home Loan Mortgage Corp., Principal- Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.108%, 6/1/265		15,988		15,011
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 151, Cl. F, 9.00%, 5/15/21		44		44
Series 1674, Cl. Z, 6.75%, 2/15/24		4,315		4,574
Series 2034, Cl. Z, 6.50%, 2/15/28		900		991
Series 2042, Cl. N, 6.50%, 3/15/28		1,965		2,148
Series 2043, Cl. ZP, 6.50%, 4/15/28		119,450		133,587
Series 2046, Cl. G, 6.50%, 4/15/28		3,893		4,354
Series 2053, Cl. Z, 6.50%, 4/15/28		1,035		1,161
Series 2066, Cl. Z, 6.50%, 6/15/28		127,494		140,903
Series 2195, Cl. LH, 6.50%, 10/15/29		92,864		103,483
Series 2220, Cl. PD, 8.00%, 3/15/30		741		868
Series 2326, Cl. ZP, 6.50%, 6/15/31		23,577		26,174
Series 2461, Cl. PZ, 6.50%, 6/15/32		108,202		121,144
Series 2470, Cl. LF, 2.74% [US0001M+100], 2/15/322		912		931
Series 2635, Cl. AG, 3.50%, 5/15/32		16,521		17,054
Series 3025, Cl. SJ, 18.371% [-3.6667 x US0001M+2,475], 8/15/352		9,487		13,077

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 3030, Cl. FL, 2.14% [US0001M+40], 9/15/352	$	1,454	$	1,451
Series 3645, Cl. EH, 3.00%, 12/15/20		1,008		1,007
Series 3822, Cl. JA, 5.00%, 6/15/40		734		739
Series 3857, Cl. GL, 3.00%, 5/15/40		2,391		2,428
Series 4221, Cl. HJ, 1.50%, 7/15/23		35,563		35,328
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2074, Cl. S, 99.999%, 7/17/283		518		46
Series 2079, Cl. S, 99.999%, 7/17/283		1,033		111
Series 2130, Cl. SC, 99.999%, 3/15/293		40,294		6,187
Series 2526, Cl. SE, 95.87%, 6/15/293		1,518		270
Series 2796, Cl. SD, 99.999%, 7/15/263		76,351		9,519
Series 2920, Cl. S, 44.163%, 1/15/353		327,721		56,248
Series 3004, Cl. SB, 0.00%, 7/15/353,4		13,970		1,656
Series 3397, Cl. GS, 9.211%, 12/15/373		7,611		1,566
Series 3424, Cl. EI, 0.00%, 4/15/383,4		5,994		896
Series 3450, Cl. BI, 19.417%, 5/15/383		212,702		37,939
Series 3606, Cl. SN, 18.519%, 12/15/393		52,496		8,003
Series 4057, Cl. QI, 4.398%, 6/15/273		339,597		22,080
Series 4146, Cl. AI, 8.002%, 12/15/273		146,798		9,645
Series 4205, Cl. AI, 7.26%, 5/15/283		90,757		5,334
Series 4316, Cl. JS, 0.00%, 1/15/443,4		155,221		20,761
Series 4818, Cl. BI, 0.00%, 3/15/453,4		153,338		16,684
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21-7/1/22		520		537
5.50%, 2/1/35-5/1/36		81,671		91,941
6.50%, 1/1/34		4,881		5,431
7.00%, 1/1/30-12/1/32		10,955		12,582
7.50%, 1/1/33		2,387		2,776
8.50%, 7/1/32		2,677		2,704
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 99.999%, 5/25/233		728		65
Series 222, Cl. 2, 99.999%, 6/25/233		80,282		7,174
Series 252, Cl. 2, 0.00%, 11/25/233,4		71,439		6,731
Series 294, Cl. 2, 99.999%, 2/25/283		14,226		2,328
Series 301, Cl. 2, 30.504%, 4/25/293		1,107		197
Series 303, Cl. IO, 73.905%, 11/25/293		24,642		5,167
Series 320, Cl. 2, 86.056%, 4/25/323		106,719		23,357
Series 321, Cl. 2, 39.826%, 4/25/323		267,894		51,365
Series 324, Cl. 2, 22.722%, 7/25/323		2,549		478
Series 331, Cl. 5, 0.00%, 2/25/333,4		3,690		752
Series 331, Cl. 9, 20.411%, 2/25/333		83,882		16,333
Series 334, Cl. 12, 0.00%, 3/25/333,4		6,101		1,179
Series 334, Cl. 17, 61.126%, 2/25/333		54,369		10,753
Series 339, Cl. 12, 0.00%, 6/25/333,4		82,543		16,603
Series 339, Cl. 7, 0.00%, 11/25/333,4		179,833		35,785
Series 343, Cl. 13, 0.00%, 9/25/333,4		92,385		17,922
Series 343, Cl. 18, 0.00%, 5/25/343,4		21,970		4,044
Series 345, Cl. 9, 0.00%, 1/25/343,4		65,116		11,998
Series 351, Cl. 10, 0.00%, 4/25/343,4		27,554		5,224
Series 351, Cl. 8, 0.00%, 4/25/343,4		48,393		9,216
Series 356, Cl. 10, 0.00%, 6/25/353,4		34,716		6,005
Series 356, Cl. 12, 0.00%, 2/25/353,4		17,157		3,208
Series 362, Cl. 13, 0.00%, 8/25/353,4		66,534		13,310
Series 364, Cl. 15, 0.00%, 9/25/353,4		3,578		631
Series 364, Cl. 16, 0.00%, 9/25/353,4		73,774		13,952
Series 365, Cl. 16, 0.00%, 3/25/363,4		90,289		20,147
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1993-87, Cl. Z, 6.50%, 6/25/23		56,151		59,319
Series 1998-58, Cl. PC, 6.50%, 10/25/28		67,653		74,959
Series 1998-61, Cl. PL, 6.00%, 11/25/28		32,396		35,836
Series 1999-54, Cl. LH, 6.50%, 11/25/29		52,154		57,770
Series 2001-51, Cl. OD, 6.50%, 10/25/31		2,868		3,047

9      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2005-73, Cl. DF, 2.042% [US0001M+25], 8/25/352	$	1,439	$	1,432
Series 2006-11, Cl. PS, 17.996% [-3.6667 x US0001M+2,456.67], 3/25/362		54,014		80,405
Series 2006-46, Cl. SW, 17.629% [-3.6665 x US0001M+2,419.92], 6/25/362		34,495		50,509
Series 2006-50, Cl. KS, 17.629% [-3.6667 x US0001M+2,420], 6/25/362		41,576		60,109
Series 2009-113, Cl. DB, 3.00%, 12/25/20		398		398
Series 2009-36, Cl. FA, 2.732% [US0001M+94], 6/25/372		19,998		20,345
Series 2010-43, Cl. KG, 3.00%, 1/25/21		496		496
Series 2011-3, Cl. EL, 3.00%, 5/25/20		83		83
Series 2011-82, Cl. AD, 4.00%, 8/25/26		2,932		2,944
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 43.515%, 11/18/313		3,341		630
Series 2001-63, Cl. SD, 61.987%, 12/18/313		1,038		168
Series 2001-65, Cl. S, 60.043%, 11/25/313		83,819		14,293
Series 2001-68, Cl. SC, 75.588%, 11/25/313		796		147
Series 2001-81, Cl. S, 56.776%, 1/25/323		23,257		4,105
Series 2002-28, Cl. SA, 64.01%, 4/25/323		780		144
Series 2002-38, Cl. SO, 99.999%, 4/25/323		2,369		412
Series 2002-39, Cl. SD, 92.123%, 3/18/323		1,567		324
Series 2002-47, Cl. NS, 64.261%, 4/25/323		77,616		14,829
Series 2002-48, Cl. S, 63.259%, 7/25/323		1,169		228
Series 2002-51, Cl. S, 62.448%, 8/25/323		71,251		13,621
Series 2002-52, Cl. SL, 63.005%, 9/25/323		806		154
Series 2002-53, Cl. SK, 99.999%, 4/25/323		5,458		1,159
Series 2002-56, Cl. SN, 58.878%, 7/25/323		1,594		311
Series 2002-60, Cl. SM, 36.296%, 8/25/323		10,233		1,619
Series 2002-7, Cl. SK, 45.544%, 1/25/323		4,845		823
Series 2002-77, Cl. BS, 41.599%, 12/18/323		6,960		1,377
Series 2002-77, Cl. IS, 84.295%, 12/18/323		4,036		790
Series 2002-77, Cl. SH, 47.91%, 12/18/323		31,172		5,114
Series 2002-84, Cl. SA, 46.929%, 12/25/323		77,177		13,632
Series 2002-9, Cl. MS, 55.964%, 3/25/323		1,274		248
Series 2002-90, Cl. SN, 36.424%, 8/25/323		5,264		888
Series 2002-90, Cl. SY, 41.868%, 9/25/323		3,863		643
Series 2003-26, Cl. DI, 84.741%, 4/25/333		3,561		853
Series 2003-33, Cl. SP, 45.317%, 5/25/333		82,162		17,656
Series 2003-4, Cl. S, 40.389%, 2/25/333		49,781		10,266

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 2004-54, Cl. DS, 99.999%, 11/25/303	$	67,066	$	10,570
Series 2005-14, Cl. SE, 49.33%, 3/25/353		57,300		8,723
Series 2005-40, Cl. SA, 99.999%, 5/25/353		165,407		28,024
Series 2005-40, Cl. SB, 78.015%, 5/25/353		7,649		1,003
Series 2005-52, Cl. JH, 37.992%, 5/25/353		43,352		5,877
Series 2005-93, Cl. SI, 11.13%, 10/25/353		124,540		21,428
Series 2008-55, Cl. SA, 0.00%, 7/25/383,4		4,506		625
Series 2009-8, Cl. BS, 99.999%, 2/25/243		488		28
Series 2011-96, Cl. SA, 10.959%, 10/25/413		41,757		7,110
Series 2012-121, Cl. IB, 6.594%, 11/25/273		143,837		9,183
Series 2012-134, Cl. SA, 1.25%, 12/25/423		117,094		21,911
Series 2012-40, Cl. PI, 25.855%, 4/25/413		79,902		8,422
Series 2015-57, Cl. LI, 5.94%, 8/25/353		368,346		47,886
Series 2016-45, Cl. MI, 7.899%, 7/25/463		105,091		19,692
Series 2017-60, Cl. LI, 0.00%, 8/25/473,4		189,294		19,024
Series 2017-66, Cl. AS, 0.00%, 9/25/473,4		867,511		135,350
Series 2018-16, Cl. NI, 0.841%, 12/25/443		77,993		7,986
Series 2018-69, Cl. CI, 0.00%, 10/25/463,4		112,377		4,811
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed Security, Series 1993-184, Cl. M, 5.195%, 9/25/235		26,335		25,277
Federal National Mortgage Assn., TBA:
2.50%, 1/1/346		1,465,000		1,477,492
3.00%, 1/1/34-1/1/496		8,145,000		8,269,807
3.50%, 1/1/496		5,435,000		5,588,423
FREMF Mortgage Trust:
Series 2013-K25, Cl. C, 3.619%, 11/25/451,7		90,000		91,715
Series 2013-K26, Cl. C, 3.597%, 12/25/451,7		60,000		61,177
Series 2013-K28, Cl. C, 3.49%, 6/25/461,7		285,000		290,183
Series 2013-K713, Cl. C, 3.169%, 4/25/461,7		245,000		245,000
Series 2014-K715, Cl. C, 4.117%, 2/25/461,7		190,000		192,947
Government National Mortgage Assn. I Pool:
7.00%, 12/15/23-3/15/26		2,456		2,559
Government National Mortgage Assn. TBA, 3.50%, 1/1/496		4,265,000		4,395,144
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15, Cl. SM, 99.999%, 2/16/323		92,210		223
Series 2011-52, Cl. HS, 23.081%, 4/16/413		296,366		46,188
Series 2017-136, Cl. LI, 4.251%, 9/16/473		281,569		46,268
Series 2017-149, Cl. GS, 2.127%, 10/16/473		328,273		48,000

10      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 1.892% [US0001M+10], 8/25/362	$	43,903	$	20,452
Structured Agency Credit Risk Debt Nts., Series 2018-HQA1, Cl. M2, 4.092% [US0001M+230], 9/25/302		110,000		111,338
				23,976,672
CMOs—3.1%
Collateralized Mortgage Obligations—3.1%
BANK, Interest-Only Stripped Mtg.-Backed Security, Series 2019-BN16, Cl. XA, 10.958%, 2/15/523		1,578,039		110,426
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 3.84% [H15T1Y+225], 2/25/362		78,802		80,948
COMM Mortgage Trust, Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		62,976		64,553
Connecticut Avenue Securities:
Series 2014-C01, Cl. M2, 6.192% [US0001M+440], 1/25/242		266,115		289,404
Series 2014-C02, Cl. 1M2, 4.392% [US0001M+260], 5/25/242		156,458		163,041
Series 2014-C03, Cl. 1M2, 4.792% [US0001M+300], 7/25/242		253,763		267,128
Series 2014-C04, Cl. 2M2, 6.792% [US0001M+500], 11/25/242		254,455		275,130
Series 2016-C03, Cl. 1M1, 3.792% [US0001M+200], 10/25/282		8,079		8,090
Series 2016-C06, Cl. 1M2, 6.042% [US0001M+425], 4/25/292		280,000		300,998
Federal Home Loan Mortgage Corp., Multifamily Structured Pass Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K735, Cl. X1, 0.00%, 5/25/263,4		2,159,145		116,256
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K093, Cl. X1, 0.00%, 5/25/293,4		1,693,505		127,865
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 3010, Cl. WB, 4.50%, 7/15/20		206		206
Series 3848, Cl. WL, 4.00%, 4/15/40		9,489		9,655
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2922, Cl. SE, 27.454%, 2/15/353		38,993		6,118
Series 2981, Cl. AS, 3.848%, 5/15/353		45,797		6,208
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 2001-74, Cl. QE, 6.00%, 12/25/31		78,630		87,933
Series 2003-28, Cl. KG, 5.50%, 4/25/23		154,762		161,058
Series 2014-20, Cl. HL, 1.50%, 1/25/40		153,476		152,375
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2002-52, Cl. SD, 99.999%, 9/25/323		110,256		21,386
Series 2005-12, Cl. SC, 39.578%, 3/25/353		17,568		2,721
FREMF Mortgage Trust:
Series 2010-K6, Cl. B, 5.397%, 12/25/461,7		55,000		54,912
Series 2013-K27, Cl. C, 3.496%, 1/25/461,7		95,000		97,394
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2007-17, Cl. AI, 59.244%, 4/16/373		46,473		8,251
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10, Cl. AS, 3.372%, 12/15/47		315,000		322,963

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
JP Morgan Chase Commercial Mortgage Securities Trust: (Continued)
Series 2014-C20, Cl. AS, 4.043%, 7/15/47	$	220,000	$	231,588
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 4.269%, 7/26/451,7		4,426		4,523
Structured Agency Credit Risk Debt Nts.:
Series 2014-DN1, Cl. M2, 3.992% [US0001M+220], 2/25/242		22,164		22,410
Series 2014-DN3, Cl. M3, 5.792% [US0001M+400], 8/25/242		162,276		173,029
Series 2014-HQ2, Cl. M3, 5.542% [US0001M+375], 9/25/242		335,000		362,154
Series 2015-HQA2, Cl. M2, 4.592% [US0001M+280], 5/25/282		14,965		15,046
WF-RBS Commercial Mortgage Trust, Series 2013-C14, Cl. AS, 3.488%, 6/15/46		150,000		154,491
				3,698,260
Non-Agency—7.9%
Adjustable-Rate Mortgages—7.9%
Banc of America Funding Trust:
Series 2007-1, Cl. 1A3, 6.00%, 1/25/37		65,031		63,743
Series 2007-C, Cl. 1A4, 4.366%, 5/20/367		22,686		22,725
Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6.00%, 3/25/37		44,279		43,807
Bear Stearns ARM Trust, Series 2005-9, Cl. A1, 4.27% [H15T1Y+230], 10/25/352		64,207		66,113
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 10.80%, 1/15/513		1,779,016		60,051
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,3,4		108,644		1,632
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017- CD6, Cl. XA, 0.00%, 11/13/503,4		740,589		38,819
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Cl. A15, 4.00%, 4/25/491,7		61,617		63,127
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 4.086%, 1/25/367		65,782		65,227
CHL Mortgage Pass-Through Trust:
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		7,786		7,803
Series 2005-26, Cl. 1A8, 5.50%, 11/25/35		55,382		51,332
Series 2005-J4, Cl. A7, 5.50%, 11/25/35		6,591		6,570
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		84,230		86,499
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates:
Series 2013-GC17, Cl. XA, 0.00%, 11/10/463,4		387,139		13,236
Series 2017-C4, Cl. XA, 0.00%, 10/12/503,4		2,053,168		130,302
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 4.97% [H15T1Y+240], 10/25/352		186,828		187,169
COMM Mortgage Trust:
Series 2013-CR6, Cl. AM, 3.147%, 3/10/461		245,000		249,432
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		715,000		759,456
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		170,000		180,719
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		475,000		499,767
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 23.776%, 12/10/453		1,961,952		75,568

11      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Connecticut Avenue Securities:
Series 2014-C03, Cl. 2M2, 4.692% [US0001M+290], 7/25/242	$	44,493	$	46,402
Series 2016-C01, Cl. 1M2, 8.542% [US0001M+675], 8/25/282		145,071		161,573
Series 2016-C02, Cl. 1M2, 7.792% [US0001M+600], 9/25/282		257,501		283,579
Series 2017-C01, Cl. 1M2, 5.342% [US0001M+355], 7/25/292		185,000		195,937
Series 2017-C03, Cl. 1M1, 2.742% [US0001M+95], 10/25/292		203,607		203,941
Series 2018-C01, Cl. 1M1, 2.392% [US0001M+60], 7/25/302		270,869		270,857
Series 2018-C03, Cl. 1M1, 2.472% [US0001M+68], 10/25/302		122,560		122,611
Series 2018-C05, Cl. 1M1, 2.512% [US0001M+72], 1/25/312		45,032		45,050
Series 2018-C06, Cl. 2M1, 2.342% [US0001M+55], 3/25/312		10,259		10,258
Connecticut Avenue Securities Trust, Series 2019-R02, Cl. 1M1, 2.642% [US0001M+85], 8/25/311,2		20,390		20,392
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		124,769		102,675
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series KC03, Cl. X1, 0.00%, 11/25/243,4		2,754,968		61,047
Federal Home Loan Mortgage Corp., STACR Trust:
Series 2018-HQA2, Cl. M1, 2.542% [US0001M+75], 10/25/481,2		247,023		247,097
Series 2019-HRP1, Cl. M2, 3.192% [US0001M+140], 2/25/491,2		60,000		60,056
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Cl. 1A6, 2.442% [US0001M+65], 11/25/352		99,750		64,152
GS Mortgage Securities Trust:
Series 2012-GC6, Cl. A3, 3.482%, 1/10/45		59,774		60,850
Series 2013-GC12, Cl. AAB, 2.678%, 6/10/46		23,574		23,722
Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		45,000		48,452
Series 2014-GC18, Cl. AAB, 3.648%, 1/10/47		70,130		71,993
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.657%, 7/25/357		34,912		35,715
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 2.102% [US0001M+31], 7/25/352		11,583		11,634
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C16, Cl. AS, 4.517%, 12/15/46		300,000		321,763
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		40,000		40,667
Series 2016-JP3, Cl. A2, 2.435%, 8/15/49		147,066		147,059
JP Morgan Mortgage Trust:
Series 2007-A1, Cl. 5A1, 4.305%, 7/25/357		40,498		41,455
Series 2018-8, Cl. A17, 4.00%, 1/25/491,7		50,000		50,872
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24, Cl. B, 4.116%, 11/15/477		245,000		254,693
Series 2014-C25, Cl. AS, 4.065%, 11/15/47		200,000		211,611

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
JPMBB Commercial Mortgage Securities Trust., Interest-Only Stripped Mtg.-Backed Security, Series 2015-C27, Cl. XA, 16.833%, 2/15/483	$	2,260,027	$	108,211
LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0.00%, 2/18/303,4		54,486		1
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 0.00%, 7/26/241,7		21,313		13,331
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9, Cl. AS, 3.456%, 5/15/46		225,000		232,356
Series 2014-C19, Cl. AS, 3.832%, 12/15/47		595,000		626,885
Morgan Stanley Capital I Trust, Series 2011-C2, Cl. A4, 4.661%, 6/15/441		75,000		76,682
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 0.00%, 12/15/503,4		678,648		34,852
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 3.271%, 11/26/361,7		391,058		377,561
RALI Trust:
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		549		495
Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		6,594		6,178
STACR Trust:
Series 2018-DNA2, Cl. M1, 2.592% [US0001M+80], 12/25/301,2		211,600		211,782
Series 2018-DNA3, Cl. M1, 2.542% [US0001M+75], 9/25/481,2		37,829		37,854
Series 2018-HRP2, Cl. M2, 3.042% [US0001M+125], 2/25/471,2		215,000		215,412
Structured Agency Credit Risk Debt Nts.:
Series 2016-DNA1, Cl. M2, 4.692% [US0001M+290], 7/25/282		49,152		49,363
Series 2016-DNA2, Cl. M3, 6.442% [US0001M+465], 10/25/282		233,268		251,422
Series 2016-DNA4, Cl. M2, 3.092% [US0001M+130], 3/25/292		117,496		117,757
Series 2017-HQA1, Cl. M1, 2.992% [US0001M+120], 8/25/292		94,843		94,919
Series 2018-DNA1, Cl. M1, 2.242% [US0001M+45], 7/25/302		166,426		166,304
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 12.545%, 11/15/503		1,241,685		70,627
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10, Cl. A7, 4.19%, 10/25/337		48,866		49,218
Series 2005-AR14, Cl. 1A4, 3.844%, 12/25/357		98,002		98,130
Series 2005-AR16, Cl. 1A1, 3.748%, 12/25/357		46,384		46,345
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Cl. ASB, 2.934%, 5/15/48		305,000		309,865
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 10.48%, 12/15/503		892,107		52,563
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Cl. A7, 4.00%, 11/25/481,7		68,032		68,110
WF-RBS Commercial Mortgage Trust:
Series 2014-C20, Cl. AS, 4.176%, 5/15/47		130,000		137,852
Series 2014-LC14, Cl. AS, 4.351%, 3/15/477		145,000		154,600
				9,497,885
Total Mortgage-Backed Obligations (Cost $38,325,638)				37,172,817

12      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

	Principal Amount		Value
U.S. Government Obligations—3.8%
United States Treasury Bond, 2.25%, 8/15/49	$	575,600	$	557,893
United States Treasury Nts.:
1.625%, 12/31/21-12/15/22		1,145,000		1,145,682
1.75%, 12/31/24-11/15/29		2,962,000		2,951,461
Total U.S. Government Obligations (Cost $4,656,731)				4,655,036
Corporate Bonds and Notes—46.5%
Consumer Discretionary—5.7%
Automobiles—2.1%
Daimler Finance North America LLC, 2.55% Sr. Unsec. Nts., 8/15/221		319,000		321,356
Ford Motor Credit Co. LLC, 5.584% Sr. Unsec. Nts., 3/18/24		200,000		216,474
General Motors Co., 6.25% Sr. Unsec. Nts., 10/2/43		78,000		87,553
General Motors Financial Co., Inc.:
4.15% Sr. Unsec. Nts., 6/19/23		310,000		326,205
4.20% Sr. Unsec. Nts., 11/6/21		250,000		259,217
Harley-Davidson Financial Services, Inc., 2.55% Sr. Unsec. Nts., 6/9/221		318,000		319,184
Hyundai Capital America, 4.125% Sr. Unsec. Nts., 6/8/231		315,000		329,070
Nissan Motor Acceptance Corp., 3.65% Sr. Unsec. Nts., 9/21/211		310,000		316,457
Volkswagen Group of America Finance LLC, 4.00% Sr. Unsec. Nts., 11/12/211		298,000		308,223
				2,483,739
Hotels, Restaurants & Leisure—0.3%
Las Vegas Sands Corp., 3.50% Sr. Unsec. Nts., 8/18/26		247,000		254,206
McDonald’s Corp., 3.625% Sr. Unsec. Nts., 9/1/49		74,000		75,358
				329,564
Household Durables—0.8%
DR Horton, Inc., 4.75% Sr. Unsec. Nts., 2/15/23		290,000		309,439
Lennar Corp., 4.75% Sr. Unsec. Nts., 5/30/25		314,000		338,205
Toll Brothers Finance Corp.:
4.375% Sr. Unsec. Nts., 4/15/23		257,000		269,957
4.875% Sr. Unsec. Nts., 3/15/27		75,000		81,213
				998,814
Internet & Catalog Retail—0.4%
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		520,000		537,931
Media—1.5%
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.125% Sr. Sec. Nts., 7/1/49		87,000		94,564
Comcast Corp.:
2.65% Sr. Unsec. Nts., 2/1/30		90,000		90,364
4.00% Sr. Unsec. Nts., 3/1/48		105,000		116,576
Discovery Communications LLC, 4.125% Sr. Unsec. Nts., 5/15/29		191,000		206,333
Interpublic Group of Cos., Inc. (The):
3.75% Sr. Unsec. Nts., 10/1/21		251,000		257,987
4.20% Sr. Unsec. Nts., 4/15/24		311,000		334,794
Time Warner Cable LLC, 4.50% Sr. Sec. Nts., 9/15/42		106,000		108,322
ViacomCBS, Inc.:
4.20% Sr. Unsec. Nts., 6/1/29		160,000		174,666
4.375% Sr. Unsec. Nts., 3/15/43		100,000		105,983
WPP Finance 2010, 3.75% Sr. Unsec. Nts., 9/19/24		321,000		338,669
				1,828,258

	Principal Amount		Value
Specialty Retail—0.3%
Ross Stores, Inc., 3.375% Sr. Unsec. Nts., 9/15/24	$	324,000	$	338,313
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc., 4.875% Sr. Unsec. Nts., 5/15/261		316,000		335,150
Consumer Staples—4.5%
Beverages—0.9%
Anheuser-Busch InBev Worldwide, Inc., 8.20% Sr. Unsec. Nts., 1/15/39		186,000		292,658
Bacardi Ltd., 4.70% Sr. Unsec. Nts., 5/15/281		163,000		177,613
Keurig Dr Pepper, Inc., 4.057% Sr. Unsec. Nts., 5/25/23		304,000		320,612
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221		307,000		323,006
				1,113,889
Food & Staples Retailing—0.3%
Kroger Co. (The), 4.45% Sr. Unsec. Nts., 2/1/47		89,000		94,568
Walgreen Co., 3.10% Sr. Unsec. Nts., 9/15/22		303,000		309,191
				403,759
Food Products—2.2%
Bunge Ltd. Finance Corp.:
3.25% Sr. Unsec. Nts., 8/15/26		216,000		216,006
3.50% Sr. Unsec. Nts., 11/24/20		313,000		316,954
Conagra Brands, Inc.:
3.80% Sr. Unsec. Nts., 10/22/21		240,000		247,665
4.60% Sr. Unsec. Nts., 11/1/25		302,000		333,551
Lamb Weston Holdings, Inc., 4.875% Sr. Unsec. Nts., 11/1/261		308,000		327,050
Mondelez International Holdings Netherlands BV, 2.00% Sr. Unsec. Nts., 10/28/211		319,000		319,030
Smithfield Foods, Inc.:
3.35% Sr. Unsec. Nts., 2/1/221		174,000		174,530
5.20% Sr. Unsec. Nts., 4/1/291		255,000		282,663
Tyson Foods, Inc.:
3.90% Sr. Unsec. Nts., 9/28/23		255,000		270,486
5.10% Sr. Unsec. Nts., 9/28/48		89,000		111,894
				2,599,829
Tobacco—1.1%
Altria Group, Inc., 3.49% Sr. Unsec. Nts., 2/14/22		209,000		215,055
BAT Capital Corp., 3.557% Sr. Unsec. Nts., 8/15/27		169,000		172,496
BAT International Finance plc, 3.25% Sr. Unsec. Nts., 6/7/221		314,000		320,915
Imperial Brands Finance plc, 3.75% Sr. Unsec. Nts., 7/21/221		308,000		317,078
Imperial Tobacco Finance plc, 2.95% Sr. Unsec. Nts., 7/21/201		233,000		233,679
				1,259,223
Energy—4.4%
Energy Equipment & Services—0.2%
Schlumberger Holdings Corp., 4.00% Sr. Unsec. Nts., 12/21/251		184,000		198,113
Oil, Gas & Consumable Fuels—4.2%
Apache Corp., 4.375% Sr. Unsec. Nts., 10/15/28		237,000		247,633
Boardwalk Pipelines LP, 4.95% Sr. Unsec. Nts., 12/15/24		156,000		168,801
Cenovus Energy, Inc., 4.25% Sr. Unsec. Nts., 4/15/27		187,000		198,068
Cimarex Energy Co., 4.375% Sr. Unsec. Nts., 3/15/29		160,000		169,348

13      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Continental Resources, Inc., 4.375% Sr. Unsec. Nts., 1/15/28	$	174,000	$	185,116
Devon Energy Corp., 4.75% Sr. Unsec. Nts., 5/15/42		64,000		71,321
Energy Transfer Operating LP:
4.25% Sr. Unsec. Nts., 3/15/23		245,000		255,936
5.30% Sr. Unsec. Nts., 4/15/47		94,000		100,241
Enterprise Products Operating LLC, 4.20% Sr. Unsec. Nts., 1/31/50		116,000		124,620
EQT Corp.:
2.50% Sr. Unsec. Nts., 10/1/20		150,000		149,985
3.00% Sr. Unsec. Nts., 10/1/22		177,000		173,922
Kinder Morgan Energy Partners LP, 5.80% Sr. Unsec. Nts., 3/1/21		124,000		129,092
Kinder Morgan, Inc., 5.20% Sr. Unsec. Nts., 3/1/48		132,000		153,063
Marathon Petroleum Corp., 4.50% Sr. Unsec. Nts., 4/1/48		69,000		73,317
MPLX LP:
2.985% [US0003M+110] Sr. Unsec. Nts., 9/9/222		149,000		149,611
4.25% Sr. Unsec. Nts., 12/1/271		195,000		205,414
Newfield Exploration Co., 5.625% Sr. Unsec. Nts., 7/1/24		283,000		311,161
Occidental Petroleum Corp.:
2.90% Sr. Unsec. Nts., 8/15/24		344,000		349,683
3.50% Sr. Unsec. Nts., 8/15/29		157,000		160,177
4.50% Sr. Unsec. Nts., 7/15/44		64,000		64,559
ONEOK, Inc., 4.35% Sr. Unsec. Nts., 3/15/29		161,000		174,304
Plains All American Pipeline LP/PAA Finance Corp., 3.55% Sr. Unsec. Nts., 12/15/29		154,000		151,890
Rockies Express Pipeline LLC, 4.95% Sr. Unsec. Nts., 7/15/291		164,000		163,487
Sabine Pass Liquefaction LLC:
4.20% Sr. Sec. Nts., 3/15/28		166,000		175,901
5.75% Sr. Sec. Nts., 5/15/24		280,000		312,329
Sunoco Logistics Partners Operations LP, 4.00% Sr. Unsec. Nts., 10/1/27		194,000		200,650
Valero Energy Corp., 4.00% Sr. Unsec. Nts., 4/1/29		153,000		165,110
Williams Cos., Inc. (The), 3.70% Sr. Unsec. Nts., 1/15/23		318,000		329,373
				5,114,112
Financials—15.4%
Capital Markets—2.0%
Apollo Management Holdings LP, 4.95% [H15T5Y+326.6] Sub. Nts., 1/14/501,2		235,000		238,180
Brookfield Asset Management, Inc., 4.00% Sr. Unsec. Nts., 1/15/25		252,000		270,998
Carlyle Finance Subsidiary LLC, 3.50% Sr. Unsec. Nts., 9/19/291		159,000		158,574
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		147,000		163,165
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 11/16/26		172,000		180,906
3.75% Sr. Unsec. Nts., 2/25/26		170,000		179,911
Morgan Stanley:
4.431% [US0003M+162.8] Sr. Unsec. Nts., 1/23/302		238,000		269,037
5.00% Sub. Nts., 11/24/25		264,000		297,350
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/322		119,000		122,249
Raymond James Financial, Inc., 3.625% Sr. Unsec. Nts., 9/15/26		157,000		165,925
UBS Group AG:
4.125% Sr. Unsec. Nts., 4/15/261		153,000		166,367

	Principal Amount		Value
Capital Markets (Continued)
UBS Group AG: (Continued) 4.253% Sr. Unsec. Nts., 3/23/281	$	135,000	$	147,583
				2,360,245
Commercial Banks—7.9%
Bank of America Corp.:
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/282		185,000		199,113
4.271% [US0003M+131] Sr. Unsec. Nts., 7/23/292		253,000		281,064
7.75% Sub. Nts., 5/14/38		232,000		365,392
Bank of Ireland Group plc, 4.50% Sr. Unsec. Nts., 11/25/231		250,000		267,499
Bank of Montreal, Series E, 3.30% Sr. Unsec. Nts., 2/5/24		247,000		257,426
BBVA USA, 2.50% Sr. Unsec. Nts., 8/27/24		255,000		252,881
BNP Paribas SA, 4.375% [USSW5+148.3] Sub. Nts., 3/1/331,2		176,000		190,065
Citigroup, Inc.:
4.075% [US0003M+119.2] Sr. Unsec. Nts., 4/23/292		256,000		280,501
5.00% [SOFRRATE+381.3] Jr. Sub. Perpetual Bonds2,8		249,000		260,983
Citizens Bank NA (Providence RI), 2.65% Sr. Unsec. Nts., 5/26/22		65,000		65,800
Credit Agricole SA, 4.375% Sub. Nts., 3/17/251		310,000		333,328
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		189,000		201,019
Danske Bank AS, 3.244% [US0003M+159.1] Sr. Unsec. Nts., 12/20/251,2		200,000		202,366
Discover Bank, 4.65% Sr. Unsec. Nts., 9/13/28		116,000		130,707
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		168,000		178,946
HSBC Holdings plc:
3.95% [US0003M+98.72] Sr. Unsec. Nts., 5/18/242		103,000		108,359
4.041% [US0003M+154.6] Sr. Unsec. Nts., 3/13/282		125,000		133,697
4.583% [US0003M+153.46] Sr. Unsec. Nts., 6/19/292		171,000		191,120
Huntington Bancshares, Inc., 4.00% Sr. Unsec. Nts., 5/15/25		317,000		342,483
JPMorgan Chase & Co.:
3.54% [US0003M+138] Sr. Unsec. Nts., 5/1/282		259,000		275,087
3.782% [US0003M+133.7] Sr. Unsec. Nts., 2/1/282		337,000		363,281
3.797% [US0003M+89] Sr. Unsec. Nts., 7/23/242		315,000		332,003
KeyCorp, 4.15% Sr. Unsec. Nts., 10/29/25		101,000		110,683
Lloyds Bank plc, 2.25% Sr. Unsec. Nts., 8/14/22		256,000		257,235
Lloyds Banking Group plc, 6.657% [US0003M+127] Jr. Sub. Perpetual Bonds1,2,8		304,000		361,870
Mitsubishi UFJ Financial Group, Inc., 3.741% Sr. Unsec. Nts., 3/7/29		196,000		211,409
National Australia Bank Ltd., 3.933% [H15T5Y+188] Sub. Nts., 8/2/341,2		153,000		158,991
Nordea Bank Abp, 4.625% [USSW5+169] Sub. Nts., 9/13/331,2		112,000		122,138
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		235,000		246,422
Royal Bank of Canada, 3.70% Sr. Unsec. Nts., 10/5/23		272,000		287,528

14      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

	Principal Amount		Value
Commercial Banks (Continued)
Santander Holdings USA, Inc., 3.50% Sr. Unsec. Nts., 6/7/24	$	256,000	$	263,332
Societe Generale SA, 3.875% Sr. Unsec. Nts., 3/28/241		248,000		260,787
Standard Chartered plc, 2.744% [US0003M+120] Sr. Unsec. Nts., 9/10/221,2		250,000		251,747
Synovus Financial Corp., 3.125% Sr. Unsec. Nts., 11/1/22		180,000		182,264
Truist Bank:
2.636% [H15T5Y+115] Sub. Nts., 9/17/292		390,000		389,846
3.30% Sub. Nts., 5/15/26		112,000		116,657
4.05% Sr. Unsec. Nts., 11/3/25		135,000		148,268
US Bancorp, 3.10% Sub. Nts., 4/27/26		204,000		212,326
Wells Fargo & Co.: 3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/282		257,000		273,129
4.75% Sub. Nts., 12/7/46		160,000		191,847
Zions Bancorp NA, 3.25% Sub. Nts., 10/29/29		250,000		245,446
				9,505,045
Consumer Finance—0.9%
American Express Co.:
3.125% Sr. Unsec. Nts., 5/20/26		190,000		197,566
4.90% [US0003M+328.5] Jr. Sub. Perpetual Bonds2,8		246,000		247,296
Capital One Financial Corp.:
3.75% Sr. Unsec. Nts., 3/9/27		103,000		109,841
3.80% Sr. Unsec. Nts., 1/31/28		91,000		97,812
Discover Financial Services, 3.75% Sr. Unsec. Nts., 3/4/25		112,000		118,569
Synchrony Financial, 4.25% Sr. Unsec. Nts., 8/15/24		252,000		268,910
				1,039,994
Diversified Financial Services—0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50% Sr. Unsec. Nts., 5/26/22		295,000		303,222
AXA Equitable Holdings, Inc., 4.35% Sr. Unsec. Nts., 4/20/28		165,000		179,127
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/271		121,000		124,333
BPCE SA, 4.50% Sub. Nts., 3/15/251		185,000		199,355
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241		219,000		228,000
				1,034,037
Insurance—1.6%
Athene Global Funding, 2.95% Sec. Nts., 11/12/261		440,000		439,407
Brighthouse Financial, Inc., 3.70% Sr. Unsec. Nts., 6/22/27		67,000		66,827
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27		239,000		249,002
Lincoln National Corp., 3.80% Sr. Unsec. Nts., 3/1/28		193,000		205,662
Manulife Financial Corp., 4.061% [USISDA05+164.7] Sub. Nts., 2/24/322		193,000		200,239
Marsh & McLennan Cos., Inc., 4.35% Sr. Unsec. Nts., 1/30/47		106,000		121,922
Principal Financial Group, Inc., 3.70% Sr. Unsec. Nts., 5/15/29		190,000		207,093
Prudential Financial, Inc.:
3.70% Sr. Unsec. Nts., 3/13/51		149,000		156,743
5.20% [US0003M+304] Jr. Sub. Nts., 3/15/442		243,000		259,580

	Principal Amount		Value
Insurance (Continued)
Willis North America, Inc., 3.875% Sr. Unsec. Nts., 9/15/49	$	74,000	$	73,909
				1,980,384
Real Estate Investment Trusts (REITs)—2.0%
American Tower Corp.:
3.00% Sr. Unsec. Nts., 6/15/23		262,000		268,322
4.00% Sr. Unsec. Nts., 6/1/25		168,000		179,867
Brixmor Operating Partnership LP, 4.125% Sr. Unsec. Nts., 5/15/29		162,000		173,959
Crown Castle International Corp., 3.65% Sr. Unsec. Nts., 9/1/27		170,000		179,853
Equinix, Inc., 3.20% Sr. Unsec. Nts., 11/18/29		155,000		155,863
Essex Portfolio LP, 3.00% Sr. Unsec. Nts., 1/15/30		148,000		149,754
Healthcare Trust of America Holdings LP, 3.50% Sr. Unsec. Nts., 8/1/26		219,000		228,561
Healthpeak Properties, Inc., 3.00% Sr. Unsec. Nts., 1/15/30		297,000		298,102
Host Hotels & Resorts LP, 3.375% Sr. Unsec. Nts., 12/15/29		49,000		49,497
Kite Realty Group LP, 4.00% Sr. Unsec. Nts., 10/1/26		215,000		214,881
Regency Centers LP, 2.95% Sr. Unsec. Nts., 9/15/29		226,000		225,818
Spirit Realty LP, 3.20% Sr. Unsec. Nts., 1/15/27		209,000		209,296
Welltower, Inc., 2.70% Sr. Unsec. Nts., 2/15/27		140,000		140,567
				2,474,340
Thrifts & Mortgage Finance—0.1%
Nationwide Building Society, 3.96% [US0003M+185.5] Sr. Unsec. Nts., 7/18/301,2		150,000		161,116
Health Care—3.8%
Biotechnology—0.9%
AbbVie, Inc.:
2.95% Sr. Unsec. Nts., 11/21/261		113,000		114,864
3.20% Sr. Unsec. Nts., 11/21/291		381,000		387,833
4.05% Sr. Unsec. Nts., 11/21/391		128,000		135,731
4.875% Sr. Unsec. Nts., 11/14/48		131,000		150,256
Amgen, Inc., 4.563% Sr. Unsec. Nts., 6/15/48		89,000		103,332
Gilead Sciences, Inc., 4.75% Sr. Unsec. Nts., 3/1/46		133,000		159,711
				1,051,727
Health Care Equipment & Supplies—0.4%
Becton Dickinson & Co., 3.70% Sr. Unsec. Nts., 6/6/27		165,000		175,795
Hologic, Inc., 4.375% Sr. Unsec. Nts., 10/15/251		318,000		328,998
				504,793
Health Care Providers & Services—0.9%
Anthem, Inc., 3.125% Sr. Unsec. Nts., 5/15/22		315,000		322,874
Cigna Corp., 4.125% Sr. Unsec. Nts., 11/15/25		246,000		267,027
CVS Health Corp., 5.05% Sr. Unsec. Nts., 3/25/48		201,000		237,856
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/221		295,000		315,648
				1,143,405
Life Sciences Tools & Services—0.3%
IQVIA, Inc., 5.00% Sr. Unsec. Nts., 10/15/261		312,000		329,884

15      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Continued

	Principal Amount		Value
Pharmaceuticals—1.3%
Allergan Funding SCS, 3.85% Sr. Unsec. Nts., 6/15/24	$	302,000	$	317,167
Bayer US Finance II LLC, 3.875% Sr. Unsec. Nts., 12/15/231		313,000		328,537
Bristol-Myers Squibb Co., 3.40% Sr. Unsec. Nts., 7/26/291		225,000		240,648
Elanco Animal Health, Inc., 4.90% Sr. Unsec. Nts., 8/28/28		137,000		149,021
Mylan, Inc., 3.125% Sr. Unsec. Nts., 1/15/231		309,000		313,574
Takeda Pharmaceutical Co. Ltd., 5.00% Sr. Unsec. Nts., 11/26/28		159,000		185,152
				1,534,099
Industrials—3.8%
Aerospace & Defense—0.8%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		246,000		261,051
L3Harris Technologies, Inc., 3.85% Sr. Unsec. Nts., 6/15/231		317,000		333,961
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		175,000		211,291
United Technologies Corp., 3.95% Sr. Unsec. Nts., 8/16/25		193,000		210,526
				1,016,829
Air Freight & Couriers—0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.65% Sr. Unsec. Nts., 7/29/211		110,000		112,540
Airlines—0.5%
Delta Air Lines, Inc., 2.90% Sr. Unsec. Nts., 10/28/24		410,000		411,031
United Airlines 2019-2 Class AA Pass Through Trust, 2.70%, 5/1/32		149,000		149,748
				560,779
Building Products—0.4%
Fortune Brands Home & Security, Inc.:
3.25% Sr. Unsec. Nts., 9/15/29		154,000		155,848
4.00% Sr. Unsec. Nts., 9/21/23		297,000		313,837
				469,685
Commercial Services & Supplies—0.3%
Experian Finance plc, 2.75% Sr. Unsec. Nts., 3/8/301		329,000		324,059
Industrial Conglomerates—0.4%
GE Capital International Funding Co. Unlimited Co., 3.373% Sr. Unsec. Nts., 11/15/25		163,000		169,792
General Electric Co., 2.70% Sr. Unsec. Nts., 10/9/22		320,000		324,359
				494,151
Machinery—0.3%
Ingersoll-Rand Luxembourg Finance SA, 3.80% Sr. Unsec. Nts., 3/21/29		152,000		163,157
nVent Finance Sarl, 4.55% Sr. Unsec. Nts., 4/15/28		162,000		168,107
				331,264
Professional Services—0.2%
IHS Markit Ltd., 4.125% Sr. Unsec. Nts., 8/1/23		198,000		210,636
Road & Rail—0.5%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40% Sr. Unsec. Nts., 11/15/261		276,000		281,731
Ryder System, Inc., 2.50% Sr. Unsec. Nts., 9/1/24		310,000		311,520
				593,251

	Principal Amount		Value
Trading Companies & Distributors—0.3%
Air Lease Corp.:
3.25% Sr. Unsec. Nts., 3/1/25	$	99,000	$	101,905
3.625% Sr. Unsec. Nts., 4/1/27		106,000		109,907
GATX Corp., 3.50% Sr. Unsec. Nts., 3/15/28		201,000		207,138
				418,950
Information Technology—3.6%
Communications Equipment—0.5%
British Telecommunications plc, 4.50% Sr. Unsec. Nts., 12/4/23		201,000		216,359
Deutsche Telekom International Finance BV, 4.375% Sr. Unsec. Nts., 6/21/281		149,000		166,327
Motorola Solutions, Inc., 4.60% Sr. Unsec. Nts., 2/23/28		241,000		261,371
				644,057
Electronic Equipment, Instruments, & Components—0.8%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28		232,000		237,647
Corning, Inc., 5.45% Sr. Unsec. Nts., 11/15/79		85,000		93,237
FLIR Systems, Inc., 3.125% Sr. Unsec. Nts., 6/15/21		308,000		310,507
Tech Data Corp., 4.95% Sr. Unsec. Nts., 2/15/27		264,000		272,602
				913,993
IT Services—0.9%
DXC Technology Co., 4.75% Sr. Unsec. Nts., 4/15/27		241,000		259,502
Fidelity National Information Services, Inc., 4.25% Sr. Unsec. Nts., 5/15/28		162,000		181,361
Fiserv, Inc., 3.50% Sr. Unsec. Nts., 7/1/29		229,000		240,834
Global Payments, Inc., 3.20% Sr. Unsec. Nts., 8/15/29		153,000		156,358
VeriSign, Inc.:
4.75% Sr. Unsec. Nts., 7/15/27		190,000		200,802
5.25% Sr. Unsec. Nts., 4/1/25		99,000		109,335
				1,148,192
Semiconductors & Semiconductor Equipment—0.7%
Microchip Technology, Inc., 3.922% Sr. Sec. Nts., 6/1/21		316,000		323,205
NXP BV/NXP Funding LLC, 4.125% Sr. Unsec. Nts., 6/1/211		292,000		299,420
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.875% Sr. Unsec. Nts., 6/18/261		203,000		215,407
				838,032
Software—0.2%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		98,000		107,010
VMware, Inc., 3.90% Sr. Unsec. Nts., 8/21/27		161,000		168,487
				275,497
Technology Hardware, Storage & Peripherals—0.5%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		188,000		227,493
Dell International LLC/EMC Corp., 5.30% Sr. Sec. Nts., 10/1/291		317,000		357,261
				584,754
Materials—1.9%
Chemicals—0.7%
Dow Chemical Co. (The), 3.625% Sr. Unsec. Nts., 5/15/26		207,000		217,788
Eastman Chemical Co., 3.50% Sr. Unsec. Nts., 12/1/21		126,000		129,246
Nutrien Ltd.:
4.875% Sr. Unsec. Nts., 3/30/20		41,000		41,271

16      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

	Principal Amount		Value
Chemicals (Continued)
Nutrien Ltd.: (Continued) 5.00% Sr. Unsec. Nts., 4/1/49	$	84,000	$	100,030
RPM International, Inc., 3.45% Sr. Unsec. Nts., 11/15/22		335,000		343,498
				831,833
Construction Materials—0.2%
Martin Marietta Materials, Inc., 3.50% Sr. Unsec. Nts., 12/15/27		161,000		167,120
Containers & Packaging—0.7%
International Paper Co., 4.35% Sr. Unsec. Nts., 8/15/48		83,000		88,252
Packaging Corp. of America, 3.65% Sr. Unsec. Nts., 9/15/24		273,000		286,956
Silgan Holdings, Inc., 4.75% Sr. Unsec. Nts., 3/15/25		270,000		276,862
WRKCo, Inc., 3.90% Sr. Unsec. Nts., 6/1/28		191,000		202,748
				854,818
Metals & Mining—0.3%
Anglo American Capital plc, 3.625% Sr. Unsec. Nts., 9/11/241		83,000		86,087
ArcelorMittal SA, 4.25% Sr. Unsec. Nts., 7/16/29		159,000		166,216
Newmont Goldcorp Corp., 2.80% Sr. Unsec. Nts., 10/1/29		154,000		152,670
				404,973
Telecommunication Services—1.2%
Diversified Telecommunication Services—0.7%
AT&T, Inc.:
4.30% Sr. Unsec. Nts., 2/15/30		238,000		264,636
4.35% Sr. Unsec. Nts., 6/15/45		126,000		135,866
4.50% Sr. Unsec. Nts., 3/9/48		135,000		149,188
Telefonica Emisiones SA, 4.103% Sr. Unsec. Nts., 3/8/27		90,000		97,401
Verizon Communications, Inc., 4.522% Sr. Unsec. Nts., 9/15/48		184,000		220,418
				867,509
Wireless Telecommunication Services—0.5%
T-Mobile USA, Inc., 6.50% Sr. Unsec. Nts., 1/15/26		284,000		305,033
Vodafone Group plc, 3.75% Sr. Unsec. Nts., 1/16/24		313,000		331,040
				636,073

	Principal Amount		Value
Utilities—2.2%
Electric Utilities—1.4%
AEP Texas, Inc., 3.95% Sr. Unsec. Nts., 6/1/281	$	162,000	$	176,088
Berkshire Hathaway Energy Co., 3.80% Sr. Unsec. Nts., 7/15/48		75,000		80,584
Duke Energy Corp., 3.75% Sr. Unsec. Nts., 9/1/46		65,000		67,140
Emera US Finance LP, 2.70% Sr. Unsec. Nts., 6/15/21		168,000		169,561
Enel Finance International NV, 2.875% Sr. Unsec. Nts., 5/25/221		309,000		312,947
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		89,000		99,913
FirstEnergy Corp., 3.90% Sr. Unsec. Nts., 7/15/27		175,000		187,135
Fortis, Inc., 3.055% Sr. Unsec. Nts., 10/4/26		126,000		128,667
Mid-Atlantic Interstate Transmission LLC, 4.10% Sr. Unsec. Nts., 5/15/281		162,000		177,228
PPL WEM Ltd./Western Power Distribution Ltd., 5.375% Sr. Unsec. Nts., 5/1/211		308,000		317,087
				1,716,350
Independent Power and Renewable Electricity Producers—0.1%
NRG Energy, Inc., 4.45% Sr. Sec. Nts., 6/15/291		158,000		165,548
Multi-Utilities—0.7%
Ameren Corp., 2.50% Sr. Unsec. Nts., 9/15/24		209,000		210,855
CenterPoint Energy, Inc., 4.25% Sr. Unsec. Nts., 11/1/28		147,000		159,554
Dominion Energy, Inc., 2.715% Jr. Sub. Nts., 8/15/217		203,000		204,571
PSEG Power LLC, 3.00% Sr. Unsec. Nts., 6/15/21		16,000		16,183
Sempra Energy, 3.40% Sr. Unsec. Nts., 2/1/28		173,000		179,281
				770,444
Total Corporate Bonds and Notes (Cost $53,119,956)				56,011,100
	Shares
Investment Company—17.9%
Invesco Liquid Assets Portfolio, Institutional Class, 1.71%9 (Cost $21,545,511)		21,539,049		21,539,049
Total Investments, at Value (Cost $136,668,011)		115.1%		138,638,766
Net Other Assets (Liabilities)		(15.1)		(18,240,035	)
Net Assets		100.0%	$	120,398,731

Footnotes to Schedule of Investments

1. 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, 2019 was $29,222,895, which represented 24.27% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $2,306,114 or 1.92% of the Fund’s net assets at period end.

4. Interest rate is less than 0.0005%.

5. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $40,288 or 0.03% of the Fund’s net assets at period end.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes.

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

9. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

17      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Continued

Futures Contracts as of December 31, 2019
Description	Buy/Sell		Expiration Date		Number of Contracts			Notional Amount (000’s)		Value		Unrealized Appreciation/ (Depreciation)
United States Treasury Long Bonds		Buy		3/20/20		16	USD		2,550	$	2,494,500	$	(55,035	)
United States Treasury Nts., 10 yr.		Buy		3/20/20		2	USD		259		256,844		(2,317	)
United States Treasury Nts., 2 yr.		Buy		3/31/20		13	USD		2,804		2,801,500		(2,633	)
United States Treasury Nts., 5 yr.		Sell		3/31/20		57	USD		6,785		6,760,735		24,377
United States Ultra Bonds		Buy		3/20/20		64	USD		12,009		11,626,000		(382,642	)
												$	(418,250	)

Definitions
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
ICE LIBOR	Intercontinental Exchange London Interbank Offered Rate
SOFRRATE	United States Secured Overnight Financing Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year

See accompanying Notes to Financial Statements.

18      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

STATEMENT OF ASSETS AND LIABILITIES December 31, 2019

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $115,122,500)	$	117,099,717
Affiliated companies (cost $21,545,511)		21,539,049
		138,638,766
Cash		713,933
Receivables and other assets:
Interest, dividends and principal paydowns		685,919
Variation margin receivable – futures contracts		291,776
Shares of beneficial interest sold		44,879
Other		50,556
Total assets		140,425,829
Liabilities
Payables and other liabilities:
Investments purchased		19,739,755
Shares of beneficial interest redeemed		49,216
Trustees’ compensation		47,685
Administration fee		46,373
Shareholder communications		37,953
Distribution and service plan fees		10,018
Transfer and shareholder servicing agent fees		2,490
Advisory fee		1,950
Other		91,658
Total liabilities		20,027,098
Net Assets	$	120,398,731
Composition of Net Assets
Shares of beneficial interest	$	117,906,505
Total distributable earnings		2,492,226
Net Assets	$	120,398,731
Net Asset Value Per Share
Series I Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $73,159,597 and 9,227,786 shares of beneficial interest outstanding)		$7.93
Series II Shares:
Net asset value, redemption price per share and offering price per share (based on net assets of $47,239,134 and 6,043,668 shares of beneficial interest outstanding)		$7.82

See accompanying Notes to Financial Statements.

19      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

STATEMENT OF OPERATIONS For the Year Ended December 31, 2019

Investment Income
Interest — unaffiliated companies	$	4,379,747
Dividends — affiliated companies		307,298
Total investment income		4,687,045
Expenses
Advisory fees		741,328
Administration fees		123,874
Distribution and service plan fees:
Series II shares		128,032
Transfer and shareholder servicing agent fees:
Series I shares		42,840
Series II shares		29,460
Shareholder communications:
Series I shares		26,947
Series II shares		18,451
Legal, auditing and other professional fees		56,694
Custodian fees and expenses		53,768
Trustees’ compensation		14,478
Borrowing fees		1,537
Other		8,625
Total expenses		1,246,034
Less waivers, reimbursement of expenses and offset arrangement(s)		(185,194	)
Net expenses		1,060,840
Net Investment Income		3,626,205
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (includes net losses from securities sold to affiliates of $4,165)		2,295,365
Affiliated companies		81
Futures contracts		2,286,681
Swap contracts		(494,599	)
Net realized gain		4,087,528
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies		4,363,868
Affiliated companies		(6,462	)
Futures contracts		(825,098	)
Net change in unrealized appreciation/(depreciation)		3,532,308
Net Increase in Net Assets Resulting from Operations	$	11,246,041

See accompanying Notes to Financial Statements.

20      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2019			Year Ended December 31, 2018
Operations
Net investment income	$	3,626,205		$	4,078,170
Net realized gain (loss)		4,087,528			(2,608,541	)
Net change in unrealized appreciation/(depreciation)		3,532,308			(3,029,473	)
Net increase (decrease) in net assets resulting from operations		11,246,041			(1,559,844	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Series I shares		(2,462,939	)		(2,617,442	)
Series II shares		(1,702,386	)		(1,481,742	)
Total distributions from distributable earnings		(4,165,325	)		(4,099,184	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Series I shares		(6,004,640	)		(3,043,103	)
Series II shares		(1,997,752	)		(2,488,899	)
Total beneficial interest transactions		(8,002,392	)		(5,532,002	)
Net Assets
Total decrease		(921,676	)		(11,191,030	)
Beginning of period		121,320,407			132,511,437
End of period	$	120,398,731		$	121,320,407

See accompanying Notes to Financial Statements.

21      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS

Series I Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.49		$7.83		$7.67		$7.71		$7.96
Income (loss) from investment operations:
Net investment income1		0.23		0.25		0.19		0.23		0.27
Net realized and unrealized gain (loss)		0.48		(0.33)		0.16		0.02		(0.19)
Total from investment operations		0.71		(0.08)		0.35		0.25		0.08
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.27)		(0.26)		(0.19)		(0.29)		(0.33)
Net asset value, end of period		$7.93		$7.49		$7.83		$7.67		$7.71
Total Return, at Net Asset Value2		9.53%		(1.02)%		4.59%		3.27%		0.96%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$73,160		$74,929		$81,481		$83,405		$85,160
Average net assets (in thousands)		$74,141		$77,723		$83,239		$87,039		$89,919
Ratios to average net assets:3
Net investment income		2.99%		3.35%		2.38%		2.96%		3.46%
Expenses excluding specific expenses listed below		0.89%		0.87%		0.85%		0.84%		0.82%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		0.89%		0.87%		0.85%		0.84%		0.82%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.75%		0.75%		0.75%		0.75%
Portfolio turnover rate6,7		93%		64%		86%		79%		73%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	0.90	%
Year Ended December 31, 2018	0.87	%
Year Ended December 31, 2017	0.85	%
Year Ended December 31, 2016	0.85	%
Year Ended December 31, 2015	0.83	%

6. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2019		$488,722,598		$507,909,671
Year Ended December 31, 2018		$641,318,699		$653,537,737
Year Ended December 31, 2017		$679,964,368		$662,714,451
Year Ended December 31, 2016		$672,031,328		$673,808,454
Year Ended December 31, 2015		$697,962,198		$709,720,690

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

22      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

Series II Shares	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.39		$7.73		$7.57		$7.61		$7.86
Income (loss) from investment operations:
Net investment income1		0.21		0.23		0.16		0.21		0.25
Net realized and unrealized gain (loss)		0.47		(0.33)		0.17		0.02		(0.19)
Total from investment operations		0.68		(0.10)		0.33		0.23		0.06
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.25)		(0.24)		(0.17)		(0.27)		(0.31)
Net asset value, end of period		$7.82		$7.39		$7.73		$7.57		$7.61
Total Return, at Net Asset Value2		9.25%		(1.31)%		4.38%		3.05%		0.70%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$47,239		$46,391		$51,030		$53,350		$52,519
Average net assets (in thousands)		$51,196		$47,731		$52,525		$52,738		$54,016
Ratios to average net assets:3
Net investment income		2.75%		3.10%		2.13%		2.70%		3.21%
Expenses excluding specific expenses listed below		1.14%		1.12%		1.10%		1.09%		1.07%
Interest and fees from borrowings4		0.00%		0.00%		0.00%		0.00%		0.00%
Total expenses5		1.14%		1.12%		1.10%		1.09%		1.07%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.00%		1.00%		1.00%		1.00%		1.00%
Portfolio turnover rate6,7		93%		64%		86%		79%		73%

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from fund fees and expenses were as follows:

Year Ended December 31, 2019	1.15	%
Year Ended December 31, 2018	1.12	%
Year Ended December 31, 2017	1.10	%
Year Ended December 31, 2016	1.10	%
Year Ended December 31, 2015	1.08	%

6. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Year Ended December 31, 2019		$488,722,598		$507,909,671
Year Ended December 31, 2018		$641,318,699		$653,537,737
Year Ended December 31, 2017		$679,964,368		$662,714,451
Year Ended December 31, 2016		$672,031,328		$673,808,454
Year Ended December 31, 2015		$697,962,198		$709,720,690

7. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

23      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS December 31, 2019

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 authorized to issue an unlimited number of shares of beneficial interest. 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 such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Invesco Oppenheimer Total Return Bond Fund/VA (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Non-Service and Service shares received Series I and Series II shares of the Fund, respectively. Information for the Acquired Fund’s Non-Service and Service shares prior to the Reorganization is included with Series I and Series II, respectively, throughout this report.

The Fund’s investment objective is to seek total return.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies (“variable products”).

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations,

24      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared and paid annually to separate accounts of participating insurance companies. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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. 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.

25      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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.

J. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s

26      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

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. 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.

K. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

L. 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. 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.

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.

N. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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:

Fee Schedule*
Up to $1 billion	0.60	%
Over $1 billion	0.50

* 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, 2019, the effective advisory fees incurred by the Fund was 0.59%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $295,210 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco

27      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.75% and 1.00%, respectively, 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 total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses 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 May 31, 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended December 31, 2019, the Adviser waived advisory fees of $9,434 and reimbursed Fund expenses of $103,366 and $71,786 for Series I and Series II shares, respectively.

Prior to the Reorganization, OFI Global Asset Management, Inc. had contractually agreed to waive fees and/or reimburse expenses of Non-Service and Service shares to 0.75% and 1.00%, respectively, of the Acquired Fund’s average daily net assets.

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, 2019, Invesco was paid $10,679 for accounting and fund administrative services and was reimbursed $113,195 for fees paid to insurance companies. Additionally, Invesco has entered into service agreements whereby JP Morgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended December 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Series II shares of 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 at an annual rate of 0.25% of the 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 class of shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended December 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

28      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2019. 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— Unadjusted                     Quoted Prices			Level 2— Other Significant                      Observable Inputs		Level 3— Significant                      Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	19,260,764	$	—	$	19,260,764
Mortgage-Backed Obligations		—			37,172,817		—		37,172,817
U.S. Government Obligations		—			4,655,036		—		4,655,036
Corporate Bonds and Notes		—			56,011,100		—		56,011,100
Investment Company		21,539,049			—		—		21,539,049
Total Investments, at Value		21,539,049			117,099,717		—		138,638,766
Other Financial Instruments:
Futures contracts		24,377			—		—		24,377
Total Assets	$	21,563,426		$	117,099,717	$	—	$	138,663,143
Other Financial Instruments:
Futures contracts	$	(442,627	)	$	—	$	—	$	(442,627	)
Total Liabilities	$	(442,627	)	$	—	$	—	$	(442,627	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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 period January 1, 2019 to May 24, 2019, the Predecessor Fund engaged in transactions with affiliates as listed: Securities purchases of $239,711 and securities sales of $119,907, which resulted in net realized losses of $(4,165). For the period May 25, 2019 to December 31, 2019, the Fund did not engage in transactions with affiliates.

Note 5 - 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 Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of December 31, 2019:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets   and Liabilities Location	Value		Statement of Assets   and Liabilities Location		Value
Interest rate contracts Variation margin receivable		$	24,3771		Variation margin payable	$	442,6271
Total		$	24,377			$	442,627

1. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

29      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

Effect of Derivative Investments for the Year Ended December 31, 2019

The tables below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures                 contracts		Swap contracts			Total
Credit contracts	$	—	$	(494,599	)	$	(494,599)
Interest rate contracts		2,286,681		—			2,286,681
Total	$	2,286,681	$	(494,599	)	$	1,792,082

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures             contracts
Interest rate contracts	$         (825,098)

The table below summarizes the year ended average notional value of futures contracts and swap agreements during the period.

	Futures contracts		Total return swap contracts
Average notional amount	$	28,176,081	$	5,188,809

Note 6 - Expense Offset Arrangement

The expense offset arrangement is comprised of custodian credits which result from periodic overnight cash balances at the custodian. For the year ended December 31, 2019, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $608.

Note 7 - Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 8 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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 9 - Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2019 and 2018:

	2019		2018
Ordinary income	$	4,165,325	$	4,099,184

30      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

Tax Components of Net Assets at Period-End:

	2019
Undistributed ordinary income	$	3,718,739
Net unrealized appreciation - investments		1,970,348
Temporary book/tax differences		(46,077)
Capital loss carryforward		(3,150,785)
Shares of beneficial interest		117,906,506
Total net assets	$	120,398,731

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 futures contracts.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2019, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,188,047	$	1,962,738	$	3,150,785

* Capital loss carryforward as of the date listed above 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 10 - 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, 2019 was $73,312,372 and $94,310,930, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $18,979,783 and $14,627,134, 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	$	4,413,565
Aggregate unrealized (depreciation) of investments		(2,443,217)
Net unrealized appreciation of investments	$	1,970,348

Cost of investments for tax purposes is $147,086,527.

Note 11 - Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns and income from swap agreements, on December 31, 2019, undistributed net investment income was increased by $128,389 and undistributed net realized gain (loss) was decreased by $128,389. This reclassification had no effect on the net assets of the Fund.

Note 12 - Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31,  20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series I Shares
Sold		778,748		$	6,072,746			1,820,955		$	14,050,401
Dividends and/or distributions reinvested		320,278			2,462,939			353,708			2,617,442
Redeemed		(1,874,852	)		(14,540,325	)		(2,572,646	)		(19,710,946	)
Net increase (decrease)		(775,826	)	$	(6,004,640	)		(397,983	)	$	(3,043,103	)

31      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Continued

	Year Ended December 31, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Series II Shares
Sold		2,278,654		$	17,388,336			1,451,512		$	10,711,237
Dividends and/or distributions reinvested		224,293			1,702,386			202,701			1,481,742
Redeemed		(2,738,590	)		(21,088,474	)		(1,978,329	)		(14,681,878	)
Net increase (decrease)		(235,643	)	$	(1,997,752	)		(324,116	)	$	(2,488,899	)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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, distribution, third party record keeping and account servicing. 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 13 - Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a $1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

32      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, 2019, the related statements of operations and of changes in net assets for the year ended December 31, 2019, including the related notes, and the financial highlights for the period ended December 31, 2019 (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, 2019, the results of its operations and changes in its net assets for the year ended December 31, 2019 and the financial highlights for the period ended December 31, 2019 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 statement of changes in net assets and 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

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 audit. 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 audit 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 audit 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 audit 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, 2019 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 audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 18, 2020

We have served as the auditor of one or more of the 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.

33      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND 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, 2019:

Federal and State Income Tax

Corporate Dividends Received Deduction*	0.01	%
U.S. Treasury Obligations*	0.43	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

34      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

·  Fund reports and prospectuses

·  Quarterly statements

·  Daily confirmations

·  Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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 most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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.

35      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND 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 PERSON
Martin L. Flanagan 1 – 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)	229	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.

36      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

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	2003	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, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	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
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 of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

37      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)
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the 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 Pulitzer 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 Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	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)
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)

38      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

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
OTHER OFFICERS
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	2003	Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; 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 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 and Assistant Vice President, Invesco Advisers, Inc., 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 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

39      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
OTHER 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) 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 Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, 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: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, 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 Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

40      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

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
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and 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; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	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.

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 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP      2005 Market Street,   Suite 2600   Philadelphia, PA 19103-7018	Independent Trustees 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	JPMorgan Chase Bank 4 Chase Metro Tech Center Brooklyn, NY 11245

41      INVESCO OPPENHEIMER V.I. TOTAL RETURN BOND FUND

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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.

During the reporting period, PricewaterhouseCoopers LLC (“PwC”) advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Director, a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.

On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83 open-end mutual funds and 20 exchange-traded funds (collectively, the “Oppenheimer Funds”). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the “New Invesco Funds”) that did not have pre-existing assets (together, the “Reorganizations”). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, “Invesco”) of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company (“MassMutual”), which was also consummated on May 24, 2019 (the “Acquisition”). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.

Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule 2-01 of Regulation S-X (“Rule 2-01”) if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded, served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the “Pre-Reorganization Relationship”).

Additionally, PwC provided certain non-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, a non-audit service performed pursuant to a success-based fee, non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision of non-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the “Pre-Reorganization Services”).

PwC and the Audit Committees of the New Invesco Funds each considered the impact that the Pre-Reorganization Relationship and Services have on PwC’s independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding the Pre-Reorganization Relationship and Services, would conclude that the Pre-Reorganization Relationship and Services do not impair PwC’s ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 (“PwC’s Conclusion”).

The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC’s Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances including the mitigating factors described below and, after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversee.

Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:

• none of the Pre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds;

• PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC’s professional engagement period;

• other than the expert legal services, Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds;

• as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund’s financial statements was based upon OFI’s decision, and OFI management represented that the PwC service was not considered a significant component of its decision;

• while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds;

• the Pre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities;

• with the exception of the expert legal service provided to one Oppenheimer Fund, none of the Pre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds;

• the Pre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and

• the fees associated with the Pre-Reorganization Services were not material to MassMutual, Invesco or PwC.

(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 2019		Fees Billed for Services Rendered to the Registrant for fiscal year end 2018
Audit Fees	$	977,878	$	719,500
Audit-Related Fees	$	0	$	0
Tax Fees(1)	$	576,844	$	155,473
All Other Fees	$	0	$	0
Total Fees	$	1,554,721	$	874,973

(1) Tax Fees for the fiscal year end December 31, 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. Tax Fees for fiscal year end December 31, 2018 includes fees billed for reviewing tax returns and/or services related to tax compliance.

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 2019 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 2018 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$	690,000	$	690,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0
Total Fees	$	690,000	$	690,000

(1) Audit-Related Fees for the fiscal years ended 2019 and 2018 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

I. 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.

a. 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.

b. 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.

c. 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.

V. 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 $4,779,000 for the fiscal year ended December 31, 2019 and $4,240,000 for the fiscal year ended December 31, 2018 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $5,355,844 for the fiscal year ended December 31, 2019 and $4,395,473 for the fiscal year ended December 31, 2018.

PwC provided audit services to the Investment Company complex of approximately $34 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 12, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 12, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

ITEM 13. EXHIBITS.

13(a) (1)	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.
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.

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 27, 2020

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 27, 2020

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	February 27, 2020